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Exports, imports maintain rapid growth in May
Statistics Indonesia (BPS) reported on Tuesday that exports grew last month by 58.76 percent year-on-year (yoy) to US$16.6 billion and imports rose by 68.68 percent yoy to $14.23 billion.
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Statistics Indonesia (BPS) head Suhariyanto (left) and BPS deputy director for statistics distribution and services Yunita Rusanti speak at a press conference on Dec. 15, 2020. (JP/Stefani Ribka)
I
ndonesia has booked another month of rapid growth in exports and imports on an annual basis as the country’s trade benefits from a low base effect from last year’s pandemic-induced slump in global trade.
Statistics Indonesia (BPS) reported on Tuesday that exports grew last month by 58.76 percent year-on-year (yoy) to US$16.6 billion and imports rose by 68.68 percent yoy to $14.23 billion.
But both export and import values were lower than the previous month, in large part due to the seasonal rise in trade during Ramadan and Idul Fitri taking place from April to early May.
“I am not too worried about the monthly declines in exports and imports, since the pattern observed in past years suggests that after Ramadan and Idul Fitri there are always changes in volumes, but they pick up again later,” outgoing BPS head Suhariyanto said in a press briefing on Tuesday.
Indonesian trade has improved in 2021 as commodity prices have risen, manufacturing activity has expanded and mobility restrictions have been relaxed.
Read also: Indonesia books trade surplus for 12 consecutive months
Mining exports, which accounted for 15.63 percent of the overall export of goods in May, grew nearly twofold to $2.59 billion, leading export growth. This was followed by growth in exports of oil and gas, manufactured goods and agricultural products.
