Indonesia Trade Balance Swings to Deficit in October
Indonesia posted a trade deficit USD 1.82 billion in October 2018, swinging from a USD 1 billion surplus in the same month a year earlier, missing market consensus of a USD 0.17 billion gap. Exports went up 3.59 percent to USD 15.80 billion while imports jumped 23.66 percent to USD 17.62 billion.
11/15/2018 5:54:06 AM
Imports surged 23.66 percent from a year earlier to USD 17.62 billion in October, following a marginally revised 14.25 percent rise in the prior month and far above expectations of a 9.2 percent increase. Purchases of non-oil and gas soared 22.17 percent to USD 14.72 billion while those of oil and gas jumped by 31.78 percent to USD 2.91 billion.
Compared to the prior month, imports soared by 20.60 percent, with purchases of non-oil and gas increased sharply 19.42 percent while those of oil and gas surged by 26.97 percent. Imports went up for all categories: raw material (22.59 percent); capital goods (15.57 percent), and consumption goods (13.28 percent). Among major trading partners, imports increased from: China (11.71 percent); the US (7.10 percent); Japan (33.72 percent); Taiwan (23.72 percent); South Korea (28.56 percent); Singapore (5.41 percent); Thailand (10.47 percent); Malaysia (24.11 percent); Germany (9.16 percent); Australia (44.46 percent); the Netherlands (10.50 percent), and India (12.69 percent). On the other hand, imports decreased to Italy (-6.22 percent).
Exports increased 3.59 percent from a year earlier to USD 15.80 billion, beating market consensus of a 1.81 percent rise and after an upwardly revised 2.40 percent growth in the prior month. Sales of non-oil and gas products went up by 4.03 percent to USD 14.32 billion while those of oil and gas edged down by 0.44 percent to USD 1.48 billion.
Compared to the previous month, exports rose 5.87 percent, as non-oil and gas products went up by 4.99 percent and sales oil and gas rose sharply by 15.18 percent. By categories, outbound shipments increased for: vehicles and parts (14.18 percent); jewelery (82.24 percent); footwear (28.48 percent); mineral fuel (9.71 percent); and inorganic chemicals (69.64 percent).By contrast, sales fell for: pulp (-25.75 percent); copper (-24.49 percent); tin (-40.54 percent); ore, metal crust and metal ash (-42.03 percent); and knitted goods (-9.39 percent). Sales rose to: China (12.63 percent); the US (3.24 percent); Taiwan (5.18 percent); Singapore (23.23 percent); Australia (9.01 percent); Malaysia (12.66 percent); Germany (7.74 percent), percent); India (2.17 percent); Thailand (0.86 percent); and the Netherlands (4.66 percent). Meantime, sales declined to Japan (-4.01 percent); South Korea (-15.05 percent); and Italy (-5.46 percent).
Considering January to October, the trade balance posted a deficit of USD 5.51 billion, compared with a surplus of USD 11.86 billion in the same period of 2017.