In May, Indonesia’s export value reached $10.53 billion, down 13.40% from April 2020 and a 28.95% decline year-on-year, from May 2019, according Central Bureau of Statistics BPS.
But for the month, the trade balance created a surplus of US$2.1 billion due to a sharpest drop in import. Import value during May reached $8.44 billion.
Commending this performance, BPS Head Suhariyanto said in a press conference on Monday, June 15, that this surplus was less encouraging, as exports fell, and imports kept plunging deeper.
BPS said the country’s imports plunged 32.65% in May 2020 to reach $8.44 billion, from that recorded in April 2020 and declined by 42.20 percent as compared to that in May 2019.
“The decline in exports was the lowest since July 2016,” Suhariyanto stated.
This occurred since export destination countries experienced an economic slowdown and lowered social and economic activities owing to the COVID-19 pandemic.
Hence, Suhariyanto has cautioned to remain watchful for a further decline in exports and imports, particularly in the imports of raw materials and capital goods.
“One needs to really look out for a decline in the imports of raw materials and capital goods, as it could impact domestic industrial and trade activities,” he added.