Indonesia's trade balance back to surplus with plunging importsChristian Fernsby ▼ | June 15, 2020
Indonesia's trade performance was back to a surplus in May as the plunge of imports exceeded the decline in exports when the novel coronavirus pandemic has depressed demands and weakened economic activities.
Decline Indonesia street
Imports plunged by 42.2 percent to 8.44 billion U.S. dollars in May annualized, and exports tumbled by 28.95 percent to 10.53 billion U.S. dollars in the month on the yearly basis, Head of the National Agency of Statistics Kecuk Suhariyanto noted.
"The surplus occurred amid falling exports and plunging imports," he said.
Imports of capital goods drifted down to 1.39 billion U.S. dollars in May from 2.32 billion U.S. dollars in the same period last year, and the shipments of raw materials from abroad edged down to 6.11 billion U.S. dollars in May from 10.73 billion U.S. dollars in the same period last year, Suhariyanto added.
The global economic fallout from the virus pandemic has depressed demands and cut prices of commodities.
The partial lockdown along with the physical distancing has cast millions of people cooped up for months and restricted their mobility, disrupting chain supplies of goods which nearly paralyzed the economy. ■