Indonesia Trade Surplus Narrows in March
Indonesia’s trade surplus narrowed to USD 0.54 billion in March 2019 from a USD 1.12 billion in the same month a year earlier and compared to a market consensus of a USD 0.1 billion gap. Exports tumbled 10.01 percent year-on-year while imports fell at a softer 6.76 percent. Considering the first three months of the year, the trade balance recorded a deficit of USD 0.19 billion, compared with a surplus of USD 0.31 billion in the same period of 2018.
4/15/2019 9:16:04 AM
Exports from Indonesia tumbled 10.01 percent from a year earlier to USD 14.03 billion in March 2019, slightly less than an expected 11.82 percent fall and after a downwardlly revised 11.16 percent decrease in the prior month. It was the fifth straight month of decrease in exports, as sales of non-oil and gas products dropped by 9.23 percent to USD 12.93 billion and those of oil and gas slumped by 18.32 percent to USD 1.09 billion.
Compared to the previous month, exports jumped 11.71 percent, as sales non-oil and gas products surged 13 percent while those oil and gas dropped by 1.57 percent. By categories, outbound shipments went up for mineral fuel (24.21 percent); ore, metal crust and metal ash (110.41 percent); organic chemicals (33.41percent); iron and steel (40.38 percent), and paper/carton (21.32 percent). In contrast, sales decreased for iron and steel objects (-9.81 percent); organic chemicals (-31.98 percent); jewelery (-4.84 percent); salt, sulfur, lime (-18.30 percent); locomotives and train equipment (-76.55 percent), and dregs/leftovers from the food industry (-38.12 percent).
Sales increased to: the US (8.47 percent); China (28.47 percent); Japan (13.52 percent); Thailand (5.73 percent); Germany (6.54 percent); Australia (8.51 percent); India (10.37 percent); Italy (17.56 percent); Taiwan (55.77 percent); South Korea (8.21 percent); the Netherlands (5.24 percent); Malaysia (3.98 percent), and Singapore (0.72 percent).
Imports declined by 6.76 percent from a year earlier to USD 13.49 billion in March, following a downwardlly revised 13.81 percent slump in the prior month and compared to market expectations of a 3.76 percent fall. It marked the third straight month of yearly drop in inbound shipments, amid efforts from the government to reduce purchases and help manage the country's current account deficit. Purchases of oil and gas slumped by 31.17 percent to USD 1.54 billion while those of non-oil and gas dropped 2.29 percent to USD 11.95 billion.
Compared to the prior month, imports surged by 10.31 percent, with purchases of non-oil and gas jumped 12.24 percent while those of oil and gas fell by 2.70 percent. Imports went up for all categories: raw material (12.34 percent); consumption goods (13.49 percent); and capital goods (0.47 percent). Among major trading partners, imports rose from: the US (20.73 percent); China (4.95 percent); Japan (3.93 percent); South Korea (9.53 percent); Taiwan (20.62 percent); Singapore (29.71 percent); Germany (17.93 percent); India (12.69 percent); Malaysia (19.98 percent), and Thailand (8.95 percent).Meantime, imports decreased to the Netherlands (-11.74 percent); Australia (-4.26 percent), and Italy (-4.41 percent).
Considering the first three months of the year, the trade balance recorded a deficit of USD 0.19 billion, compared with a surplus of USD 0.31 billion in the same period of 2018.