Indonesia trade balance in March witnessed a lower surplus of 497 million U.S. dollars compared with a 1.15 billion U.S. dollars surplus in February as import's decrease was lower than export's decline, the statistic bureau announced here on Friday.
Export in March reached 11.79 billion U.S. dollars or down by 13.51 percent on year and import was recorded at 11.3 billion U.S. dollars or dropped by 10.41 percent on yearly basis, Suryamin, head of the bureau told a press conference at the bureau headquarters here.
The cumulative of trade performance by March was recorded at 1. 65 billion U.S. dollars with total export standing at 33.59 billion U.S. dollars and total import 31.94 billion U.S. dollars, Suryamin revealed. "The rise of commodities prices at the global market has not hiked our exports on yearly basis," he told Xinhua after the conference.
The Indonesian government mulls relaxing its export ban policy on raw mining materials amid rebound of global oil prices, which is expected to boost the country's total exports.
"Should the ban be lifted, it will give a significant rise on our exports," said Suryamin.
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.
Indonesian trade ministry expects export to decrease by 5 percent to 134. 9 billion U.S. dollars this year as weakening global economy eases demand for the country's products, according to Nuz Nuzulia, director general for export development of the ministry.
Indonesia's export has been subdued in recent years despite weakening of rupiah again the U.S. dollar as the country must also import raw materials for manufacturing exported products.
President Joko Widodo has launched a raft of economic stimulus policies, including deregulation and incentives, to encourage exporters to boost shipment of products overseas.