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Trade Outlook
Trade Outlook April 2015
April 14, 2015 10:49

Indonesia’s exports tumbled in February 2015. The oil and gas exports fell 8.8 percent MoM to US$ 1.9 bn, while the non oil and gas exports dropped 7.8 percent MoM to US$ 10.4 bn. As a result, total exports sank 8.0 percent MoM to US$ 12.2 bn. Average aggregate prices edged up 0.6 percent MoM although the exports volume contracted 8.5 percent MoM.

On a MoM comparison, exports of two major product types posted declines. The first type, Mineral fuels (HS 27), posted a 9.8 percent decline in exports, whilst exports of the second type, animal and vegetable fats (HS 15), recorded a 6.5 percent decline in exports. In the first two months of 2015, the manufacturing sector accounted for the bulk of exports (68.4 percent), followed by oil and gas exports (15.5 percent), mining exports (12.8 percent), and agriculture exports (3.3 percent).

Indonesia’s non oil and gas exports to three major destination countries were all lower. Shipments to China dropped 13.1 percent MoM, followed by the U.S. (-5.7 percent) and Japan (-1.8 percent). ?? Indonesia’s imports also showed a sharp decline. On the back of an 18.7 percent MoM decline in oil and gas imports and a 6.3 percent fall in non oil and gas imports, total imports dropped 8.4 percent MoM to US$ 11.6 bn. Whilst the volume of imports was actually higher (+1.2 percent), average aggregate prices were down by 9.5 percent.

By product type, imports of mechanical machinery and equipment (HS 84) were 10.3 percent lower, while imports of electrical machinery and equipment (HS 85) fell by 6.2 percent. Shipments of non oil and gas products from China were down by 6.7 percent. However, imports from Japan and Thailand were 7.2 percent and 12.4 percent higher, respectively.

By classification of use, imports of consumption goods actually rose by 4.6 percent while imports of raw materials and capital goods fell 8.8 percent and 11.1 percent, respectively. ?? Overall, Indonesia recorded a trade surplus of US$ 738.3 mn in February following a surplus of US$ 743.5 mn in the previous month.