Indonesia’s exports have been a major driver of the country’s economic development. It has, however, been steadily declining since hitting a high point in 2012, primarily as a result of decreased commodity costs and dwindling worldwide demand. The most dominant categories in exports are: oil and gas (which account for 12.4% of total exports, with gas accounting for 6.9% of total exports, crude oil accounting for 4.3%, and oil products accounting for 1.2%); animal and vegetable fats and oils (which account for 14%); and electrical equipment and machinery (which account for 10.45%). Other exports comprise footwear and parts of footwear (3.4%), knitted garments (3%), and ores, slag, and ash (2.5%). Indonesia’s most dominant export partners are the United States (11.6% of total exports), China (10% of total exports), Japan (9.9%), India (8.8%), and Singapore (7%).
A higher than expected figure should be seen as positive (bullish) for the IDR while a lower than expected figure should be seen as negative (bearish) for the IDR.
