Indonesia: Trade surplus widens in May but falls short of market expectations
June 15, 2017
Indonesia’s trade surplus widened in May on the back of strong export growth. The trade surplus came in at USD 474 million, up from USD 376 million recorded in May 2016. However, the result fell short of market expectations of a USD 1.1 billion surplus.
Exports grew 24.1% over the same month last year, up from April’s revised growth of 13.6% (previously reported: +12.6% year-on-year). Non-oil and gas exports, which account for the majority of Indonesian shipments, rose 23.3% in May. This was an increase from April’s revised 15.7% expansion (previously reported: +15.2% yoy). Oil and gas exports also posted strong growth, rising 32.3% in May, which marked a huge improvement from the revised 16.1% increase in April (previously reported: +9.5% yoy). Import growth improved as well, increasing from 11.9% in April to 24.0%.
Meanwhile, the 12-month moving sum of the trade balance improved from the revised USD 11.9 billion surplus in April (previously reported: USD 11.8 billion) to USD 12.0 billion in May – the best result since May 2012.
Author: Nihad Ahmed, Economist