World Economy

Indonesia Trade Surplus Up

Indonesia Trade Surplus UpIndonesia Trade Surplus Up

Indonesia’s trade surplus grew to $950 million in May, official data showed Monday, as imports slid sharply in Southeast Asia’s largest economy, AFP reported. It was the sixth straight month that Indonesia has recorded a trade surplus and the figure was about double that forecast by economists. It compared to a $450 million excess in April. The widening surplus was driven by a sharp fall in imports to $11.61 billion, down 21.4 percent from a year earlier, a sign of slowing consumer demand as the G20 economy cools. Exports fell less steeply, but were still down 15.2 percent year-on-year at $12.56 billion, according to the data from the official statistics agency. Despite the downbeat figures, policymakers were expected to welcome the growing surplus as they battle to narrow a stubborn current-account deficit. Growth slipped to 4.7 percent year-on-year in the first quarter, its slowest pace in around six years, and well below the government’s target of 5.7 percent for this year.