Jakarta: Finance Minister Sri Mulyani Indrawati has affirmed that the Government will continue to improve the country's export performance.
"The president has instructed his ministers to adress the ongoing current account deficit by improving export performance," the former World Bank managing director said here on Monday.
"We will continue to cooperate with other institutions in order to support exports as well as local industries," she noted.
Indonesia's trade balance recorded a surplus of USD0.2 in June 2019. It was mainly influenced by seasonal factors.
Based on the latest data from the Central Statictics Agency (BPS), the oil and gas sector still recorded a trade deficit of USD966.8 million in June 2019. In the meantime, the non-oil and gas sector managed to record a trade surplus of 1.16 billion last month.
Cumulatively, the oil and gas sector booked a trade deficit of USD4.78 billion in the first semester of 2019. Meanwhile, the non-oil and gas sector posted a trade surplus of USD2.85 billion last semester.
According to a report from Bank Indonesia (BI), a general softening of national economic growth has occurred during the second quarter of 2019 as a corollary of declining export performance.
The recent escalation of international trade tensions has undermined export performance in Indonesia due to restrained global demand and lower commodity prices despite relative improvements for a number of commodities, including chemicals, iron and steel, coal as well as vegetable oil.