"Compared to the value in January 2019, it decreased by 3.71 percent," BPS chairman Suhariyanto told a press conference here on Monday, February 17, 2020.
Suhariyanto explained that the decrease was mainly influnced by lower oil and gas and non-oil and gas exports. The value of oil and gas and non-oil and gas exports decreased by 28.73 percent and 5.33 percent, respectively.
The country's balance of payments (BOP) in 2019 registered a surplus of USD4.7 billion, improved from a deficit of USD7.1 billion in 2018. T
This improvement was driven by decreasing current account deficit and soaring capital and financial account surplus. The current account deficit narrowed to USD30.4 billion or 2.72 percent of GDP from deficit of 2.94 percent of GDP in the last year.
Such developments was primarily stemmed from goods trade surplus, in contrast to the deficit posted in the previous year.
The goods trade surplus was attributed to the increase in non-oil and gas trade surplus combined with the decline in oil and gas trade deficit as an impact of policies to control import, including B20 program which has reduced oil imports.
In addition, despite uncertainty blighting the global financial markets, the capital and financial account recorded a significant USD36.3 billion surplus, up from USD25.2 billion surplus in the 2018, driven by a deluge of long-term capital inflows.