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Trade Outlook
Trade Outlook April 2014
April 28, 2014 08:44

February Review: Returning Surplus

Thanks to exports growth of 0.7 percent MoM and a 7.6 percent decline in imports, Indonesia recorded a trade surplus of US$ 785.3 mn in February 2014. Oil and gas exports rose 6.3 percent MoM, while non oil and gas exports dipped 0.5 percent MoM. Exports volume was actually down 12 percent MoM, although, by contrast, the average aggregate prices climbed 14.4 percent MoM.

Exports of two main exported products, mineral fuels (HS 27) and animal and vegetable fats (HS 15), increased in February 2014. Exports of these two types of commodity grew 2.4 percent and 26.1 percent MoM.

By exports destination, Indonesia’s non oil and gas exports to the country’s three major trading partners declined. Indonesia’s non oil and gas exports to China fell by 12.9 percent MoM, followed by a 3.8 percent MoM decline to Japan and 0.6 percent fall to the US. By contrast, Indonesia’s non oil and gas exports to India climbed 25.9 percent MoM.

Compared to January 2014, Indonesia’s imports were 7.6 percent MoM lower at US$ 13.8 bn, mostly stemming from a 9.1 percent MoM decline in non oil and gas imports. Imports volume was 8.5 percent lower, and average aggregate prices were up 0.9 percent.  Two main import products in February were mechanical machinery and equipment (HS 84) and electrical machinery and equipment (HS 85). Imports of these products declined by 8.9 percent and 16.1 percent MoM, respectively.

Year to date, most of Indonesia’s non oil and gas imports have come from China, Japan, and Singapore. In February, however, the non oil and gas imports from China declined 19.7 percent MoM. Imports from Japan and Singapore were also down (by 5.1 percent and 7.4 percent, respectively).

Imports of raw materials - which were 76.1 percent of February’s total imports - posted a decline of 6.7 percent MoM. Imports of capital goods (17.3 percent of February’s total imports) also fell (down 11 percent), as did imports of consumer goods (6.6 percent of February’s total imports) which were down by 8.7 percent.