Indonesia December Trade Gap Larger than Expected
Indonesia's trade deficit widened to USD 1.10 billion in December 2018 from USD 0.24 billion in the same month a year earlier and worse than market consensus of a USD 0.93 billion gap. It was the third straight month of trade gap, as exports dropped while imports increased.
1/15/2019 5:50:03 AM
Imports rose 1.16 percent from a year earlier to USD 15.28 billion in December, following an upwardlly revised 11.83 percent rise in the prior month and below expectations of a 6.60 percent increase. Purchases of non-oil and gas went up 6.16 percent to USD 13.31 billion while those of oil and gas plunged by 23.33 percent to USD 1.87 billion.
Compared to the prior month, imports dropped by 9.60 percent, with purchases of non-oil and gas decreased 5.14 percent while those of oil and gas tumbled by 31.45 percent. Imports went down for raw material (-13.49 percent) while those increased for both capital goods (3.36 percent) and consumption goods (1.86 percent). Among major trading partners, imports decreased from: the US (-6.26 percent); Japan (-13.26 percent); Taiwan (-11.76 percent); South Korea (-14.06 percent); Singapore (-3.12percent); Thailand (-13.34 percent); Germany (-15.61 percent); the Netherlands (-6.58 percent); Malaysia (-15.61 percent); Australia (-39.68 percent), and Italy (-21.35 percent).On the other hand, imports increased to China (5.80 percent); India (11.31 percent).
Exports unexpectedly fell 4.62 percent from a year earlier to USD 14.18 billion, missing market consensus of a 1.81 percent rise and after a downwardly revised 2.80 percent drop in the prior month. Sales of non-oil and gas products dropped by 7.01 percent to USD 12.43 billion while those of oil and gas rose by 16.70 percent to USD 1.75 billion.
Compared to the previous month, exports declined 4.89 percent, as non-oil and gas products went down by 8.15 percent while sales oil and gas jumped by 27.34 percent. By categories, outbound shipments fell for: animal/vegetables oils and fats (-4.27 percent); mineral fuel (-6.86 percent); vehicles and parts (-11.93 percent); ore, metal crust and metal ash (-56.25 percent); and iron and steel (-22.68 percent).By contrast, sales increased for: jewelery (27.41 percent); pulp (27.12 percent);apparel not knitted (9.63 percent); kintted goods (8.05 percent), and tin (50.92 percent).
Sales fell to: China (-17.95 percent); Japan (-14.60 percent); South Korea (-3.37 percent); Germany (-7.83 percent); Australia (-6.08 percent); Malaysia (-24.38 percent); India (-2.83 percent); and Thailand (-24.76 percent). Meanwhile, sales increased to the US (1.99 percent); Taiwan (5.99 percent); Singapore (8.52 percent); Italy (94.65 percent), and the Netherlands (7.95 percent).
Considering January to December, the trade balance recorded a deficit of USD 8.57 billion, compared with a surplus of USD 11.84 billion in the same period of 2017.