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Trade Outlook
Trade Outlook May 2014
May 26, 2014 17:29

Exports grew 3.9 percent MoM to US$ 15.2 bn in March 2014. As exports still exceeded imports, Indonesia recorded a trade surplus of US$ 673.2 mn. Non oil and gas exports grew a solid 5.6 percent MoM, leading to a US$ 2.04 bn non oil and gas surplus. Export volumes climbed 14.1 percent MoM, while average aggregate prices fell 8.9 percent MoM.

Exports of Indonesia’s two main exported products, mineral fuels (HS 27) and animal and vegetable fats (HS 15), remained strong in March. Exports of these two types of commodity grew 14.8 percent and 12.1 percent MoM.

On a MoM comparison, Indonesia’s non oil and gas exports to Indonesia’s major trading partners showed mixed performance. While non oil and gas exports to Japan climbed 8.5 percent MoM, shipments to China and the U.S. dropped by 4.2 percent and 0.9 percent, respectively.

As for imports, they rose 5.4 percent MoM to US$ 14.5 bn in March 2014, underpinned by 15.8 percent higher MoM oil and gas imports. Imports volume was 7.3 percent higher, although, average aggregate prices were down 1.8 percent.

Two main import products in March were mechanical machinery and equipment (HS 84) and electrical machinery and equipment (HS 85). Together they accounted for 33.1 percent of Indonesia’s non oil and gas imports. Imports of HS 84 products declined by 1.2 percent, while imports of HS 85 products edged up by 0.6 percent MoM.

In the January-March period, China, Japan and Singapore supplied most of Indonesia’s non oil and gas imports. In March, Indonesia’s non oil and gas imports from Japan were down by 2.3 percent MoM. By contrast, non oil and gas imports from China and Singapore climbed by 1.2 percent and 12.8 percent, respectively.

Imports of capital goods - which were 15.4 percent of March’s total imports – contracted by 4.1 percent MoM. By contrast, imports of raw materials (77.1 percent of March’s total imports) climbed by 6.2 percent, while imports of consumer goods - which were 7.4 percent of March’s total imports - surged 20.5 percent.

A strong surplus in non oil and gas trading in March resulted in a trade surplus of US$ 673.2 mn. Cumulatively in the first 3 months of the year, Indonesia’s foreign trade recorded a surplus of US$ 1.07 bn, far better than the US$ 234.9 mn deficit in the same period last year.