Indonesia Posts US$1.16 Billion Trade Deficit in January 2019

Jakarta: The Central Statistics Agency recorded a trade deficit of US$1.16 billion in January 2019, increasing by US$0.13 billion compared to the previous month.

"Have Indonesia ever recorded US$1 billion deficit in January? If you ask that question, my answer is it was a big deficit," BPS chairman Suhariyanto told a press conference at PS building, Pasar Baru, Central Jakarta on Friday, February 15, 2019.

Last month, Indonesia's oil and gas sector recorded a trade deficit of US$454.8 million. In addition to that, the country's non-oil and gas sector recorded a trade deficit of US$704.7 million.

Quoting BPS's data, Indonesian imports in January reached US$15.3 billion. In the meantime, Indonesian exports in January reached US$13.87 billion.

According to the same report, Indonesia posted trade deficits against China (US$2.43 billion), Thailand (US$261 million) and Australia (US$208 million). On the other hand, the country posted trade surpluses against the United States (US$805), India (US$650) and the Netherlands (US$214).

"Although the American economy is stagnant, our surplus is stable," the BPS leader stated.

According to Bank Indonesia's report, the country's balance of payments in the fourth quarter of 2018 registered a surplus of US$5.4 billion. It was supported by an increase in the capital and financial account surplus.

With this development, the official reserve asset position at the end of December 2018 increased to US$120.7 billion. It was equivalent to 6.5 months of imports and government foreign debt.

Furthermore, the capital and financial account surplus was recorded at US$15.7 billion last quarter. It increased from US$3.9 billion in the previous quarter.

(WAH)

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