Surging Oil and Gas Imports Depress Indonesia's Trade Surplus

Summary

Statistics Indonesia (BPS) noted that Indonesia's trade surplus in July 2022 was US$4.23 billion, lower than June's figure of US$5.15 billion. "However, the trend of Indonesia's trade balance is a surplus for 27 consecutive months since May 2020," BPS' deputy for distribution statistics and services Setianto said on Monday.

According to BPS data, oil and gas imports reached US$4.46 billion, up 21.3 percent month-over-month. Non-oil and gas imports fell 2.53 percent from US$17.33 billion to US$16.89 billion. Meanwhile, oil and gas exports were only US$1.38 billion, down 11.24 percent month-over-month. Non-oil and gas exports dropped by 1.64 percent from US$24.6 billion to US$24.2 billion. BPS recorded Indonesia's accumulated trade surplus hit US$29.17 billion in January-July 2022.

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