Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 22 Oct 2021, 9:44 AM


Indonesia External Trade - Exports Accelerated in August; Trade Balance Hits Record High

Author:   |    Publish date:

● Exports’ YoY growth expanded sharply in August (64.1%; consensus: 36.9%; Jul: 29.4%), beating market expectations

- MoM: rebounded sharply by 20.9% (Jul: -4.5%) to USD21.4b, as external demand improved.

● Higher export growth attributable to higher shipment of Non-O&G and O&G products

- Non-O&G (63.4%; Jul: 28.3%): Due to a surge in mining (166.7%; Jul: 102.8%) and manufacturing (52.7%; Jul: 20.1%) product as well as a recovery in agriculture (0.3%; Jul: -17.4%). By destination, exports of non-O&G to top trading partners broadly recovered, led by higher shipment to China (93.9%; Jul: 41.2%), followed by Japan (67.9%; Jul: 13.4%) and the US (39.1%; Jul: 25.4%).

- O&G (77.9%; Jul: 50.3%): growth accelerated partly due to low base effect and remained supported by high receipts of mining (226.6%; Jul: 594.6%) products, albeit moderating.

● Imports expanded (55.3%; consensus: 45.1%; Jul: 44.4%), above expectations attributable to higher shipment in non-O&G (49.4%; Jul: 40.2%) and O&G (115.8%; Jul: 86.4%)

- By segment, the growth was boosted by a broad-based improvement led raw materials (59.6%; Jul: 54.6%), followed by consumer goods (58.2%; Jul: 46.0%) and capital goods (34.6%; Jul: 5.4%).

- MoM: rebounded by 10.3% (Jul: -12.2%) to USD16.7b as government eased COVID-19 mobility restrictions.

● Trade surplus jumped to a record high (USD4.7b; Jul: USD2.6b), above market expectations (consensus: USD2.4b). In addition, total trade accelerated (60.1% YoY; Jul: 35.9%) to a three-month high.

● 2021 export growth forecast retained at 15.1% (2020: -2.6%)

- Year-to-date, exports grew by 37.9% thanks to improving external demand and base-effect. Nonetheless, we remain cautious as the spread of the Delta variant among the neighbouring countries and key trading partners may disrupt the supply chain and adversely impact private consumption growth in the near term.

Source: Kenanga Research - 17 Sept 2021

Share this

  Be the first to like this.


1. PELIKAN (5231) An Asset Play now unlocking its Value by Asset Disposal and giving out 20 Sen Special Dividend, Calvin Tan THE INVESTMENT APPROACH OF CALVIN TAN
2. Serba Dinamik securities trade suspended from 2.30pm on Friday until further notice save malaysia!
4. MYEG – Slightly Bigger-than-expected Placement KL Trader Investment Research Articles
5. Kossan Rubber - Share price back to pre-pandemic level AmInvest Research Reports
6. Supermax Corporation - Hit by CBP WRO Kenanga Research & Investment
7. Supermax seeking clarity from US Customs and Border Protection on Withhold Release Order issuance save malaysia!
8. Evening Market Summary - 22 Oct 2021 KLSE Traders Update and Ideas
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Earn MQ Points while trading with MQ Traders Group
MQ Affiliate
Earn side income from MQ Affiliate Program

441  399  636  801 

Top 10 Active Counters
 SERBADK 0.35-0.02 
 SAPNRG 0.1050.00 
 OPCOM 1.33+0.20 
 VC 0.09+0.01 
 KNM 0.220.00 
 JADI 0.10-0.01 
 THETA 1.32+0.18 
 NWP 0.29-0.005 
 HIAPTEK 0.64-0.01 
 SCIB 0.405-0.025