JAKARTA (TheInsiderStories) – Indonesia recorded US$8.57 billion trade deficit in 2018, the worst in more than 4 decades. Statistic Central Agency Chief Suhariyanto said, Indonesia’s historical worst trade balance was in 1975 with $391 deficit.
During 2018, Indonesia’s export was $180.06 billion, grew single-digit at 6,65 percent. But the import was $188.63 billion, spiked more than three times higher than export at 20.15 percent.
Main factor of Indonesia’s awful trade balance is oil and gas sector that has $12.4 billion deficit, caused by crude oil and oil product. Meanwhile, the non-oil and gas sector has $3.84 billion trade balance surplus.
Statistic Indonesia noted, the country’ post trade deficit US$1.1 billion in December 2018, lower than the previous month which amounted of $2.05 billion. The biggest deficit was still contributed by non-oil and gas sectors.
During last month, the value of imports was recorded at $15.27 billion, while for exports it was recorded at $14.17 billion, said the chief Suhariyanto. He added, for the oil and gas sector there was a deficit of $218.8 million while for the non-oil and gas sector there was a deficit of $883.2 million.
“Still deficit but the amount is shrinking compared to previous month,” he said, by adding the caused by the oil and gas deficit of $219 million also non-oil and gas amounting to $883.2 million.
Suhariyanto revealed, that the export figures in December decreased by 4.89 percent compared to November. The decrease was contributed most by oil and gas which lowered 27.34 percent and non-oil and gas exports which fell by 8.15 percent.
Meanwhile, the import value also decreased of 9.60 percent compared to November. The largest decline in imports was contributed by oil and gas imports which reached 31.45 percent while non-oil and gas reached 5.14 percent.
Cumulatively, Indonesia’s trade balance from January to December 2018 had a deficit of $8.57 billion. Where, the oil and gas deficit was $12.4 billion and non-oil and gas still had a surplus of $3.83 billion.
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