Monday January 15 2018
Indonesia Trade Balance Swings to Deficit in December
Statistics Indonesia l Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia posted a trade deficit of USD 0.27 billion in December of 2017, swinging from a USD 1.05 billion surplus a year earlier and missing market estimates of a USD 0.64 billion surplus. It was the first trade gap since July, mainly due to a surge in imports.

In December, exports increased 6.93 percent from a year earlier to 14.79 USD billion, as sales of non-oil and gas products rose 5.56 percent while those of oil and gas surged 20.78 percent.
 
Compared to the previous month, exports went down 3.45 percent, as non-oil and gas products decreased by 5.41 percent while sales oil exports jumped by 17.96 percent.
 
By categories, outbound shipments went up for: mineral fuel (2.02 percent); ore, crust, and metal ash (126.05 percent); iron and steel (38.08 percent); iron and steel objects (23.75 percent), and nickel (97.41 percent). In contrast sales decreased for:  Animal/vegetable fats and oils (-5.84 percent); jewellry/gems (-38.83 percent); vehicles and parts (-25.54 percent); machinery/aircraft mechanics (-23.30 percent), and electrical machinery/aparatus (-17.14 percent).
 
Sales went up to : Japan  (10.90 percent); South Korea (8.73 percent); Italy (11.36 percent), and Netherlands (0.93 percent). In contrast exports declined to Singapore (-23.20 percent); China (-1.22 percent); Australia (-13.59 percent); Malaysia (-13.89 percent); Thailand (-13.72 percent); Germany (-8.70 percent); India (-7.02 percent); the US (-5.52 percent), and Taiwan (-14.23ercent).
 
Imports jumped 17.83 percent from a year earlier to 15.06 USD billion in December, as purchases of non-oil and gas rose 12.87 percent to 12.51 billion and those of oil and gas surged 50.10 percent to 2.55 USD billion.
 
Compared to the prior month, imports fell by 0.29 percent. While purchases of non-oil and gas decreased 3.05 percent, those of oil and gas went up by 15.89 percent. Imports decreased for raw material (-1.17 percent to 10.99 USD billion). In contrast, imports rose for both capital goods (2.02 percent to 2.70 USD billion) and  consumption goods (2.43 percent to 1.37 USD billion).
 
Imports went up from: Singapore (135.8 percent); Malaysia (14.5 percent); Germany (10.9 percent); Netherlands (33 percent); Italy (12.9 percent), and the US (57.3 percent). In contrast, imports decreased from the South Korea (-55.3 percent); Australia (-83.3 percent); Japan (-190.6 percent); China (-60.2 percent); India (-38.9 percent); Taiwan (-69.2 percent), and Thailand (-57.2 percent). 
 
Considering full 2017, the trade balance registered a surplus USD 11.84 billion, with exports rising by 16.22 percent compared to the same period a year earlier to USD 168.73 billion and imports increasing by 15.66 percent to USD 156.89 billion
 
 




Friday December 15 2017
Indonesia Trade Surplus Smallest in 4 Months
Statistics Indonesia | Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia posted a trade surplus 0.13 billion in November of 2017, compared to a 0.83 USD billion of surplus a year earlier and below market estimates of a 0.92 USD billion surplus. It was the smallest trade surplus since a deficit in July, as, exports rose less than imports.

In November, exports increased 13.18 percent from a year earlier to 15.28 USD billion, as sales of non-oil and gas products rose 13 percent while those of oil and gas surged 15.15 percent.
 
Compared to the previous month, exports went up 0.26 percent, as non-oil and gas products increased by 1.82 percent while sales oil exports fell by 14.22 percent.
 
By categories, outbound shipments went up for: Animal/vegetable fats and oils (8.04 percent); footwear (11.34 percent); knit goods (14.70 percent), and jewellry/gems (18.42 percent).
 
In contrast sales decreased for:  Electrical machinery/aparatus (-2.90 percent); mineral fuel (-6.06 percent); ore, crust, and metal ash (-28.55 percent); rubber and rubber goods (-7.40 percent), and coffe, tea, and spices (-15.48 percent). Sales went up to the most major destination countries: Malaysia (8.87 percent); Thailand (3.44 percent); Germany (3.38 percent); India (2.99 percent); Japan (2.65 percent); the US (8.46 percent), and Taiwan (28.20 percent). In contrast exports declined to Singapore (-3.12 percent); Italy (-8.59 percent); China (-5.03 percent); Australia (-0.18 percent); South Korea (-18.85 percent), and the Netherlands (-1.48 percent).
 
Imports jumped 19.62 percent from a year earlier to 15.15 USD billion in November, as purchases of non-oil and gas rose 18.05 percent to 12.92 billion and those of oil and gas surged 29.56 percent to 2.23 USD billion.
 
Compared to the prior month, imports rose by 6.42 percent. While purchases of non-oil and gas increased 7.37 percent, those of oil and gas went up by 1.22 percent. Imports increased the most for capital goods (20.65 percent to 2.64 USD billion), followed by consumption goods (8.21 percent to 1.36 USD billion), and raw material (3.32 percent to 11.15 USD billion).

Imports went up from: Japan (2.87 percent); the US (2.03 percent); China (19.26 percent); India (16.95 percent); Taiwan (14.25 percent); Thailand (7.13 percent); Singapore (13.91 percent);  Italy (29.12percent), and Malaysia (1.43 percent). In contrast, imports decreased from the Netherlands (-18.69 percent); South Korea (-1.85 percent); Germany (-0.09 percent), and  Australia (-8.86 percent).
 
Considering January to November 2017, the trade surplus was 12.02 USD billion, with exports rising by 17.69 percent compared to the same period a year earlier to 153.90 USD billion and imports increasing by 15.47 percent to 141.88 USD billion.


Thursday December 14 2017
Indonesia Keeps Rates on Hold
Bank Indonesia | Joana Taborda | joana.taborda@tradingeconomics.com

The central bank of Indonesia left its benchmark repo rate unchanged at 4.25 percent on December 14th 2017, in line with market expectations, saying it aims to maintain macroeconomic stability and support the domestic economic recovery. The lending and the deposit facility rates were also left steady at 5 percent and 3.5 percent respectively.

Excerpts from the Bank Indonesia Press Release:

The policy is consistent with efforts to maintain macroeconomic and financial system stability, while also building domestic economic recovery momentum by considering the latest global and national economic dynamics. Bank Indonesia perceives the previous easing of monetary policy as sufficient to continue driving the economic recovery process against a backdrop of increasingly robust macroeconomic stability. Looking forward, Bank Indonesia will remain vigilant of the global risks associated with the monetary policy normalisation in several advanced countries and the geopolitical risks, as well as corporate consolidation at home along with the suboptimal bank intermediation function. Furthermore, Bank Indonesia shall continue to improve it mix of monetary policy, macroprudential policy and payment system policy to strike an optimal balance between macroeconomic and financial system stability and the ongoing economic recovery process. In addition, Bank Indonesia will also strengthen policy coordination in conjunction with the Government in order to preserve macroeconomic and financial system stability. Bank Indonesia currently believes that amidst the global economic gains and domestic economic stability achieved lies an opportunity to build stronger and more sustainable domestic economic momentum through consistent structural reforms.

National economic growth is projected at 5.10% (yoy) for 2017, increased from 5.02% (yoy) in 2016. The Bank Indonesia projects economic growth in 2018 at 5.1-5.5% (yoy).

Looking ahead, Bank Indonesia projects a slightly wider current account deficit in 2018 due to the ongoing domestic economic recovery but remaining at a healthy level of 2.0-2.5% of GDP.

Inflation is maintained at the low level of 3.5% (yoy), which is still within the inflation target of 4.0±1% for 2017. Bank Indonesia projects low and controlled inflation in 2018 within the new target corridor of 3.5±1%. 




Thursday November 16 2017
Indonesia Leaves Rates Steady
Bank Indonesia | Joana Taborda | joana.taborda@tradingeconomics.com

The central bank of Indonesia left its benchmark repo rate unchanged at 4.25 percent on November 16th 2017, in line with market expectations. Policymakers said the current policy rate is adequate to control inflation, to maintain a healthy current account deficit and to build economic growth momentum. So far this year, the central bank already cut the borrowing cost twice by a total of 50bps in an attempt to boost the economy. The lending and the deposit facility rates were also left steady at 5 percent and 3.5 percent respectively.

Excerpts from the Bank Indonesia Press Release:

The decision was consistent with efforts to maintain macroeconomic and financial system stability as well as build economic recovery momentum, while paying due consideration to global and domestic economic dynamics. Bank Indonesia believes the current policy rate is adequate to control inflation within the target corridor and maintain a healthy current account deficit. Furthermore, the domestic economy has continued to grow, with a more equitable and balanced structure. Nonetheless, Bank Indonesia shall remain vigilant of the risks, including the global risks linked to the plans to tighten monetary policy in several advanced countries, as well as domestic risks, such as the limited growth in household consumption and banking intermediary. Bank Indonesia will continue to coordinate with the Government to reinforce the policy mix in order to maintain macroeconomic stability and financial system stability as well as to enhance structural reforms to strengthen fundamentals of Indonesia’s economy.

The global economy has continued to expand. The global economy is predicted to accelerate by 3.6% on 2017 and 2018 on the back of growth in China, Japan and Europe that has beaten previous expectations, coupled with solid economic gains in the United States. Strong exports and domestic demand are driving China’s economy and restoring consumer confidence. Furthermore, Japan’s economic outlook has been upgraded in line with the ongoing export recovery. In Europe, the economic growth projection has also been revised upwards on export performance, supported by improving world trade and domestic economic recovery. Meanwhile, tenacious consumption and increasing investment contributed to the US economic gains. Congruent with the improving world economic outlook, world trade volume (WTV) and international commodity prices are both expected to surpass the previous projections. Moving forward, Bank Indonesia shall continue to monitor the global risks, including potentially tighter monetary policy in advanced countries as well as geopolitical factors.

Bank Indonesia predicts national economic growth in 2017 at 5.1%, improving thereafter to 5.1%-5.5% in 2018.

Throughout 2017, the balance of payments is expected to remain positive on the back of capital and financial account surplus, with current account deficit maintained at below 2% of GDP.


Wednesday November 15 2017
Indonesia Trade Surplus Smallest in 3 Months
Statistics Indonesia l Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia posted a trade surplus 0.90 billion in October of 2017, compared to a 1.24 USD billion of surplus a year earlier and below market estimates of a 1.63 USD billion surplus. It was the smallest surplus in trade balance since July, as exports rose less than imports.

In October, exports increased 18.39 percent from a year earlier to 15.09 USD billion, as sales of non-oil and gas products rose 17 percent while those of oil and gas surged 33.77 percent.
 
Compared to the previous month, exports went up 3.62 percent, as non-oil and gas products increased by 4.22 percent while sales oil exports fell by 1.86 percent.
 
By categories, outbound shipments went up for: mineral fuel (4.82 percent); ore, crust, and metal ash (34.56 percent); vehicles and parts (9.05 percent); footwear (20.27 percent), and fish and shrimp (21.46 percent). In contrast sales decreased for:  electrical machinery/aparatus (-3.17 percent); knit goods (-10 percent);  and jewellry/gems (-22.74 percent). nicle (-23.84 percent), and aluminum (-31.13 percent). Sales went up to all major destination countries: Malaysia (3.96 percent); Thailand (4.50 percent); Germany (1.38 percent); Italy (15.67 percent); China (23.64 percent); India (8.44 percent); Australia (2.59 percent); South Korea (17.47 percent), and the Netherlands (7.45 percent). In contrast exports declined to Japan (-1.37 percent); Singapore (-15.03 percent); the US (-4.66 percent), and Taiwan (-2.40 percent).
 
Imports jumped 23.33 percent from a year earlier to 14.19 USD billion in October, as purchases of non-oil and gas rose 20.33 percent to 11.99 billion and those of oil and gas surged 42.67 percent to 2.20 USD billion.
 
Compared to the prior month, imports rose by 11.04 percent. While purchases of non-oil and gas increased 10.52 percent, those of oil and gas went up by 13.96 percent. Imports increased the most for raw material (12.13 percent to 10.77 USD billion), followed by consumption goods (11.68 percent to 1.25 USD billion) and capital goods (5.60 percent to 2.17 USD billion). Imports went up from: Japan (21.19 percent); the US (8.25 percent); South Korea (19.18 percent); India (32.96 percent); Germany (6.45 percent);  China (8.38 percent); Australia (12.40 percent); Taiwan (8.10 percent), and Malaysia (1.20 percent). In contrast, imports decreased from the Netherlands (-35.05 percent); Thailand (-1.23 percent); Singapore (-0.31 percent), and Italy (-16.41percent).
 
Considering January to October 2017, the trade balance was recorded 11.78 USD billion surplus with exports rising by 17.49 percent compared to the same period a year earlier to 138.46 USD billion and imports increasing by 14.95 percent to 126.68 USD billion.
 


Monday November 06 2017
Indonesia Q3 GDP Annual Growth Rate Below Expectations
Statistics Indonesia l Chusnul Ch Manan| chusnul@tradingeconomics.com

The Indonesian economy advanced 5.06 percent year-on-year in the third quarter of 2017, following a 5.01 percent growth in the previous two periods but missing market expectations of 5.13 percent. The expansion was driven by a rebound in government spending while fixed investment and private consumption continued to increase firmly and net trade contributed positively to growth.

On the expenditure side, government spending went up 3.46 percent, rebounding from a 1.93 percent decline in the preceding three months. Fixed investment grew 7.11 percent, faster than a 5.35 percent in Q2 and private consumption rose 4.93 percent, compared with 4.95 percent in Q2. In addition, exports went up 17.27 percent (3.36 percent in Q2) while imports increased at a softer 15.09 percent (0.55 percent in Q2).  
 
On the production side, output expanded more than in the preceding quarter for: Manufacturing (4.84 percent from 3.54 percent in Q2); water and waste management (4.83 percent from 3.67 percent); construction (7.13 percent from 6.96 percent); wholesale and retail trade (5.50 percent from 3.78 percent); finance and insurance (6.44 percent from 5.94 percent); business services (9.24 percent from 8.14 percent); education (3.70 percent from 0.90 percent); healthcare (7.44 percent from 6.40 percent) and other services (9.45 percent from 8.63 percent). Also, output rebounded for: electricity and gas (4.88 percent from -2.53 percent) and government administration (0.43 percent from -0.03 percent). Meantime, output grew at a slower pace for: Agriculture (2.92 percent from 3.33 percent in Q2); mining and quarrying (1.76 percent from 2.24 percent); transport and storage (8.27 percent from 8.37 percent); hotel and restaurant (4.96 percent from 5.07 percent); information and communication (9.35 percent from 10.88 percent) and real estate (3.64 percent from 3.86 percent). 

The government is targeting economic growth of 5.2 percent this year, while the central bank has forecast a range of 5.0-5.4 percent.




Monday November 06 2017
Indonesia Economy Expands 3.18% QoQ in Q3
Statistics Indonesia l Rida Husna | rida@tradingeconomics.com

Indonesia's GDP grew by 3.18 percent quarter-on-quarter in the three months to September of 2017, easing from a 4.0 percent growth in the previous period and missing market expectations of 3.23 percent. Government spending rose at a weaker pace while private consumption and investment increased firmly and net trade contributed positively to growth.

On the expenditure side, government spending increased by 5.29 percent, much slower than a 29.38 percent rise in the second quarter. Meantime, private consumption advanced 3.44 percent, much faster than a 1.31 percent gain in Q2 and fixed investment increased by 5.25 percent, stronger than a 2.95 percent increase in the June quarter. Exports went up 9.07 percent (-2.33 percent in Q2), while imports increased at a slower 8.99 percent (-1.86 percent in Q2).

On the production side, output grew at a slower pace for: Agriculture (4.25 percent from 8.49 percent in Q2); mining and quarrying (0.03 percent from 0.43 percent); manufacturing (2.17 percent from 2.76 percent); food and accommodation (1.23 percent from 1.46 percent); information and communication (1.40 percent from 5.67 percent); real estate (0.36 percent from 1.04 percent); and education (1.46 percent from 2.99 percent). Meanwhile, output increased at a faster rate for: Water and waste management (1.57 percent from 1.26 percent in Q2); construction (4.88 percent from 2.52 percent); wholesale and retail trade (3.0 percent from 2.86 percent); transportation and storage (5.21 percent from 3.0 percent); finance and insurance (3.27 percent from 1.96 percent); business service (2.59 percent from 2.52 percent); government administration (2.13 percent from 0.11 percent); healthcare (1.61 percent from 0.62 percent) and other services (2.71 percent from 2.56 percent). At the same time, output rebounded for electricity and gas (5.32 percent from -0.99 percent in Q2).

Year-on-year, the economy advanced 5.06 percent in the third quarter of 2017, following a 5.01 percent growth in the previous two periods while market expected a 5.13 percent expansion.





Monday October 16 2017
Indonesia Trade Surplus Largest in Near 6 Years
Statistics Indonesia l Chusnul Ch Manan | chusnul@tradingeconomics.com

Indonesia posted a trade surplus 1.76 billion in September of 2017, compared to a 1.28 USD billion of surplus a year earlier and above market estimates of a 1.18 USD billion surplus. It was the largest surplus in trade balance since November 2011, supported by robust exports.

In September, exports increased 15.60 percent from a year earlier to 14.54 USD billion, as sales of non-oil and gas products rose 13.76 percent while those of oil and gas surged 35.58 percent.
 
Compared to the previous month, exports went down 4.51 percent, as non-oil and gas products decreased by 6.09 percent while sales oil exports rose by 12.71 percent.
 
By categories, outbound shipments went down for: animal and vegetable fats and oils (-9.06 percent); electrical machinery/aparatus (-8.20 percent); knit goods (-16.55 percent); clothing is not knitted (-25.58 percent), and jewellry/gems (-21.41 percent). In contrast sales increased for: mineral fuels (10.66 percent); various chemicals products (3.84 percent); paper/cardboard (35.12 percent); tin (14.47 percent), and ore, crust, and metal ash (14.37 percent). Sales fell to all major destination countries: Singapore (-4.19 percent); Malaysia (-2.99 percent); Germany (-8.69 percent); Italy (-11.41 percent); China (-2.83 percent); the US (-9.63 percent); India (-2.88 percent); Australia (-21.26 percent); Taiwan (-1.69 percent); South Korea (-13.92 percent); Thailand (-7.37 percent), and the Netherlands (-1.60 percent). In contrast exports grew to Japan (3.49 percent). 
 
Imports increased 13.13 percent from a year earlier to 12.78 USD billion in September, as purchases of non-oil and gas rose 13.80 percent to 10.85 billion and those of oil and gas went up 9.54 percent to 1.93 USD billion.
 
Compared to the prior month, imports fell by 5.39 percent. While purchases of non-oil and gas dropped 5.67 percent, those of oil and gas went down by 3.79 percent. Imports dropped the most for capital goods (-7.13 percent to 2.05 USD billion), followed by consumption goods (-5.87 percent to 1.12 USD billion), and raw material (-4.96 percent to 9.60 USD billion). Imports fell from: Thailand (-4.82 percent); Japan (-11.72 percent); the US (-8. 20 percent); South Korea (-8.46 percent); Singapore (-1.07 percent); India (-8.93 percent); Germany (-3.80 percent); Italy (-25.26 percent); China (-4.30 percent); Australia (-18.89 percent), and Taiwan (-18.06 percent). In contrast, imports increased from Malaysia (6.07 percent) and the Netherlands (81.99 percent).

Considering January to September 2017, the trade balance was recorded 10.87 USD billion surplus with exports rising by 17.36 percent compared to the same period a year earlier to 123.36 USD billion and imports increasing by 13.97 percent to 112.49 USD billion.
 
 


Friday September 22 2017
Indonesia Cuts Key Rate to 4.25%
Bank Indonesia | Joana Taborda | joana.taborda@tradingeconomics.com

The central bank of Indonesia unexpectedly cut its key repo rate by 25bps to 4.25 percent on September 22nd 2017, following a similar 25bps cut in the previous meeting. The move aimed to strengthen banking intermediary function and support economic growth. Policymakers said current policy stance is sufficient to achieve inflation and macroeconomic targets, suggesting further loosening is unlikely in the near future. The lending and the deposit facility rates were also lowered by 25bps each to 5 percent and 3.5 percent respectively.

Excerpts from the Bank Indonesia Press Release:

The BI Board of Governors agreed on 20th and 22nd September 2017 to lower the BI 7-day Reverse Repo Rate 25 basis points (bps) from 4.50% to 4.25%, while also lowering the Deposit and Lending Facility rates 25 bps to 3.50% and 5.00% respectively, effective 25th September 2017. The decision was consistent with low inflation, estimated to continue till the end of 2017, and 2018 and 2019 inflation projected to stay below the mid range of the target, as well as current account deficit under control within a heatlhy range. External risks, specifically related to FFR hike and US balance sheet normalization plans, have also been accounted for. The rate cut is expected to support the ongoing improvements in banking intermediation and domestic economic recovery. Bank Indonesia views that the current level of policy rate is sufficient in accordance with the forecast of inflation and other macroeconomics. Furthermore, Bank Indonesia will continue to coordinate with the Government to reinforce policy mix in order to maintain macroeconomic stability and strengthen economic recovery momentum.

Moving forward, economic growth is expected to improve along with more expansive government spending and Bank Indonesia’s monetary policy easing. Consequently, Bank Indonesia maintains its prediction for 2017 national economic growth in the 5.0-5.4% range, accelerating in 2018 to 5.1-5.5%.

Moving forward, low inflation is expected to persist within the target range, supported by anchored expectations, relatively stable exchange rates and the downward global inflation trend. Nevertheless, Bank Indonesia will continue to strengthen policy coordination with the central government and regional administrations to control inflation, to support achievements of the inflation targets at 4.0±1% in 2017 and at 3.5±1% in 2008 and 2019.

Moving forward, bank intermediation is expected to improve in line with BI’s decision to perform rate cut and macroprudential policy easing, while banking and corporation consolidation continues.. In addition, economic financing through capital markets is also expected to improve, in line with financial markets deepening efforts.


Friday September 15 2017
Indonesia Trade Surplus Largest in Near 6 Years
Statistics of Indonesia l Chusnul Ch Manan| chusnul@tradingeconomics.com

Indonesia recorded a trade surplus 1.72 billion in August of 2017, compared to a 0.37 USD billion of surplus a year earlier and above market estimates of a 0.52 USD billion surplus. It was the largest surplus in trade balance since November 2011, as exports jumped 19.24 percent from a year earlier to 15.21 USD billion while imports went up 8.89 percent to 13.49 USD billion.

In August, exports jumped 19.24 percent from a year earlier to 15.21 USD billion, as sales of non-oil and gas products surged 19.94 percent while those of oil and gas rose 12.15 percent.
 
Compared to the previous month, exports went up 11.73 percent, as non-oil and gas products increased by 11.93 percent while sales oil exports rose by 9.61 percent.
 
By categories, outbound shipments went up for: animal and vegetable fats and oils (22.31 percent); mineral fuels (3.81 percent); electrical machinery/aparatus (12.73 percent); knit goods (23.42 percent), and jewelry/gems (107.47 percent). In contrast sales decreased for: various chemicals products (-8.18 percent); paper/cardboard (-6.15 percent); copper (-2.46); inorganic chemiclas (-9.04 percent), and ships (-46.28 percent). Sales increased to all major destination countries: Singapore (32.16 percent); Malaysia (4.23 percent); Germany (1.78 percent); Italy (8.22 percent); China (21.59 percent); the US (15.92 percent); India (13.68 percent); Australia (24.31 percent), and Taiwan (12.01 percent), and South Korea (28.70 percent). In contrast exports fell to Thailand (-4.38 percent); the Netherlands (-0.79 percent), and Japan (-5.63 percent).  
 
Imports increased 8.89 percent from a year earlier to 13.49 USD billion in August, as purchases of non-oil and gas rose 8.85 percent to 11.53 billion and those of oil and gas went up 9.11 percent to 1.96 USD billion.
 
Compared to the prior month, imports fell by 2.88 percent. While purchases of non-oil and gas dropped 4.80 percent, those of oil and gas went up by 10.16 percent. Imports dropped the most for capital goods (-5.95 percent to 2.22 USD billion), followed by raw material (-3.47 percent to 10.07 USD billion),  while consumption goods rose (9.39 percent to 1.17 USD billion). Imports fell from: Thailand (-12.12 percent); Japan (-10.17 percent); the US (-8.87 percent); South Korea (-14 percent), and India (-5.30 percent). In contrast, imports increased from Singapore (4.20 percent); Malaysia (4.47 percent); Germany (10.10 percent); the Netherlands (21.97 percent); Italy (23.21 percent); China (0.53 percent); Australia (13.85 percent), and Taiwan (7.50percent).
 
Considering January to August 2017, the trade balance was recorded 9.11 USD billion surplus with exports rising by 17.58 percent compared to the same period a year earlier to 108.79 USD billion and imports increasing by 14.06 percent to 99.68 USD billion.