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Exports To China And Japan Solid


The Indonesian trade surplus for September was better than expected at $4.99bn after $5.71bn in August. Both export and import growth came in below expectations at 20.3% y/y and 22.0% y/y respectively, but remain at elevated growth rates (see chart). The surplus was more-than-accounted for by the non-oil & gas component ($7.09bn) with oil & gas posting a deficit of $2.1bn.

  • Exports year-to-date remain robust at 33.5% y/y and imports +28.9% y/y.
  • While monthly comparisons are difficult as the data is not seasonally adjusted, Statistics Indonesia mentions them in its press release. Exports fell 11% m/m in September due to weakness in Indonesia’s second largest export, animal / vegetable fats or oils, but ores, slag and ash were very strong (8th largest export).
  • Import growth was positive in all of the main groups over January to September compared to the same period a year ago, as domestic demand recovers.
  • Non-oil exports to China remained robust up 35.5% y/y (largest export destination) and 36.3% y/y to Japan but fell 9.7% y/y to the US.
Indonesia trade y/y% 3mma

Source: MNI - Market News, Statistics Indonesia, Refinitiv

Indonesia exports ex oil & gas y/y% 3mma

Source: MNI - Market News, Statistics Indonesia, Refinitiv

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