Indonesia Trade Balance Swings to Deficit in February
Indonesia posted a trade deficit of USD 0.12 billion in February of 2018, swinging from a USD 1.26 billion surplus a year earlier and slightly below market estimates of a USD 0.13 billion deficit. It was the third straight month of trade gap, mainly due to a surge in imports.
3/15/2018 8:51:00 AM
In February, exports increased 11.76 percent from a year earlier to 14.10 USD billion, below market consensus of a 12.45 percent rise and after an upwardly revised 8.58 percent growth in the prior month. Sales of non-oil and gas products went up by 11.30 percent to 12.71 USD billion, while those of oil and gas grew by 16.09 percent to 1.39 USD billion.
Compared to the previous month, exports went down 3.14 percent, as non-oil and gas products decreased by 3.96 percent while sales oil exports increased by 5.08 percent. By categories, outbound shipments fell for: mineral fuel (-3.93 percent); footwear (-18.19 percent); apparel not knitted (-12.91 percent); electrical machinery/aparatus (-12.04 percent), and iron and steel (-19.17 percent). In contrast sales increased for: tin (404.94 percent); ship (91.38 percent); ore, crust, and metal ash (9.54 percent); nickel (48.14 percent), and paper (3.03 percent).
Sales went down to Australia (-16.91 percent); Malaysia (-2.30 percent); Thailand (-16.44 percent); Germany (-17.49 percent), Japan (-8.62 percent); South Korea (-2.02 percent); Netherlands (-1.02 percent); India (-15.35 percent), and Taiwan (-0.68 percent). In contrast, exports increased to China (7.49 percent); the US (116.52 percent); Singapore (7.10 percent), and Italy (24.09 percent).
Imports jumped 25.18 percent to 14.21 USD billion, following an upwardly revised 27.99 percent rise in the prior month and below estimates of a 25.7 percent increase. Purchases of non-oil and gas surged 34.58 percent to 11.95 billion and those of oil while gas decreased by 8.59 percent to 2.27 USD billion.
Compared to the prior month, imports declined by 7.16 percent. While purchases of non-oil and gas decreased 8.41 percent, those of oil and gas edged down by 0.06 percent. Imports dropped for both raw material (-7.74 percent to 10.58 USD billion) and capital goods (-9.19 percent to 2.25 USD billion). In contrast, imports went up for consumption goods (1.36 percent to 1.38 USD billion). Imports fell from: the US (-17.24 percent); Malaysia (-12.99 percent); Germany (-20.58 percent); South Korea (-6.67 percent); China (-6.40 percent); India (-10.02 percent); Taiwan (-15.36 percent); Singapore (-15.50 percent); Netherlands (-68.27 percent), and Italy (-17.82 percent). In contrast, imports increased from and Thailand (21.35 percent); Australia (9.53 percent), and Japan (0.03 percent).
Considering January to February 2018, the trade deficit was 0.87 USD billion, with exports rising by 10.13 percent compared to the same period a year earlier to 28.65 USD billion and imports increasing by 26.58 percent to 29.52 USD billion.