Indonesia's Oil and Gas Trade Balance Records Deepest Deficit Since 2013

The Central Statistics Agency (BPS) reported that Indonesia's oil and gas exports amounted to US$1.33 billion in November 2021. Meanwhile, oil and gas imports reached US$3.03 billion. As a result, the national oil and gas trade balance again experienced a deficit of US$1.69 billion, equivalent to Rp 24 trillion (at an exchange rate of Rp 14,340 per US$).

This oil and gas deficit swelled by 93.93% from the previous month (month-to-month/m-to-m). This figure also increased more than fivefold, or by 424.35% (year-on-year/yoy).

Cumulatively, from January to November 2021, the oil and gas trade balance deficit widened almost twofold, or by 97.9%, to US$10.97 billion (cumulative-to-cumulative/c-to-c).

Indonesia's oil and gas trade balance has been in deficit since March 2015. The oil and gas trade deficit in November was the deepest since August 2013.

Meanwhile, Indonesia's non-oil and gas trade balance for the January-November 2021 period reached US$45.29 billion. Thus, the total trade balance showed a surplus of US$34.32 billion.