"The trade balance deficit has declined by US$1 billion to $1.02 billion in August from $2.02 billion in the previous month," Nasution stated, after a closed-door meeting with President Joko Widodo at the Presidential Palace here, on Monday.
The trade deficit fell only by $1 billion as oil and gas trade balance deficit was still large, he noted.
"Actually, the non-oil/non-gas trade balance has been quite good and has recorded a surplus, but the oil and gas trade balance still sees a rather large deficit," he remarked.
He revealed that the meeting between Widodo and several ministers discussed the latest economic conditions.
"As the trade balance is announced, today, we review it to see what has been working and what has not, as well as consider everything as part of efforts to make preparations," he noted.
He added that the use of biodiesel blended fuels (B20) for vehicles has had no impact on oil imports as it was made compulsory only on Sept 1.
He further revealed that if the current account deficit in the first and second quarters of this year is combined, it will reach 2.6-2.7 percent.
"If we look at its trend, it will move up to 3 percent. But I think it will go down to 2.5 percent at the end of this year. It will reach nearly 2.5-2.6 percent for all of the year," he added.
The Central Statistics Agency (BPS) announced earlier in the day that Indonesia has recorded a trade deficit of $1.02 billion in August 2018, down from $2.01 billion a month earlier.
The deficit was mainly driven by a deficit of $1.66 billion in the oil and gas sector, although the non-oil/non-gas sector enjoyed a surplus of $0.64 billion, BPS Chief Kecuk Suhariyanto noted, while divulging information on the developments of the country`s exports and imports in July 2018 at the BPS office here, on Monday.
He noted that the country`s exports in August 2018 stood at $15.82 billion, down by 2.90 percent as compared to the previous month. However, exports in August 2018 rose by 4.15 percent as compared to the same month last year.
Meanwhile, imports in August 2018 tumbled by $1.457 billion, or 7.97 percent, to $16.839 billion as compared to the previous month.
Indonesia had recorded a trade surplus of $1.74 billion in June 2018, with exports rising 11.47 percent to $13 billion, and imports growing 12.68 percent to $11.26 billion, according to the BPS.
The figure surpassed Bank Indonesia`s trade surplus forecast of close to $1 billion.
June 2018`s surplus overturned a trade deficit of $1.45 billion a month earlier.
Reporting by Agus Salim
Editing by Suharto
Reporter: antara
Editor: Heru Purwanto
Copyright © ANTARA 2018
