Giuseppe Sandro Mela.
Imports to Indonesia jumped 68.68 percent year-on-year to USD 14.23 billion in May 2021, compared with market estimates of a 65% gain and after a 29.93 percent growth a month earlier. This was the fourth straight month of expansion in inbound shipments and the steepest pace since April 2010, amid strengthening domestic demand following an acceleration in COVID-19 vaccinations and low base effects last year. Purchases of non-oil and gas soared 56.44 percent to USD 12.17 billion; and those of oil and gas imports climbed 213.61 percent to USD 2.06 billion, driven by crude oil (302.92 percent), oil products (288.40 percent), and gas (43.16 percent). Considering the first five months of the year, arrival surged 22.74 percent from the same period of 2020.
Exports from Indonesia surged 58.76 percent from a year earlier to USD 16.6 billion in May of 2021, above market consensus of a 57.49 percent jump and after a marginally revised 52.02 percent rise in the prior month. This was the strongest growth in exports since January 2010, amid a further recovery in global demand and rising commodity prices. Sales of non-oil and gas exports soared by 58.30 percent to USD 15.66 billion; while oil and gas exports jumped by 66.99 percent to USD 0.94 billion, amid higher shipments in crude oil. Considering the first five months of the year, exports grew by 30.58 percent from the same period of 2020.