Indonesia: Trade surplus rises to three-month high in March
April 17, 2017
Indonesia’s trade surplus widened in March as export growth surged. The trade surplus came in at USD 1.2 billion, above March 2016’s USD 0.5 billion. The surplus beat market expectations of a USD 1.0 billion result.
Looking at the details, exports posted strong growth of 23.2% over the same month last year, which followed February’s 11.5% surge. Non-oil and gas exports, which account for the majority of Indonesian shipments, rose 24.0% in March, which was a notable improvement from February’s 11.9% increase. Meanwhile, oil and gas exports jumped 19.5%, continuing to recover after over two years of contractions (February: +7.6% year-on-year). Import growth also rose from February’s 11.6% to 18.2%, the largest expansion since February 2012.
Meanwhile, the 12-month moving sum of the trade balance improved from a USD 10.4 billion surplus in February to a USD 11.1 billion surplus in March—the best result since June 2012.