Update COVID-19 in Indonesia: 24,538 confirmed infections, 1,496 deaths (28 May 2020)
29 May 2020 (closed)
USD/IDR (14,502) -231.01 -1.57%
EUR/IDR (16,128) -204.62 -1.25%
Jakarta Composite Index (4,753.61) +37.43 +0.79%
We were quite surprised to see Indonesia’s latest manufacturing data. From July 2019 to January 2020 Indonesia’s manufacturing activity contracted (seven consecutive months!). Subdued global economic growth and the tariff war between the United States and China were the key reasons for these weak conditions in Indonesia’s manufacturing sector.
Considering the novel coronavirus outbreak (which started in China in December 2019 but seems to have peaked in February 2020) had a very dramatic impact on manufacturing in China (where manufacturing activity in fact tumbled to a record low), we assumed that Indonesia’s manufacturing sector would feel this impact too, hence continue to contract.
Indonesia's Manufacturing PMI:
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