May 2018, Indonesia's Oil and Gas Trade Balance Deficit US$1.24 Billion

The Central Bureau of Statistics (BPS) recorded a US$1.24 billion (approximately Rp 17.5 trillion at an exchange rate of Rp 14,100 per US dollar) deficit in the oil and gas (migas) trade balance in May 2018. This is the largest deficit since March 2017, marking 15 months. Meanwhile, the non-oil and gas trade balance deficit in the same month reached US$280 million. In total, Indonesia's trade balance deficit amounted to US$1.52 billion, accumulating to US$2.8 billion for the January-May period this year.

The increase in global crude oil prices and the rising import volume fueled the growth of the oil and gas trade balance deficit last month. Oil and gas imports in May this year increased by 12.79% to 4.61 million tons, while the average aggregate price of oil and gas rose by 7.24% from the previous month.

For information, crude oil imports in May 2018 increased by 2.8% to 1.67 million tons, oil product imports rose by 22.44% to US$2.45 billion, and gas imports grew by 5.99% to US$488.1 million. Oil and gas imports contributed 28.71% to the total national imports, with oil products accounting for the largest share at 14.38%.