Indonesia: Merchandise exports growth rises again in May
Merchandise exports skyrocketed 58.7% year-on-year in May, following April’s 52.0% surge and supported by surging oil and non-energy exports as well as by a low base effect. Meanwhile, merchandise imports jumped 68.7% in annual terms in May (April: +29.3% yoy).
The merchandise trade balance widened from the previous month, recording a USD 2.4 billion surplus in May (April: USD 2.3 billion surplus; May 2020: USD 2.0 billion deficit). Lastly, the trend strengthened, with the 12-month trailing merchandise trade balance recording a USD 27.7 billion surplus in May, compared to the USD 27.3 billion surplus in the previous month.
Commenting on the release, Nicholas Mapa, senior economist at ING, stated:
“Exports should continue to post strong growth in 2021 given the global recovery although the trade surplus will likely be capped as import activities resume with the economy in recovery mode.”