JAKARTA (TheInsiderStories) – Indonesia’s trade balance turn to the deficit of US$270 million for the first time since December 2015 record surplus in July 2017, the Central Bureau of Statistics reported.
In July 2016, Indonesia’s trade balance still print surplus was US$632.3 million. The trade deficit in July 2017 caused by US$60 million deficit in oil and gas sector while non-oil and gas sector posted slightly surplus of US330 million.
However, considering January to July 2017, the trade’s balance still posted surplus US$7.4 billion with exports reached US$93.5 billion or up to 17.3 percent compared to the same period of last year while imports increasing by 14.91 percent to US$86.2 billion.
On trade volume, Indonesian trade in July 2017 posted a surplus of 31.8 million tons, with non-oil and gas’ surplus reaching 32.7 million tons. While trading in oil and gas experienced a deficit of 860.000 tons.
The exports and imports in July 2017 increased but imports grew faster than exports so trade balance turn to the deficit. Exports in July 2017 increased 41.1 percent compared to July 2016 while imports in July 2017 increased 54.02 percent compared to same month of last year.
Compared to the previous month, exports go up 16.83 percent, as oil and gas sales still decreased by 7.79 percent while non-oil and gas sales rise to 19.8 percent. Export to ASEAN countries is increased 26 percent while EU countries go up to 17 percent. Indonesia’s export to major trading partners in July 2017 is also increased such as China (18.5 percent), Japan (32.8 percent), USA (16.7 percent), India (7 percent), and Australian (16.6 percent)
The major export non-oil and gas products in July 2017 is increased from the previous month. Some of them are fat and vegetable oil goes up to 7.64 percent while mineral fuel also climbs up of 17.2 percent. The largest export increase is recorded by vehicles and parts thereof which is up to 52.3 percent to US$635.3 million.
According to the sector, non-oil & gas exports for processing industry increased 13.8 percent in January-June 2017, as well as exports of agricultural products rose 29.6 percent and exports of mining and other products increased 39.1 percent.
According to province based, Indonesia’s largest export in January–July 2017 came from West Java with US$16.2 billion (17.34 percent), followed by East Java of US$10.3 billion (10.99 percent) and East Kalimantan $9.8 billion (10.44 percent).
Meanwhile, Indonesia’s imports in July 2017 also increased 39 percent compared to June 2017, and up to 54 percent compared to July 2016. Non-oil and gas imports in July 2017 reached US$12.1 billion, increased 44.31 percent from June 2017, and up 61.2 percent from July 2016.
Oil and gas imports in July 2017 reached $1.78 billion or increased 11.1 percent from previous month, and up 18.1 percent from July last year. The largest increase in non-oil imports in July 2017 compared to May 2017 was machinery and mechanical equipment of US$681.1 million (47.44 percent) while largest decline was the import of ship and floating buildings of US$139.7 million (-61.1 percent).
The country’s largest non-oil and gas import suppliers during January July 2017 was China with US$18.8 billion (25.84 percent), Japan US$8.3 billion (11.41 percent) and Thailand US$5.3 billion (7.32 percent). Non-oil and gas imports portion from ASEAN is 20.60 percent, while the European Union is 9.32 percent.
The import value of all categories of good use of consumer goods, raw materials/auxiliaries and capital goods during January-June 2017 increased 13.5 percent, 16.3 percent, and 9.3 percent respectively, compared to the corresponding period of last year. (RF)