Last month we basically came to the conclusion that the novel coronavirus (COVID-19) crisis has a direct (short-term) positive effect on Indonesia’s trade performance (although the longer term consequences are clearly negative) as Indonesia managed to boost exports (possibly because it filled the gap left by China’s lockdown), while imports into Indonesia fell markedly (partly because of the lower need for inputs for export-oriented output), thus leading to a comfortable trade surplus.
This more-or-less continued into March 2020 although China started to come back online. Based on data from Statistics Indonesia (or BPS), Indonesia booked a USD $743.4 million trade surplus in March 2020.
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