Indonesia: Indonesia's trade deficit widens in February
April 1, 2013
In February, exports fell for the 11th consecutive month and contracted 4.5% over the same month last year, which followed the 1.3% decrease observed in January. As a result, in the 12 months up to February, exports fell 8.1% over the same period last year (January: -7.2% year-on-year).
Non-oil and gas exports, which account for a majority of Indonesian shipments, added 0.9% in February (January: +2.4% yoy). Oil and gas exports, on the other hand, declined 24.3% (January: -15.6% yoy).
Simultaneously, imports expanded 3.0% in February, which was below the 6.2% increase recorded in January. Consequently, in the 12 months up to February, imports added 5.7% (January: +7.3% yoy).
Meanwhile, the trade deficit reached USD 327 million in February, which exceeded market expectations of a USD 240 million shortfall. Moreover, the 12-month moving sum of the trade balance reached a record shortfall of USD 3.9 billion, larger than the USD 2.7 billion deficit observed in January.
FocusEconomics Consensus Forecast panellists anticipate exports to expand 10.6% and the trade surplus to reach USD 9.2 billion in 2013. For 2014, the panel expects exports to grow 12.7% and the trade surplus to widen to USD 12.4 billion.