Indonesia’s exports weakened in first two months of 2015

JAKARTA - Exports from Indonesia fell 16% y/y in February, with Jan-Feb exports down 11.9% y/y ytd. Non-oil exports fell 9.2% y/y through the first two months of the year.

On a product basis, palm oil shipments are dragging down fats and vegetable oil exports, down 8.1% y/y ytd; mineral fuels are down 18.7%; electrical/mechanical exports down 13.2%; while vehicle ships are up 13.5%, footwear up 14.1%, and iron & steel shipments climbed 36.2%.
On a partner basis, export growth to ASEAN is down 10.3% y/y ytd; Europe down 18.8%; China down 40.6%; the US down 4.4%; and India  down17.6%.
ANZ Bank says commodity shipments are expected to keep export growth weak moving forward. The US recovery should help manufacturing exports, but China’s growth moderation continues to weigh on shipments.  www.live.anz.com (ATI).