Indonesia posts $710 mn trade surplus in January

JAKARTA, Indonesia – Indonesia posted a higher-than-expected trade surplus in January as global oil prices slumped, government data showed Monday.

Southeast Asia’s biggest economy saw exports slide 8.09% on-year to $13.30 billion and imports sank 15.59% to $12.59 billion.

“The drop was due to the sharp fall of the (global) oil prices,” Statistics Agency chief Suryamin said.

Indonesia’s economy expanded 5.0% last year, a sharp slowdown from the 5.8% growth recorded in 2013 and the weakest pace since 2009. (READ: Indonesia’s economic growth hits 5-year low)

The growth figures underline the challenge for President Joko “Jokowi” Widodo, who despite a promising first few months in office faces many economic hurdles, analysts said.

Jokowi, who won office partly on a pledge to revive the slowing economy, has promised to woo investors by cutting red tape and ploughing money into overhauling the country’s ageing infrastructure. – Rappler.com