October 2017, Import Value Grew Faster Than Export Value

Indonesia's imports from trading partner countries in October 2017 grew faster than its exports. A 38 percent increase in oil import volume, coupled with rising prices, was a major driver of the import surge. Data released by the Central Statistics Agency (BPS) shows that Indonesia's import value grew by 11.04 percent to US$14.92 billion month-on-month (MoM) and by 23.33 percent year-on-year (YoY). Cumulatively, from January to October 2017, import value grew by 14.95 percent to US$126.68 billion compared to the same period the previous year.

Meanwhile, Indonesia's export value to other countries in October 2017 only grew by 3.62 percent to US$15.09 billion MoM and by 18.39 percent YoY. From January to October 2017, Indonesia's export value grew by 17.49 percent to US$138.46 billion.

The higher growth in imports compared to exports resulted in a trade surplus of only US$895 million in October 2017, almost half the US$1.78 billion surplus recorded the previous month. However, cumulatively from January to October 2017, Indonesia's trade balance grew by 54.04 percent to Rp 11.78 billion compared to the same period the previous year.