- Indonesia trade surplus increased to USD 4.33 Bn. Exports increased by 3.16% YoY (5.95% MoM) while imports had risen further to 5.34% YoY (0.38% MoM).
- Metals/ores drove export growth, but future upside is likely limited by the onset of full-blown trade war in April.
- Growing machinery imports, probably from China, points to a potential silver lining for Indonesia albeit still a distant prospect.
- Export and imports are expected to decline due to prolonged trade wars.
