Indonesia’s exports and imports surged more than expected in May, while the trade balance was smaller than expected, the Central Statistics Agency (BPS) said on Thursday (15/06).
Exports grew 24.08 percent on a yearly basis in May to $14.29 billion, the agency said. A Reuters poll had forecast a growth of 15.32 percent.
Shipments of mining products jumped nearly 60 percent in May compared with a year ago, while exports of oil and gas and agriculture products also rose, based on the agency’s data.
Meanwhile, imports rose 24.03 percent in May, higher than the 9.90 percent expected in the poll, to $13.82 billion. BPS attributed this rise to increased demand due to preparations for the Muslim fasting month of Ramadan, which began in late May.
The country had a trade surplus of about $474 million in May, smaller than the $1.09 billion expected in the poll. The previous month, Indonesia had posted a revised trade surplus of $1.33 billion.