Indonesia's import growth soared 6.8%

But exports still remained weak.

According to Nomura, Indonesia's imports improved, to 6.8% y-o-y from -5.4% in December, as oil and gas imports increased sharply (33.8% from 1.6% in December), which continues to reflect excess consumption of domestic fuel given artificially low retail fuel prices.

Here's more:

Non-oil and gas imports improved to -0.2% from -7.4% in December. By classification, lower imports of consumer goods (-16.4% from +6.0%) was offset by higher imports of raw materials (14.7% from -1.8%) and capital goods (-12.1% from -19.8%).

While exports improved to -1.2% y-o-y in January from -9.9% in December, they nonetheless remain weak, especially compared to the rebound seen in other countries due to the favourable base effect of the lunar new year.

Oil and gas exports remained weak, contracting 16.8% y-o-y in January from -14.9% in December as the terms of trade remain unfavourable.

Non-oil and gas exports improved to 2.7% y-o-y in February from -8.6% in January as exports of all key components such as animal and vegetable oil (-5.8%y-o-y from -15.5%).

Mineral fuel (-2.5% from -18.9%) and rubber products (-4.7% from -15.1%) all improved, the exception being mineral ores which fell 8.7% in January from +37.8% in December. goods (-16.4% from +6.0%) was offset by higher imports of raw materials (14.7% from -1.8%) and capital goods (-12.1% from -19.8%).

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