Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
INDONESIA
The trade balance narrowed more than expected in March to $2.91bn from $5.46bn and while it is off its peak, it remains elevated. Exports contracted 11.3% y/y and imports by 6.3%, but both were better than projected. There were strong headwinds from March 2022.
- Exports fell 11.3% y/y after rising 4.4% the previous month. The series is volatile and it is helpful to look at the 3-month moving average, which moderated to +3.2% y/y from 9.1%. The 3-month average by country showed robust exports to China at 29.3% y/y but continued weakness to the US (-24.9%) and Europe (-13.9%). Exports to other Asian countries generally remained positive.
- There was a strong rise in mineral fuel exports but animal/vegetable fats & oil fell sharply.
- Imports fell 6.3% from -4.3% in February with the 3-month average stable just above 3% y/y. Imports of electrical machinery jumped.
- Bank Indonesia announces its rate decision on April 18 and is widely expected to leave rates at 5.75% (see MNI BI preview- April 2023). In its March statement, it noted improving export prospects, especially from increased demand from China.
Indonesia trade y/y% 3mma
Source: MNI - Market News/Refinitiv
Indonesia exports ex oil & gas by country y/y% 3mma
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok