Indonesia's trade surplus increases, exports soared 27.7%
Exports soared 27.7% from the same month last year, which followed the 16.0% expansion seen in December.
Non-oil and gas exports, which account for the majority of Indonesian shipments, rose 29.2% in January, which was above December’s 18.5% increase.
Meanwhile, oil and gas exports returned to expansion for the first time in over two years, increasing 14.8% (December: -3.8% year-on-year).
Import growth picked up to 14.5% in January, which was above December’s 5.8% increase and marked the highest growth rate since May 2012.
The trade surplus rose from December’s $1.0 billion to $1.4 billion in January.
The result was notably above January 2016’s $140 million surplus and overshot market expectations.
Meanwhile, the 12-month moving sum of the trade balance improved from December’s $8.8 billion surplus to $10.2 billion surplus in January.
FocusEconomics Consensus Forecast panelists expect exports to increase 1.6% and see the trade balance recording a surplus of $9.5 billion in 2017.
For 2018, the panel expects exports to grow 4.0% and expects the trade surplus to drop to $8.5 billion. ■
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