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View all search resultsRI posts $450m trade deficit in June as oil imports surge
Data from Statistics Indonesia (BPS), released on Monday, showed that the June shortfall narrowed from the $1.61 billion deficit recorded in May.
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Containers, cranes and ships are seen at Tanjung Priok Port in North Jakarta in this undated photo.. (Shutterstock/Creativa Images)
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ndonesia’s trade balance stayed in the red in June, recording a US$450 million deficit as surging oil and gas imports overshadowed export growth and a widening surplus in non-oil and gas trading.
Data from Statistics Indonesia (BPS), released on Monday, showed that the June shortfall narrowed from the $1.61 billion deficit recorded in May. The improvement was driven by a stronger non-oil and gas performance, though the country remained weighed down by its persistent reliance on fossil fuel imports.
“The June deficit was primarily due to a deficit in oil and gas commodities,” Ateng Hartono, BPS deputy for distribution and services statistics, said in an online broadcast on Monday.
The oil and gas sector posted a deficit of $3.49 billion in June, an improvement from the $3.76 billion gap seen a month earlier. Crude oil and refined petroleum products were the main contributors to the shortfall.
Meanwhile, the non-oil and gas trade balance increased to a $3.04 billion surplus from $2.15 billion in May. Key surplus drivers included crude palm oil (CPO), coal, iron and steel.
Total exports climbed 8.84 percent year-on-year to $25.46 billion, lifted by a 9.46 percent rise in non-oil and gas shipments to $24.39 billion. Oil and gas exports, however, contracted 3.78 percent to $1.07 billion. Cumulative exports for the January-June period reached $140.81 billion, up 4.13 percent from the same period last year.
The persistent trade deficit is fueled by a dramatic spike in imports, which soared 34.27 percent year-on-year to $25.91 billion in June.
