Indonesia’s June exports grew by 50% year-on-year, but slowed down: Reuters survey Reuters

JAKARTA (Reuters) – Indonesian exports were likely to rise again in June, but the pace may slow down in three months after palm oil prices eased as domestic COVID-19 cases put pressure on imports, the Reuters poll showed on Tuesday.

The largest economy in Southeast Asia has seen export growth lag behind high commodity prices, and has allowed for a trade surplus every month since May 2020.

The average forecast of 13 economists in the survey was for annual export growth of 49.90% in June, after a jump of 58.76% in May.

Imports rose by 51.35% year-on-year, slower than 68.68% in the previous month.

The surplus in June was expected to be $ 2.23 billion, compared to $ 2.37 billion in May.

Faisal Rachman Bank, an economist in Mandiri, said exports have boosted strong demand from major trading partners such as China, the United States and Japan. Although palm prices have fallen monthly, he noted that coal prices have risen in June.

Mandiri Bank has also revised its 2021 current account deficit estimate from 1.88% to 1.06% of GDP, assuming that exports will rise in the second half due to high commodity prices, and that imports are seen as more successful among narrower COVIDs. Starting this month, 19 Indonesian ribbons.

(Vote by Nilufar Rizki and Tabita Diela; edited by Gayatri Suroyo and Ed Davies)