Business

Indonesia suffers first trade deficit since late 2015

JAKARTA Indonesia posted its first trade deficit since late 2015 in July, as imports surged more than exports, the statistics bureau said yesterday.

South-east Asia's largest economy had a trade deficit of US$271.2 million (S$369.2 million) in July.

A Reuters poll had forecast a US$1.1 billion surplus.

June's trade surplus was revised yesterday to $1.67 billion.

During July, both exports and imports increased sharply on an annual basis, because of a low base from July 2016, when the Eid al-Fitr holidays at the end of the Muslim fasting month fell.

This year, the holidays were in June.

In July this year, exports rose 41.12 per cent on a yearly basis to US$13.62 billion, compared with the median forecast in a Reuters poll of 31.12 per cent.

June's exports declined 11.71 per cent from a year earlier.

July imports jumped 54.02 per cent from last year to US$13.89 billion.

The poll had expected an increase of 30.34 per cent.

Imports declined 17.40 per cent in June. - REUTERS

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