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Trade surplus plummets to lowest level in years
A steep rise in exports notwithstanding, Indonesia’s trade balance was nearly eroded in May because of a steeper increase in imports.
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Go international: A worker cuts an iron bar on July 15, 2022 at the Belawan International Container Terminal in Medan, North Sumatra. Belawan Port handles both export and import activities. (Antara/Fransisco Carolio)
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steep rise in exports notwithstanding, Indonesia’s trade balance was nearly wiped out in May because of a steeper increase in imports.
As Statistics Indonesia (BPS) revealed on Thursday, the value of goods shipped out of the country exceeded incoming shipments by just US$440 million last month.
“The May surplus is the lowest in 37 months,” BPS official Edy Mahmud announced in a press conference on Thursday.
Indonesia has enjoyed a surplus streak since May 2020, but that almost came to an end last month as imports shot up to $21.28 billion from $15.35 billion logged in the preceding month.
This 38.65 percent increase was not matched by an equal rise in exports, as the latter only rose by 12.61 percent from $19.29 billion in April to $21.72 billion last month.
Experts believe the archipelago will experience trade deficits again in the near future as a result of declining commodity prices and weakening global demand.
