Trade balance in October 2018 was Deficit US$ 1,82 Billion

Trade balance in October 2018 was Deficit US$ 1,82 Billion

InfoSAWIT, JAKARTA – The trade balance in October was deficit reaching US$ 1,82 milliar that consisted of the deficit of the non-oil and gas trade balance reaching US$ 393,2 million and trade balance oil and gas deficit reaching US$ 1,43 billion. “The trade balance of non-oil and gas in October 2018 which was deficit was the pressure for the trade balance in a whole. In the previous month, the trade balance was surplus reaching US$ 1,3 billion,” Minister of Trade, Enggartiasto Lukita said.

He also said that the trade balance of oil and gas in October 2018 was in bigger deficit than it in the previous month, that was, from US$ 1,0 billion to be US$ 1,4 billion. In cumulative, the trade balance in January—October 2018 was deficit reaching US$ 5,5 billion that consisted of the surplus of trade balance of non-oil and gas reaching US$ 5,2 billion and the deficit of trade balance of oil and gas reaching US$ 10,7 billion.

“The bigger deficit of the trade balance of oil and gas happened for the high demands of the imports from oil because of the expensive crude oil in the world trade. Meanwhile the surplus of non-oil and gas trade balance was decreasing from the previous year because of the increasing imports of material and goods,”he said in the official statement toInfoSAWIT, Monday (3/12/2018).

He continued that the government is trying its best to get the export target of non-oil and gas in 2018 by maintaining the supporting the increasing export products beyond the target. The products are coal (HS 27); iron and steel (HS 72); ore, crust and metal ash (HS 26); kinds of chemical products (HS 38); paper/cartoon (HS 48); goods made of wood(HS 44); pulp (HS 47); material of organic chemicals (HS 28); goods from iron and steel (HS 73); and aluminum (HS 76).

Besides, the government tries to increase the exported products which do not reach the target but could be potential to get the targets. They are vehicles and the spare-parts (HS 87); knitting goods (HS 61); cloth not from the knitting (HS 62); machine/electric tools (HS 85); footwear (HS 64); plastic and plastic products (HS 39); jewelry (HS 71); engineered staple fiber (HS 55); fish and shrimp (HS 03); and cocoa/chocolate (HS 18).

While the control of non-oil and gas imports would be done in the short term and need to return the supervision of the imports to the customs, namely for the products which support the high increasing imports, such as, iron and steel (HS 72). Meanwhile in the mid-long term period, the government needs to support the substitution imports by increasing the imported substitution industrial production capacity. (T2)



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