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Jakarta Post

RI posts trade balance surplus amid steep decline in imports

  • Marchio Irfan Gorbiano

    The Jakarta Post

Jakarta   /   Sat, November 16 2019   /  01:53 am

Indonesia posted a surprise trade surplus in October, beating economists’ expectations of a deficit. Imports declined more than exports amid sluggish global and domestic economic growth, Statistics Indonesia (BPS) announced on Friday.With a US$161.3 million surplus in October, Indonesia’s trade balance reversed an earlier $163 million deficit in the previous month. From January to October of this year, Indonesia booked a $1.78 billion trade deficit, significantly lower than the $5.57 billion recorded over the same period last year.Exports declined for 12 consecutive months, with a 6.13 percent year-on-year (yoy) contraction in October to $14.93 billion. The manufacturing sector, which was responsible for three quarters of total exports last month, declined by 2.49 percent yoy to $11.34 billion. The sharpest drop in exports was recorded in the oil and gas sector, slumping 40.07 percen...