Key facts
- Indonesia recorded a trade deficit of USD 1.61 billion in May 2026.
- This is the first trade deficit since April 2020.
- Imports increased by 22.16% year-on-year, driven by a 70.78% surge in oil and gas imports.
- Exports decreased by 5.73% year-on-year.
- Oil and gas exports fell by 31.76%.
Indonesia recorded its first trade deficit in six years in May 2026, with a shortfall of USD 1.61 billion, a significant shift from the USD 4.30 billion surplus seen in the same month of the previous year. This unexpected deficit occurred as imports surged by 22.16% year-on-year, driven by a substantial 70.78% increase in oil and gas imports, exacerbated by higher global oil prices linked to the Iran war and a weakening rupiah. Conversely, exports unexpectedly declined by 5.73% year-on-year, marking the steepest drop since November and reversing a strong performance in April. Oil and gas exports were particularly hard hit, plunging 31.76% due to sharp decreases in crude oil and natural gas exports. Non-oil and gas exports also fell by 4.50%, with notable declines to key trading partners like the US and India. Despite the May deficit, Indonesia maintained a trade surplus of USD 4.03 billion for the first five months of 2026.