South-east Asia\u2019s largest economy posted a trade deficit of US$450 million in June, official data showed on Monday (Aug 3), less than the US$790 million expected in a Reuters poll, and following a US$1.61 billion deficit in May, the first deficit in six years.<\/a><\/p>\n Indonesia\u2019s trade data offered tentative signs of stabilisation, but economists cautioned that a slowing Chinese economy, rising import costs and lingering pressure on the rupiah mean the country\u2019s external position remains fragile.<\/p>\n June exports rose 8.84 per cent to US$25.46 billion, versus 0.25 per cent growth forecast, boosted by stronger shipments of nickel products and palm oil-related exports.<\/p>\n \u201cThe narrower trade deficit is encouraging but it does not yet signal a sustained improvement in Indonesia\u2019s external position,\u201d Bank Danamon economist Faiz Irman said.<\/p>\n He noted that slowing growth in China,<\/a> Indonesia\u2019s largest export destination, and high prices of sulphuric acid, a key input for shipments of metal and chemical products, could weigh on export momentum.<\/p>\n \u201cAs a result, Indonesia\u2019s external balance is likely to remain under pressure, limiting upside for the rupiah despite a more benign global energy backdrop,\u201d he said.<\/p>\n Imports surged 34.27 per cent to US$25.91 billion. Analysts had expected June imports to grow 25.3 per cent.<\/p>\n A new Indonesian regulation<\/a> mandating exporters of coal, palm oil and ferroalloys to notify a unit of sovereign wealth fund Danantara did not appear to affect shipment figures, Faiz said.<\/p>\n SEE ALSO<\/p>\n
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