Import piling up, trade surplus shrank in May 2023
JAKARTA – The trade surplus plummeted in May 2023 from April 2023 as the import activities rose. It was also lower than May 2022’s record due to the decline in non-oil and gas export.
The data from Statistics Indonesia (lit. Badan Pusat Statistik/BPS) quoted today (16/6) shows that the trade surplus in May 2023 was recorded at USD 440 million, down significantly from USD 3.9 billion in April 2023. The surplus in May 2023 was also way below May 2022’s number of USD 2.9 billion.
The decline in trade surplus of May 2023 was due to 38.65% increase in non-oil and gas import, as well as oil and gas import, to USD 21.3 billion from USD 15.3 billion recorded in April 2023. The import of non-oil and gas products clocked up to USD 18.14 billion, increasing 46.42% from April 2023 of USD 12.39 billion. The oil and gas import also increased 6.09% from USD 2.96 billion to USD 3.14 billion.
On the other hand, until May 2023, export also shifted 12.61% upwards to USD 21.7 billion from USD 19.3 billion in April 2023. The export of non-oil and gas products reached USD 20.40 billion, or 13.18% higher than USD 18.03 billion in April 2023. Then, the oil and gas export also grew 4.48% from USD 1.26 billion to USD 1.32 billion.
The trade surplus was mainly supported by non-oil and gas commodities, including mineral fuel, fats and animal fats, as well as iron and steel. The countries that contribute to the trade surplus are the United States (US), which generated USD 1.06 billion, followed by the Philippines of USD 839.1 million, and India of USD 818.7 million. (LK/ZH)