Indonesia unexpectedly posted a trade deficit of USD 1.61 billion in May 2026, shifting from a USD 4.30 billion surplus in the same month last year and missing expectations of a USD 1.2 billion surplus. It was the first trade deficit since April 2020, as exports unexpectedly fell while imports surged. Imports soared 22.16% yoy, exceeding estimates of 19.5%, with oil and gas imports surging 70.78%, while non-oil and gas imports grew 14.89%. Meanwhile, exports unexpectedly fell 5.73%, reversing sharply from a 21.98% surge in April and defying forecasts of a 6.4% rise, marking the steepest decline since November. Oil and gas exports plunged 31.76%, largely due to a sharp decline in crude oil (-100.0%) and natural gas (-44.57%) exports, while non-oil and gas exports dropped 4.50%. By destination, non-oil and gas exports fell mainly to key trading partners, including the US (-6.24%) and India (-24.21%). For the 1st five months of 2026, the country posted a trade surplus of USD 4.03 billion.