“Behind the gradual weakening of the broader economy, we are witnessing similar trends in export growth […] Weakening commodity prices are the main reason behind the widening of Indonesia’s and China’s trade balance deficit,” KBD Daewo Securities analyst Dang Maulida said in a note.

The weakness in commodities helped explain why all Indonesia business sectors continued to expand, except the mining sector. The Indonesia-related ETFs also only include a small tilt toward the miners. For instance, the broader materials sector makes up 5% of EIDO’s portfolio and 8.2% IDX.

Meanwhile, information technology and communications are the strongest Indonesian sectors, with a 10% growth rate. Financial and insurance companies saw the second highest growth with 8.5%. EIDO also includes a 13.8% weight in telecom services and 37.5% in financials. IDX holds 10.6% in telecom and 35.7% in financials.

iShares Indonesia Investable Market Index Fund ETF

Max Chen contributed to this article.