Indonesia's Imports Fall Slightly by 0.29% in February 2024

Indonesia's Statistics Agency (BPS) reported that the value of Indonesia's imports reached US$18.44 billion in February 2024.

This figure shows a slight decrease of 0.29% month-to-month (mtm) compared to January 2024's US$18.49 billion. However, the February 2024 figure is 15.84% higher year-on-year (yoy) compared to February 2023's US$15.91 billion.

BPS stated that the slight decrease in imports in February compared to January 2024 was due to a slowdown in non-oil and gas imports.

Total non-oil and gas imports reached US$15.46 billion in February 2024, down 2.12% (mtm) from US$15.79 billion in January 2024. However, compared to the previous year, February 2024 imports increased by 7.6% from US$13.51 billion (yoy).

BPS explained that among the top 10 categories of non-oil and gas goods in February 2024, machinery and mechanical appliances and parts experienced the largest decrease, valued at US$112.0 million (3.91%) compared to January 2024. Meanwhile, the largest increase was in vehicles and parts, at US$87.5 million (13.36%).

Meanwhile, oil and gas imports were recorded at US$2.97 billion in February 2024. This figure increased by 10.42% (mtm) compared to the previous month's US$2.69 billion. Compared to the previous year, the value increased by 23.82% (yoy) from US$2.4 billion in February 2023.

"The increase in oil and gas imports was driven by a rise in crude oil imports of US$112.7 million (15.45%) and oil products of US$168.6 million (8.56%). Meanwhile, gas imports decreased by US$34.9 thousand (96.23%)," wrote BPS in its report published on Friday, March 15, 2024.

The value of imports for January-February 2024 was recorded at US$36.93 billion, an increase of US$2.57 billion or 7.49% compared to the same period last year (cumulative-to-cumulative/ctc). BPS explained that this increase was due to an increase in oil and gas imports of US$365.3 million (6.88% ctc) and non-oil and gas imports of US$2.20 billion (7.60% ctc).

The three largest suppliers of non-oil and gas imports during January-February 2024 were China at US$11.87 billion (37.98%); Japan at US$2.24 billion (7.17%); and Thailand at US$1.87 billion (5.98%).

Non-oil and gas imports from ASEAN totaled US$5.54 billion (17.73%) and from the European Union US$1.92 billion (6.15%).