DJ Indonesia: Imports Collapsed As Rupiah Hit 17-Year Low -- Barron's Blog

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DJ Indonesia: Imports Collapsed As Rupiah Hit 17-Year Low -- Barron's Blog By Shuli Ren The rupiah fell to the levels last seen during the Asian Financial Crisis in 1998, trading down another 0.4% today at 13,853 per dollar recently. July trade data released today point to a weakening economy. A 15.7% slide in the rupiah from a year ago eroded Indonesians' consumption power. Imports in July collapsed by 28.4% from a year ago, after falling by 17.3% in June. The street had expected 13.3% fall. Delayed launch of key government infrastructure projects also had significant spillover effects to the economy, noted Barclays. Exports do not look better, either. Exports in July fell 19.2% from a year earlier, the biggest drop since August 2012 and well below the 8.8% fall expected by the street. To make matters worse, the weakness was led by non-oil and gas manufactured goods, pointed out Nomura Securities. Bank Indonesia will announce its interest rate decision later today. A sharp slide in the rupiah ties its hands, analysts say. See also my blog yesterday " Rupiah Heads To 14,000 As Growth Leaves Indonesia". Overnight, the iShares MSCI Indonesia ETF ( EIDO) fell 0.6%. The Jakarta Index retreated 0.9% as we await for the central bank's announcement.

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