Indonesia: Exports slow substantially in October
November 30, 2011
In October, exports grew 16.7% over the same month last year, which was well below the 44.0% expansion observed in September (previously reported: +46.3% year-on-year). Despite the marked slowdown, the reading still represented the 25th consecutive month of double-digit growth in exports. Non-oil and gas exports, which account for the majority of Indonesian exports, decelerated from 34.8% growth in September to 20.3% in October, while oil and gas exports dived from an 88.7% expansion in September to just a 1.9% rise in October. Meanwhile, imports also lost pace and expanded 29.1% over the same month last year (September: +57.1% yoy). As a result, the trade surplus narrowed from USD 2.4 billion in September to USD 1.2 billion in October.