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Indonesia posts 670 mln USD trade surplus in March on palm oil shipment hike

English.news.cn   2014-05-02 14:55:48

JAKARTA, May 2 (Xinhua) -- Indonesia trade performance witnessed a surplus in March as export of a commodity rose amid rising global demand, encouraging policymakers to move with effort to narrow current account deficit.

Head of National Statistic Bureau Suryamin announced on Friday that the trade performance in March touched a surplus of 673.3 million U.S. dollar as shipment of palm oil scale up to Japan and China following rising demand.

That remains lower than that of 785.3 million U.S. dollar surplus in February.

Suryamin said that export in March grew by 1.24 percent to 15. 21 billion U.S. dollars and import fell by 2.34 percent to 14.54 billion U.S. dollars.

The Southeast Asia's largest economy has scrambled to narrow current account deficit to below 3 percent this year from that of 3.3 percent last year, the central bank governor Agus Martowardojo has said recently.

That partly causes the bank insists to keep implementing a tight monetary policy this year, according to him.

The bank has kept its benchmark interest rate at 7.50 percent since December after aggressively rose it by 1.75 percentage points from June to November, which had successfully made Indonesia faring better among the emerging economies battling with capital outflows.

Indonesia has striven to ease importation of subsidized fuel, including implementing bio-fuel energy and shifting the energy reliance from fossils fuel to abundant gas, and ramp up exports.

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

Indonesian trade ministry projected the country's export to grow by 4.1 percent to 190 billion U.S. dollar this year due to a hike in non-oil and gas shipment overseas.

Indonesia's export shrank by 3.92 percent to 182.57 billion U.S. dollars last year, and import also depleted by 2.64 percent to 186. 63 billion U.S. dollars, leading to a 4.06-U.S.-dollar trade deficit in 2013 mostly contributed by oil trade deficit, according to the bureau.

Editor: Yamei Wang
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