- Indonesia’s trade balance rebounded to a surplus of USD 0.12 Bn in Jul-26, driven by export growth (2.98% MoM) that outpaced a marginal increase in imports (0.72% MoM).
- The export recovery was primarily supported by non-O&G demand (4.25% MoM), while contractions in vegetable fats and oils (-6.21% MoM), nickel (-38.25% MoM), and precious metal (-45.07% MoM) dragged down overall growth.
- Oil & gas imports recorded a monthly decline (-17.33% MoM) due to price normalization. Meanwhile, annual imports momentum signal recovery in investments, supported by acceleration of government programs.
- Looking ahead, this surplus remains fragile as global risks shadow over export prospects. Though import demand seems stable due to government programs, the robust spending momentum typically precedes a slowdown.
