Indonesia: Export and import growth loses steam in September
According to Statistics Indonesia, the country recorded a trade surplus of USD 0.2 billion in September, down from the USD 1.8 billion surplus registered in the same month last year. However, September’s figure contrasted market expectations of a USD 0.5 billion deficit, largely due to a far sharper-than-expected slowdown in import growth.
Exports grew a mere 1.7% over the same month last year, down from August’s 4.5% growth. September’s figure was negatively impacted by a sharp fall in exports of oil and gas—despite higher oil prices—while non-oil exports expanded. Import growth slipped markedly to 14.2% in September (August: +24.5% yoy) but remained elevated, buoyed by markedly higher oil and gas imports.