Indonesia experienced a consecutive trade deficit from 2012 to 2014.

Since 1976, Indonesia has experienced a trade deficit three times consecutively in 2012-2014, triggered by a deficit in its oil and gas trade balance. A rise in import value by 8.03% to US$191.69 billion, coupled with a decline in export performance by 6.62% to US$190.02 billion, resulted in the national trade balance experiencing a deficit for the first time in 37 years.

A year later, Indonesia's trade deficit swelled to US$4.08 billion due to a widening deficit in the oil and gas trade balance. Then, the following year, the trade balance again recorded a deficit of US$2.1 billion due to a decline in non-oil and gas export performance.

Throughout January-July 2018, Indonesia's trade balance again experienced a deficit of US$3.09 billion, in line with increased demand for imported raw materials and capital goods. Meanwhile, export growth slowed. To curb rising imports, which could weaken the rupiah, the government implemented a policy of increasing import duties and delaying projects requiring raw materials and capital goods from abroad.

(Read Databoks: 2018, Indonesia's Trade and Current Account Deficit)