Indonesia sees further collapse in trade performance

JAKARTA – ANZ Bank says Indonesia is in the depths of Asia’s trade recession. “Today’s data was weak, full stop,” the bank says. “The contraction in trade growth is beyond the commodity complex and reflects still weakening economic fundamentals. The print does not bode well for a rebound in growth in the second half.”

Non-oil export growth fell 14.1% y/y, and the volume of exports was down 9% y/y in July (-10% y/y, ytd). Non-oil import growth fell 21.5% y/y, with volumes down 20% y/y (+1% y/y, ytd).

ANZ says domestic growth appears to still be moderating, with July domestic cement consumption also down 10% y/y. www.live.anz.com (ATI).