Indonesia's Oil and Gas Trade Balance Deficit Records its Deepest Ever in December 2021

The Central Statistics Agency (BPS) reported that Indonesia's oil and gas (migas) exports were valued at US$1.09 billion in December 2021. Meanwhile, oil and gas imports reached US$3.38 billion in the same month.

As a result, Indonesia's oil and gas trade balance experienced a deficit of US$2.28 billion, or approximately Rp 32.6 trillion (at an exchange rate of Rp 14,269 per US$), at the end of last year. This oil and gas deficit increased by 34.96% compared to the previous month and was the largest deficit in history.

Cumulatively, from January to December 2021, the value of national oil and gas exports reached US$12.28 billion, while oil and gas imports amounted to US$25.53 billion. Thus, throughout last year, the oil and gas trade balance experienced a deficit of US$13.25 billion. This figure more than doubled, increasing by 120.68% compared to the previous year's deficit of US$6.01 billion.

Since mid-2012, the oil and gas trade balance has almost consistently shown a deficit, driven by increasing domestic fuel consumption and limited oil production. Indonesia's oil and gas trade balance previously experienced a significant deficit in July 2013, reaching US$1.9 billion.

In total, Indonesia's imports of oil and gas and non-oil and gas products throughout last year reached US$231.54 billion, while exports amounted to US$196.2 billion. Therefore, the overall trade balance for last year showed a surplus of US$35.34 billion.