Worst Call Throughout History, Trade Deficit of US $ 7.5 M
BuletinDigital. Economic observer from the University of Indonesia, Faisal Basri, assessed that the trade balance deficit of US $ 7.52 billion in January-November 2018 was the worst in history.
The Central Statistics Agency (BPS) recorded a trade balance deficit of US $ 2.05 billion on a monthly basis in November 2018. Meanwhile, in the current year, the trade deficit reached US $ 7.52 billion in January-November 2018.
"This is the new history of Indonesia's trade deficit which has reached US $ 7.5 billion," Faisal Basri said in Jakarta on Wednesday (19/12).
Based on BPS data, since 2000, Indonesia has experienced several trade deficits. In 2012, there was a trade deficit of US $ 1.67 billion, in 2013 amounting to US $ 4.08 billion, 2014 amounting to US $ 1.89 billion. While in the past three years, Indonesia's trade balance recorded a surplus. In 2015 a surplus of US $ 7.52 billion, 2016 surplus of US $ 8.78 billion, and 2017 surplus of US $ 11.84 billion.
Faisal said the trade deficit figure showed that the government still likes to import rather than export. The deficit, according to him, also shows that Indonesia is unable to compete in the international market and is halting in the domestic market.
"This is the monthly average in 2018, almost never the trade deficit does not occur. Never, this is seriously true. The reason is the oil deficit because there is no adjustment process. The price is left so cheap," he said.
According to him, the trade deficit must be addressed immediately. The way is by strengthening Indonesia's manufacturing sector. At present, continued Faisal, Indonesia's manufacturing sector continues to experience weakness.
"If sectoral manufacturing continues to weaken, its share continues to decline and this year it is below 20 percent. Spearhead manufacturing industries increase competitiveness," he said.
Besides the trade deficit, Faisal also criticized Indonesia's economic growth which continued to slow down. In recent years, according to him, the Indonesian economy has stagnated in the range of five percent.
If this continues, according to Faisal, Indonesia will be old before it gets rich.
"In conditions of growth of only five percent (continuously), we will be old before we get rich. So, in another 20-30 years, we are still poor. This shows signs, 82 percent of us will be exposed to the middle income trap if business as usual, "he said.
The Central Statistics Agency (BPS) recorded a trade balance deficit of US $ 2.05 billion on a monthly basis in November 2018. Meanwhile, in the current year, the trade deficit reached US $ 7.52 billion in January-November 2018.
"This is the new history of Indonesia's trade deficit which has reached US $ 7.5 billion," Faisal Basri said in Jakarta on Wednesday (19/12).
Based on BPS data, since 2000, Indonesia has experienced several trade deficits. In 2012, there was a trade deficit of US $ 1.67 billion, in 2013 amounting to US $ 4.08 billion, 2014 amounting to US $ 1.89 billion. While in the past three years, Indonesia's trade balance recorded a surplus. In 2015 a surplus of US $ 7.52 billion, 2016 surplus of US $ 8.78 billion, and 2017 surplus of US $ 11.84 billion.
Faisal said the trade deficit figure showed that the government still likes to import rather than export. The deficit, according to him, also shows that Indonesia is unable to compete in the international market and is halting in the domestic market.
"This is the monthly average in 2018, almost never the trade deficit does not occur. Never, this is seriously true. The reason is the oil deficit because there is no adjustment process. The price is left so cheap," he said.
According to him, the trade deficit must be addressed immediately. The way is by strengthening Indonesia's manufacturing sector. At present, continued Faisal, Indonesia's manufacturing sector continues to experience weakness.
"If sectoral manufacturing continues to weaken, its share continues to decline and this year it is below 20 percent. Spearhead manufacturing industries increase competitiveness," he said.
Besides the trade deficit, Faisal also criticized Indonesia's economic growth which continued to slow down. In recent years, according to him, the Indonesian economy has stagnated in the range of five percent.
If this continues, according to Faisal, Indonesia will be old before it gets rich.
"In conditions of growth of only five percent (continuously), we will be old before we get rich. So, in another 20-30 years, we are still poor. This shows signs, 82 percent of us will be exposed to the middle income trap if business as usual, "he said.
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