Indonesia: Exports continue to decline in November
January 2, 2013
In November, exports fell for the eighth consecutive month and contracted 4.6% over the same month the year before. The drop followed the 9.6% decrease observed in October but was smaller than the 7.0% decline expected by the market. As a result, in the 12 months up to November, exports fell 5.6% over the same period the previous year (October: -4.5% year-on-year).
That said, non-oil and gas exports, which account for the majority of Indonesian shipments, rose 0.1% in November (October: -8.8% yoy). However, oil and gas exports declined a whopping 23.1% (October: -13.5% yoy).
Imports, on the other hand, rose 9.9% in November, which was down from the 10.8% increase recorded in October but above market expectations of a 7.2% expansion. As a result, imports grew 10.6% in annual terms in the last 12 months (October: +11.3% yoy).
The trade deficit reached USD 478 million in November. Moreover, the 12-month moving sum of the trade balance reached USD 729 million deficit in November, which contrasted the USD 1.6 billion surplus recorded in October.