TEMPO.CO, Jakarta – The Central Statistics Agency (BPS) noted that as of October 2014, Indonesia's export value only reached US$148.06 billion, down 1.06 percent from last year's same period of US$149.65 billion.
"The exports value decline mainly happened in the mining sector, which is 24.76 percent," BPS chief Suryamin said yesterday.
Suryamin said the decline was also triggered by the drop in world oil prices, which had put the Indonesian Crude Price (ICP) at US$83.72 per barrel in October, down from US$94.97 per barrel in the previous month.
Bob Kamandanu, chairman of the Indonesian Coal Mining Association (APBI), urged the government to reduce coal exports by 20 percent in order to improve the standard export price that has continued to fall over the past four years.
This year, the export price of coal fell to US$ 65 per ton, whereas at the beginning of 2011 the price stood at US$110 per ton.
Lana Soelistianingsih, an economist from the University of Indonesia, estimated exports performance will continue to decline until the first half of 2015. "If crude oil prices keep going down, Indonesia's oil prices will also drop," she told Tempo yesterday.
TRI SUSANTO | USRULA FLORENE SONIA | ROBBY IRFANY