Indonesia's Exports Strengthen in May 2023, but Surplus Declines

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Adi Ahdiat 16/06/2023 14:00 WIB

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According to BPS data, Indonesia's export performance strengthened in May 2023. However, the trade surplus value declined significantly, affected by a substantial increase in import value.

Indonesia's Monthly Export and Import Values (January 2020–May 2023)

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Indonesia's Monthly Export and Import Values (January 2020–May 2023)

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According to the Central Bureau of Statistics (BPS) report, Indonesia's total export value in May 2023 reached USD 21.7 billion.

This figure strengthened by 12.61% compared to April 2023 (month-on-month/mom), and increased by 0.96% compared to May of the previous year (year-on-year/yoy).

Similarly, Indonesia's import value increased by 38.65% month-on-month (mom), and rose by 14.35% year-on-year (yoy) to USD 21.28 billion.

With higher export value than import, Indonesia recorded a trade surplus of USD 436.5 million in May 2023.

However, although still in surplus, the figure dropped significantly compared to previous months. During the period of May 2022-April 2023, Indonesia was able to record a surplus between USD 2.8 billion and USD 5.7 billion per month.

The plunge in the surplus in May 2023 was influenced by higher import growth compared to exports.

According to BPS records, the surge in imports in May 2023 was driven by increased purchases of crude oil from abroad.

Non-oil and gas commodity imports also increased, particularly imports of vehicles and parts, mechanical machinery and parts, iron and steel, and plastics and plastic goods.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."