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Trade Outlook
Trade Outlook September 2014
September 29, 2014 11:05

Total exports in July dropped 8.0 percent MoM, or down 6.0 percent YoY to US$ 14.2 bn. Compared to a month earlier, the decline in exports stemmed from 8.6 percent lower oil and gas exports and 7.9 percent lower non oil and gas exports. Furthermore, 2.9 percent lower export volume and 5.2 percent lower average aggregate prices also contributed to the slump in July exports.

The exports of two major products - which accounted for 29.5 percent of non oil and gas exports – rose slightly in July. Exports of animal and vegetable fats (HS 15) and mineral fuels (HS 27) rose by 1.7 percent and 0.8 percent, respectively. However, the exports value of other non oil and gas products, such as electrical machinery and rubber products tended to decline.

On a monthly comparison, non oil and gas exports to Indonesia’s major trading partners recorded a decline. Shipments to China and Japan weakened by 10.8 percent and 8.4 percent, respectively, while non oil and gas exports to the U.S. fell by 7.6 percent MoM.

The volume of July’s imports fell significantly by 10.2 percent, while the average aggregate prices slipped 0.3 percent. As result, the value of imports slumped 10.5 percent MoM, or 19.3 percent YoY to US$ 14.0 bn. Non oil and gas imports were down by 19.5 percent although oil and gas imports, by contrast, still grew 22.4 percent MoM. By product type, the imports of mechanical machinery and equipment (HS 84) sank 21.3 percent while imports of electrical machinery and equipment (HS 85) declined 13.3 percent.

Non oil and gas imports from Japan and China declined 12.7 percent and 19.3 percent, respectively, while shipments from Singapore still increased (+2.8 percent).

By classification, imports of all types of goods fell. Imports of consumer goods showed the largest decline (-27.3 percent), followed by imports of capital goods (-18.0 percent) and imports of raw materials (-7.2 percent). In the January-July period, imports of raw materials accounted for 76.8 percent of Indonesia’s total imports.

In contrast to June’s deficit, Indonesia recorded a trade surplus of US$ 123.7 mn in July. The surplus owed to a larger drop in imports than exports. In the first 7 months of 2014, Indonesia’s trade deficit reached US$ 1.0 bn, yet far lower than the deficit of US$ 5.7 bn recorded in the corresponding period of last year.