Jakarta: Indonesia's trade balance recorded a USD2.5 billion deficit in April 2019, the country's largest ever monthly trade deficit on record.
"The oil and gas sector recorded a trade deficit of USD1.49 billion. The non-oil and gas sector recorded a trade deficit of USD1.01 billion," Central Statistics Agency (BPS) Suhariyanto told a press conference on Wednesday.
"We hope that our trade balance could improve in the future," the BPS official remarked.
According to the report, Indonesian exports stood at USD12.6 billion in April 2019. It was down by 10.8 percent compared to March 2019.
On the other hand, Indonesian imports stood at USD15.1 billion last month. It was up by 15.1 percent compared to the previous month.
Solid national economic growth was recorded at 5.07 percent (yoy) in the first quarter of 2019, pointing to maintained domestic economic performance despite retreating from 5.18 percent (yoy) in the fourth quarter of 2018.
Seasonal factors at the beginning of the year as well as the impact of weaker-than-expected global economic gains contributed to the moderate economic downturn in Indonesia.
Economic growth in the first quarter of 2019 was primarily driven by domestic demand on the back of consumption by non-profit institutions serving households (NPISH) and households.
NPISH consumption growth accelerated to 16.93 percent (yoy) in the reporting period from 10.79 percent (yoy) in the three months to December 2018, buoyed by spending on preparations for the 2019 General Election.
Household consumption also remained solid as a consequence of controlled inflation, rising incomes and higher consumer confidence, notwithstanding slight moderation from 5.08 percent (yoy) to 5.01 percent (yoy) in the first quarter of 2019.