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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 Indonesian trade surplus shrank for the second consecutive month in December to $3.89bn from $5.13bn the previous month. This was the lowest since May. Exports grew 6.6% y/y supported by oil and gas, whereas non-energy exports were only 5% y/y higher weighed down by a 2.7% drop in export prices. While the 3-month average remains elevated, a narrowing trade surplus would be a challenge for the IDR in 2023 and thus for Bank Indonesia.
- Imports fell 6.6% y/y, which was less than expected, but were up on the month (nsa).
- While export growth is off of its extremely high peaks to Indonesia’s major trading partners, it is still strong except to the US (2nd largest) which is down 22%y/y. Export growth to China moderated to 13.4% y/y but to Japan it rose to 22.5% y/y and to India +39.7% y/y.
Indonesia trade balance USDmn actual vs 3mma
Source: MNI - Market News/Refinitiv
Indonesia exports ex oil & gas 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.
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