Indonesia’s Economic Shrank at 0.52% in 1Q 2019
Chief of Indonesian Statistics Suhariyanto.

JAKARTA (TheInsiderStories) — Can’t cope up with the trade balance issue, Indonesia suffered trade balance deficit for US$190 million, during January to March. Oil and gas continuously contributed the deficit by $1.34 billion. While non-oil and gas has $1.15 billion surplus.

However, in the monthly calculation, Indonesia has another trade balance surplus two times in a row. In March alone, the gap is $540 million. The figure’s even higher than the February’s surplus at $330 million. But the condition’s not enough to change the year-to-date’s deficit.

Export recorded at $14.03 billion in March. A positive thing that the export is 11.71 percent higher than February. Mining, processing industry, and agriculture products supported the export hike.

The import in March was also increasing by 10.31 percent to $13.49 billion, from February. The upturn occurred for all kinds of goods including consumption goods and raw/auxiliary goods. But compared to the same period last year, the import decreased by 6.67 percent.

“Surplus is mostly supported by non-oil and gas exports, while oil and gas is still in deficit,” said the Indonesian Statistics Chief Suhariyanto, on Monday (04/15).

He explained that non-oil and gas contributed the surplus for US$988 million. But it’s not an easy task for Indonesian government to handle the oil and gas trade balance gap. The oil and gas deficit was $448 million.

Suhariyanto said, there are price fluctuation of several commodities including Indonesia’s main commodities that’s affected the trade balance. The non-oil and gas which has price hike are zinc, rubber, nickel, and copper. On the other hand, kernel oil, palm oil, chocolate, silver and coal recorded price fall.

According to Suhariyanto, among those, three commodities have a significant impact to Indonesian export. The rubber price increase, also the palm oil and coal price downturn.

Written by Staff Editor, Email: theinsiderstories@gmail.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here