Increased Imports and Declined Exports Result in Indonesia's Trade Deficit
Exports have always been an important asset to Indonesia's economy. Throughout history, Indonesia recorded a continuous series of trade surpluses. In 2012, however, the country recorded its first ever trade deficit as imports rose (partly due to increased demand of the Indonesian people), while exports declined due to global turmoil and uncertainty. A trade deficit is a new phenomenon to Indonesians and has caused some anxiety in the country.
Compared to 2011, Indonesia's exports declined by 6.61 percent in 2012; the oil & gas sector recorded a 10.9 percent decline, while the non-oil & gas sector recorded a 5.5 percent decline. Total export value for the year was US $190 billion, of which US $153 billion came from the non-oil & gas sector (in particular minerals and animal & vegetable fats and oils). The most important export destinations were China, Japan and the USA.
Imports in 2012 rose by 8.02 percent compared to 2011; oil & gas imports rose by 4.58 percent, while non oil & gas imports rose by 9.05 percent. Total value of Indonesian imports in 2012 was US $191.7 billion of which US $149.1 billion were non oil & gas products (in particular machinery and mechanical equipment, and electric appliances). Most imports come from China, Japan and Singapore.
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