Impressive Trade Performance for Indonesia in March 2021; End of COVID-19 Crisis, Trade-Wise?
Although the overall trade balance of Indonesia in March 2021 showed the smallest surplus for the country in nine months – with a USD $1.57 billion surplus in March 2021 – this is probably something that goes unnoticed considering both the export and import performance of Indonesia were quite impressive in March 2021.
According to the latest trade data, released by Indonesia’s Statistical Agency (Badan Pusat Statistik, or BPS) on Thursday 15 April 2021, Indonesian exports soared 30.5 percent year-on-year (y/y) to USD $18.35 billion, while imports grew 25.7 percent (y/y) to USD $16.79 billion in March 2021.
We had noted over the last couple of months that we are optimistic about Indonesia being able to continue its ongoing trade momentum, and it now seems safe to argue that trade momentum will persist in Q2-2021 (although rising imports do somewhat narrow the overall trade surplus of Indonesia).
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