Indonesia's trade surplus beats forecasts in March, hits 5-year high on surging exports

Indonesia booked a trade surplus of $1.23 billion in March beating the median forecast of $1.20 billion. Data compared compares with February's revised surplus of $1.27 billion. During the first three months of the year, Indonesia's trade surplus stood at $3.93 billion, highest first-quarter figure since 2012.

The country's exports amounted to $14.59 billion in March, up 15.68 percent m/m and 23.55 percent y/y. Indonesia's exports in March beat expectations, helped by increased oil and gas shipments out of the country, the statistics bureau said on Monday. Total exports from January to March this year reached a value of $40.61 billion, 20.84 percent higher than in the same period last year.

Meanwhile, imports of $13.36 billion in March were up 17.65 percent mom and 18.19 percent y/y. First-quarter imports stood at $36.68 billion this year, 14.83 percent higher than last year.

"This is good news," Central Statistics Agency (BPS) head Suhariyanto told a press briefing in Jakarta on Monday. "A higher increase in the value [of oil and gas exports] rather than in the volume indicates there is a price increase."