Statistics Indonesia (BPS) attributed the latest monthly deficit to falling commodity prices that undermined Indonesia’s export performance. Suhariyanto, Head of BPS, stated that the price of crude palm oil (CPO) has declined 0.18 percent year-on-year (y/y), while the coal price declined 39.72 percent (y/y), even though exports of both commodities actually rose, volume-wise, in July 2019. Suhariyanto therefore, again, emphasized the need for Indonesia to reduce its dependence on exports of raw materials and, instead, shift the nation’s production downstream in order to boost added value.

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