- Trade surplus narrowed to USD 0.47 Bn in July 2024, with exports declining at a faster rate than imports (-12.0% vs -2.7%% MoM, working days adjusted)
- Exports increased for precious metals and copper, while exports for major commodities such as coal, CPO, and metals dropped.
- Consumption goods and raw material imports saw a decline, but offset by increase in capital goods and coal imports.
- Global manufacturing slowdown remains a headwind for commodities, limiting the upside for Indonesian trade balance and increasing dependence on public-sector investment for growth in H2-24.
