source url JAKARTA, June 23 (JDN.id) – Indonesia’s trade deficit narrowed significantly in May, thanks to a windfall from higher oil prices, the country’s statistics agency said on Monday.
Exports jumped 12.47 percent to $16.12 billion as higher oil and gas prices that was caused by global concerns over declining crude output from major producers have helped Southeast Asia’s largest economy securing higher earnings.
The country earned $1.57 billion from its oil and gas exports, which represented a 28.8 percent jump on annualized basis. Non-oil-and-gas exports increased at a smaller pace of 9.25 percent to $15.6 billion.
go In the January to May period, exports rose 9.65 percent to $74.93 billion, while imports spiked 24.75 percent to $77.7 billion. That left Indonesia with a trade deficit of $2.77 billion.