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INDONESIA: BI Unlikely In Hurry To Ease As Trade Data Signal Solid Demand

INDONESIA
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The August trade surplus was higher than expected at $2.9bn up from $0.5bn driven by an upside surprise to export growth. Imports were still strong rising 9.5% y/y although down from 11.1%, signalling robust domestic demand, while export growth improved to 7.1% y/y from 6.6%, the strongest since January 2023. Both sides of the ledger point to robust demand and add to the arguments as to why Bank Indonesia is likely to stay on hold at its Wednesday meeting (see MNI BI Preview).

Indonesia trade balance US$mn vs 3-mth average

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The August trade surplus was higher than expected at $2.9bn up from $0.5bn driven by an upside surprise to export growth. Imports were still strong rising 9.5% y/y although down from 11.1%, signalling robust domestic demand, while export growth improved to 7.1% y/y from 6.6%, the strongest since January 2023. Both sides of the ledger point to robust demand and add to the arguments as to why Bank Indonesia is likely to stay on hold at its Wednesday meeting (see MNI BI Preview).

Indonesia trade balance US$mn vs 3-mth average

Keep reading...Show less