JAKARTA — Indonesia booked a trade surplus of around $470 million in July, far less than economists had expected, as imports surged and despite exports expanding at a rapid rate, official data showed on Thursday.
A Reuters poll of economists had expected a surplus of $2.45 billion last month. In June, the surplus was $2.39 billion.
The July surplus was the smallest since May 2023, according to Statistics Indonesia.
Analysts have said the trade surplus in Southeast Asia’s largest economy this year would narrow as the rise in imports was expected to outpace exports, reflecting strong domestic demand.
The value of exports from resource-rich Indonesia is often affected by the rise and fall of commodity prices. While export receipts had been under pressure from soft prices earlier this year, Indonesia has seen annual growth each month since April.
In July, exports rose 6.46 percent from the same month a year earlier to $22.21 billion, above the median forecast of 3.85-percent rise in the poll.
Indonesia is the world’s biggest exporter of thermal coal, palm oil and nickel, as well as a major exporter of tin, copper, rubber and coffee, among others.
July imports were worth $21.74 billion, up 11.07 percent annually, compared with the poll’s forecast for a 0.04-percent rise.
Imports of fuel, machine and plastic goods drove the overall rise in July. REUTERS
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