Indonesia Trade Surplus Shrinks Sharply As Exports Plunge 11.33%

(RTTNews) - Indonesia's foreign trade surplus decreased notably in March, as exports fell more rapidly than imports, figures from Statistics Indonesia showed on Monday.

The trade surplus shrank to $2.91 billion in March from $4.53 billion in the same month last year. Further, this was the smallest trade surplus since May 2022.

Economists had expected a surplus of $3.99 billion. In February, the trade surplus was $5.46 billion.

Exports logged a double-digit annual decline of 11.33 percent yearly in March, reversing a 4.44 percent gain in the prior month. The expected fall was 15.0 percent.

On a monthly basis, exports were 9.89 percent higher in March, while imports jumped by 29.33 percent.

Non-oil and gas exports alone decreased 11.70 percent annually in March, while they rose 9.71 percent from a month ago driven by more outflows of mineral fuels.

The main country destinations of non-oil and gas exports in March 2023 were China, the US, and Japan.

Imports slid 6.26 percent in March compared to last year, which was worse than the 4.32 percent drop in February.

During the first quarter, non-oil and gas exports of manufacturing products decreased by 5.40 percent compared to the same period in 2022, mainly because of the decrease in palm oil exports, the agency said.