Indonesia Trade Balance Swings to Surplus in August
Indonesia posted a trade surplus USD 0.085 billion in August 2019, swinging from a SD 0.95 billion gap in the same month a year earlier but below market consensus of USD 0.19 billion surplus, as exports fell less than imports.
9/16/2019 5:26:06 AM
Exports from Indonesia dropped 9.99 percent from a year earlier to USD 14.28 billion in August 2019, worse than market consensus of a 6 percent decline and after a marginally revised 5.10 percent fall in the prior month. It was the ninth straight month of decrease in exports, as sales of oil and gas tumbled by 39.52 percent to USD 0.88 billion and those of non-oil and gas products dropped by 7.18 percent to USD 13.40 billion.
Compared to the previous month, exports dropped 7.60 percent, as sales oil and gas plunged 45.48 percent and those of non-oil and gas products declined 3.20 percent. By categories, outbound shipments decreased for mineral fuel (-8.23 percent); rubber and rubber goods (-11.74 percent); electric machinery/equipment (-8.19 percent); footwear (-12.08 percent); and chemical products (-18.53 percent). By contrast, sales increased for jewelery (25.31 percent); tin (64.65 percent); iron and steel products (35.22 percent); inorganic chemicals (55.47 percent), and animal/vegetable fats and oils (1.17 percent).
Sales fell to: Japan (-3.29 percent); China (-0.45 percent); Italy (-6.68 percent); Malaysia (-9.71 percent); Thailand (-11.09 percent); Germany (-8.09 percent); India (-11.93 percent); Taiwan (-0.55 percent); the Netherlands (-28.26 percent); Australia (-20.62 percent), and South Korea (-10.25 percent). Meanwhile, outbound shipment rose to Singapore (20.84 percent); the US (0.48 percent).
Imports slumped 15.60 percent from a year earlier to USD 14.20 billion in August, after a marginally revised 15.19 percent plunge in the prior month and missing market consensus of 12.9 percent drop. Purchases of oil and gas tumbled 46.47 percent from a year earlier to USD 1.63 billion while those of non-oil and gas declined 8.77 percent to USD 12.56 billion.
Compared to the prior month, imports fell 8.53 percent, with purchases of non-oil and gas dropped 8.76 percent and those of oil and gas went down by 6.73 percent. Imports declined for all categories: raw material (-8.17 percent); capital goods (-10.93 percent); and consumption goods (-6.71 percent). Among major trading partners, imports shrank from: China (-8.75 percent); the US (-6.09 percent); Japan (-2.85 percent); South Korea (-7.14 percent); Thailand (-3.86 percent); Italy (-48.20 percent); Malaysia (-17.52 percent); Taiwan (-6.37 percent); Germany (-29.90 percent); Singapore (-7.99 percent); and Australia (-2.53 percent). Meantime, imports increased from the Netherlands (54.33 percent); India (6.63 percent).
Considering the first eight months of the year, the trade balance recorded a deficit of USD 1.81 billion, compared with a deficit of USD 4.15 billion in the same period of 2018.