Indonesia Posts Trade Surplus for 1st Time in 3 Months
Indonesia recorded a trade surplus of USD 1.70 billion in June of 2018 from a USD 1.67 billion surplus a year earlier and beating market estimates of a USD 0.65 billion surplus. It is the first trade surplus since March, mainly due to a slowdown in imports.
In June, exports increased 11.47 percent from a year earlier to 13 USD billion, below market consensus of a 17.53 percent rise and after an upwardly revised 13.01 percent growth in the prior month. Sales of non-oil and gas products went up by 8.61 percent to 11.28 USD billion, while those of oil and gas jumped by 34.79 percent to 1.72USD billion. There were fewer working days in June due to Eid al-Fitr.
Compared to the previous month, exports tumbled 19.80 percent, as non-oil and gas products decreased sharply by 22.67 percent while sales oil and gas went up by 4.67 percent. By categories, outbound shipments dropped for: machinery/electrical equipment (-27.58 percent); machines/mechanical aircraft (-35.23 percent); vehicles and parts thereof (-36.21 percent); wood, wooden goods (-43.23 percent); rubber and rubber goods (-31.30 percent), and fertilizer (-81.65 percent). In contrast, sales increased for: mineral fuel (6.11 percent); pulp (13.63 percent); nickel (5.83 percent), and various chemical products (0.65 percent).
Sales went down to : China (-1.99 percent); the US (-27.90 percent); Thailand (-34.44 percent); Germany (-42.26 percent), Japan (-11.99 percent); Netherlands (-40.31 percent); India (-14.44 percent); Italy (-16.78 percent), and Taiwan (-40.64 percent); Singapore (-32.82 percent); Australia (-30.56 percent); Malaysia (-20.54 percent), and South Korea (-12.01 percent).
Imports increased 12.66 percent to 11.26 USD billion, following an upwardly revised 28.25 percent jump in the prior month and below estimates of a 31.31 percent increase. Purchases of non-oil and gas went up 8.95 percent to 9.14 billion and those of oil and gas jumped by 32.09 percent to 2.11 USD billion.
Compared to the prior month, imports tumbled by 36.27 percent. While purchases of non-oil and gas decreased sharply 38.23 percent, those of oil and gas tumbled by 26.11 percent. Imports went down for all categories : raw material (-36.21 percent to 8.51 USD billion); capital goods (-37.81 percent to 1.74 USD billion), and consumption goods (-41.85 percent to 1.01 USD billion).
Imports fell from: China (-50.35 percent); Australia (-27.58 percent); Taiwan (-49.77 percent); South Korea (-32.03 percent); Germany (-32.75 percent); Singapore (-10.19 percent); Thailand (-31.68 percent), and Italy (-60.89 percent); the US (-27.67 percent); Japan (-35.63 percent); Malaysia (-42.53 percent); India (-24.46 percent). In contrast, imports rose to Netherlands (73.77 percent).
Considering the first half of 2018, trade balance posted a deficit USD 1.02 billion, swinging from USD 7.67 billion surplus in the same period of 2017, as imports surged 23.10 percent to USD 89.04 billion and exports rose at a slower 10.03 percent to USD 88.02 billion.
7/16/2018 6:27:33 AM