Newly appointed Energy and Mineral Resources Minister Arifin Tasrif is set to direct his policies toward closing Indonesia’s trade deficit, which came about largely because of oil imports. “We are currently facing a current account deficit and a trade deficit, which should be everyone’s concern,” he said during a handover ceremony with outgoing minister Ignasius Jonan and outgoing deputy minister Arcandra Tahar in Jakarta on Wednesday. Indonesia booked a US$439 million trade deficit last year mainly as a result of the oil industry, whose $18.42 billion deficit was minimized by surpluses in other sectors, including gas, according to Bank Indonesia (BI) data. Various ministerial policies issued under the first Cabinet to reduce oil imports include an increase of domestic oil production, the use of renewable energy and the switch to a 30-percent biofuel mix ...

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