MARKET DEVELOPMENT
BI Predicts Trade Surplus for May
BI Predicts Trade Surplus for May
14/06/2014 (Jakarta Post) - Bank Indonesia (BI) predicts that the nation's trade balance in May will record a surplus after suffering a deficit of US$ 1.96 billion in April.
"I am optimistic that our trade balance will show positive growth in May and this is a good situation for us," BI Governor Agus DW Martowardojo said in Jakarta on Friday as quoted by kompas.com.
He acknowledged that the deficit in April had shocked almost everyone. However, the deficit was due to the country's exports not performing well because of lower demand for palm oil and coal.
"We believe that we will record a surplus for May even though the pressure on palm oil and coal remains," he added.
According to the Central Statistics Agency (BPS), April's deficit was caused by a deficit in both the oil and gas and non-oil and gas sectors amounting to $1.07 billion and $0.89 billion, respectively.
In April the country's exports amounted to $14.29 billion, a 5.92 percent decline from March 2014. (nfo)
"I am optimistic that our trade balance will show positive growth in May and this is a good situation for us," BI Governor Agus DW Martowardojo said in Jakarta on Friday as quoted by kompas.com.
He acknowledged that the deficit in April had shocked almost everyone. However, the deficit was due to the country's exports not performing well because of lower demand for palm oil and coal.
"We believe that we will record a surplus for May even though the pressure on palm oil and coal remains," he added.
According to the Central Statistics Agency (BPS), April's deficit was caused by a deficit in both the oil and gas and non-oil and gas sectors amounting to $1.07 billion and $0.89 billion, respectively.
In April the country's exports amounted to $14.29 billion, a 5.92 percent decline from March 2014. (nfo)