TRADE BALANCE - JAKARTA. Despite seeing a significant decrease in oil and gas and consumer goods imports, Indonesia posted a US$1.16 billion trade deficit in January 2019 because of slower exports and low commodity prices.
Exports decreased 3.24 percent month-to-month (mtm) and 4.7 percent year-on-year (yoy) to $13.87 billion because of a 29.3 percent mtm decrease in oil and gas exports to $1.24 billion.
Meanwhile, imports went down by 2.19 percent mtm and 1.83 percent yoy to $15.03 billion. This was due partially to a 16.58 percent mtm decrease in oil and gas imports to $1.69 billion, a 16.75 percent mtm decrease in consumer goods to $1.22 billion and a 12.1 percent mtm decrease in capital goods to $2.36 billion.
Statistics Indonesia (BPS) head Suhariyanto said key commodities such as coal, copper, aluminum and zinc saw price declines between December and January.
The Indonesian Crude Price was at $56.55 per barrel last month, a 3.2 percent increase from December at $54.81 per barrel.
“Fluctuating prices of commodities as well the general downturn in global [economic] growth has been affecting Indonesia’s trade balance,” Suhariyanto told a press briefing on Friday. “These factors will make 2019 a bigger challenge for Indonesia.”
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