72 Month Surplus Ended, Indonesia's Trade Balance Deficit of 1.61 Billion US Dollars in May 2026

JAKARTA - The Central Statistics Agency (BPS) reported that Indonesia's trade balance in May 2026 experienced a deficit of 1.61 billion US dollars (USD).

This condition ends the trend of trade balance surplus which has lasted for 72 consecutive months.

BPS Distribution and Services Statistics Deputy Ateng Hartono explained that the deficit was mainly triggered by the trade balance of the oil and gas sector (migas) which recorded a deficit of US$ 3.76 billion which came from imports of oil and crude oil.

"In May 2026, the trade balance of goods experienced a deficit of 1.61 billion US dollars. The deficit in May 2026 was mainly due to the deficit in oil and gas commodities of 3.76 billion US dollars with the contribution of the deficit in oil and gas commodities being from oil production and also from crude oil," he said in a press conference, Wednesday, July 1.

On the other hand, the non-oil and gas trade balance still recorded a surplus of US$2.15 billion, supported by mineral fuel commodities (HS27), animal or vegetable fats and oils (HS15), and iron and steel (HS72).

Despite recording a deficit in May, cumulatively Indonesia still recorded a trade balance surplus, namely from January to May 2026, the trade surplus was recorded at US $ 4.03 billion.

The surplus was supported by the non-oil and gas trade balance which reached US$16.31 billion, while the oil and gas sector still experienced a deficit of US$12.28 billion.

Based on BPS data, Indonesia's export value in May 2026 reached 23.20 billion US dollars, while the import value was recorded at 24.81 billion US dollars.

Higher import growth compared to exports is the main cause of the trade balance turning to a deficit position.

On an annual basis (year on year/yoy), the value of exports in May 2026 fell 5.73 percent. The decline occurred in both oil and gas exports and non-oil and gas exports, namely the value of oil and gas exports was recorded at US $760 million, down 31.76 percent, while non-oil and gas exports fell 4.50 percent to US $22.45 billion.

The decline in exports was mainly influenced by the weakening of the shipment of a number of non-oil and gas commodities, namely precious metal commodities and jewelry or gems experienced the deepest decline, namely 59.35 percent, with a negative contribution of 2.93 percent to total exports.

Furthermore, exports of metal ore, slag, and ash decreased by 99.25 percent with a negative contribution of 2.37 percent, while iron and steel decreased by 14.68 percent with a negative contribution of 1.67 percent.

However, cumulatively, export performance still shows positive growth, namely from January to May 2026, the total export value reached 115.36 billion US dollars, an increase of 3.02 percent compared to the same period last year.

This growth was driven by non-oil and gas exports which rose 3.89 percent to 110.19 billion US dollars, although oil and gas exports fell 12.71 percent to 5.17 billion US dollars.

BPS recorded an increase in non-oil and gas exports, especially from the processing industry sector, which contributed the largest share to export growth, namely 5.38 percent.

The products that support this increase include nickel processed products, palm oil, organic basic chemicals based on agricultural products, other inorganic basic chemicals, and semi-aluminum.

Meanwhile, Indonesia's import value in May 2026 reached 24.81 billion US dollars, an increase of 22.16 percent compared to May 2025.

The increase in imports occurred in both the oil and gas sector and non-oil and gas sectors, namely the value of oil and gas imports reached 4.51 billion US dollars or jumped 70.78 percent, while non-oil and gas imports increased by 14.89 percent to 20.30 billion US dollars.

On an annual basis, the increase in imports was mainly supported by the non-oil and gas sector which contributed 12.95 percent to the total import growth.

Based on the use group, all imported components increased, namely consumer goods imports recorded at US$ 2.23 billion, up 21.99 percent compared to the previous year.

Meanwhile, imports of raw materials and auxiliary goods contributed the largest value of 17.58 billion US dollars or increased by 25.17 percent, and imports of capital goods also grew by 12.70 percent to 5 billion US dollars.

Cumulatively, Indonesia's import value from January to May 2026 reached 111.33 billion US dollars, an increase of 15.24 percent compared to the same period last year.

The import of energy and mineral commodities was recorded at US$17.45 billion or an increase of 27.89 percent, while non-energy imports reached US$93.88 billion, an increase of 13.16 percent.

According to BPS, the increase in imports during the first five months of this year occurred in all use groups, namely imports of raw materials and auxiliary goods, which contributed the largest value of 79.40 billion US dollars, up 14.41 percent, and contributed 10.35 percent to the total increase in imports.

The increase in the import of raw materials is mainly from mineral fuel commodities, salt, sulfur, stone and cement, as well as cereals.