Indonesia: Exports decline again in February, but trade surplus holds amid slumping imports
February 16, 2015
Exports contracted 16.0% in February over the same month of last year, which followed the 7.7% decline observed in January. February’s result marked the largest contraction since August 2012 and the fifth consecutive loss. Non-oil and gas exports, which account for the majority of Indonesian shipments, dropped 12.7% in February (January: -5.8% year-on-year). Similarly, oil and gas exports contracted 30.6% (January: -17.0% yoy). Meanwhile, imports fell 16.2% in January, which followed the 15.4% contraction in December.
The trade balance narrowed marginally from a USD 744 million surplus in January to a USD 738 million surplus in February. This result was somewhat smaller than the USD 843 million surplus recorded in the same month of 2014. However, the reading overshot the USD 635 million surplus the market had expected. Meanwhile, the 12-month moving sum of the trade balance widened slightly from a USD 0.7 billion deficit in January to a USD 0.8 billion deficit in February.
Author: Carl Kelly, Economist