Bali, 3 December 2013 – The trade balance is once again a surpluss. The trade balance in October 2013 experienced a surplus of USD 42.4 million, which consists of non-oil/gas trade surplus of USD 792.2 million, while the oil/gas trade balance in January-October 2013 experienced a deficit of USD 749.8 billion. Cumulatively,the trade balance in January-October 2013 recorded a USD 6.36 billion deficit, consisting of non-oil/gas surplus of USD 4.28 billion, while the oil/gas trade balance recorded a USD 10.64 billion deficit.
“Trade partners that were the largest contributers to the surplus in January-October 2013 are India, the United States, the Netherlands, the Philippines, and Malaysia,” stated the Vice Minister of Trade Bayu Krisnamurthi at the press conference today (13/2) on the sidelines of the MC9 WTO in BNDCC, Nusa Dua, Bali. The trade surplus with India reached USD 7.2 billion while it was USD 5.1 billion with the United States; USD 2.6 billion with the Netherlands, USD 2.5 billion with the Philippines, and USD 1.1 billion with Malaysia.
The Increase of Exports in October 2013 (6.9% MoM), Supported by Manufactured Goods
Exports in October 2013 reached USD 15.7 billion, up by 6.9% (MoM) comprised of oil/gas exports at USD 2.7 billion (up 12.8% MoM) and non-oil/gas exports at USD 13 billion (up 5.7% MoM). Meanwhile, the exports total in January-October 2013 was recorded at USD 149.7 billion (down 5.5% YoY), but the total volume of exports and the volume of non-oil/gas exports continue to grow by 17.6% and 20.4% (YoY) respectively. Several other countriesthat also experienced a decline in exports during January-October 2013 include Japan (down 11.4% YoY), Argentina (down 2.1% YoY) and Brazil (down 0.9% YoY).
The value of non-oil/gas exports to several emerging market countries in January-October 2013 experienced a significant rise, particularly to Myanmar with an increase of USD 192.8 million. This is followed by Turkey, Nigeria, Russia, Ukraine, and Ghana, which experienced an increase of USD 74.7 million up to USD 149.4 million. Non-oil/gas exports to several main trade partners also increased significantly, namely to the United States (USD 356.8 million), India (USD 278 million), and Singapore (186.9 million).
Export products that boost increase in exports in October 2013 include motor vehicles and its parts, machinery/mechanical appliances, and footwear, which increased by 12.5% MoM; 7.0%; and 12.4% respectively. Meanwhile, several manufactured products contributed to a significant increase in exports during January-October 2013, such as sea vessels that surged USD 517.8 million (up 137.9% YoY), footwear products, which increased USD 313.3 million (11% YoY), and ready-to-wear clothes, which rose USD 147 million (4.7% YoY).
Imports in October Only Up 1.1% (MoM)
Imports in October 2013 reached USD 15.7 billion, up 1.1% MoM. The increase in imports is caused by the 3.5% MoM increase in non-oil/gas imports to USD 12.2 billion. The non-oil/gas commodities that underwent a significant increase in imports were, among others, live animals (up 463.3% MoM), oily grains (245.3%), cereals (85.5%), residue and waste from the food industry (67.7%); sugar and candy (55.1%); various chemical products (16.8%); organic chemical material; and motor vehicles and parts (9.4%).
Cummulatively, the total imports during January – October 2013 reached USD 156 billion (down 2% YoY), which consist of non-oil/gas imports amounting to USD 118.9 billion (down 4.4% YoY) and USD 37.1 billion in oil/gas imports (up 6.7& YoY). The increse in oil/gas imports during the period of January–October 2013 was caused by the increase in crude oil demand by 26.4%. Meanwhile, oil/gas imports that recorded a significant decline were, among others, aircraft and parts, down USD 2.2 billion; vehicles and parts, machinary/mechanical appliances, fertilizers, and motor vehicles which experienced a drop between USD 656.4 million to USD 1.6 billion.
The import value from several countries experienced a decrease in January–October 2013 except from Saudi Arabia (up 27.5% YoY), Germany (13%), Malaysia (10.1%), and China (2.7%). Meanwhile, the import value from the United States and Japan experienced a significant decrease of 21.8% and 16.1% respectively.
During January–October 2013, the import structure was dominated by raw/auxiliary materials which reached 76.1% and 16.9% in capital goods. Imports of consumer and capital goods dropped by 1.8% (YoY) and 17.1% (YoY) or USD 10.8 billion and USD 26.4 billion respectively. Meanwhile, imports of raw/auxiliary material increased by 2.2% to USD 118.8 billion.
Head for Center for Foreign Trade Policy
Ministry of Trade