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Indonesia upholds surplus amid trade fall: BPS
Maintaining a surplus: Containers wait at the Jakarta International Container Terminal (JICT) at Tanjung Priok Port in North Jakarta on March 15, 2015
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span class="inline inline-center">Maintaining a surplus: Containers wait at the Jakarta International Container Terminal (JICT) at Tanjung Priok Port in North Jakarta on March 15, 2015. The Central Statistics Agency (BPS) has reported a US$50.6 million surplus in the January trade balance, a 92 percent year-on-year drop largely caused by a 40 percent decline in oil and gas trade. (Tempo/Tony Hartawan)
Indonesia recorded a surplus of US$50.6 million in the January trade balance, a 92 percent drop from the trade surplus in January 2015, which stood at $632 million. Both imports and exports of fossil fuels fell around 40 percent year-on-year (yoy).
"Despite the limited figure, it is a good start for our trade balance to record a surplus in January," said Central Statistics Agency (BPS) chief Suryamin in a press conference in Jakarta on Monday.
In January, imports stood at $10.45 billion, a fall of 17.15 percent yoy and 13.5 percent month-on-month (mom). Oil and gas imports were down 42.3 percent yoy and 32.1 percent mom, while non-oil and gas imports were down 12.1 percent yoy and 10.2 percent mom.
"It's down to the persistently low oil prices, while at the same times commodities prices also decreased from January last year,' Suryamin explained.
Meanwhile, exports slid 20.7 percent from $12.6 billion to $10.5 billion yoy, driven by oil and gas exports, which registered a 43.5 percent decline to $1.1 billion. Likewise, non-oil and gas exports dropped 16.8 percent to $9.4 billion.
On a monthly basis, exports retreated 11.9 percent with oil and gas exports and non-oil and gas exports shrinking 14.8 percent and 11.5 percent, respectively. "The decline was caused by the sluggish commodities prices," Suryamin said. (ags)(+)
