Indonesia posted a trade deficit of USD 0.68 billion in January of 2018, swinging from a USD 1.43 billion surplus a year earlier and missing market estimates of a USD 0.19 billion surplus. It was the second straight month of trade gap, mainly due to a surge in imports.
In January, exports increased 7.86 percent from a year earlier to 14.46 USD billion, above market consensus of a 7.3 percent rise and after an upwardly revised 7.53 percent growth in the prior month. Sales of non-oil and gas products went up by 8.57 percent to 13.17 USD billion, while those of oil and gas grew by 1.11 percent to 1.29 USD billion.
Compared to the previous month, exports went down 2.81 percent, as non-oil and gas products decreased by 1.45 percent while sales oil exports declined by 14.85 percent. By categories, outbound shipments rose for: jewelry/gems (78.40 percent); vehicles and parts (18.29 percent); machinery/aircraft mechanics (10.32 percent); apparel not knitted (12.32 percent), and electrical machinery/aparatus (10.32 percent). In contrast sales decreased for: animal/vegetable fats and oils (-9.59 percent); tin (-71.64 percent); ore, crust, and metal ash (-49.13 percent); iron and steel (-23.68 percent), and nickel (-49.45 percent). Sales went up to the US (8.41 percent); Australia (26.29 percent); Malaysia (4.01 percent); Thailand (23.68 percent); Germany (10.54 percent), and Singapore (1.03 percent). In contrast, exports declined to China (-12.47 percent); Japan (-5.93 percent); South Korea (-3.95 percent); Italy (-23.63 percent); Netherlands (-7.35 percent); India (-7.73 percent), and Taiwan (-16.03 percent).
Imports jumped 26.44 percent to 15.13 USD billion, following an upwardly revised 18.08 percent rise in the prior month and beating estimates of a 19.3 percent increase. Purchases of non-oil and gas surged 28.08 percent to 12.99 billion and those of oil and gas increased by 17.35 percent to 2.15 USD billion.
Compared to the prior month, imports edged up by 0.26 percent. While purchases of non-oil and gas increased 3.65 percent, those of oil and gas decreased by 16.31 percent. Imports increased for raw material (2.34 percent to 11.29 USD billion). In contrast, imports fell for both capital goods (-7.39 percent to 2.49 USD billion) and consumption goods (-1.46 percent to 1.35 USD billion). Imports rose from: the US (4.55 percent); Malaysia (2.04 percent); Germany (15.02 percent); South Korea (17.01 percent); Australia (9.27 percent); Japan (3.29 percent); China (0.79 percent); India (0.11 percent), and Taiwan (29.94 percent). In contrast, imports decreased from and Thailand (-1.37 percent); Singapore (-4.57 percent); Netherlands (-40.79 percent), and Italy (-0.79 percent).
2/15/2018 6:17:06 AM