- Riset Terkini
|Trade Outlook August 2014|
|August 28, 2014 11:35|
In June, Indonesia’s total exports reached US$ 15.4 bn, or up 4.0 percent MoM. On a YoY basis, they were up 4.5 percent. The higher exports stemmed from 5.6 percent YoY higher non oil and gas shipments. On a MoM basis, June’s exports were 4.8 percent lower in volume terms although, by contrast, the average aggregate prices surged 9.3 percent.
The exports of two major products - which accounted for 29.2 percent of non oil and gas exports - declined in June. Exports of animal and vegetable fats (HS 15) weakened 1.7 percent while exports of mineral fuels (HS 27) dropped 7.3 percent MoM. Despite this, the value of non oil and gas exports still rose, supported by stronger exports of other non oil and gas products such as electrical machinery, vehicle parts, and chemical products.
By destination country, June’s non oil and gas exports to Japan and the US remained firm. Shipments to Japan and the US strengthened by 4.5 percent and 9.3 percent, respectively, while, by contrast, non oil and gas exports to China dropped 7.9 percent MoM.
Strong demand during Ramadan and Idul Fitri led to higher import volumes in June. Import volumes were 5.6 percent higher, and average aggregate prices were up 0.8 percent MoM. As such, the value of Indonesia’s imports increased significantly by 6.4 percent MoM to US$ 15.7 bn. By product type, the imports of mechanical machinery and equipment (HS 84) surged 18.2 percent while imports of electrical machinery and equipment (HS 85) declined 0.5 percent.
Non oil and gas imports from Indonesia’s major trading partners strengthened. Indonesia’s non oil and gas imports from Japan rose the most (+21.6 percent), followed by non oil and gas imports from China (+5.9 percent) and then Singapore (+2.3 percent).
By classification, imports of all types of goods rebounded. Imports of consumer goods gained the most (+10.5 percent), followed by imports of capital goods (+9.6 percent), and imports of raw materials (+5.4 percent). In the first half of 2014, imports of raw materials accounted for 76.5 percent of Indonesia’s total imports.
In June, imports growth exceeded exports growth. This resulted in a trade deficit of US$ 305.1 mn. Cumulatively, in the first 6 months of the year, Indonesia’s foreign trade still shows a deficit of US$ 1.1 bn, yet far lower than the deficit of US$ 3.3 bn recorded in the corresponding period of last year.