Indonesia posts first trade gap in 19 months
It was the first deficit in trade balance since December 2015, as exports jumped 41.12% from a year earlier to $13.62 billion while imports soared 54.02% to $13.89 billion.
During July, both exports and imports rose sharply, due to a low base from July 2016, when the Eid-al-Fitr holidays at the end of the fasting month fell.
This year, the holidays were in June.
Compared to the previous month, exports went up 16.83%, as non-oil and gas products increased by 19.85% while sales oil exports decreased by 7.79%.
By categories, outbound shipments went up for: animal and vegetable fats and oils (7.64%), mineral fuels (17.17%), rubber and rubber goods (28.08%), vehicles and parts (52.28%), and machinery and aircraft mechanics (39.87%).
In contrast sales decreased for: jewelry/gems (-2.81%), iron and steel (-4.32%), inorganic chemicals (-8.0%), pharmacautical industry produtcs (-20.53%), and aluminium (-24.66%).
Sales increased to all major destination countries: Singapore (9.66%); Malaysia (31.54%); Thailand (30.83%); Germany (11.52%); the Netherlands (5.80%); Italy (23.85%); China (18.54%); Japan (32.76%); the U.S. (16.67%); India (6.95%); Australia (16.57%), and Taiwan (18.01%). In contrast exports to South Korea edged down (-0.37%).
Imports surged 54.02% from a year earlier to $13.89 billion in July, as purchases of non-oil and gas jumped 61.23% to $12.11 billion and those of oil and gas increased 18.07% to $1.78 billion.
Compared to the prior month, imports jumped by 39%. While purchases of non-oil and gas surged 44.31%, those of oil and gas went up by 11.12%.
Imports rose the most for capital goods (62.57% to $2.36 billion), followed by raw material (40.79% to $10.43 billion), while consumption goods fell (-3.15% to 1.09 billion).
Imports rose from the majority of trading partners: Singapore (34.34%); Thailand (40.63%); Malaysia (28.80%); the Netherlands (28.78%); Italy (72.87%); China (46.16%); Japan (60.74%); the US (44.54%); South Korea (49.09%); Australia (16.91%); Taiwan (70.72percent); and India (66.9%).
In contrast, imports from Germany fell 7.16%.
Considering January to July 2017, the trade balance was recorded $7.39 billion surplus with exports rising by 17.32% compared to the same period a year earlier to $93.59 billion and imports increasing by 14.91% to $86.20 billion. ■