Indonesia extended the positive run of international trade since May 2020 or 34 straight months of trade surplus.
February is harvest season, the highest growth and the biggest contributor of February’s inflation rate was the food, beverage, and tobacco basket that contributed 0.13% MoM to the inflation and rose by 0.48% MoM.
Bank Indonesia (BI) recorded a balance of payments (BoP) surplus at USD4 bn for FY22. However, the BoP surplus decreased significantly from USD 13.5 bn in FY21.
On a yearly basis, it showed better performance rising by 302% YoY from USD0.96 bn in the same month of the previous year. The January’s trade balance marks the 33rd consecutive month surplus that Indonesia has achieved since May 2020.
Indonesia digital economy value is expected to grow almost 5x from 2021-2030F from the value of USD70 mn in 2021 to USD330 mn in 2030F.
For a third consecutive months, Bank Indonesia (BI) delivered a 50 bps rate hike on BI-7DRRR to 5.25% in Nov-22 or in line with consensus.
Banks under our coverage should perform really well in 2022F with earnings grew 33% YoY.
The consumer staples sector has been under pressure in 2022 owing to a surge in global commodity prices.
Residential sales in the primary market have shown recovery following deep contraction in 2020 amidst pandemics.