A container ship waits to unload its cargo at Tanjung Priok port in Jakarta. October was Indonesia’s best month for exports so far in 2009. (AFP Photo)
Indonesia’s exports rebounded strongly in October, growing on an annual basis for the first time in 12 months, the Central Statistics Agency said on Tuesday.
The country’s exports in October totaled $11.88 billion, a 22.7 percent increase over September, and a 10.1 percent rise over October last year.
The statistics agency, also known as the BPS, said non-oil and gas exports in October contributed the most to the increase in overall exports.
Non-oil and gas exports totaled $10.16 billion in October, an increase of 25.5 percent from September and 14.1 percent over the same month last year.
Electrical equipment, coal and rubber were the leading products.
“Exports in October were the highest so far in 2009,” said BPS chairman Rusman Heriawan.
It was the second time this year that monthly exports breached the $10 billion level, he said. Exports rose above $10 billion in August before declining in September due to the Idul Fitri holiday.
However, exports for the first 10 months of the year were still down 22.3 percent compared with the same period in 2008, with non-oil and gas exports down 15.1 percent.
Singapore-based Citigroup economist Johanna Chua said a low base number partly explained the sharp year-over-year rise in October, noting that the global financial crisis was setting in last October.
The results were largely boosted by non-oil and gas exports that outperformed “consensus expectations for a moderating 5.1 percent contraction,” she said.
“Non-oil and gas exports picked up month-on-month for all destinations, with the largest gains registered for non-oil and gas exports to Japan, South Korea, the United States, Thailand, Taiwan and Australia, as consumer and business confidence gained ground,” Johanna said.
The BPS said imports also increased on a monthly basis. In October, imports stood at $9.47 billion, up 11.16 percent from the previous month.
Non-oil and gas imports stood at $7.55 billion in October, up 22.9 percent from September.
Meanwhile, imports in the first 10 months of the year totaled $77.75 billion, down 30.8 percent compared with the same period last year.
Non-oil and gas imports in the 10-month period reached $62.7 billion, down 25.6 percent.
As exports expanded, the country’s trade surplus widened to $2.41 billion in October, from $1.27 billion in September.
“We expect a narrowing in the trade and current account surpluses toward year-end as a pick-up in Indonesia’s domestic demand leads to a more sizeable imports improvement,” Chua said.
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