Indonesia Estimated to Have US$1 Bln Surplus in Foreign Trade

Indonesia Estimated to Have US$1 Bln Surplus in Foreign Trade


Jakarta — Bank Indonesia (BI) Governor Perry Warjiyo said he estimated the country was favored with a surplus of US$1 billion in its foreign trade in June, larger than the previous prediction of  US$900 million.  “The latest show that the trade balance in June was US$1 billion, larger than the previous estimate of US$900 million,” Perry said here on Wednesday (11/07). He said the surplus would help reduce the deficit in the current account deficit in the second quarter of 2018, which is seasonally higher. He said throughout 2018, the current account deficit would not be higher than 2.5 percent of the GDP. Earlier, the Central Bureau of Statistics said the country’s trade balance had a deficit of US$1.52 billion in May 2018. The deficit included US$1.24 billion in oil and gas trade and US$0.28 billion in trade of non-oil and gas commodities. The rising price of crude oil in the international market resulted in high deficit in the trade of oil and gas. Cumulatively from January to May 2018, the country had a deficit of US$2.8 billion as against a surplus of US$5.9 billion in the same period last year as a result of improved export performance.

Source: Antaranews