Indonesia Trade Surplus Smallest in 7 Months


Indonesia recorded a USD 0.29 billion trade surplus in August of 2016, down from USD 0.33 billion surplus reported a year earlier while market estimated a surplus of USD 0.45 billion. It was the smallest trade surplus since January as exports fell more than imports.

Year-on-year, sales dropped slightly by 0.74 percent to USD 126.3 billion, following a 17.02 percent decline in July and market expecations of a 8.8 percent decrease. It was the slowest contraction in 23-month streak of falling as sales of non-oil and gas products increased by 2.76 percent to USD 11.51 billion while those of oil and gas dropped by 26.32 percent to USD 1.13 billion.

Imports also decreased marginally by 0.49  percent to USD 123.4 billion, compared to a 11.56 percent fall in a month earlier and market consensus of a 10.55 percent drop. It was also the 23rd consecutive month of decline. Purchases of non-oil and gas products fell 4.43 percent to USD 7.44 billion and those of oil and gas decreased by 35.77 percent to USD 1.47 billion.

Compared to the previous month, exports were up  by 32.54 percent. Oil exports rose  12.95 percent and sales of non-oil and gas products went up 34.84 percent. By categories, outbound shipments rose for: fats/vegetable animal oils (+18.17 percent); pearls, precious and semi-precious stones (+52.58 percent), vehicles and their parts (+50.03 percent), machine/mechanical equipment (+54.48 percent) and ores, crust, metal ash (+151.94 percent). In contrast, sales declined for: iron and steel articles (-54.79 percent), residual food industry (-17.66 percent), fertiliser (-63.67 percent), beverages (-2.10 percent) and milling output (-2.84 percent). Sales increased to most of the country's main trading partners: the ASEAN countries (+30.54 percent to USD 2.52 billion), the EU countries (+28.15 percent to USD 1.23 billion), China (+47.96 percent to USD 1.36 billion), Japan (+42.66 percent to USD 1.17 billion), the US (+36.81 percent to USD 1.36 billion), India (+36.34 percent to USD 890.2 million), South Korea (+37.01 percent to USD 498.6 million) and Taiwan (+12.03 percent to USD 194.9 million). In contrast, exports were lower only to Australia (-21.96 percent). 

Compared to a month earlier, imports went up 36.84 percent. Purchases of oil and gas increased by 16.55 percent and those of non-oil and gas declined by 40.90 percent. Imports rose for all categories: consumption goods(+60.43 percent to USD 1.17 billion), raw materials (+33.37 percent to USD 9.10 billion) and capital goods (+41.23 percent to USD 2.07 billion).

In July 2016, trade surplus was marginally revised to USD 0.51 billion.

Statistics Indonesia l Rida Husna | rida@tradingeconomics.com
9/15/2016 6:57:28 AM