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Jakarta Post

Trade deficit at highest level since 2013

  • Rachmadea Aisyah, Stefanno Reinard Sulaiman and Marchio Irfan Gorbiano

    The Jakarta Post

Jakarta   /   Thu, May 16 2019   /  12:08 am

The preparations for this year’s Ramadan and Idul Fitri season dealt a serious blow to the trade balance in April as it plunged into a US$2.5 billion deficit, the largest monthly deficit recorded since 2013.The trade deficit in April surpassed the previous deficit record in December 2018 of $2.05 billion and was the largest monthly deficit recorded under the administration of President Joko “Jokowi” Widodo A major cause of the deficit, which followed trade surpluses of $670 million in March and $330 million in February, was due to weak oil and gas trade balance. In April, oil and gas exports declined by 35 percent month-to-month (mtm) to $740 million, while its oil and gas imports went up by a whopping 47 percent mtm to $2.24 billion despite the government’s measures to reduce imports of consumer goods. The oil and gas trade balance posted a year-to-date (ytd) deficit of $2.77 bi...