Update COVID-19 in Indonesia: 563,680 confirmed infections, 17,479 deaths (4 December 2020)
4 December 2020 (closed)
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For the eleventh consecutive month Indonesia posted a trade surplus. With exports reaching a total of USD $12.08 billion, while imports were USD $11.07 billion, the country posted a USD $1.01 billion trade surplus in October, the country's statistics agency (BPS) stated on Monday (16/11). The surplus was larger than expected due to a sharp drop in imports. Although the trade surplus is good news as it supports the value of the rupiah and helps to curtail the country's current account balance, there remain concerns about rapidly plunging exports and imports.
Export Performance Indonesia
Rapidly falling exports and imports signal that both global and domestic economic activity decelerates. BPS said Indonesian exports declined 20.98 percent year-on-year (y/y) to USD $12.08 billion in October 2015. This was the steepest fall since August 2012. However, in terms of volume, exports rose by 4.38 percent (y/y). Most commodity prices are still on the decline compared to October last year, with the exception of cacao and corn.
Non-oil & gas exports (particularly ores, metals and ash crust) fell 16.88 percent (y/y) to USD $10.71 billion in October, while the country's oil & gas exports declined 42.83 percent (y/y) to USD $1.38 billion.
Cumulatively, Indonesian exports reached USD $127.22 billion in the first ten months of 2015, down 14 percent from the same period last year.
Import Performance Indonesia
Meanwhile, Indonesia's imports fell by a staggering 27.81 percent (y/y) to USD $11.07 billion in October. Non-oil & gas imports fell 20.78 percent (y/y) to USD $9.31 billion, while the country's oil & gas imports plunged 50.89 percent (y/y) to USD $1.76 billion in October.
Cumulatively, Indonesia's imports stand at USD $119.05 billion in the January-October 2015 period, down 20.47 percent from the same period last year.
Overall, Indonesia's trade balance remains in a surplus (USD $8.16 billion) in the January-October 2015 period.
Trade Balance Indonesia (in USD million):