Export Improves Balance of Trade: Bank Indonesia

05 November, 2014 | Source: antara news

Jakarta (ANTARA News) - Bank Indonesia (BI) has estimated that an increase in export activity, in line with global economic recovery, can help to improve balance of trade, despite the continued oil and gas deficit.

BI spokesperson Peter Jacobs stated that Indonesias external balance continues to recover. This is reflected in its balance of trade that showed an improvement from a US$0.31 billion deficit in August to a US$0.27 billion deficit in September.

"The improvement in trade balance in September will contribute positively towards the current account in the third quarter of 2014," Jacobs explained here on Tuesday.

Furthermore, non-oil trade balance recorded a higher surplus than the previous month. It stood at US$0.76 billion in September, higher than the US$0.49 billion recorded in August.

Surplus of non-oil trade balance amounted to US$0.5 billion in September last year.

The increase in non-oil balance of trade was primarily supported by the rise in exports of mineral fuels, fats and animal/vegetable oil, rubber and rubber products, as well as that of manufactured goods such as electrical equipment and machinery.

The increase in non-oil exports in September was primarily due to high demand from developed countries such as the USA, Australia, Japan, Germany and France, as well as some emerging countries such as China, Singapore and South Korea.

The improvement in trade deficit was also reflected in the third quarter of 2014. It recorded a deficit of US$0.53 billion, a sharp decline from the deficit of US$2.21 billion in the second quarter of the year.

The decline in the deficit due to lower non-oil imports in Q3 of 2014 amounted to US$33.2 billion from US$35.9 billion in Q2.

This decline was more than that of non-oil exports, which reduced from US$36.71 billion in Q2 to US$36.17 billion in Q3.

Moreover, oil and gas deficit in the third quarter increased to US$3.5 billion from US$2.99 billion in the second quarter of 2014.

"Bank Indonesia will monitor global and domestic risks that may affect the prospects of the current account deficit and external resistance," Jacobs affirmed.(*)

 

President Joko Widodo (Jokowi) plans to visit Turkey to develop partnership in strategic industry and economy with the country, Foreign minister Retno Marsudi said here on Monday at the state palace after a meeting prior to the presidents visit to Turkey and Germany.
Indonesian Foreign Minister Retno Marsudi and her Maldivian counterpart Mohamed Asim will hold a bilateral meeting in Jakarta on Wednesday (June 21) to discuss the cooperation in tourism sector.
The United Nations Food and Agriculture Organization (FAO) has praised Indonesia for its role in fighting illegal, unreported, unregulated (IUU) fishing, the Indonesian Embassy in Rome said.
Indonesias real GDP growth is projected to increase from 5.2 percent this year to 5.3 percent in 2018, according to the World Banks June 2017 Indonesia Economic Quarterly.
Jakarta (ANTARA News) - Former president of the United States, Barack Obama, is scheduled to deliver a keynote speech at the opening session of the 4th Congress of Indonesian Diaspora in Jakarta on July 1, 2017.
Jakarta (ANTARA News) - Indonesian Minister of Foreign Affairs Retno Marsudi spoke by phone with her counterparts of the Middle East in a bid to ease the crisis between Qatar and a group of Arab countries.
Address: 1068 Budapest, Városligeti fasor 26. | MAP |
Phone: (+36-1) 413 3800 Fax: (+36-1) 322 8669
E-mail: embassy@indonesianembassy.hu