Jakarta. Indonesia booked a $450 million trade deficit in June, although the gap has substantially narrowed.

Southeast Asia’s biggest economy broke its six-year surplus run in May as the trade balance plunged into a negative $1.61 billion that month amid the Iran war-induced crude price hikes. Indonesia remained in the red as of June, the central statistics agency BPS announced on Monday. 

“The $3.49 billion negative oil and gas trade balance —  particularly for oil products and crude —  in June has led to the $450 million deficit,” BPS deputy Ateng Hartono told a press briefing.

The monthly oil and gas imports skyrocketed by a whopping 105.15% year-on-year (yoy), reaching $4.56 billion in value. Singapore and Malaysia have been the country’s top energy suppliers.

The resource-rich country clinched a $3.04 billion surplus in non-oil and gas commerce over the same period thanks to palm oil, among others. The latest reading marks a huge gap compared to the $4.1 billion overall positive trade balance seen in June 2025. 

Indonesia’s goods trade surplus totaled $3.58 billion in the first half of 2026. China doesn’t budge from being Indonesia’s largest source of imports, selling about $48.82 billion worth of non-oil goods that period.

Analysts have already expected a persistent-yet-improving deficit for June.

However, the latest BPS data showed that Indonesia had beaten economists’ expectations, as many believed the negative trade balance would stay at the $1 billion mark. Bank Danamon Indonesia lead economist Irman Faiz had forecast the deficit would shrink to around $700 million, citing drops in crude prices and a slowdown in capital goods imports, according to local media reports.