Jakarta (ANTARA) – Indonesia clocked a trade surplus of US$2.36 billion in May 2021, the highest in the initial five months of this year, according to the Trade Ministry.
Non-oil/non-gas trade contributed US$3.49 billion to the surplus, while oil and gas trade suffered a deficit of US$1.13 billion, Trade Minister Muhammad Lutfi noted in a written statement released on Thursday.
Indonesia registered a surplus of US$1.72 billion in its trade with the United States, the Philippines, and India, while it recorded a deficit of US$1.09 billion in its trade with China, Australia, and Singapore, Lutfi remarked.
“Cumulatively, trade surplus during the January-May 2021 period had reached US$10.17 billion, outstripping the trade surplus during the same period last year at US$4.18 billion. Trade surplus during the January-May 2021 period is the highest in the past 10 years or since 2012,” he stated.
Indonesia’s exports in May 2021 were recorded at US$16.60 billion, an increase of 58.76 percent from the corresponding month last year. However, the May 2021 exports declined 10.25 percent as compared to a month earlier as oil and gas exports plunged 2.68 percent, while non-oil/non-gas exports declined 10.67 percent.
“In comparison with the exports in the previous years, export performance during the fasting month and Eid holidays always declined. The decrease is a normal seasonal pattern due to holidays in that month,” the minister stated.
In May 2021, mining exports increased 14.29 percent month-on-month, while the exports of manufactured goods dropped 14.02 percent, and farm exports declined 30.06 percent month-on-month, Lutfi pointed out.
Despite the monthly decline, all sectors recorded an export hike year-on-year (YoY), with the mining sector rising 95.37 percent, the oil and gas sector jumping 66.99 percent, the manufacturing sector increasing 54.02 percent, and the agricultural sector growing 0.69 percent, the minister stated.
Non-oil/non-gas exports rose significantly year-on-year not only due to the low base effect and low growth in 2020 but also as a result of high commodity prices as the global economy began to recover.
Imports in May 2021 plunged 12.10 percent to reach US$14.23 billion from a month earlier though increased 68.68 percent YoY. The drop resulted from a 14.16-percent decline, while oil and gas imports recorded a slight month-on-month rise of 1.90 percent.
Source: Antara News