JAKARTA (TheInsiderStories) – Indonesia trade surplus narrowed to $900 million in October from a surplus of $1.76 billion in previous month as imports grew faster than exports, Statistics Indonesia reported on Wednesday (15/11).
In October, Indonesia booked exports of $15.09 billion, increased by 3.67 per cent, while imports reached $14.19 billion, rose 11.04 per cent on a monthly basis, and surged 23.33 percent on annual basis. This led to a narrower trade surplus.
The statistic agency said non-oil and gas exports in October reached $13.67 billion, rose 4.22 per cent from previous month, but increased 17 percent from the same month last year.
However, non-oil and gas imports grew faster, reaching $11.99 billion in October, 10.52 per cent higher than in September, and 20.33 per cent higher from the same month last year.
The oil and gas imports growth also accelerated in October to $2.20 billion, rose 13.96 per cent from September, and surged 42.67 per cent from October 2016. This contributed to falling of trade surplus in the month.
The cumulative exports in the ten months to October reached $138.46 billion, 17.49 per cent higher than in the same period last year.
The cumulative imports in ten months to October reached $126.67 billion, up 23.33 percent from the same period last year. This led a cumulative trade surplus of $11.79 billion.
Meanwhile, cumulative non-oil and gas exports in the ten months period reached $125.58 billion, rising 17.26 percent from the same period last year.
The Statistics Indonesia data shows that in the ten months to October, Indonesia recorded trade surplus of $8.46 billion with India, $7.9 billion with the US and $2.58 billion with Netherland.
In contrary, Indonesia posted trade deficit of $11.07 billion with China, $3.12 billion with Thailand and $2.67 billion with Australia.
Ore and metal dust are commodity products that recorded sharpest increase, up to 34.56 per cent ($120.1 million). On the other hand, jewelry is the commodity that recorded the sharpest fall by 22.74 per cent ($131.3 million).
Based on sector, manufacturing industry exports during January-October rose 14.32 per cent on an annual basis. Agricultural and mining industries also rose 14.55 per cent and 36.42 per cent, respectively.
Based on market destinations, the highest non-oil and gas exports of Indonesia in October were China valued at $2.34 billion, followed by US at $1.39 billion, and Japan at $1.29 billion, with the three contributing 36.42 percent of total exports during October. Exports to the European Union (28 countries) reached $1.43 billion.
As for imports, iron is the commodity with the highest increase, increase 28.68 per cent ($182.9 million). In contrary, mineral fuel is the commodity that recorded the sharpest fall by 52.1 per cent ($57 million).
Based on market, highest non-oil and gas imports were China valued at $27.98 billion (26.12 per cent), followed by Japan at $12.37 billion (11.55 per cent), as well as Thailand at $7.64 billion (7.13 per cent). Meanwhile imports from ASEAN represented 20.50 per cent of total imports and EU 9.34 per cent.
Based on sector, imports of consumer goods, raw materials as well as capital goods during January-October rose 13.44 per cent, 16.32 per cent and 9.54 per cent on an annual basis, respectively. (*)
Written by Yosi Winosa, email :email@example.com