Indonesia posts $270m trade deficit in September

Indonesia's trade balance witnessed a small deficit of 270.3 million U.S. dollars in September due to high oil import, narrowing from 310 million U.S. dollar deficit in August, the national statistic bureau said here on Monday.
The total export in September, 15.28 billion U.S. dollar or rising by 3.87 percent on year, remained below the total import of 15.55 billion U.S. dollar in the month, which increased by 0.23 percent on yearly basis, head of the bureau, who only gave his name as Suryamin announced.
"The deficit becomes narrower. Hopefully it will swing to surplus (next time)," he told a press conference at the bureau headquarters.
The country's oil and gas trade balance suffered from a deficit of 1.03 billion U.S. dollars in September, but non-oil and gas trade performance had a 760 million U.S. dollars surplus in the month, said Suryamin.
President Joko Widodo plans to raise oil price by year end, which is expected to improve the country's trade performance and narrow current account deficit.
Indonesia is a net-oil importer country and provides a huge oil subsidy.
The central bank has implemented a tight monetary policy that eases economic growth to guard the country's economy from the risk of global economic turmoil that may push foreign funds from Indonesia.
The bank may rise its benchmark interest rate of 7.5 percent after the government rises the planned oil prices to control inflation.