Indonesia's Oil and Gas Trade Balance Remains in Deficit for the Past Seven Years

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Viva Budy Kusnandar 16/03/2022 11:40 WIB

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Indonesia consistently imports large quantities of oil to meet its ever-increasing domestic fuel needs.

Indonesia's Oil and Gas Trade Balance (March 2015 – February 2022)

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Indonesia's Oil and Gas Trade Balance Remains in Deficit for the Past Seven Years

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Indonesia's Oil and Gas Trade Balance (March 2015 – February 2022)

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The rising global crude oil prices have impacted Indonesia's oil and gas trade balance, leading to a widening deficit in February 2022. Indonesia consistently imports significant quantities of oil to meet its growing domestic fuel needs. Statistics Indonesia (BPS) reported a US$1.91 billion deficit in the oil and gas trade balance for February 2022.

This deficit represents a 43.64% month-on-month (m-to-m) increase and a staggering 329.9% year-on-year (YoY) surge. Consequently, Indonesia's oil and gas trade balance has remained in deficit for the past seven years.

Indonesia's oil and gas exports last month totaled only US$994.8 million, while imports reached US$2.9 billion. As a result, the trade balance has been in deficit for the past 84 months, since March 2015.

The largest deficit in Indonesia's oil and gas trade balance was recorded in December 2021, reaching US$2.28 billion. The increase in global oil prices further exacerbated this situation, driving up the cost of Indonesia's crude oil and oil product imports last month.

Indonesia's oil and gas trade deficit for the entire previous year reached US$13.25 billion, equivalent to Rp 189 trillion (using an exchange rate of Rp 14,269 per US$). Meanwhile, the non-oil and gas trade balance recorded a surplus of US$48.59 billion. Therefore, Indonesia's overall trade balance showed a surplus of US$35.33 billion.

Editor : Annissa Mutia

"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."

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Indonesia's Oil and Gas Trade Balance Remains in Deficit for the Past Seven Years

Indonesia's Oil and Gas Trade Balance Remains in Deficit for the Past Seven Years

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Indonesia's Oil and Gas Trade Balance Remains in Deficit for the Past Seven Years

Indonesia's Oil and Gas Trade Balance Remains in Deficit for the Past Seven Years

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