Highlights of November’s Trade Balance
In November 2018, Indonesia re-posted the trade deficit of USD2.05 billion with exports of USD14.83 billion, topped by imports of USD16.04 billion. November’s trade deficit was by far the deepest deficit since July 2013 when Indonesia posted the trade deficit of USD2.23 billion.
November’s trade deficit was slightly higher than October’s trade deficit of USD1.82 billion. On an annual basis, the trade deficit in November 2018 was not better than the trade deficit of USD230 million in November 2017. Meanwhile, on a cumulative basis, from January to November 2018, the trade deficit was USD7.52 billion.
November’s trade deficit was beset by the worsening performance of the non-oil and gas trade balance and the higher oil and gas trade deficit. The worsening performance of the non-oil and gas trade balance was mainly attributable to the decline of USD897.4 million (m-m) in non-oil and gas exports, particularly the decline in exports of capital goods and raw materials/ supporting goods.
On the other side, November’s trade deficit was also driven by the hike in the oil and gas trade deficit due to the decline of USD376 million (m-m) posted by the oil and gas exports, followed by the high oil and gas imports. Per November 2018, oil and gas imports were at USD27.81 billion.
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