Indonesia’s exports and imports contracted in June on a yearly basis for the first time in nine months, data from the statistics bureau showed, but the country still posted a trade surplus.
Southeast Asia’s largest economy had a trade surplus of $1.63 billion in June. A Reuters poll had expected a surplus of around $820 million.
In May, the surplus was a revised $580 million. Exports in June fell 11.82 percent to $11.64 billion on an annual basis, the first contraction since September 2016.
Analysts in the poll had expected a growth rate of 7.53 percent. June imports declined 17.21 percent from last year to $10.01 billion, compared with the 8.87 percent expansion rate expected in the poll. Import contraction was also the first time since September 2016.
Suhariyanto, the head of the statistics bureau, cited Idul Fitri holidays and restrictions for trucks on toll roads as reasons for the contraction.
This year, Idul Fitri started at the end of June, whereas last year, the holidays began in July.