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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 May trade surplus narrowed to $440mn from $3940mn, less than expected, due to a surge in import growth. Both export and import growth exceeded expectations rising by 1% y/y and 14.4% y/y respectively, when they were both forecast to decline again. But YTD exports are still down 6% y/y and imports -3.8% y/y.
- Export growth was driven by agriculture (+32.4% y/y) and manufacturing (+10.3%)
- Mining shipments fell 21% y/y and oil & gas -12.1%, as commodity prices ease. Palm oil exports were slightly higher in May, while coal exports declined. Indonesia is the world’s largest thermal coal exporter and volumes fell 2.8% m/m while values declined 6.3% m/m.
- The strong showing from imports was due to capex goods rising 60.3% y/y and consumer goods 36.5%, signalling robust domestic demand in the months ahead.
Indonesia trade balance vs Citi terms of trade proxy
Source: MNI - Market News/Bloomberg
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.
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