The big picture
Indonesia's Q2 growth held at 5.29% year-on-year, but the composition shifted: government consumption offset a mining contraction while imports jumped by over a third in June, swinging the trade balance into a deficit of roughly half a billion dollars. The import surge, far outpacing export growth of less than a tenth, is the day's central tension—it pressures the rupiah and complicates external debt servicing even as domestic demand stays resilient. Inflation at 2.88% in July remains benign, but the trade deterioration is the new fault line for the external accounts.
On the watchlist
- Bank Indonesia's next policy decision on the rupiah's level after the June trade deficit.
- July 2026 trade data release, due early September, to see if the import surge persists.
- Q3 2026 GDP growth print, due November, to confirm whether the Q2 slowdown to 5.29% continues.
Top stories
1Indonesia's Growth Steadies as Imports SurgePDF · 224 pp.FX & Emerging Markets
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