Indonesia plans to scale down its export target this year to 180.5 billion USD from 190 billion USD due to weakening price of crude palm oil, the country’s hard currency earner, said Minister of Trade Muhammad Lutfi.
The target will be cut down if there is no change on the condition in two more weeks, the minister said, adding that it would be lower than last year’s figure of 179 billion USD.
Indonesia is the world largest producer of palm oil.
The national statistics bureau reported a 318.1 million USD trade deficit in August which brought the total deficit of the first eight months to 1.41 billion USD.-VNA
The target will be cut down if there is no change on the condition in two more weeks, the minister said, adding that it would be lower than last year’s figure of 179 billion USD.
Indonesia is the world largest producer of palm oil.
The national statistics bureau reported a 318.1 million USD trade deficit in August which brought the total deficit of the first eight months to 1.41 billion USD.-VNA
