Highlights of March’s Trade Balance
March’s trade balance posted surpluses of USD0.57 billion, surging from February’s USD0.33 billion. March’s reading was the second surpluses in 2019 after suffering 4-consecutive-month deficits since October 2018. The upbeat surpluses of non-oil and gas balance was the impetus for March’s figure amid downbeat deficits of oil and gas trade.
Furthermore, March’s non-oil &gas trade surpluses were at USD0.99 billion, topping February’s USD0.80 thanks to the raising of non-oil &gas exports of USD1.49 billion (m-m), much higher than the upbeat oil&gas imports of USD1.30 billion (m-m).
Meanwhile, March’s oil &gas trade deficits were at USD0.45 billion, a slight increase from February’s USD0.47 billion. The slight hike was attributable to declines in oil & gas imports of USD0.04 billion (m-m), yet oil & gas exports only decreased at USD0.02 billion (m-m).
Although March’s figure was at surpluses, its accumulated figures since 1Q19 were at deficits of USD0.19 billion: the sharp decline from 1Q18 surpluses of USD0.31 billion. The decline was underlined by downbeat commodity prices, particularly coal prices, sliding down to 9% in 1Q19 as 1Q19 exports volume was higher than that in1Q18.
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