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Jakarta Post

Weakening trade forebodes Indonesian economic slowdown

  • Norman Harsono and Rizki Fachriansyah

    The Jakarta Post

Jakarta   /   Tue, September 17, 2019   /  10:49 am
The Jakarta Post Image
The loading and unloading facilities at the Jakarta International Container Terminal (JICT), Tanjung Priok, North Jakarta. (Antara/Dhemas Reviyanto)

Indonesia’s trade data announced on Monday paints a bleak outlook for the country’s economy as it hints at cooling domestic consumption and stagnating investment, the two key contributors to its gross domestic product (GDP). The country’s exports fell almost 10 percent year-on-year (yoy) to US$14.28 billion in August while imports plunged deeper by 15.6 percent annually to $14.20 billion, Statistics Indonesia (BPS) data showed. Imports of consumer goods to capital goods and raw materials all plummeted in a sign of softening economic activity. “Overall, with slowing imports — particularly for raw materials and capital goods — domestic investment tends to stagnate amid a similar global trend and increasing United States-China trade tensions,” said private lender Bank Permata economist Josua Pardede. Monday’s data revealed that aux...