Kedutaan Besar Republik Indonesia
Ottawa
Embassy of the Republic of Indonesia
Ambassade de la RÉpublique d'Indonésie

RI records $1.01b trade surplus in October

The Central Statistics Agency (BPS) revealed on Monday that Indonesia recorded a trade surplus of US$1.01 billion in October.

BPS head Suryamin said that the surplus was derived from total exports valuing $12.08 billion, down 4 percent from September, and total imports of $11.07 billion.

“The $1.01 billion trade surplus in October was achieved despite a $377.6 million deficit from the oil and gas trade. Indonesia’s non-oil and gas trade made up for that, however, recording a surplus of $1.396 billion in October,” he said in a press conference in Jakarta.

Suryamin said the decline in Indonesia’s exports value was due to the lack of improvement in export commodity prices. This allowed total exports value to drop the 4 percent in value despite the country’s October exports volume increasing 4.38 percent from September’s figures.

“It’s because the price of commodity exports is still not good. Compare [this] to October 2014, when out of 22 commodities, only two prices improved; cocoa rose 3 percent and corn rose 0.9 percent. The prices of other commodities are still down quite low – even 20 percent down. This means that Indonesia’s export demand is still high, but the price has decreased,” he said.

According to BPS data, Indonesia’s non-oil and gas exports in October amounted to $10.71 billion, down 3.86 percent compared to September. The largest exports value decrease occurred in the ore, crust and metals trade, which amounted to $319.4 million, down 84.95 percent from September. The largest increase, with an October exports value 8.46 percent higher than September, was in the fats and animal-and-vegetable oil trade, amounting to $121.8 million.

Oil and gas exports decreased by 5.09 percent, to $1.37 billion worth, caused largely by a 32.15 percent decrease in crude oil exports, to $400.5 million worth. Meanwhile, the country’s exports of oil products fell 11.21 percent to $95.6 million, while gas exports rose 16.92 percent to $883.5 million.

Indonesia’s imports performance also suffered a decline in October to $11.07 billion, falling 4.27 percent from September. The volume of imports also decreased by 6.32 percent.

Imports of oil and gas fell 8.12 percent to $1.76 billion. Meanwhile, non-oil imports also fell 3.5 percent to $9.31 billion.

“This was due to decreases in imports of machinery and mechanical devices and motor vehicles,” said Suryamin.

Cumulatively, Indonesia’s trade balance from January to October saw a surplus of $8.16 billion, consisting of $127.22 billion in exports and $119.05 billion in imports.

BPS deputy head for distribution and service statistics Sasmito Hadi Wibowo estimated the surplus trend would continue until the end of the year.

“Usually, our exports are high in November and December, when primary and industrial export products are usually delivered. We also have high import opportunities as well. It seems that Indonesia’s exports and imports will both rise although I think exports will remain higher,” he said.

Source : www.thejakartapost.com, Monday 16 November 2015