- Trade surplus narrowed to USD 2.39 Bn in June 2024 with exports declined at a faster rate than imports (-6.65% vs -4.89% MoM).
- Exports fell most notably for metals, reflecting weaker global manufacturing, while CPO was the sole saving grace.
- Oil/gas imports rose mostly on Pertamina’s restocking cycle, but a decline in capital goods and raw materials imports are consistent with the slump in Indonesia’s PMI data and indicates a slowdown in corporate CAPEX.
- Amid global economic slowdown and growing threats to global trade, domestically-oriented activities may pick up some slack – but this likely implies slower GDP growth.
