MARKET DEVELOPMENT
Govt Revises RI's Export Target to $184.3B This Year
Govt Revises RI's Export Target to $184.3B This Year
18/10/2014 (Jakarta Post) - The government is revising its export target for the 2014 fiscal year down from US$190 billion to $184.3 billion.
With the revision, Trade Minister Muhammad Lutfi said, the country’s exports would only grow by 0.9 percent compared to last year.
In early 2014, the government had forecast the country’s exports would grow by 4.1 percent, kontan.co.id reported.
Lutfi said that revision was being made for several reasons, including a correction to expected 2015 global economic growth, now forecast at 3.1 percent down from 4.7 percent, and the decreasing price of commodities such as crude palm oil (CPO).
The prices of CPO and coal had at present decreased by 21.7 percent and 15.4 percent respectively compared to January, he said.
Meanwhile, the price of rubber, one of Indonesia’s main commodities, had plummeted by 280.79 percent.
Central Statistics Agency (BPS) data showed that Indonesia’s trade balance suffered a $318.1 million deficit through August. Cumulatively, the country has suffered a $1.41 billion deficit during January-August period this year. (nfo)(++++)
With the revision, Trade Minister Muhammad Lutfi said, the country’s exports would only grow by 0.9 percent compared to last year.
In early 2014, the government had forecast the country’s exports would grow by 4.1 percent, kontan.co.id reported.
Lutfi said that revision was being made for several reasons, including a correction to expected 2015 global economic growth, now forecast at 3.1 percent down from 4.7 percent, and the decreasing price of commodities such as crude palm oil (CPO).
The prices of CPO and coal had at present decreased by 21.7 percent and 15.4 percent respectively compared to January, he said.
Meanwhile, the price of rubber, one of Indonesia’s main commodities, had plummeted by 280.79 percent.
Central Statistics Agency (BPS) data showed that Indonesia’s trade balance suffered a $318.1 million deficit through August. Cumulatively, the country has suffered a $1.41 billion deficit during January-August period this year. (nfo)(++++)