19 Aug 2021 | News & Feature

Trade: Delta muddles the picture, again

  • 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.