JAKARTA : Indonesia’s trade surplus is expected to have narrowed month-on-month in March due to a likely contraction in exports and higher imports amid the Eid-al Fitr festival when typically consumption rises, a Reuters poll showed on Thursday.
The largest economy in Southeast Asia has been enjoying a monthly trade surplus since mid-2020, driven by a commodity boom. In February, the surplus was bigger than expected as a surge in palm oil shipments boosted exports.
The median forecast of eight economists, surveyed by Reuters between April 14 and April 17, showed the surplus at $2.64 billion last month from $3.12 billion in February.
Exports in March were seen in contraction at 3.4 per cent year-on-year after posting 14.05 per cent growth in February, while imports were expected to rise 6.6 per cent, much higher than 2.3 per cent in February.
Economists have warned that individual implementation of U.S. tariffs, which is currently under a 90-day pause, and its impact on global trade could hurt Indonesia’s shipments going forward.
(Polling by Susobhan Sarkar and Veronica Khongwir; Writing by Stefanno Sulaiman; Editing by Eileen Soreng)
