Nevertheless, and as usual, Indonesia has experienced an oil and gas balance deficit (which has increased significantly compared to a year ago, the recovery of economic activity implying an increase in imports energy sources). However, the surplus in the non-oil and gas balance was more than enough to offset the oil and gas deficit.
Indonesia’s total trade (imports plus exports) in September 2021 decreased slightly compared to August 2021. This month-on-month decline is mainly observed in all categories: oil and gas exports, imports oil and gas as well as non-oil products and gas exports and non-oil and gas imports. So basically an overall drop with all categories showing a slight drop.
Perhaps most notable is the drop in exports of animal and vegetable fats and oils in September 2021 (the category that includes palm oil). The value of this export category plunged $1.23 billion (or 30.4%) to $2.82 billion from the previous month. It is not immediately clear what is behind this sharp drop. Global demand for palm oil appears to have remained strong in September, so palm oil prices remained supportive. It seems that part of the global demand for palm oil has shifted from Indonesia to Malaysia. In Malaysia, palm oil production had been limited due to disruptions related to COVID-19. In September 2021, however, a huge increase in Malaysian palm oil exports was detected.
On a yearly basis, we see continued trade recovery for Indonesia, with a 44.3% (y/y) gain in value to $36.8 billion in September 2021.
Read the full article in the October 2021 edition of our monthly report. This report can be ordered by sending an email to [email protected] or a message to +62.882.9875.1125 (including WhatsApp).
October 2021 Full Report (Electronic) Price:
Price of this item (electronic) on Indonesia Trade Balance: