Balance of Trade, Export Expansion stagnates
Despite being able to record a trade surplus in May 2021 of US$2.36 billion, Indonesia's still high commodity prices and global demand have not been able to be utilized optimally,
thus failing to continue the trend of increasing export value this year. Data from the Central Statistics Agency (BPS) shows that Indonesia's exports in May 2021 were recorded at US$16.6 billion, a decrease of 10.25% compared to April 2021 at US$18.49 billion. The export destination countries with the largest decline were China at US$460.1 million, the United States at US$329.8 million, India at US$290.3 million, Japan at US$227 million, and South Korea at US$176.7 million. Meanwhile, on an annual basis, Indonesia's export performance jumped 58.76% from US$10.45 billion in May 2020. At that time, Indonesia's trade conditions were at their lowest during the Covid-19 pandemic. Meanwhile, the monthly decline also occurred in imports, which contracted 12.16% from US$16.2 billion in April 2021 to US$14.23 billion. The decline in imports occurred due to the decrease in goods imports from China by US$564.7 million, Japan by US$316.2 million, the United States by US$195.1 million, Thailand by US$192.9 million, and India by US$165.6 million. Meanwhile, on an annual basis, Indonesia's import performance soared 68.68 percent from US$8.44 billion in May 2020. Deputy General Chairperson of the Indonesian Chamber of Commerce and Industry (Kadin) for International Relations Shinta W. Kamdani said that the decline in imports on a monthly basis was normal. with the end of Ramadan and Eid. He said consumption tends to slow down after the festive season, so businesses don't have much reason to increase imports. He suspects this decline could not be separated from the situation of domestic production.
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