- Indonesia’s trade surplus narrowed to USD 4.34 Bn in Sep-25 (USD 5.49 Bn in Aug-25), above market expectations of USD 3.20 Bn.
- The contraction in exports (-1.14% MoM) was anticipated, considering fading frontloading effects of tariff implementation and weakening coal exports.
- Rising imports (4.42% MoM) coincide with recovering private business spendings, in line with expansionary manufacturing PMI.
- Looking ahead, we foresee a continuing gradual moderation in surplus, with upcoming government programs pushing imports, while easing tension in trade may possibly support exports.