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PrintIndonesia booked a record high trade deficit of US$2.31 billion in July, the Central Statistics Agency (BPS) says.
Exports stood at $15.11 billion while imports amounted to $17.42 billion, according to BPS data.
BPS Head Suryamin said as quoted by kontan.co.id that the main driver of the deficit was the high dependency on oil and gas imports.
“This issue within the oil and gas sectors has been a very difficult task to manage,” Suryamin said.
The record-high deficit then triggered another plunge in the rupiah after it had rebounded over the last two days.
Bloomberg data revealed that the rupiah weakened by 0.2 percent against the US dollar to Rp 10,940 per dollar at 1:19 p.m. in the spot market. The rupiah also weakened by 0.7 percent to Rp 11,514 per dollar in the one-month non-deliverable forward (NDF) market.
“Market players were surprised at Indonesia’s trade deficit data,” Standard Chartered economist Eric Alexander Sugandi said.
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