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Indonesia's April trade balance nosedives to US$2.5 billion deficit

Source: Antaranews.com    Time:2019-05-16 09:40:50

The Central Statistics Agency (BPS) reported that Indonesia experienced a trade deficit of US$2.5 billion in April 2019, constituting $1.49 billion from the oil and gas sector and $1.01 billion from the non-oil/non-gas sector.
Indonesia's April exports plummeted 10.80 percent to $12.6 billion, from the March figure of $14.12 billion, BPS Chief Suharyanto remarked here on Wednesday.
"In comparison with April 2018, a 13.10 percent drop in exports was observed, from US$14.5 billion," he pointed out.
Meanwhile, Indonesia's imports increased 12.25 percent to reach $15.10 billion in April 2019, from $13.45 billion a month earlier.
Oil and gas imports recorded a 46.99 percent rise, while non-oil/non-gas imports shot up 7.82 percent.
However, imports in April 2109 were lesser in comparison with $16.16 billion registered in the corresponding period last year.
"This indicates that we can still control the imports of several commodities, so the total import value in April 2019 was lesser than the figure in the previous year," he remarked.
Cumulatively, Indonesia's trade balance during the January-April 2019 period recorded a deficit of $2.56 billion, with oil and gas trade witnessing a $2.7 billion deficit and non-oil/non-gas trade registering a $204.7 million surplus.
"Certainly, we are upbeat of our trade balance improving in future," he remarked.
The April 2019 figure is the highest monthly deficit to have been experienced since $2.3 billion in July 2013.
The slowdown in the global economy, vacillating prices of commodities, and escalating US-China trade war are among the chief contributors to the current economic condition.
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