Indonesia Posts Unexpected Trade Deficit in November 2015
Indonesia posted an unexpected USD $346.4 million trade deficit in November 2015 according to the latest data from Statistics Indonesia (BPS) released on Tuesday (15/12). It was the country's first trade deficit so far in 2015 as exports fell faster - while imports declined slower - than initially estimated. Indonesian exports fell 17.6 percent year-on-year (y/y) to USD $11.16 billion in November, while imports declined by 18.0 percent (y/y) to USD $11.51 billion. Both the oil & gas and the non-oil & gas balances were in deficit.
In the first eleven months of 2015 Indonesian exports totalled USD $138.42 billion, down 14.3 percent from the same period last year. Being a major commodity exporter, Indonesia has been plagued by the globe's sluggish commodity prices. Of all 22 commodities monitored by BPS, only prices of cocoa and fish managed to rise. As long as there is no rebound in commodity prices, Indonesia's export performance will remain sluggish in the foreseeing future. The country's dependence on commodity exports is the key reason why the Indonesian government is eager to develop the manufacturing sector.
Meanwhile, Indonesian imports reached USD $130.61 billion in the January-November 2015 period, down 20.2 percent from the same period last year.
Falling import and export figures highlight persistently weak economic activity in Indonesia as well as in the world.
Overall, the trade balance of Indonesia shows a surplus of USD 7.8 billion in the first eleven months of 2015.
Trade Balance Indonesia (in USD million):
