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View all search resultsIndonesia posts $4.3b surplus in May on strong exports of CPO, steel
Despite ongoing trade talks in view of Trump's looming tariffs, the United States still contributed the most to Indonesia’s surplus in the January-May period this year, even jumping 31 percent to $7.08 billion compared to last year's figure.
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Cargo trucks park in a line at a container terminal at Tanjung Priok Port in North Jakarta in this undated photograph. (Antara/Rivan Awal Lingga)
I
ndonesia recorded a hefty trade surplus of US$4.3 billion in May, fueled by a surge in exports of vegetable oils and steel, according to data from Statistics Indonesia (BPS) released on Tuesday.
The figure marks a sharp rebound from the modest monthly surplus in April of around $160 million, the smallest in five years.
“The trade surplus in May was supported by non-oil and gas commodities such as animal and vegetable oils, mineral fuels, as well as iron and steel,” Pudji Ismartini, distribution and services deputy at BPS, told a press conference.
The non-oil and gas segment recorded a surplus of $5.83 billion while oil and gas ran a $1.53 billion deficit, driven mainly by an increase in imports of refined fuels and crude oil.
Overall exports in May grew 9.68 percent year-on-year (yoy) to $24.61 billion.
Shipments of animal and vegetable oils soared 63 percent yoy as crude palm oil (CPO), the country’s top commodity, raked in export earnings totaling $1.85 billion.
Exports of steel and electric machines jumped respectively 27 percent and 45 percent compared to the same period last year.
