Jakarta. Indonesia has bid farewell to its six-year surplus streak with a $1.61 billion deficit in May amid sky-high crude prices, according to data shown by the official statistics agency BPS on Wednesday.

Indonesia’s trade balance had already weakened to around $89.1 million in April before further plummeting to a negative $1.61 billion the following month. 

“Oil and gas deficit of $3.76 billion had mainly driven the negative trade balance [in May],” BPS deputy Ateng Hartono told a press conference.

Jakarta blamed the lost streak in crude purchases, which comes as no surprise, as oil prices have soared following Iran’s persistent blockade of the Strait of Hormuz.

“Our non-oil and gas goods trade saw a surplus of $2.15 billion that month,” Ateng said.

Imports had risen to $24.81 billion in May 2026, up by 22.16% year-on-year (yoy). Oil and gas imports had jumped 70.78% yoy to $4.51 billion in May, during which the US-Iran war was already on its three-month mark. Non-oil goods coming into Indonesia also rose 14.89% yoy in value to $20.30 billion. 

China remains Indonesia’s largest contributor to the overall negative trade balance. The deficit swelled from $8.15 billion in January-May 2025 to $10.17 billion in the same period the following year. 

Indonesia has been enjoying a surplus since May 2020 as it gradually bounced back from Covid-19 shocks. Economists have warned that Indonesia could fall into the red amidst the US-Iran conflict. 

Blockades at the Strait of Hormuz are affecting global energy supplies as the narrow sea channel sees a fifth of the world’s oil exiting the Persian Gulf for customers across the globe. The global crude benchmark Brent had steadied above $73 per barrel on Wednesday as the warring sides sought to cool down tensions, even repeatedly breaking the 100-dollar-a-barrel barrier. The rupiah has also remained under pressure against the greenback.