Indonesia sees biggest monthly trade deficit in April, Rupiah holds near 4-month lows

The latest data published by Statistics Indonesia showed on Wednesday, Southeast Asia’s biggest economy recorded its biggest monthly trade deficit in April, in the wake of dwindling economic situation and escalating US-China trade tensions.

Key Details (via FT):

The country’s exports slumped by 13.1% year on year in April. Reuters had forecast a milder fall of 7.2%.

Meanwhile, imports for the month fell by just 6.6% year on year, much less than the Reuters forecast of a 12.1% drop. 

The monthly trade deficit tumbled to $2.5 billion, or its biggest since the country started recording data in the late 1950s.

On the data release, the USD/IDR cross barely moved and extended its consolidative mode near 4-month tops of 14,460 reached a day before. At the press time, the pair remains on the front foot near 14,445 levels.

USD/INR Technical Levels