Jakarta (ANTARA News) - Finance Minister Agus Martowardojo said on Thursday the oil and gas sector`s lackluster export performance was to blame for the country`s trade deficit in July, the first since early this year.

"So, there must be efforts to increase exports particularly oil and gas exports," he said after a coordination meeting at the Coordinating Ministry for Economic Affairs here.

Indonesia had so far relied on gas exports to increase foreign exchange earnings from the oil and gas sector. However, the country had been an oil importer since the past few years, he said.

The Central Statistics Agency (BPS) said on Wednesday Indonesia suffered a trade deficit of US$128.7 million in July when exports reached US$12.49 billion and imports US$12.62 billion.

Imports rose to US$12.62 billion in July due in part to a significant rise in the import of consumer goods, the agency said.

Overall, Indonesia`s balance of trade in the first seven months of 2010 recorded a surplus of US$9.46 billion, it said.

Asked if July`s trade deficit was to change all macro economic assumptions in the draft 2011 state budget, the finance minister said none of the assumptions was directly related to the balance of trade.

"Right now there are still discussions on the assumptions. But actually, none of the assumptions is directly related to the balance of trade," he said.
(Uu.S012/F001/H-NG/P003)

Editor: Priyambodo RH
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