Indonesia: Exports moderate in December
January 31, 2011
In December, exports increased 21.9% over the same month the year before to reach USD 16.4 billion, well below of the 48.0% expansion registered in November. The slower growth in exports was mainly the result of a higher comparison base (December 2009: USD 13.5 billion; November 2009: USD 10.6 billion) as well as continued appreciation of the rupiah. The deceleration reflected slower growth in both non-oil and non-gas as well as in oil and gas exports. Non-oil and non-gas added 24.5% in December (November: +55.6% year-on-year), while oil and gas exports increased 10.2% over the same month the previous year (November: +18.8% yoy). On the other hand, imports accelerated, rising from annual growth of 52.8% in November to a 54.6% expansion in December, sustained by strong domestic demand. As a result, the trade surplus shrank from USD 3.1 billion in November to USD 2.8 billion in December.