JAKARTA – Indonesia’s exports and imports likely continued a decline on a yearly basis in July amid weakening global trade, with its trade surplus seen shrinking, according to a new Reuters poll.
The median forecast of 17 economists for Indonesia’s July trade balance was for a surplus of $2.53 billion, down from $3.46 billion a month prior.
Southeast Asia’s largest economy booked its biggest ever trade surplus last year as exports jumped, driven by a global commodity boom.
The surplus has narrowed this year as exports declined amid falling prices of its top commodities such as coal, palm oil and nickel.
Last month, exports were seen down 18.3 percent on a yearly basis, following June’s 21.18 percent annual drop, predicted economists in the survey conducted between Aug. 7 and 14.
Imports likely fell 15.5 percent on a yearly basis, compared to June’s 18.35 percent drop, the median forecast showed.
READ: Indonesia June trade surplus bigger than expected