Update COVID-19 in Indonesia: 115,056 confirmed infections, 5,388 deaths (4 August 2020)
5 August 2020 (closed)
USD/IDR (14,647) +60.00 +0.41%
EUR/IDR (17,355) +42.63 +0.25%
Jakarta Composite Index (5,127.05) +52.02 +1.03%
Indonesia recorded a big trade surplus in May 2020. Based on the latest data from Indonesia’s Statistical Agency (BPS), the country posted a trade surplus worth USD $2.09 billion in May 2020, one of the highest monthly surpluses in recent years. But is it reason to become excited?
No, certainly not. Both Indonesia’s exports and imports continued to decline sharply amid the novel coronavirus (COVID-19) crisis that has given rise to a drastic drop in global and domestic economic activities. The only reason why Indonesia was able to post a wide trade surplus in May 2020 is because the country’s imports have been plunging at a much faster rate than its exports. However, plunging imports of capital goods and raw materials cause major concern about the country’s economy.
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