Indonesia Trade Balance Swings to Deficit in April
Indonesia recorded a trade deficit of USD 1.63 billion in April of 2018, swinging from a USD 1.33 billion surplus a year earlier and missing market estimates of a USD 0.7 billion surplus. mainly due to a surge in imports.
In April, imports jumped 34.68 percent to 16.09 USD billion, following a downwardly revised 8.9 percent rise in the prior month and beating estimates of a 19 percent increase. Purchases of non-oil and gas surged 33.69 percent to 13.77 billion and those of oil and gas jumped by 40.89 percent to 2.32 USD billion.
Compared to the prior month, imports went up by 11.28 percent. While purchases of non-oil and gas increased 12.68 percent, those of oil and gas rose by 3.62 percent. Imports went up for : raw material (10.73 percent to 11.96 USD billion); capital goods (6.59 percent to 2.62 USD billion), and consumption goods (25.86 percent to 1.51 USD billion).
Imports rose from: the US (20.76 percent); Japan (2.51 percent); Malaysia (2.43 percent); Germany (12.71 percent); India (17.31 percent); China (29.68 percent); Taiwan (19.13 percent); Netherlands (11.79 percent), and Australia (3.49 percent). In contrast, imports went down from South Korea (-2.84 percent); Singapore (-2.42 percent); Thailand (-5.50 percent), and Italy (-7.86 percent).
Exports increased 9.01 percent from a year earlier to 14.47 USD billion, below market consensus of a 12 percent rise and after a dowwardly revised 5.9 percent growth in the prior month. Sales of non-oil and gas products went up by 8.55 percent to 13.28 USD billion, while those of oil and gas increased by 14.50 percent to 1.19 USD billion.
Compared to the previous month, exports fell 7.19 percent, as non-oil and gas products decreased by 6.80 percent while sales oil and gas declined by 11.32 percent. By categories, outbound shipments went down for: mineral fuel (-18.18 percent); iron and steel (-31.51 percent); jewelry/gems (-12.03 percent); ore, crust, and metal ash (-14.41 percent), and animal/vegetables fats and oils (-4.57 percent). In contrast sales increased for: rubber and rubber goods (4.14 percent); various chemical products (4.47 percent); iron and steel objects (19.65 percent); footwear (2.93 percent), and vehicles and parts thereof (12.59 percent).
Sales went down to China (-22.81 percent); the US (-9.98 percent); Thailand (-3.62 percent); Germany (-3.32 percent), Japan (-2.60 percent); Netherlands (-5.51 percent); India (-13.25 percent); Italy (-15.03 percent), and Singapore (-5.44 percent). In contrast, exports rose to Australia (1.78 percent); Malaysia (6.36 percent); South Korea (4.63 percent), and Taiwan (6.80 percent).
Considering January to April, trade balance posted a deficit USD 1.31 billion, swinging from USD 4.09 billion surplus in the same period of 2017, as imports surged 23.65 percent to USD 60.05 billion and exports rose at a slower 8.77 percent to USD 58.74 billion.
5/15/2018 8:18:00 AM