Trade Minister Budi Santoso has revealed that the rise in global oil\nprices due to the escalation of conflict in the Strait of Hormuz is one\nof the significant causes of Indonesia\u2019s increasing import values and\nthe pressure on its trade balance.<\/p>\n
Budi explained that global oil prices in February 2026 were still in\nthe range of 60-65 US dollars per barrel. However, since the escalation\nof conflict in March 2026, oil prices have continued to climb and\nfluctuate until mid-year.<\/p>\n
Based on World Bank data as of 2 July 2026, global oil prices in\nApril-May 2026 exceeded 100 US dollars per barrel.<\/p>\n
\u201cApril-May was the peak period of high global oil prices, reaching\naround 110 US dollars per barrel. With this situation, the unit value of\nimports per tonne in May increased and has continued into June,\u201d Budi\nsaid in a statement on Tuesday, 11 August 2026.<\/p>\n
According to him, the rise in global oil prices has had a direct\nimpact on the unit value of imports per tonne, particularly for oil and\ngas commodities. In March 2026, the unit value of oil and gas imports\nwas recorded at 689 US dollars per tonne.<\/p>\n
That value then increased to 1,042 US dollars per tonne in May 2026,\nbefore falling to 869 US dollars per tonne in June 2026.<\/p>\n
The rise in oil prices has also affected the unit value of non-oil\nand gas commodity imports. The Ministry of Trade recorded the unit value\nof non-oil and gas imports in March 2026 at 968 US dollars per tonne,\nincreasing to 1,081 US dollars per tonne in June 2026.<\/p>\n
Overall, Indonesia\u2019s unit value of imports for oil and gas and\nnon-oil and gas commodities increased from 907 US dollars per tonne in\nMarch 2026 to 1,036 US dollars per tonne in June 2026.<\/p>\n
\u201cIf we compare the unit value of imports per tonne in March with\nJune, the increase reached 14.24 percent. This is one of the reasons why\nour import values have become higher,\u201d he explained.<\/p>\n
The increase in import values has also put pressure on Indonesia\u2019s\ntrade balance. Previously, Indonesia\u2019s trade balance in June 2026 still\nrecorded a deficit of 0.45 billion US dollars, although it improved\ncompared to the deficit of 1.61 billion US dollars in May 2026.<\/p>\n
On the other hand, the government continues to encourage increased\nexports to strengthen the trade balance. Budi said the Ministry of Trade\nis optimising various priority programmes, especially through expanding\nexport market access.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/trade-minister-reveals-causes-of-trade-deficit-1786445594", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }