Shipments to almost all key export destinations dropped (compared to the preceding month). And since we have not received information and data that indicate or hint at a general decline in global demand in May 2021, the reason behind this decline in Indonesian exports should be found in national holidays.

Most likely, it was the holiday period (the end of the Ramadan and the almost-week-long Idul Fitri holiday that marks the end of Islam’s holy fasting month) that caused trade activity in Indonesia to ease in May 2021 (compared to April 2021). Similarly, China had a five-day Labor Day holiday at the start of May that undermined the flow of goods between both countries (China being Indonesia’s biggest trading partner).


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