Indonesian balance of trade recorded deficits on January 2019 up to USD 1.16 billion, it is increased from the deficit number in the previous month which reached USD 1.03 billion.
Reported from the bi.go.id official site that as the crude oil and gas export decreased worse than the imports, it’s influenced the increase of crude oil and gas deficit balance of trade.
“Meanwhile, other commodity balance of trade is not showing much different change compared to the previous month. It is supported by the enhancement of non-oil and gas export as well as the robust of the import condition,” said Agusman, the executive director of communication department of central bank of Indonesia.
In the prior month, crude oil and gas balance of trade recorded USD 0.28 billion, and it is increased up to USD 0.45 billion in January 2019.
The deficit influenced by the export shrank of crude oil and gas from USD 1.75 billion in December 2018 to USD 1.23 billion in January 2019.
“The decrease mainly occurred at the production component of crude oil and gas as well as export volume shrank and oil value,” Agus added.
The decline of crude oil and gas export is worse than the import. It is recorded USD 1.69 billion on January 2019 which dropped USD 0.34 billion compared to the prior month.
The non-oil and gas deficit balance of trade on January 2019 recorded USD 0.7 billion, it is not showing much different change rather than the prior month deficit that reached USD 0.75 billion.
This condition caused by the increase of non-oil and gas export while the import remains stable. The export recorded USD 12.36 billion which gain a surplus up to USD 0.05 billion (mtm) from the December 2018 accession.
“Non-crude oil and gas export are dominated by vehicle components and its part, machine/electronic tools, and steel. Meanwhile, non-oil and gas imports recorded USD 13.34 billion with the increase of import demand focused on the imports of organic chemicals, plastics, plastic stuff, iron, and steel,” Agus explained.
Central bank of Indonesia sees the development of the balance of trade on January 2019 as one of the effects of global economic growth that sloping and the decline of Indonesian commodity exports while the domestic demand is still solid.