Indonesia: Exports contract again in April, trade surplus narrows
May 15, 2015
Exports contracted 8.5% in April over the same month of last year, which followed the 10.3% decline observed in March. April’s result marked the seventh consecutive loss. Non-oil and gas exports, which account for the majority of Indonesian shipments, dropped 0.1% in April (March: -7.2% year-on-year). Similarly, oil and gas exports contracted a staggering 45.0% (March: -24.7% yoy). Meanwhile, imports fell 22.3% in April, which followed the 13.2% contraction in March.
The trade balance narrowed significantly from a USD 1.0 billion surplus in March to a USD 454 million surplus in April. This result contrasted the USD 2.0 billion deficit recorded in the same month of 2014 and exceeded the USD 120 million surplus the market had expected. Meanwhile, the 12-month moving sum of the trade balance swung from a USD 0.6 billion deficit in March to a USD 1.8 billion surplus in April.
Author: Carl Kelly, Economist