August foreign trade: No indication of early economic recovery

Oil and gas exports plunged 41.0% y-y, on continued low oil prices as ICP fell to USD43.61/barrel (-16% m-m) at the end of August. On the non-oil & gas exports, the steepest decline stemmed from tin exports, which decreased 99% m-m on government efforts to tighten tin trading and illegal mining. The highest increase came from pearls, which rose to USD432mn, +121.75% m-m.

Separately, we note that continued IDR weakness versus the USD retained the US as Indonesia's key trading partner, accounting for 11.5% of non-oil and gas exports, above China and Japan (exhibit 1).

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