Indonesia's foreign trade stays strong despite May deficit: Minister

hartono · Jul 3, 2026

Indonesia's foreign trade stays strong despite May deficit: Minister

Trade Minister Budi Santoso receives a delegation from the Center for Information and Development Studies (CIDES) of the Indonesian Muslim Intellectuals Association (ICMI) at the Trade Ministry office in Jakarta on Thursday (July 2, 2026). ANTARA/HO-Kemendag

Jakarta (ANTARA) - Trade Minister Budi Santoso said Indonesia's foreign trade balance remained resilient during the first five months of 2026 despite recording a trade deficit in May.

"Although Indonesia recorded a trade deficit in May 2026, the cumulative trade balance for the January-May period remained in surplus. This proves that Indonesia's non-oil and gas trade performance remains solid amid global challenges," Santoso said in a statement here on Thursday.

He said non-oil and gas trade continued to serve as the main pillar of Indonesia's external trade, although the country posted a trade deficit of US$1.61 billion in May due to a widening deficit in the oil and gas sector.

Cumulatively, Indonesia recorded a trade surplus of US$4.03 billion during the January-May 2026 period. The surplus was supported by a US$16.31 billion surplus in non-oil and gas trade, which offset a US$12.28 billion deficit in the oil and gas sector.

In May 2026, the trade deficit was mainly driven by a widening oil and gas deficit, which reached US$3.76 billion.

The deficit consisted of US$3.40 billion in oil products and US$700 million in crude oil, while natural gas trade still posted a surplus of US$350 million.

Despite pressure on the oil and gas sector, non-oil and gas trade recorded a surplus of US$2.15 billion in May.

The three largest contributors to the non-oil and gas surplus were mineral fuels at US$2.54 billion, animal or vegetable fats and oils at US$2.21 billion, and iron and steel at US$1.38 billion.

During the January-May 2026 period, the largest contributors to the cumulative non-oil and gas surplus were animal or vegetable fats and oils at US$13.92 billion, mineral fuels at US$10.88 billion, and iron and steel at US$7.09 billion.

Among Indonesia's trading partners, the United States contributed the largest non-oil and gas trade surplus at US$8.47 billion, followed by India at US$5.34 billion and the Philippines at US$3.42 billion.