According to the latest trade data published by the Indonesian Statistics Bureau, the country posted weaker-than-expected trade balance figures for February while imports rose and exports dropped during the stated month.
Indonesia reported a trade surplus of $2.01 billion vs. $2.21 billion expected and $1.96 billion previous. The imports and exports came in at +14.86% and +8.56% respectively vs. +12.6% and +8.73% expectations and -6.49% and +12.24% respective priors.
FX implications
USD/IDR keeps Friday’s recovery moves while picking up bids around 14,422, up 0.33% intraday, following the data release. Other than the downbeat at home, broad US dollar strength seems to play a major role to keep the pair near the yearly top off-late.
About Indonesia’s Trade Balance
The Trade Balance released by Statistics Indonesia is a balance between exports and imports of total goods and services. A positive value shows trade surplus, while a negative value shows trade deficit. If a steady demand in exchange for Indonesian exports is seen, the Rupiah will receive a positive (or bullish) effect, while a low reading is seen as negative (or bearish).
Share
