- Both export and import growth declined last month as Delta spread across Asia, bringing the trade surplus back up to USD 2.6 Bn.
- Although imports declined due to the imposition of restrictions, most non-oil imports remained remarkably resilient, indicating that many parts of the domestic economy remain robust, despite mobility restrictions.
- Exports fell sharply as Delta ravaged many of Indonesia’s primary Asian trade partners, particularly China.
- Current caseloads suggest that Indonesia’s outbreak may be closer to ending relative to its peers. Should this dynamic continue, particularly if China persists with its zero-Covid strategy, we may see imports recovering faster than exports.
