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Indonesia:  Exports Strong.

INDONESIA
  • Southeast Asia’s largest economy continues to show resilience in the face of a slowing region.
  • Exports today grew at a faster rate than a year ago at 6.46% in July compared to 1.18% in June.
  • Oil and gas exports surprised on the upside up 15.99% in July compared to a contraction in June.
  • Imports too surprised to the upside rising 11.07%.
  • With the unexpected rise in imports, the trade surplus missed expectations. The trade surplus $472m; versus estimate of $2.5b.
  • The export number is yet another data release for the economy showing economic resilience at a time when uncertainty around China and the US economy grows.
  • Today’s data reinforces the Bank of Indonesia’s ability to remain on hold as financial markets await the Fed’s rate decision in September.

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