Oil Exports Rise, August Trade Deficit in Oil and Gas Falls to US$1.98 Billion

The Central Statistics Agency (BPS) recorded a decrease in the oil and gas trade deficit, from US$3.09 billion in July 2022 to US$1.98 billion in August 2022. This decrease is in line with an increase in oil and gas exports and a decrease in imports.

Oil and gas exports increased by 25.59%, from US$1,367.9 million to US$1,717.9 million. This increase was driven by higher exports of all types of oil and gas: crude oil increased by 26.56% to US$133.9 million, refined oil exports increased by 17.07% to US$462.6 million, and gas increased by 29.35% to US$1,121.4 million.

Meanwhile, oil and gas imports in August 2022 amounted to US$3.70 billion. This figure is down US$753.9 million or 16.92% compared to July 2022, but up 80.63% compared to August 2021.

BPS stated that the decrease in oil and gas import value was due to a reduction in the import value of crude oil by US$602.9 million (35.74%) and refined oil by US$205.7 million (8.70%), although gas imports increased by US$54.7 million (13.48%).

For information, the Central Statistics Agency (BPS) reported that Indonesia's trade balance in August 2022 showed a surplus of US$5.75 billion. This surplus was obtained from non-oil and gas trade transactions amounting to US$7.74 billion, but was reduced by the oil and gas trade deficit of US$1.98 billion.