Indonesia Trade Balance May 2022


Indonesia: Merchandise exports growth eases in May

June 20, 2022

Merchandise exports moderated to 27.0% in annual terms in May (April: +47.8% year-on-year). Meanwhile, merchandise imports shot up 30.7% in annual terms in May (April: +21.9% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.9 billion surplus in May (April 2022: USD 7.6 billion surplus; May 2021: USD 2.7 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 43.1 billion surplus in May, compared to the USD 42.9 billion surplus in April.

Our panelists forecast that in 2022 exports will increase 15.7% and imports will rise 16.9%, with a trade surplus of USD 36.7 billion. In 2023, FocusEconomics panelists expect exports will expand 0.2%, while imports will rise 5.6%, with a trade surplus of USD 24.3 billion.


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Indonesia Trade Balance Chart

Indonesia Trade May 2022 0

Note: 12-month trade balance in USD billion and annual variation of exports and imports over the last 12 months in %.
Source: Statistics Indonesia (BPS) and FocusEconomics calculations.

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