Indonesia: Merchandise exports rise at a more moderate rate in January
Merchandise exports shot up 25.3% on an annual basis in January (December: +35.2% year-on-year). That said, January’s result marked the softest expansion since February 2021. Meanwhile, merchandise imports climbed 36.8% over the same month last year in January (December: +47.9% yoy), marking the slowest expansion since April 2021.
As a result, the merchandise trade balance deteriorated slightly from the previous month, recording a USD 0.9 billion surplus in January (December 2021: USD 1.0 billion surplus; January 2021: USD 2.0 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 34.3 billion surplus in January, compared to the USD 35.3 billion surplus in December.