Oil and Gas Exports Surge 50%, Trade Deficit Narrows

Indonesia's Central Bureau of Statistics (BPS) reported that the value of oil and gas (migas) exports in May 2019 surged 50.18% to US$1.11 billion from the previous month. Meanwhile, the value of imports in the same month decreased by 6.41% from the previous month. As a result, the oil and gas trade balance deficit shrank by 34.5% to US$977.8 million compared to the previous month.

The surge in oil and gas exports was driven by a 99.42% increase in gas exports in May 2019 to US$890.5 million from US$446.6 million in the previous month. However, exports from the oil processing industry fell by 52.57% to US$55.8 million. Similarly, crude oil exports decreased by 5.48% to US$167.9 million from the previous month.

For information, the national oil and gas trade balance has always been in deficit, as shown in the graph below.

(Read Databoks: Indonesia's 2018 Oil and Gas Trade Deficit: The Worst?)