Indonesia Trade Balance May 2021


Indonesia: Merchandise exports growth rises again in May

June 15, 2021

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.”

Our panelists forecast that in 2021 exports will increase 6.9% and imports will rise 11.2%, with a trade surplus of USD 15.1 billion. In 2021, FocusEconomics panelists expect exports will expand 6.9%, while imports will rise 9.9%, with a trade surplus of USD 11.7 billion.

Author: Massimo Bassetti, Senior Economist

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Indonesia Trade Balance Chart

Indonesia Trade12m May 2021

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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