ndonesia recorded a hefty trade surplus of US$4.3 billion in May, fueled by a surge in exports of vegetable oils and steel, according to data from Statistics Indonesia (BPS) released on Tuesday.
The figure marks a sharp rebound from the modest monthly surplus in April of around $160 million, the smallest in five years.
“The trade surplus in May was supported by non-oil and gas commodities such as animal and vegetable oils, mineral fuels, as well as iron and steel,” Pudji Ismartini, distribution and services deputy at BPS, told a press conference.
The non-oil and gas segment recorded a surplus of $5.83 billion while oil and gas ran a $1.53 billion deficit, driven mainly by an increase in imports of refined fuels and crude oil.
Overall exports in May grew 9.68 percent year-on-year (yoy) to $24.61 billion.
Shipments of animal and vegetable oils soared 63 percent yoy as crude palm oil (CPO), the country’s top commodity, raked in export earnings totaling $1.85 billion.
Exports of steel and electric machines jumped respectively 27 percent and 45 percent compared to the same period last year.