Indonesia trade surplus rises significantly on subdued import

GMT 21:42 2015 Tuesday ,18 August

Arab Today, arab today Indonesia trade surplus rises significantly on subdued import

Trade surplus
Jakarta - XINHUA

Indonesia witnesses a surge in trade surplus in July as import was down more sharply than export amid subdued economic growth.

The national statistic bureau announced on Tuesday that Indonesia recorded 1.33 billion U.S. dollars trade surplus in July.

Import fell by 28.44 percent to 10.08 billion U.S. dollars in July from a year earlier, and export scaled down by 19.23 percent to 11.41 billion U.S. dollars in July on year, Adi Lumaksono, deputy of statistic production of the bureau said.

"This is because of the weakening of currency, especially the appreciation of U.S. dollar against other currencies," he told a press conference at the bureau headquarters.

Rupiah has depreciated to the lowest in 17 years, rising cost of shipment of capital goods, most of materials required for the production of country's exported products, shipped from overseas.

Indonesia's economy expanded to the slowest pace in 6 years in the first and second quarters by 4.71 and 4.67 percent respectively, according to the bureau.

Indonesia's exports have been subdued in recent months due to falling demand on the country's export products.

Indonesia is the world's largest exporter of palm oil, thermal coal, and the world's third biggest exporter of rubber and cocoa, as well as home to the world's second-biggest copper mine.

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