Indonesias trade balance swings to 350 mln USD deficit in Nov as investment grows

Indonesia's trade performance in November unexpectedly flipped to 350 million U.S. dollars deficit from 1.02 billion U.S. dollar surplus in October due to rising imports amid weakening export, national statistic bureau said here on Tuesday.

Imports rose by 3.61 percent to 11. 51 billion U.S. dollar in November from a month ago, but it declined by 18.03 percent from a year ago, Suryamin, head of the bureau told a press conference.

Export continued scaling down, on month, decreasing by 7.91 percent to 11.16 billion U.S. dollars in November and on year, it was also down by 17.58 percent, Suryamin said.

Indonesia's exports have been weak in recent months due to falling global demand on the country's export products.

Shipment of Indonesia's products to overseas is forecast to decrease by 14 percent to 151.61 billion U.S. dollars this year as weakening global economy saps demand of the country's products, Indonesian Trade Minister Thomas Trikasih Lembong has said.

Indonesia is the world's largest exporter of palm oil, thermal coal, and the world's third biggest exporter of rubber and cocoa, as well as home to the world's second biggest copper mine.

On imports, Lembong said that it is estimated to scale down by 17 percent to 147.89 billion U.S. dollars.

The weakening of rupiah against U.S. dollar failed to raise the country's export as most of the raw materials for manufactured products are imported, as the import's cost has grown higher.