JAKARTA (TheInsiderStories) – Indonesia recorded accumulative exports of US$168.73 billion in 2017 and imports of US$156.89 billion, resulting in trade surplus of $11.84 billion, the highest in five years, Statistic Bureau data showed on Monday (15/1).
The trade surplus in 2017 was the highest in the past five years. In 2013, Indonesia posted trade deficit of US$4.08 billion, deficit of US$2.2 billion in 2014, bounced back to surplus of US$7.67 billion in 2015 and trade surplus of US$9.53 billion and trade surplus of $8.78 billion in previous year.
Indonesia’s overall exports grew 16.22 per cent in full year 2017, while imports grew 16.66 per cent.
In December alone, Indonesia recorded trade deficit of US$270 million, swinging from surplus of $130 million in November as imports grew at faster pace than exports, while lower prices of some commodities weighed on exports value.
Exports in December reached $14.79 billion, fell 3.45 per cent from November, but up 6.93 per cent in the same month in 2016. Non-oil and gas exports in the month reached $13.28 billion, fell 5.41 per cent, from previous month, but up 5.56 per cent from the same month in 2016.
The biggest fall in exports was accessories product, which fell by 38.83 per cent to $205.2 million, while the highest increase was recorded by mineral products, which increased by 15.83 per cent from previous month to $152.99 million.
Indonesia posted a trade surplus nearly every month in 2017 except in July and December.
Exports grew at slower place by 6.93 per cent last month, compared with 13.18 per cent in November, due to a slowdown in automotive parts and vegetable oil shipments.
Imports grew by 17.83 per cent in December, lower compared with 19.62 per cent in November, but slightly higher than expected.
Imports were boosted by the purchase of raw materials and capital goods for manufacturing purposes.
China continued to be Indonesia’s largest trading partner in 2017, making up 13.94 per cent and 26.79 per cent of the country’s exports and imports, respectively.