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Trade Outlook
Trade Outlook June 2014
June 30, 2014 11:38

Brisker imports growth has turned the previous trade surplus into a large deficit. Furthermore, exports declined 5.9 percent to US$ 14.3 bn, dragged down by 7.1 percent lower non oil and gas exports. Exports were down 9.1 percent by volume, although average aggregate prices actually posted a 3.5 percent increase.

Lower overall exports owed mostly to lower exports of two main products. In April, the exports of animal and vegetable fats (HS 15) and mineral fuels (HS 27) dropped by 45 percent and 9.8 percent MoM, respectively.

Compared to March, Indonesia’s non oil and gas exports to Indonesia’s major trading partners showed mixed performance. While non oil and gas exports to the U.S. climbed 9.3 percent MoM, shipments to China and Japan dropped by 16.5 percent and 5.7 percent, respectively.

April’s imports jumped 11.9 percent MoM to US$ 16.3 bn, pulled up by strong 19.3 percent non oil and gas imports. Imports volume was 13.6 percent higher, although average aggregate prices were 1.5 percent lower. By type of product, the imports of mechanical machinery and equipment (HS 84) and electrical machinery and equipment (HS 85) were up 17.9 percent and 17.8 percent, respectively.

Non oil and gas imports from Indonesia’s major trading partners increased. Indonesia’s non oil and gas imports from China increased the most (up 28.8 percent), followed by non oil and gas imports from Japan (up 19.1 percent) and then Singapore (up 11.3 percent).

Imports of all three types of goods posted increases. Imports of capital goods climbed the most (up 19.4 percent), followed by imports of raw materials (up 11.2 percent) and imports of consumer goods (up 4.5 percent). In the period January-April 2014, raw materials continued to account for the bulk of Indonesia’s imports (76.5 percent).

The surge in imports in April coupled with slowing exports resulted in a large trade deficit of US$ 1.9 bn. In the January-April period, Indonesia’s foreign trade recorded a deficit of US$ 894 mn, or slightly less than last year’s deficit of US$ 1.9 bn.