- Indonesia registered a massive trade surplus of USD 4.7 Bn in August, driven by surging exports (+63.6% YoY / +20.9% MoM) and imports (+55.3% YoY / +10.3% MoM).
- Despite the current surge of Delta in several other countries, high commodity prices have helped maintain Indonesia’s remarkably high export performance. Imports on the other hand, have continued to recover in line with the gradual relaxation of mobility restrictions.
- The strong performance of the trade balance should provide a robust buffer in the face of looming capital market risks, such as the Fed’s tapering as well as the maturing of substantial government and SOE debt.
