Indonesia Posts USD $293.6 Million Trade Surplus in August 2016
Although at a slower pace, Indonesia's exports and imports continued to contract in August 2016. In August Indonesia exported USD $12.63 billion worth of goods down 0.75 percent on a year-on-year basis (much better than analysts had forecast). Meanwhile, Indonesia imported USD $12.34 billion worth of goods in August, down 0.49 percent (y/y). As such, the trade balance in August showed a USD $293.6 million surplus. However, Indonesia's Statistics Agency (BPS) added that it was the 23rd month of declining imports and exports for Indonesia.
Indonesia's USD $293.6 million trade surplus in August 2016 was primarily supported by the country's non-oil and gas trade surplus. However, the central bank of Indonesia (Bank Indonesia) informed that the overall trade surplus of Indonesia in August declined compared to the (revised) USD $510 million trade surplus one month earlier. This was caused by narrowing non-oil and gas trade surplus, while the oil and gas trade deficit widened.
In recent years the trade performance of Indonesia has been weakening due to low global economic growth and demand. In particular the economic slowdown of China, the world's second-largest economy and one of the biggest trading partners of Indonesia, has caused damage as commodity prices have fallen significantly. Indonesia exports a fair amount of coal, crude palm oil and gas to China.
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