June trade update: Improved performance

June's higher oil and gas exports received support from crude oil export volumes, which rose 10% m-m, with processed oil up 12.8% and gas up 7.1%. This is despite Indonesia’s June crude oil price having decreased 3.9% m-m to USD59.4/bbl.

By country, the US and China markets, having risen 6.96% y-y and 11.37% m-m, tempered the drop in exports with the two markets accounted for 21.2% of total Indonesia exports in 1H15. However, the current overall weak trend affirms our cautious outlook on the global economy.

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