This more-or-less continued into March 2020 although China started to come back online. Based on data from Statistics Indonesia (or BPS), Indonesia booked a USD $743.4 million trade surplus in March 2020. As the table below shows, Indonesia’s oil & gas deficit deteriorated sharply, while the non-oil & gas surplus improved significantly. However, considering the contribution of oil & gas trade to the total is much smaller compared to non-oil & gas, Indonesia managed to post an overall surplus in March.

Indonesia’s oil & gas deficit deteriorated because of the collapse of global oil prices after demand for crude oil fell amid the COVID-19 crisis, while a price war emerged between two of the world's major oil producers: Saudi Arabia and Russia. Crude oil even went below zero as producers ran out of places to store their excess barrels of crude.


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Poll Indonesia Investments:

According to you at what pace will the Indonesian economy grow in 2020?

Voting possible:  -


  • Lower than 0.0% (26.8%)
  • Higher than 2.0% (17.9%)
  • 0.5% - 1.0% (15.9%)
  • 0.0% - 0.5% (15.8%)
  • 1.0% - 1.5% (11.8%)
  • 1.5% - 2.0% (11.8%)

Total amount of votes: 1025