JAKARTA - Finance Minister Purbaya Yudhi Sadewa assessed that the Indonesian Trade Balance deficit in May 2026 was triggered by an increase in oil and gas (oil and gas) imports accompanied by an increase in world oil prices.
"My guess is because we import oil and gas, the price is going up again, right? Oil, I think that's what makes it (imports) go up," said Purbaya when met at the Ministry of Finance Jakarta Office, quoted by Antara, Thursday, July 2.
As is known, the Central Statistics Agency (BPS) reported that Indonesia's Trade Balance in May 2026 experienced a deficit of 1.61 billion US dollars. This value ends Indonesia's consecutive surplus record for 72 months since May 2020.
BPS noted that the trade balance in oil and gas experienced a deficit of 3.76 billion US dollars, which was mainly contributed by imports of oil and crude oil products.
On the other hand, the non-oil and gas trade balance still recorded a surplus of US$2.15 billion, with the main contributors coming from mineral fuel commodities, animal and vegetable fats and oils, as well as iron and steel.
Purbaya assessed that this condition did not need to be feared because cumulatively, the trade balance was still in the positive zone.
Indonesia's trade balance throughout January-May 2026 still recorded a surplus of 4.03 billion US dollars. The surplus was supported by the non-oil and gas trade balance which reached 16.31 billion US dollars. Meanwhile, the oil and gas trade balance still experienced a deficit of 12.28 billion US dollars.
"So the increase is true as I said earlier, because the deficit in oil and gas has increased due to high oil prices. So it should be controlled in the future," explained the Minister of Finance.
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