The Indonesian economy posted a higher-than-expected export contraction in November 2015 of over 17% year-on-year and over 7% month-on-month, as a result of low merchandise prices, according to the Central Statistics Agency (BPS).
This has caused the Southeast Asian nation to log an unexpected US$346.4-million trade deficit in November, the country’s first so far in 2015 as exports fell faster than imports.
Exports dropped 17.58% to $11.16 billion in November compared to $13.54 billion recorded in the same month last year, said the agency.
“This is the first trade deficit after surpluses were recorded in the earlier months,” BPS Chief Suryamin confirmed.
Imports in November, meanwhile, were recorded at $11.51 billion, said the agency.
“The exports of top 10 commodities, including mineral fuels and animal and vegetable fats declined due to low global commodity prices,” Suryamin said.
Exports in the month also declined 7.91% from $12.12 billion in October 2015, according to a report by Antara News.
Compared to a month earlier, non-oil and non-gas exports plummeted 10.81%, with animal and vegetable fats and oils recording the biggest fall of $152.8 million, or 9.76%, Suryamin added. However, footwear exports rose 17.72% to $66.3 million compared to the previous month.
The United States was the biggest market for Indonesia’s non-oil and non-gas commodities in November, with a value of $1.16 billion, followed by China with $1.02 billion,and Japan with S$990 million.
Exports to the three countries constituted 33.07% of Indonesia’s overall exports, while exports to the European Union were valued at $1.12 billion.
Cumulatively, the country’s exports in the January-November period reached $138.42 billion, down 14.32% from the same period last year, with non-oil and non-gas exports decreasing by 9.43% to $121.08 billion.
Exports of manufactured goods during the 11-month period under review fell by 8.75%, minerals by 14.98%, and farm products by 1.41% compared to the corresponding period last year.
Still, Indonesia’s balance of trade from January to November was in surplus of $7.81 billion, with exports reaching $138.42 billion and imports totaling $130.61 billion.
Photo: Prayudi Setiadharma
