Indonesia: Exports slow on faltering global demand
September 5, 2011
In July, exports grew 39.5% over the same month last year, which was below the 49.1% expansion observed in June. Weaker export performance mainly reflected sliding global demand. Still, export growth remains robust, with the July reading representing the 22nd consecutive month of double-digit growth in exports. Non-oil and non-gas exports decelerated from 41.9% in June to 28.5% in July, while oil and gas exports grew a hefty 102.1% over the same month the previous year (June: +88.9% year-on-year). Meanwhile, import growth moderated somewhat to 27.2% over the same month last year (June: +28.2% yoy), which continued to be favoured by the strong Indonesian rupiah. The trade surplus narrowed from USD 3.3 billion in June to USD 1.4 billion in July.