Indonesia's Oil and Gas Trade Deficit Shrinks in November 2022

The Central Statistics Agency (BPS) reports that Indonesia's oil and gas (migas) exports in November 2022 reached US$1.14 billion, down 11.85% from the previous month.

Indonesia's oil and gas imports in November 2022 reached US$2.8 billion, also down 16.64% from the previous month.

As a result, the national oil and gas trade balance deficit was US$1.67 billion in November 2022, shrinking 19.62% from the previous month. This deficit figure is the lowest in the last 10 months, as shown in the graph.

Cumulatively, from January to November 2022, the value of national oil and gas exports grew by 30.31% to US$14.57 billion. Similarly, imports surged by 68% to US$37.21 billion. Therefore, over this 11-month period, the national oil and gas trade balance deficit reached US$22.64 billion.

The large deficit in Indonesia's oil and gas trade balance is partly due to the increase in global oil prices, which briefly exceeded US$100/barrel, as a result of the Russian invasion of Ukraine.

Non-oil and gas exports from January to November 2022 reached US$253.61 billion, while non-oil and gas imports were only US$217.56 billion. Indonesia recorded a non-oil and gas trade surplus of US$73.24 billion.

Overall, Indonesia's trade balance in the January-November 2022 period recorded a surplus of US$50.59 billion, resulting from a non-oil and gas trade surplus of US$73.24 billion minus the oil and gas trade deficit of US$22.65 billion.