REPUBLIKA.CO.ID, JAKARTA -- Finance minister Chatib Basri predicted that the decline in exports in January would only be temporary or would not happen the whole year.

"Exports in January are usually weak but they will be bigger in the months to come," he said here on Monday.

He said one of the factors that would help increase exports in the months ahead was implementation of the regulation on "Easing of Imports for Exports Purpose" (KITE) which was effective from February.

In view of that he hoped the balance of trade would be under control until the end of the year and the current account deficit would be maintained at 2.5 to 3.0 percent of GDP.

"KITE which was only effective in February would boost exports. I am optimistic the current account deficit would be overcome and suppressed to below three percent," he said.

According to the Central Bureau of Statistics (BPS) Indonesia suffered a deficit of US$430.6 million with the country 's exports recorded at US$14.48 billion and imports at US$14.92 billion in January, 2014.

"The trade deficit happened because of big oil/gas imports which reached US$3.55 billion while oil/gas exports were recorded at only US$2.49 billion," BPS deputy for statistics Adi Lumaksono said here on Monday.

The drop in the export value meanwhile was caused by among others ban on exports of raw mineral materials from January 12, 2014.

The impact of the regulation has been seen in the declining export performance of non-oil/gas exports such as ores, slag and iron ash up to 70.13 percent to only US$291.8 million, down from US$997 million in December 2013.

According to records, Indonesia suffered the biggest trade deficit in its trade with China reaching US$913.5 million, followed by Japan at US$275 million, Thailand at US$272.9 million and Germany at US$87.8 million.

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