JAKARTA (Reuters) – Indonesia’s exports and imports likely continued a decline on a yearly basis in July amid weakening global trade, with its trade surplus seen shrinking, according to a new Reuters poll.
The median forecast of 17 economists for Indonesia’s July trade balance was for a surplus of $2.53 billion, down from $3.46 billion a month prior.
Southeast Asia’s largest economy booked its biggest ever trade surplus last year as exports jumped, driven by a global commodity boom.
The surplus has narrowed this year as exports declined amid falling prices of its top commodities such as coal, palm oil and nickel.
Last month, exports were seen down 18.3% on a yearly basis, following June’s 21.18% annual drop, predicted economists in the survey conducted between Aug. 7 and 14.
Imports likely fell 15.50% on a yearly basis, compared to June’s 18.35% drop, the median forecast showed.
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(Polling by Susobhan Sarkar; Writing by by Gayatri Suroyo; Editing by Martin Petty)