Trade Balance of Indonesia: Exports and Imports Experience the Seasonal Rebound in May 2024
Before we discuss Indonesia’s May 2024 trade data, we first need to go back to the previous month as Indonesia’s Statistical Agency (Badan Pusat Statistik, BPS) made a significant revision to the country’s April 2024 import data.
While it’s normal to see trade data being revised, this typically only involves a couple of million US dollars, tops. This time, though, Indonesia’s April 2024 non-oil and gas imports were revised up by almost USD $850 million, and so Indonesia’s April 2024 trade surplus shrank to USD $2.72 billion (from the earlier reported surplus of USD $3.56 billion). The reason behind this revision was not reported by BPS.
If we focus on Indonesia’s May 2024 trade statistics, then BPS reported a USD $2.93 billion trade surplus. This is another sound trade surplus for Indonesia, and is in line with the country’s trade performance over the past 24 months, or so.
On a month-on-month (m/m) basis, Indonesian exports and imports rebounded in May 2024 after Indonesian trade hit the traditional low amid the Idul Fitri festivities (a week-long national holiday in Indonesia).
But before we delve into the latest trade statistics of Indonesia, let’s first take a closer look at the international trade environment.
International Trade
It is possibly interesting to take a quick look at the first Global Supply Chain Forum (GSCF) that was organized by the United Nations Trade & Development Conference (UNCTAD) in Barbados, on 21-24 May 2024. The GSCF brought together a variety of people, including industry leaders, policy makers and experts to discuss and address challenges and opportunities in the global supply chains.
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This is the introduction of the article. To read the full article you can order our June 2024 report (an electronic report, PDF, in English), or order this trade analysis separately. Contact us through email and/or WhatsApp:
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