Exports plummeted 28.95 percent year on year in May 2020 to $10.53 billion.
Indonesia’s weak export performance was due to the 42.64-percent year-on-year plunge in oil and gas exports. Shipments of manufactured goods likewise dropped 27.81 percent year on year.
Statistics Indonesia recorded a trade surplus of $4.31 billion between January and May 2020.
During the same period last year, the Indonesian economy experienced a trade deficit of $2.7 billion.
“The performance is similar to last year’s Eid ul-Fitr which also saw a drop in June 2019. Imports typically weaken during Eid ul-Fitr. Last year it was because of several public holidays, but 2020 was because of work from home situations and minimal activities,” said Head of Statistics Indonesia Suhariyanto.
Other commodities that contributed to a weak Indonesian trade performance included crude oil, coal, and palm oil.
The Indonesian economy managed to book a trade surplus of $2.09 billion in May despite weaker export performances.
This was welcome news for Suhariyanto given that the Indonesian economy suffered in their imports and exports amid the coronavirus pandemic.