Global Dynamics influence Trade Balance in April 2019 - Bank Sentral Republik Indonesia
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August 26, 2019

No. 21/36/DKom

Indonesia’s trade balance recorded a USD2.50 billion deficit in April 2019. The main contributors were non-oil and gas as well as oil and gas trade deficits. Cumulatively from January – April 2019, therefore, Indonesia’s trade balance experienced a USD2.56 billion deficit.

The non-oil and gas trade deficit stood at USD1.01 billion in April 2019 after recording a USD1.05 billion surplus the month earlier. The reversal stemmed from a decline of non-oil and gas exports from USD12.98 billion in March 2019 to USD11.86 billion in the reporting period, held back by jewellery/gems, animal/vegetable fats and oils, as well as mineral fuels. Meanwhile, non-oil and gas imports were recorded at USD12.86 billion, up USD0.93 billion (mtm) on the previous period. The main drivers of import growth were electrical machinery and equipment, ships and floating structures, as well as fertilisers.

The oil and gas trade deficit was recorded at USD1.49 billion in April 2019, increasing from USD0.38 billion the month earlier. The wider deficit was explained by a growth surge of oil and gas imports from USD1.52 billion in March 2019 to USD2.24 billion in April 2019. The increase affected all components, namely refined products, crude oil and gas, on the back of rising import prices and volume. In contrast, oil and gas exports decreased from USD1.14 billion in March 2019 to USD0.74 billion in April 2019, weighed down by refined oil and gas products in line with lower export volume.

Bank Indonesia considers the current trade balance dynamics a consequence of global economic moderation and sliding prices of Indonesian exports, which have undermined national export performance. Meanwhile, imports are still required to meet solid domestic demand. Moving forward, Bank Indonesia and the Government will continue coordination to monitor global and domestic economic developments, thereby strengthening external stability, including the trade outlook.

Jakarta, 15th May 2019
COMMUNICATION DEPARTMENT

 

Onny Widjanarko
Executive Director

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