top of page
Search
  • Writer's pictureStephen Fodor

Indonesian exports, imports surge in May amid boom in commodity prices


June 15, 2021


(Reuters) Indonesia's export growth shot up on a yearly basis to an 11-year high in May, supported by high commodity prices and a low base effect, while imports also jumped as domestic demand rose, official data showed on Tuesday.


Southeast Asia's largest economy has seen its exports recover vigorously from the impact of the coronavirus pandemic on soaring prices of its main commodities amid improving demand from major trade partners like China and the United States.


In May, prices of commodities such as coal, palm oil and copper roughly doubled from a year earlier, helping the resource-rich country book a $2.37 billion trade surplus, the statistics bureau said, which was the highest in six months.


The poll had expected a $2.30 billion surplus in May after April's $2.19 billion surplus.


May's exports rose 58.76% to $16.60 billion, the biggest increase since January, 2010. This compared with a 57.49% rise expected in a Reuters poll and April's 51.94% growth.


Imports were $14.23 billion, up 68.68% from last year, higher than the poll's 65% growth forecast and April's 29.93% rise. May's growth was the strongest since April, 2010.


However, the robust growth figures also showed the extent the pandemic had hurt Indonesia's trade performance last year.


In the first five months of the year, Indonesia had a $10.17 billion surplus, also the highest in the past few years.


Dian Ayu Yustina, an economist at Bank Mandiri, expects the monthly surplus to narrow gradually as demand for imports climbs alongside the economic recovery, while exports are likely to remain strong in the next year.


"There is a base year effect and the economic recovery in advanced economies may not be balanced by a recovery in the supply side. Once supply catches up, commodity prices will plateau," she said.



Do You Need Customs Brokerage Help? You can contact us at info@tradelogicintl.com

4 views0 comments

Recent Posts

See All

Subscribe to My Linkedin Newsletter

To help you keep up to date on topics the impact the U.S. international trade community, be sure to read my latest newsletter and subscribe for future updates too. https://www.linkedin.com/posts/trade

Section 301 Duty Exclusions Set to Expire on 12/31/23

Unless Congress acts quickly, the duty exclusions currently in place for certain products imported from China are set to expire on Dec. 31st. Importers who currently enjoy these exclusions on their pr

Duty Drawback Services Now Offered by CSS

Please visit our web page www.cssbrokers.com and click the link for Duty Drawback for more information. U.S. companies miss out on hundreds of millions of dollars in duty refunds, make sure your compa

  • Twitter
  • LinkedIn
  • Facebook
  • YouTube
  • Instagram

need assistance from a licensed CUSTOMS broker?

Thanks for submitting!

bottom of page