Thursday April 20 2017
Indonesia Holds Key Rate At 4.75%
Bank of Indonesia | Yekaterina Guchshina | yekaterina@tradingeconomics.com

Indonesia's central bank kept its benchmark interest rate on hold at 4.75 percent at its April 20th meeting, as widely expected. Policymakers said the decision was in line with efforts to maintain macroeconomic and financial stability and to support sustainable economic growth. The overnight deposit facility rate and the lending facility rate were also left on hold at 4.0 percent and 5.5 percent respectively.

Excerpts from Bank Indonesia Press Release: 

Bank Indonesia continues to monitor various global and domestic risks. Globally, there are indications of a more promising economic outlook for advanced countries but several risks continue to demand vigilance, especially the current discourse on the Federal Reserve reducing its overall balance sheet along with geopolitical factors. At home, Bank Indonesia will monitor the impact of adjustments to administered prices (AP) on inflation as well as ongoing consolidation in the corporate and banking sector, which has undermined the impact of economic stimuli. Therefore, Bank Indonesia will constantly strive to strenghten its monetary, macroprudential and payment system policy mix to maintain macroeconomic and financial system stability. Furthermore, Bank Indonesia will continue coordinating with the Government to control inflationary pressures within the target corridor and accelerate structural reforms to support sustainable economic growth.

Economic growth momentum in Indonesia is expected to remain well in the first quarter of 2017, albeit below previous expectations. The main sources of the growth are stronger investment, solid consumption and positive export performance. First-quarter investment increased on building and non-building investment. Non-building investment improved on the back of commodity price hike, as reflected in the increase of heavy machineries sales for mining and farming. The hike in commodity prices also promoted export growth. Meanwhile, household consumption growth can potentially moderate slightly in the first quarter of 2017, indicated by slower growth of retail and automotive sales, as an effect of ongoing consolidation in the corporate sector. Economic growth is predicted to accelerate in the second quarter of 2017, supported by stronger investment and export performance, while consumption should remain relatively stable. Meanwhile, rising commodity prices and stronger demand due to the global economic recovery are expected to drive exports and investment. Looking forward, the role of fiscal stimuli, in terms of catalysing economic growth, should be maintained.

The rupiah continued to appreciate in March 2017, supported by macroeconomic stability and the positive perception of investors towards Indonesia’s promising economic outlook, coupled with easing global risks. Throughout the first quarter of 2017, the rupiah appreciated 1.09% (ytd) to close at Rp13,326/USD. Rupiah appreciation was driven by an influx of non-resident capital due to attractive domestic investment assets as well as sounder global factors. Foreign capital inflows were primarily drawn to stocks and government debt securities (SUN). Moving forward, Bank Indonesia will continue to stabilise rupiah exchange rates in line with the currency’s fundamental value, while maintaining market mechanisms.

The Consumer Price Index (CPI) recorded deflation in March 2017 as the supply of foodstuffs increased. CPI deflation was recorded at 0.02% (mom), contrasting inflation of 0.23% (mom) the month earlier. The main contributors were volatile foods after the harvests of several food crops boosted supply. Administered prices declined due to lower airfares, which reduced the impact of hikes to electricity rates. Moving forward, to maintain inflation within the target range of 4±1%, policy coordination between the Government and Bank Indonesia in inflation control requires constant strengthening, primarily in the face of adjustments to administered prices as part of the Government’s ongoing energy reforms, coupled with the expected seasonal spike of inflationary pressures during the approach to the holy fasting month.





Monday April 17 2017
Indonesia Trade Surplus Widens In March
Statistics of Indonesia | Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia posted a trade surplus of 1.23 USD billion in March of 2017, compared to a 0.51 USD billion surplus a year earlier and above market estimates of a 1.20 USD billion surplus. Considering January to March, the goods surplus was recorded 3.93 USD billion, exports rose by 20.34 percent compared to the same period a year earlier to 40.61 USD billion while imports increased 14.83 percent to 36.68 USD billion.

Year-on-year, exports from Inonesia jumped 23.55 percent from a year earlier to 14.59 USD billion, following a 11.16 percent rise in the prior month and above market consensus of a 12 percent gain. It was the sixth straight month of increase, as sales of non-oil and gas products jumped 24.03 percent to 13.11 USD billion while those of oil and gas rose by 19.46 percent to 1.48 USD billion.
 
Imports went up 18.19 percent to 13.36 USD billion in March, following a 10.61 percent growth in a month earlier while markets expected a 8.7 percent rise. It was the sixth consecutive month of increases and the highest gain since February of 2012, as purchases of oil and gas jumped 45.70 percent to 2.26 USD billion while those of non-oil and gas rose 13.81 percent to 11.10 USD billion.
 
Compared to the previous month, exports increased 15.68 percent, as non-oil and gas products went up by 14.86 percent while sales oil exports jumped by 23.56 percent. By categories, outbound shipments rose for: rubber and rubber goods (25.30 percent), mineral fuels ( 2.84 percent), machinery and electrical equipment (16.40 percent), wood and pulp (53.83 percent), iron ore, crust and metal (4,938.53 percent). In contrast sales decreased for : chemical products (-9.05 percent), meat and processed fish (-14.88 percent), cosmetics (-6.46 percent), the waste of the food industry (-25.60), and product pharmaceutical industry (-9.89 percent).
 
Sales went up to the ASEAN countries (9.96 percent). In contrast, exports increased to all country's trading partnes:  the EU (13.26 percent), Japan (33.91 percent), China (31.28 percent), the US (11.04 percent), South Korea (35.64 percent), Taiwan (19.54 percent), India (4.76 percent), and Australia (18.40 percent).
 
Compared to the prior month, inbound shipments increased by 17.65 percent. While purchases of non-oil and gas jumped 24.94 percent, those of oil and gas decreased by 8.54 percent. Imports went up the most for consumption goods (58.21 percent to 1.41 USD billion), followed by capital goods (18.80 percent to 2.02 USD billion), and raw material (13.31 percent to 9.93 USD billion).
 
In February 2017, trade surplus was downwardly revised to 1.26 USD billion.





Thursday March 16 2017
Indonesia Leaves Monetary Policy Unchanged
Bank of Indonesia | Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia's central bank kept its benchmark interest rate on hold at 4.75 percent at its March 16th meeting, as widely expected. Policymakers said the decision was in line with efforts to maintain macroeconomic and financial stability amid increasing global uncertainty. The overnight deposit facility rate and the lending facility rate were also left on hold at 4.0 percent and 5.5 percent respectively.

Excerpts from Bank Indonesia Press Release: 

The decision is consistent with Bank Indonesia’s efforts to maintain macroeconomic and financial system stability amidst growing global uncertainty. Bank Indonesia continues to monitor and remains vigilant of various short term risks, both global and domestic. Global risks include rising global inflation, US economic and trade policy direction and Fed Fund Rate hike effects, as well as geopolitical risks from Europe. Domestically, the impact of administered prices (AP) on inflation still needs to be monitored. Therefore, Bank Indonesia constantly optimises its monetary, macroprudential and payment system policy mix to preserve macroeconomic and financial system stability. Furthermore, Bank Indonesia will continue to strengthen coordination with the Government, focusing on controlling inflation within the target corridor as well as accelerating structural reform programs to support sustainable economic growth.

Economic growth is expected to continue improving, despite a number of risks that need to be observed.  Indonesia’s economy is predicted to remain strong in the first quarter of 2017, compared to the previous quarter, driven stronger investment, robust consumption and improving export performance. Non-building investment is predicted to gain traction, reflected by an uptick in sales of heavy equipment and cement. Household consumption is expected to continue increasing as indicated by a stable retail growth and positive consumer expectations. Meanwhile, government’s contribution towards consumption and investment tend to improve. Externally, export performance is predicted to improve as commodity prices increase. Consequently, the Indonesian economy is projected to grow in the 5.0-5.4% (yoy) range in 2017.

The rupiah continued to appreciate in February 2017 in line with maintained macroeconomic stability and despite a backdrop of growing global uncertainty. Moving forward, Bank Indonesia will remain vigilant of emerging risks, including the US economic policy and the impact of FFR hikes as well as political uncertainty in several European countries. Therefore, Bank Indonesia will continue to implement the stabilisation measures necessary to ensure the rupiah remains consistent with the currency’s fundamental value, while maintaining market mechanisms.

Looking forward, Bank Indonesia will strengthen policy coordination with the Government to control inflation in response to several risks, including further adjustments to administered prices (AP) as the Government continues to reform energy subsidies as well as inflationary pressures on volatile foods. With that strategy, inflation is projected to remain within the target corridor of 4±1%.
 


Wednesday March 15 2017
Indonesia Trade Surplus Widens In February
Statistic of Indonesia l Chusnul Ch Manan| chusnul@tradingeconomics.com

Indonesia posted a trade surplus of 1.31 USD billion in February of 2017, compared to a 1.14 USD billion surplus a year earlier and above market estimates of a 1.2 USD billion surplus. Considering January to February, the goods surplus was recorded 2.75 USD billion, exports rose by 19.20 percent compared to the same period a year earlier to 25.98 USD billion while imports increased 12.51 percent to 23.22 USD billion.

Year-on-year exports from Indonesia increased 11.16 percent from a year earlier to 12.57 USD billion in February of 2017, compared to a 27.71 percent rise in January and slower than market estimates of a 15.19 percent growth. It was the fifth straight month of increase, as sales of non-oil and gas products went up 11.55 percent to 11.38 USD billion while those of oil and gas rose by 7.62 percent to 1.20 USD billion.
 
Imports went up 10.61 percent to 11.26 USD billion in February of 2017, following a 14.54 percent growth in a month earlier while markets expected a 13.00 percent gain. It was the fifth consecutive month of increases, as purchases of oil and gas jumped 116.04 percent to 2.43 USD billion while those of non-oil and gas fell 2.46 percent to 8.83 USD billion.
 
Compared to the previous month, exports decreased 6.17percent, as non-oil and gas products dropped by 6.21 percent while sales oil exports fell by 5.78 percent. By categories, outbound shipments rose for: rubber and rubber goods (6.80 percent), vehicles & parts (5.58 percent), organic chemicals (17.04 percent), product pharmaceutical industry (84.38 percent) and goods from iron & steel (21.22 percent), and jewelry, gems (+105.20 percent).In contrast, sales decreased for:  apparel not knitted (-8.52 percent), ore, cruct and gray metal (-99.12 percent), mineral fuels (-17.91 percent), iron & steel -25.82 percent), fats and oil of animal/vegetables(-9.14 percent), and copper (-41.30 percent).
 
Sales went up to the ASEAN countries (1.85 percent). In contrast, exports fell to most of the country's trading partnes :  the EU (-5.98 percent), Japan (-18.57 percent), China (-12.42 percent), the US (-4.92 percent), South Korea (-5.80 percent), and Taiwan (-14.64 percent), India (-22.73 percent), and Australia (-2.32 percent).
 
Compared to the prior month, inbound shipments declined by 5.96 percent. While purchases of non-oil and gas went down 12.93 percent, those of oil and gas increased by 32.71 percent. Imports went down the most for consumption goods (-13.18 percent to 0.87 USD billion), followed by capital goods (-11.32 percent to 1.70 USD billion), and raw material (-4.02 percent to 8.68 USD billion).
 
In January 2017, trade surplus was upwardly revised to 1.43 USD billion


Thursday February 16 2017
Indonesia Holds Key Policy Rate At 4.75%
Bank Indonesia Chusnul Ch Manan| chusnul@tradingeconomics.com

Indonesia's central bank kept its benchmark interest rate on hold at 4.75 percent at its February 16th meeting, as expected. Policymakers said the decision was in line with efforts to supports economic growth. Bank Indonesia also left its overnight deposit facility rate and lending facility rate unchanged at 4.0 percent and 5.5 percent respectively.

 
Excerpts from Bank Indonesia Press Release: 
 
The decision is consistent with Bank Indonesia’s efforts to maintain macroeconomic and financial system stability, while preserving domestic economic recovery momentum. Congruent with the global economic improvements, stronger economic growth in Indonesia is expected, with maintained macroeconomic and financial system stability at home. Nevertheless, Bank Indonesia shall remain vigilant of global risks in the form of US policy direction and geopolitical risks in Europe, as well as domestic risks linked to the impact of administered prices (AP) on inflation. To that end, Bank Indonesia will constantly seek to optimise its monetary, macroprudential and payment system policy mix in order to maintain macroeconomic and financial system stability. Furthermore, Bank Indonesia will also strengthen policy coordination with the Government, focusing on controlling inflation within the target corridor as well as ongoing structural reforms to support sustainable economic expansion.

Bank Indonesia projects economic growth in 2017 at 5.0-5.4% (yoy), on the back of strong private consumption, increase in government consumption, and improvements in both private and government investments. Export growth is expected to increase, coupled with increasing imports due to domestic demand.

After suffering in the fourth quarter of 2016, the rupiah relatively stabilized with a tendency to strenghten amid uncertainty regarding policy direction in the United States. In the fourth quarter of 2016, point-to-point, the rupiah depreciated 3.13% (ptp) to a level of Rp13,473 per USD. Bank Indonesia will continue to monitor global financial uncertainty, while instituting measures to stabilise the rupiah in line with the currency’s fundamental value and maintaining market mechanisms.

Inflation remained under control, despite the slight bump recorded at the beginning of 2017. Administered prices (AP) and core inflation pushed CPI inflation to 0.97% (mtm) in January 2017, accelerating from 0.42% (mtm) the month earlier. Meanwhile, inflationary pressures on volatile foods (VF) were controlled and low, along with various food price corrections. The government raised administered prices (AP) through higher administration price to extend vehicle registrations as well as more expensive electricity rates and special fuel prices. Core inflation was controlled at 0.56% (mtm) or 3.35% (yoy) despite a moderate increase. Bank Indonesia will continue to strenghten coordination with the government to control inflation, specifically in the face of several risks stemming from administered prices, as the government reforms energy subsidies, as well as the risk of rising volatile food prices. With these steps, Bank Indonesia predicts inflation within the target corridor for 2017, namely 4±1%.
 
 
 


Thursday February 16 2017
Indonesia Trade Surplus Largest In 3 Years In January
Statistic of Indonesia l Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia posted a trade surplus of 1.39 USD billion in January of 2017, compared to a 13.6 USD million surplus a year earlier and above market estimates of a 0.85 USD billion surplus. It was the largest surplus since December 2013, as exports rose much more than imports.

Year-on-year, exports from Indonesia jumped 27.71 percent from a year earlier to 13.38 USD billion in January of 2017, compared to a 15.57 percent rise in December 2016 while market estimated a 21.73 percent growth. It was the fourth straight month of increase and the fastest since September 2011, as sales of non-oil and gas products went up 29.24 percent to 12.11 USD billion while those of oil and gas rose by 14.77 percent to 1.27 USD billion
 
Imports went up 14.54 percent to 11.99 USD billion, following a 5.82 percent growth in a month earlier while markets expected a 13.88 percent gain. It was the fourth consecutive month of increases, as purchases of non-oil and gas rose 10.12 percent to 10.18 USD billion while those of oil and gas increased 48.03 percent to 1.81 USD billion.

Compared to the previous month, outbond shipment decreased 3.21 percent, as non-oil and gas products dropped by 3.70 percent while sales oil exports increased by 1.72 percent. By categories, outbound shipments rose for: mineral fuels (0.58 percent), rubber and rubber goods (10.55 percent), iron & steel (21.22 percent), vehicles & parts (7.93 percent), machinery/aircraft mechanics (7.23 percent) and goods from iron & steel (21.22 percent). In contrast, sales decreased for:  jewelry, gems (-14.71 percent), apparel not knitted (-8.82 percent), and ore, cruct and gray metal (-27.56 percent)
 
Sales went up to India (42.91 percent). In contrast, exports fell to most of the country's trading partnes : the ASEAN countries (-12.62 percent), the EU (-4.44 percent), Japan (-6.75 percent), China (-17.52 percent), the US (-2.13 percent), South Korea (-10.53 percent), and Taiwan (-11.65 percent).
 
Compared to the prior month, inbound shipments decreased by 6.21 percent. While purchases of non-oil and gas went down 8.12 percent, those of oil and gas increased by 6.25 percent. Imports went up the most for raw material (20.92 percent to 9.06 USD billion), followed by capital goods (6.04 percent to 1.92 USD billion). In contrast, purchases decreased for consumption goods (-13.39 percent to 1 USD billion).
 



 


Monday February 06 2017
Indonesia Economy Contracts 1.77% QoQ in Q4
Statistic of Indonesia | Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia's GDP shrank 1.77 percent quarter-on-quarter in the fourth quarter of 2016, compared to a downwardly revised 3.13 percent growth in the September quarter. It was the first contraction in three quarters and in line with markets estimates of a 1.8 percent decrease, as private consumption stalled while investment rose further and government spending and exports rebounded.

In the December quarter, private consumption was nearly flat (-0.02 percent), compared to a 3.45 percent rise in the preceding three months. Private non-profit spending advanced 2.83 percent (4.26 percentin the previous period). Government spending surged 39.49 percent (-0.19 percent) and investment rose 4.56 percent (3.52 percent). Exports went up 8.93 percent (-3.64 percent) and imports jumped 12.67 percent (-5.09 percent). 

On the production side, agriculture decreased the most by 21.24 percent (+4.67 percent in the previous period), followed by finance and insurance sector (-0.81 percent from 2.79 percent), manufacturing (-0.69 percent from 0.83 percent), whole sale and retail trade (-0.40 percent from 1.39 percent). In contrast, growth was seen for: mining & quarrying (2.18 percent from 0.58 percent in the previous period), electricity and gas (4.17 percent from -2.12 percent),  other services (1.97 percent from 1.95 percent), information and communication (1.74 percent from 2.84 percent), business service (1.62 percent from 1.56 percent), water and waste management (1.22 percent from 0.45 percent), transport & storage (1.10 percent from 5.39 percent), real estate (0.41 percent from 0.45 percent), education services (10.74 percent from -1.28 percent), healthcare (6.91 percent from 0.63 percent) and government administration (6.67 percent from 1.66 percent).

Year-on-year, the economy expanded 4.94 percent, compared to a downwardly revised 5.01 percent growth in the September quarter while market estimated a 5.07 percent expansion. It was the slowest growth since the March quarter.




Monday February 06 2017
Indonesia GDP Growth Slowest In 3 Quarters In Q4
Statistics of Indonesia | Chusnul Ch Manan | chusnul@tradingeconomics.com

The Indonesian economy expanded 4.94 percent year-on-year in the December quarter of 2016, compared to a marginally revised 5.01 percent growth in the third quarter while market estimated a 5.07 percent expansion. It was the slowest growth since the March quarter, as a slowdown in private consumption and a further decline in government spending offset a rebound in exports and a faster increase in investment.

In the fourth quarter, private consumption expanded by 4.99 percent year-on-year, slower than a 5.01 percent growth in the preceding quarter. Government spending fell by 4.05 percent, faster than a 2.95 percent decline in the September quarter. Gross fixed capital formation grew by 4.80 percent, compared to a 4.24 percent rise in the previous three months. Private non-profit expenditure expanded by 6.72 percent, as compared to a 6.64 percent growth in the preceding quarter. Exports increased by 4.24 percent, shifting from a 5.65 contraction in previous quarter. Imports also rose by 2.82 percent, after registering a 3.67 percent decline. 
 
On the production side, growth eased for most sectors: other services (7.69 percent from 7.71 percent in the prior quarter), business services (6.83 percent from 6.95 percent), hotel and restaurants (4.47 percent from 4.68 percent), construction (4.21 percent from 4.95 percent), finance (4.18 percent from 9.04 percent), healthcare (4.10 percent from 4.49 percent), real estate (3.65 percent from 3.97 percent), manufacturing (3.36 percent from 4.52 percent), electricity and gas (3.14 percent from 4.88 percent) and government administration (0.27 percent from 3.80 percent). In contrast, activities rose at a faster pace for information (9.57 percent from 8.95 percent); agriculture (5.31 percent from 3.03 percent), wholesale (3.90 percent from 3.59 percent), education (3.12 percent from 1.95 percent), water and waste management (2.66 percent from 2.36 percent) and mining (1.60 percent from 0.29 percent).

On a quarter-on-quarter basis, the economy shrank 1.77 percent, following a downwardly revised  3.13 percent growth in the September quarter. It was the first contraction in three quarters and in line with markets estimates of a 1.80 percent decline.

Considering full 2016, the GDP grew by 5.02 percent, compared to an upwardly revised a 4.88 percent in 2015 and slightly below market expectations of a 5.03 percent expansion.
 




Thursday January 19 2017
Indonesia Leaves Monetary Policy Unchanged
Bank Indonesia | Joana Taborda | joana.taborda@tradingeconomics.com

The central bank of Indonesia left its key interest rate on hold at 4.75 percent on January 19th 2017 as widely expected, aiming to protect against global financial risks including capital outflows and inflationary pressures from higher food and utility prices. Policymakers also kept its lending facility rate unchanged at 5.5 percent and its overnight deposit facility rate at 4.0 percent.

Excerpts from Bank Indonesia Press Release: 

The decision was consistent with Bank Indonesia’s effort to maintain macroeconomic and financial system stability, while keep optimizing domestic economic recovery amid uncertainties in the global financial market. After performing relatively well throughout 2016, improvement in the national economic outlook is expected to continue, with stronger growth combined with maintained macroeconomic and financial system stability. Bank Indonesia will continue to monitor risks in 2017. Globally, the risks include the policy directions taken in the US and China and global oil price hike, while the domestic risks are linked to the impact of administered prices (AP) on inflation. Consequently, Bank Indonesia will continue to optimise its monetary, macroprudential and payment system policy mix in order to maintain macroeconomic and financial system stability, while considering the impact on the optimilization of economic recovery. Furthermore, Bank Indonesia will strengthen policy coordination with the Government, focusing on inflation control to keep within the target range, as well as structural reforms to support sustainable economic growth.

Bank Indonesia predicts the global economy to improve, supported by gains in the US and China, albeit several risks that need to be observed. Looking forward, several global risks shall continue to demand vigilance, including the impact of US fiscal and international trade policy, Federal Funds Rate (FFR) hikes that could raise the cost of borrowing, economic and financial rebalancing in China, as well as geopolitical risks.

In 2017, however, the economic recovery should continue, driven by exports and investment as financing increases from bank loans and nonbank financing. On the other hand, stable household consumption is also predicted.

After pressures following the result of the US election, the rupiah appreciated in December as capital flowed back onto domestic financial markets. Point-to-point, the rupiah appreciated 0.59% (mtm) to close at a level of Rp13,473 per USD in line with a deluge of capital inflow, primarily to government debt securities (SUN). In contrast, outflow from the domestic stock market decreased after the FFR hike, with a reversal noted at the end of December 2016 to record an inflow. Point-to-point, in 2016, the rupiah appreciated 2.32% (ytd) on the positive investor perception of the domestic economic outlook, which attracted non-resident capital. Bank Indonesia will remain vigilant of risks from the global financial uncertainty, however, while continuing to stabilise the rupiah in line with the currency’s fundamental value and maintaining market mechanisms.

Bank Indonesia maintained low inflation throughout 2016, towards the floor of the inflation target, namely 4±1%. CPI inflation in December 2016 was recorded at 0.42% (mtm), down from 0.47% (mtm) the month earlier. Therefore, inflation of 3.02% (yoy) was recorded for the year. Low inflation was supported by low core inflation and minimal administered prices, while inflationary pressures on volatile foods remained. Such achievements were supported by Bank Indonesia policy and increasingly solid coordination with the central and local governments to control inflation. Moving forward, efforts to control inflation will confront risks that demand vigilance, primarily in the form of administered prices adjustments along with government’s structural reform policies in energy subsidies, as well as risks of volatile food inflation. To that end, policy coordination between Bank Indonesia and the Government will constantly be strengthened.


Monday January 16 2017
Indonesia Trade Balance Swings to Surplus in December
Statistics Indonesia l Rida Husna | rida@tradingeconomics.com

Indonesia posted a trade surplus of 0.99 USD billion in December of 2016, compared to a 0.16 USD billion deficit a year earlier. Figure came above market estimates of a 0.84 USD billion surplus, as exports rose much more than imports.

Year-on-year, exports jumped 15.57 percent to 13.77 USD billion, following a 21.34 percent in the prior month and beating market consensus of a 13.27 percent rise.  It was the third straight month of increase, as sales of non-oil and gas products went up 18.11 percent to 12.54 USD billion while those of oil and gas dropped by 5.22 percent to 1.10 USD billion.  

Imports went up 5.82 percent to 12.78 USD billion, following a 9.88 percent growth in a month earlier while markets expected a 3.5 percent growth. It was also the third consecutive month of growth, as purchases of non-oil and gas rose 7.91 percent to 11.09 USD billion while those of oil and gas fell 6.15 percent to 1.69 USD billion. 

Compared to the previous month, outbound shipments rose 1.99 percent, as oil exports increased by 11.66 percent, followed by sales of non-oil and gas products (+1.13 percent). By categories, outbound shipments rose for: mineral fuels (+9.06 percent), rubber and rubber goods (+14.81 percent), apparel not knitted (+22.03 percent); ore, cruct and gray metal (+29.19 percent) and iron & steel (+44.82 percent). In contrast, sales decreased for: machinery/electrical equipment (-10.44 percent); jewelry, gems (-32.0 percent), vehicles & parts (-17.26 percent), machinery/aircraft mechanics (-8.30 percent) and goods from iron & steel (-28.52 percent). Sales went up to most of the country's trading partners: the ASEAN countries (+4.24 percent), the EU countries (+6.94 percent), China (+2.82 percent), the US (+8.88 percent), South Korea (+26.06 percent) and Taiwan (+5.72 percent). In contrast, exports fell to Japan (-3.98 percent), India (-13.58 percent) and Australia (-32.66 percent).

Compared to the prior month, inbound shipments increased by 0.88 perent. While purchases of non-oil and gas rose 1.35 percent, those of oil and gas declined by 2.13 percent. Imports went up the most for consumption goods (+27.25 percent to 1.31 USD billion, followed by capital goods (+7.49 percent to 2.23 USD billion). In contrast, purchases of raw material declined by 3.38 percent to 9.25 USD billion.

Considering full year of 2016, exports fell 3.95 percent from a year earlier to 144.43 USD billion while imports declined by 4.94 percent to 135.65 USD billion. That brought a trade surplus of 8.78 USD billion during the period, larger than a 7.67 USD billion surplus recorded in 2015.