Not surprisingly SocGen said the current account deficit issue that has hampered so many emerging markets will continue to be important, ValueWalk reported. Countries such as the BIITS nations have been plagued by rising external deficits compelling investors daring enough to remain involved with emerging economies to prize those with account surpluses. [Rate Hikes Fail BIITS ETFs]

To be fair to the BIITS countries, Indonesia reported its biggest trade surplus in two years in December. Southeast Asia’s largest economy has posted three consecutive monthly surpluses.

As a result, the Market Vectors Indonesia ETF (NYSEArca: IDX) and the iShares MSCI Indonesia ETF (NYSEArca: EIDO) have easily outpaced the major Brazil, India, Turkey and South Africa ETFs this year.

iShares MSCI Indonesia ETF

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of EEM.