Indonesia: Exports hit a new record in 2011
January 31, 2012
In December, exports grew 2.2% over the same month the previous year, which was well below the 10.2% expansion observed in November (previously reported: +8.3% year-on-year). The reading represented the slowest pace of growth since September 2009. Non-oil and gas exports, which account for the majority of Indonesian exports, rose a meagre 0.2% in December (November: +7.0% yoy). Meanwhile, oil and gas exports also decelerated from a 25.1% expansion in November to a 10.5% rise in December. Imports, on the other hand, accelerated from an 18.3% increase in November to a 24.3% rise in December. As a result, the trade surplus narrowed from USD 1.8 billion in November to USD 900 million in December. In the full year 2011, exports totalled USD 204 billion, which represented a new record-high and was up from the USD 158 billion recorded in 2010. In addition, the result came in above the government's forecast, which had total exports reaching USD 200 billion last year. Simultaneously, imports totaled USD 177 billion and the trade balance surplus was USD 26.3 billion in 2011.