JAKARTA, KOMPAS.com – The Indonesia trade balance in October 2018 has again experienced a deficit. This time, the deficit is quite steep, 1.82 billion dollars & US.
Registered exports grew by 5.87 per cent. Meanwhile, import growth was much higher, at 20.6 per cent.
"Our trade balance has a deficit due to lack of oil and gas and lack of oil and gas," said Head of Suhariyanto Central Statistics Agency at the BPS office, Jakarta, Thursday (11/15/2018).
Data from the BPS shows that, from September to October 2018, the oil and gas sector was only 1.4 billion dollars and the United States due to lack of crude oil and oil products. While for the gas division, the value of exports is greater than imports but not as big as the deficit of the other two sub-sectors.
The oil and gas sector also suffered a shortfall of 0.39 billion dollars & US.
The BPS recorded that the export value of October 2018 had reached 15.8 billion dollars and US, a 5.87 per cent increase compared to September 2018. Although the oil and gas sector reached 14.32 billion or grown by 4.99 per cent compared to September 2018.
For the October 2018 interventions, the value was 17.62 billion or grew by 20.6 per cent compared to September 2018. Although non-oil and gas imports grew by 19.42 per cent worth 14.71 billion of US dollars.
BPS reported that the trade balance deficit between January and October 2018 was 5.51 billion dollars & US. Accumulatively, the value of Indonesian oil and gas exports in January-October 2018 reached 150.88 billion dollars & USs or 8.84 percent.
Although non-oil and gas exports amount to 136.65 billion dollars and US or 8.73 per cent.
"Homework still has to reduce the deficit with different existing policies," said Suhariyanto.
Suhariyanto urged the government to look for other policy options to reduce the deficit. For example, he said, by pointing to sectors that did not touch very similar to services.
"We hope that policies that touch other aspects, such as touching the service balance sheet," said Suhariyanto.