Indonesia's Oil and Gas Trade Deficit Widened in 2022

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Viva Budy Kusnandar 06/02/2023 14:30 WIB

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According to BPS data, Indonesia's oil and gas trade deficit reached 23.18 million tons in 2022. This deficit volume increased by 52.13% compared to 2021, marking the largest deficit since 2010.

Indonesia's Oil and Gas Export and Import Volume (2010-2022)

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Indonesia's Oil and Gas Trade Deficit Widened in 2022

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Indonesia's Oil and Gas Export and Import Volume (2010-2022)

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The Central Statistics Agency (BPS) reports that Indonesia's oil and gas (migas) import volume increased by 5.61 million tons to 47.74 million tons in 2022, while its export volume decreased by 8.66% to 24.56 million tons.

As a result, the national oil and gas trade volume experienced a deficit of 23.18 million tons in 2022. This deficit volume increased by 52.13% compared to 2021, marking the largest deficit since 2010.

In the last two decades, Indonesia first recorded an oil and gas trade deficit in 2013, and in subsequent years, the deficit widened, as shown in the graph.

In 2022, the value of Indonesia's oil and gas imports also surged by 58.32% to USD 40.42 billion, while the value of oil and gas exports only increased by 30.8% to USD 16.02 billion.

Thus, Indonesia's oil and gas trade balance also experienced a deficit of USD 24.4 billion in 2022, an increase of 83.69% compared to the 2021 deficit of USD 13.28 billion.

This condition appears to be due to the lack of new wells that can boost national oil and gas lifting, while production from existing wells is increasingly limited.

On the other hand, the continuously growing domestic economy requires more energy sources, far exceeding the capacity of national oil and gas production. The government has to increase imports of crude oil and refined oil to meet this demand.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."