- Indonesia's trade surplus rose to USD 2.66 Bn, as imports (-9.1% MoM) contracted faster than exports (-7.1% MoM).
- Exports of palm oil and iron & steel declined, while precious metals jumped, likely to front run the gold export duty.
- Imports decline concentrated in capital and raw materials, but high PMI may signal future growth.
- Increased geopolitical uncertainty due to recent US action may complicate the outlook for commodity prices.
