Indonesia’s July trade surplus narrows more than expected

JAKARTA : Indonesia’s trade surplus shrank more than expected in July to $1.31 billion, as imports contracted less than predicted, data from the statistics bureau showed on Tuesday.

A Reuters poll of economists had expected a July surplus of $2.53 billion. Trade surplus in the previous month was $3.46 billion.

Southeast Asia’s largest economy booked its biggest ever trade surplus last year as exports jumped, driven by a global commodity boom.

The surplus has narrowed this year as exports declined amid falling commodity prices.

Shipments from Southeast Asia’s largest economy plunged 18.03 per cent on a yearly basis in July to $20.88 billion, roughly in line with the poll’s prediction of an 18.30 per cent drop, as prices of its top commodities like coal and palm oil fell.

Imports dropped 8.32 per cent on a yearly basis to $19.57 billion, compared with the 15.50 per cent fall predicted by economists in the poll.