Indonesian Macro Update - Trade Balance 01 Dec 2025

KBVS MACRO UPDATE
Monday, 1 December 2025

Indonesia’s Trade Surplus Shrinks as Export Slump Meets Import Rebound in Oct ‘25

Indonesia’s external trade position weakened in Oct ‘25 as exports contracted for the first time in 19 months. In contrast, imports rebounded strongly after two consecutive months of contraction. The sharp reversal between exports and imports narrowed Indonesia’s Oct ‘25 trade surplus to USD2.39 bn, the lowest level since Apr ‘25.

Looking ahead, downward risks to export performance remain elevated. Given these dynamics, we expect the Rupiah to remain under considerable pressure in the near term.

 

Regards,
Fikri C Permana – KBVS Research Team

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