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Financial News: Indonesia Trade Surplus Shrinks In May

Indonesia Trade Surplus Shrinks In May

06/15/2022 - 02:37:00 (RTTNews)

(RTTNews) - Indonesia's foreign trade surplus decreased notably in May, as exports fell much faster than imports, preliminary figures from Statistics Indonesia showed on Wednesday.

The trade surplus shrank to $2.89 billion in May from $7.56 billion in April. Economists had forecast a surplus of $3.83 billion.

In the corresponding month last year, the trade surplus stood at $2.69 billion.

Exports logged a double-digit fall of 21.29 percent month-on-month in May, while imports fell only by 5.81 percent.

On an annual basis, exports grew 27.0 percent in May, well below the expected increase of 38.69 percent.

Imports also surged 30.74 percent in May from a year ago, slower than the 32.8 percent spike expected by economists.

Non-oil exports alone fell 22.71 percent monthly in May, while they grew 25.34 percent from last year.

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