Import Drops Driving Trade Balance Surplus
September’s trade balance booked surplus of USD227 million and outstripped August’s deficit of USD940 million. The improvement in the trade balance was on the back of increasing surplus of non-oil and gas trade and shrinking deficit of oil and gas trade.
Exposed to Market Volatility, Forex Reserves Dived
Bank Indonesia (BI)’s commitment to keeping Indonesia rupiah stability in check with varied interventions in forex and government bonds (SBN) markets will drain up forex reserves. In September, Indonesia rupiah was still depreciated by 1.3%. September’s depreciation was a lot lower than August of 2.1%. However, on a daily basis, greater volatility in financial markets depleted forex reserves. New volatility arises from the trend of criping-higher global crude prices from USD68 per barrel to USD74 per barrel.
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