Indonesia Trade Balance


Indonesia: Exports decline in November, trade balance swings to deficit

January 2, 2015

Exports contracted 14.6% in November over the same month of the previous year, which followed the 2.2% decline observed in October and marked the weakest result in more than two years. Non-oil and gas exports, which account for the majority of Indonesian shipments, dropped 12.6% in November (October: -0.8% year-on-year). Similarly, oil and gas exports contracted 23.9% (October: -9.1% yoy). Meanwhile, imports fell from a 2.2% decline in October to a greater 7.3% contraction in November.

The trade balance swung from a modest USD 21 million surplus in October to a USD 426 million deficit in November, which significantly contrasted the USD 789 million surplus recorded in the same month of the previous year. The reading was greater than the USD 122 million deficit the market had expected. Meanwhile, the 12-month moving sum of the trade balance swung from a USD 0.7 billion surplus in October to a 0.6 billion deficit in November.

FocusEconomics Consensus Forecast panelists expect exports to expand 5.5% and see the trade balance reaching a USD 8.0 billion surplus in 2015. For 2016, the panel expects exports to grow 12.2% and expect the trade surplus to reach USD 15.9 billion.

Author:, Economist

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Indonesia Trade Balance Chart

Indonesia Trade12m November 2014

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Statistics Indonesia (BPS) and FocusEconomics calculations.

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