"The $1.82 billion deficit consists of $1.4 billion oil and gas deficit and $393 billion non-oil and gas deficit," Suhariyano told a press conference here on Thursday.
He explained that oil and gas imports in this period were recorded at $2.90 billion, while oil and gas exports only reached $1.48 billion.
Oil and gas exports consist of crude oil exports of $ 418.8 million, oil exports of $10.6 million, and gas exports of $952.2 million.
"What makes the oil and gas deficit slightly reduced is the value of gas exports, which rose 49.3 percent and made a surplus contribution," Suhariyanto remarked.
The value of non-oil and gas imports, which reached $14.7 billion, contributed to the trade balance deficit, because non-oil and gas exports only recorded $14.3 billion.
BPS noted that the export value reached $15.8 billion and imports amounted to $17.6 billion in October 2018.
Thus, cumulatively, from January to October 2018, the trade balance recorded a deficit of $5.5 billion.
The trade balance deficit came from the export value of $150.8 billion and imports of $156.3 billion.
Earlier, Minister of National Development Planning/head of the National Planning Board (Bappenas), Bambang Brodjonegoro, has stressed the importance of boosting export to cover the rising trend of current account deficit.
"It is true that the problem in oil and gas sector has caused the deficit. But if we can export more, the deficit can be covered," Brodjonegoro explained here on Wednesday.
The central bank, Bank Indonesia (BI), has recorded an increase of current account deficit (CAD) in the third quarter of 2018 to 3.37 percent of the gross domestic product (GDP), or some $8.8 billion, compared to the CAD in the second quarter of the year at 3.02 percent of GDP, or $8 billion.
According to BI, the increased CAD was stemming from the declined performance of trade balance for goods and increased deficit of balance for services.
On trade balance for goods, oil and gas sector has recorded an increase in deficit to $3.53 billion, as the import value of oil rose following the world oil price hike.
Non-oil and gas sector has recorded a slight increase of surplus to $3.43 billion due to the high import.
Reporting by Satyagraha
(T.A014/A/KR-BSR/R013) 15-11-2018 18:40:00
Reporter: Antara
Editor: Andi Abdussalam
Copyright © ANTARA 2018
