Indonesia: Exports contract for the six straight month in September
November 1, 2012
In September, exports fell 9.4% over the same month last year, which followed the 24.7% decrease observed in August (previously reported: -24.3% year-on-year) but was less than the 14.1% decline expected by the market. As a result, in the 12 months up to September, exports contracted 2.4% over the same period the previous year (August: +1.1% yoy). Non-oil and gas exports, which account for the majority of Indonesian shipments, fell 3.5% in September (August: -22.6% yoy). Meanwhile, oil and gas exports declined a whopping 29.5% (August: -32.0% yoy). Imports, on the other hand, rose 1.2% in September, which contrasted the 8.4% decline recorded in August and market expectations of a 4.0% decrease. As a result, imports grew 12.5% in annual terms in the last 12 months (August: +16.2% yoy). The trade surplus reached USD 553 million in September. As a result, the 12-month moving sum of the trade balance reached USD 4.9 billion surplus in September, which was smaller than the USD 6.7 billion surplus recorded in August.