- The trade surplus narrowed to USD 3.56 Bn in April 2024 with exports declined at a faster rate than imports (-13.0% vs -10.6% MoM), but both are explicable given the fewer working days.
- Gold exports fell off after a sparkling March, but exports of other metals like nickel stayed on a strong trend as China’s manufacturing recovery continues apace.
- Imports of consumer goods fell post-Lebaran, but a big slice of this decline can be attributed to rice – the harvest season reducing the need to import.
- The trade surplus in April proved to be of little help for the Rupiah or FX reserves. The main risk still comes from the capital account side, which – while subsiding thus far in May – compels BI to remain vigilant in the coming months.
