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Low Oil Price Saves Trade Balance

18 February 2015 13:22 WIB

TEMPO.CO, Jakarta - Indonesia's January trade balance recorded a surplus of US$709.4 million, supported by the decline in oil and natural gas imports by 37.59 percent. According to data gathered by the Trade Ministry and the Central Statistics Agency (BPS), the total value of imports fell from US$14.44 billion in December 2014 to US$12.59 billion in January 2015.

The biggest decline came from the import value of oil and gas products, which dropped from US$3.389 billion to US$2.115 billion.

Currently, the West Texas Intermediate (WTI) averages at a low US$47.33 a barrel, while Brent crude has fallen to US$49.76 a barrel. The global oil price decline has caused Indonesia's oil and gas exports in January 2015 fell 11.75 percent compared to the previous month.

Meanwhile, the Ministry of Energy and Mineral Resources reported that the Indonesian Crude Price (ICP) fell from US$59.56 per barrel in December 2014 to US$45.30 in January 2015. 

URSULA FLORENE SONIA | BERNADETTE CHRISTINA | PINGIT ARIA

Trade Balance


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