Indonesia's Export and Import Values Decline Month-on-Month in May 2022

The Central Statistics Agency (BPS) reported that Indonesia's export value reached US$21.5 billion in May 2022.

On a month-on-month (mom) basis, this figure decreased by 21.29% compared to April 2022's export value of US$27.32 billion.

According to BPS records, the month-on-month decline in exports in May 2022 was due to a 22.71% (mom) decrease in non-oil and gas exports, from US$25.88 billion to US$20 billion. Meanwhile, oil and gas exports increased by 4.38% (mom), from US$1.43 billion to US$1.49 billion.

Similar to exports, the value of imports decreased month-on-month in May 2022.

Indonesia's import value was recorded at US$18.61 billion in May 2022, down 5.81% (mom) compared to April 2022's value of US$19.75 billion.

This month-on-month decline in import value was driven by a 12.07% (mom) decrease in oil and gas imports to US$3.35 billion. Non-oil and gas imports also fell by 4.31% (mom) to US$15.25 billion.

The value of exports in May 2022 was higher than imports, resulting in Indonesia recording a trade surplus of US$2.89 billion.

However, this figure is lower than the April 2022 surplus of US$7.56 billion.

Export-Import Values Increased Compared to the Previous Year

Despite the month-on-month decline, Indonesia's export-import values showed an increase year-on-year (yoy).

Compared to May 2021, the export value in May 2022 increased by 27% (yoy). Non-oil and gas exports increased by 25.34% (yoy), and oil and gas exports increased by 54.49% (yoy).

Cumulatively, Indonesia's export value during the January-May 2022 period reached US$114.97 billion, up 36.34% (yoy) compared to the same period in the previous year, which amounted to US$84.32 billion.

The value of non-oil and gas imports in May 2022 also increased year-on-year by 25.33% (yoy), and oil and gas imports increased by 62.64% (yoy).

In total, Indonesia's import value for the January-May 2022 period reached US$95.17 billion. This is up 28.93% (yoy) compared to the same period in the previous year, which amounted to US$73.82 billion.