As February came to a close, forecasts indicated that Indonesia's trade surplus had expanded slightly, bolstered by a moderated decline in exports and a surge in imports in anticipation of Ramadan, according to a Reuters poll conducted from March 7-14.
Insights from 20 economists projected a trade surplus of $2.32 billion for February, up from January's $2.01 billion.
While Indonesia, Southeast Asia's economic powerhouse, had maintained trade surpluses for over three years, recent trends showed a gradual reduction due to softer export figures. This decline was attributed to the decrease in prices of key commodities such as coal and palm oil amid subdued global demand.
In February, economists anticipated a 6.5% year-on-year contraction in exports, an improvement from January's 8.06% drop. Conversely, imports were expected to have surged by 9.3% year-on-year, compared to January's modest 0.36% increase.
The uptick in imports was linked to preparations ahead of Ramadan, which commenced in March for Indonesia, the world's most populous Muslim-majority nation.
As stakeholders in the supply chain sector tracked these developments, attention remained focused on the potential implications for various industries and market trends.
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