Indonesia: Exports and imports post mild declines in March
Indonesia posted a trade surplus of USD 0.7 billion in March, down from February’s revised USD 2.5 billion surplus (previously reported: 2.3 billion surplus) and broadly in line with market expectations.
However, both exports and imports held up much better than market analysts had predicted, with both seeing only slight falls despite Covid-19 disruptions. Exports were down 0.2%, with higher non-energy exports largely offsetting a plunge in energy exports. Imports shrank 0.8% due to lower non-energy exports.
Going forward, our panelists see exports and imports experiencing sharper declines as the impact of coronavirus becomes more evident in trade data.