JAKARTA- Indonesia’s trade surplus widened to $2.93 billion in May, above market expectations as exports rose more than forecast, data from the statistics bureau showed on Wednesday.
Analysts polled by Reuters had expected a surplus of $2.74 billion. The surplus in April was revised down to $2.72 billion.
Exports rose 2.86 percent on a yearly basis in May to $22.33 billion, compared with a forecast rise of 0.78 percent .
Imports fell an annual 8.83 percent to $19.40 billion in May, more than the poll’s forecast of an 8.56 percent drop.
A decline over the past year in the value of shipments from Southeast Asia’s largest economy due to soft global commodity prices has led to monthly trade surpluses narrowing.
Citing data from the World Bank, the statistics bureau said prices of Indonesia’s commodities have recovered in May, and it attributed May’s export increase to sales of nickel products.
Indonesia’s economic growth in the first quarter beat expectations, buoyed by high public spending for the country’s elections, but maintaining the strong pace will be challenging due to global developments and tight local monetary conditions.
Indonesia grew by 5.11 percent on a yearly basis in the January-March period, the highest growth rate in three quarters. Growth exceeded the 5 percent rate expected by economists polled by Reuters and the 5.04 percent achieved in the fourth quarter.
In the first three months of 2024, campaign expenditure for the Feb. 14 election and higher household spending during the Muslim holy month of Ramadan, which started in March, bolstered economic activity.
