N Sulawesi Reports Foreign Trade Surplus

Manado, N Sulawesi, Oct 6 (Antara) - North Sulawesi recorded a trade surplus of US$106.79 million in August 2014 when the country suffered a deficit of US$318 million in the same month. "With exports valued at US$110.74 million and imports at US$3.95 million only, the province was favored with a bigger surplus of US$106.79 million," the provincial office of the Central Bureau of Statistics (BPS) said. The surplus followed an increase in exports and a decline in imports, Faizal Anwar, head of the North Sulawesi BPS, said here on Monday. The export value rose from US$70.78 million in July and imports shrank 13.38 percent from US$5.56 million in July. Faizal said animal and vegetable fats and oils dominated exports accounting for 65.4 percent of the total value of exports in August. The largest export destination was the Netherlands to which exports were valued at US$41.63 million or 37.59 percent of the total export value. Faizal said a decline was recorded in the imports of all commodities including ships, mineral fuels, steel, chemicals , salt, sulfur and explosives. Meanwhile, head of the foreign trade division of the provincial industry and trade office T Hasudungan Siregar said North Sulawesi has exported coconut meal to Britain . The province earned US$27,365 from the export of 13 tons of the commodity last week , Hasudungan said here on Monday. Hasudungan said Britain is a potential market for coconut meal,adding coconut meal is used as a basic material for cakes and other food products. "We have to utilize the market opportunity in Britain and other European countries especially ahead of Christmas," he said. He said demand for coconut meal is expected to rise sharply toward the end of the year. "However, it is important to maintain good quality otherwise we will lose the market," he said. He said the market of coconut meal has expanded to other Asian countries, America, Australia and Africa, he said . He said coconut meal has even penetrated wider markets than crude coconut oil although CCO still is the largest export earner. CCO has been the largest export earner for North Sulawesi, which is the country`s largest producer of coconut products including CCO. Hasudungan said the provincial administration would facilitate exports of coconut products and help in promoting the commodities by taking part in trade fairs at home and abroad.