Jakarta: Coordinating Minister for Economic Affairs Darmin Nasution has explained that Indonesia's large trade deficit in 2018 was primarily contributed by the country's oil and gas sector.
"In 2017, the non-oil and gas trade surplus can still compensate the oil and gas trade deficit. In 2018, the non-oil and gas trade surplus cannot compensate the oil and gas trade deficit anymore," Darmin told reporters on Tuesday, January 15, 2019.
According to the Central Statistics Agency (BPS), Indonesia recorded a trade deficit of US$8.57 billion in 2018. It was the worst experienced by President Joko "Jokowi" Widodo's administration.
According to the same report, Indonesian exports reached US$180.06 billion in 2018. The number increased by 6.65 percent compared to 2017.
In the meantime, Indonesian non-oil and gas exports reached US$162.65 billion last year. The number increased by 6.25 percent compared to the previous year.