JAKARTA • Indonesia's exports and imports plunged the most since 2009 last month as the coronavirus pandemic hammered global trade, data showed yesterday, suggesting deeper economic pain for South-east Asia's largest economy and prompting calls for rate cuts.

The data may put the country's central bank in a tight spot as it meets this week to review monetary policy.

May exports were US$10.53 billion (S$14.71 billion), down 28.95 per cent year on year, partly due to falling shipments of coal and coffee as well as oil and gas, the statistics bureau said. A Reuters poll had forecast a 17.98 per cent fall.

Imports plummeted 42.20 per cent year on year last month to US$8.44 billion, compared with the poll's expectation for a 24.55 per cent drop. Overseas purchases of everything from consumer goods to raw materials to capital goods fell.

The country had a US$2.09 billion trade surplus last month, bigger than the poll's forecast of a US$420 million surplus.

Inflation last month was 2.19 per cent, a 20-year low.

Indonesian markets rallied earlier this month on expectations of an economic recovery. But they were under pressure last week due to fears of a new wave of coronavirus infections and as Indonesia reported its highest daily increase in Covid-19 cases.

The statistics bureau said seasonality played a role in the falling exports and imports, with trade activity usually weaker after the Eid al-Fitr holidays.

REUTERS