Indonesia posted its first trade deficit since late 2015 in July, as imports surged more than exports did, the Central Statistics Agency (BPS) said on Tuesday (15/08).
Southeast Asia’s largest economy had a trade deficit of $271.2 million in July. A Reuters poll had forecast a $1.1 billion surplus. June’s trade surplus was revised on Tuesday to $1.67 billion.
During July, both exports and imports increased sharply on an annual basis, because of a low base from July 2016, when the Idul Fitri holidays at the end of the Muslim fasting month fell. This year, the holidays were in June.
In July this year, exports rose 41.12 percent on a yearly basis to $13.62 billion, compared with the median forecast in a Reuters poll of 31.12 percent. June’s exports declined 11.71 percent from a year earlier.
July imports jumped 54.02 percent from last year to $13.89 billion. The poll had expected an increase of 30.34 percent. Imports declined 17.40 percent in June.
BPS said it has revised the value of exports and imports in June, resulting in a bigger trade surplus that month.
The agency said Indonesia’s trade surplus in June was around $1.67 billion instead of the $1.63 billion initial estimate given a month ago.
June exports were revised to $11.66 billion from an initial $11.64 billion, while imports were revised to $9.99 billion from $10.01 billion.