Indonesia's Import Value Increased in November 2023

The Central Statistics Agency (BPS) reported that Indonesia's import value reached US$19.58 billion in November 2023.

This figure increased by 4.89% month-to-month (mtm) compared to October 2023, which was US$18.67 billion. The November 2023 achievement was also 3.29% higher year-on-year (yoy) than November 2022, which stood at US$18.96 billion.

Cumulatively (cumulative-to-cumulative/ctc) from January to November 2023, the import value reached US$202.77 billion. This figure dropped by 6.8% yoy from the same period last year (US$217.58 billion).

Based on its components, non-oil and gas imports were recorded at US$16.09 billion in November 2023. This figure increased by 4.08% (mtm) from the previous month's US$15.46 billion. However, on a yearly basis, non-oil and gas imports amounted to US$16.07 billion, a slight decrease of 0.37% (yoy) from the previous US$16.15 billion.

Cumulatively, non-oil and gas imports from January to November 2023 reached US$170.32 billion, down 5.57% (ctc) from the same period last year (US$180.36 billion).

The increase in non-oil and gas imports in November 2023 compared to October 2023 was driven by an increase in iron and steel imports worth US$138.7 million (16.34%), followed by waste and residues from the food industry US$88.2 million (31.98%), fertilizers US$87.2 million (76.58%), metal ores, slag, and ash US$82.2 million (87.27%), and sugar and confectionery US$68.9 million (26.61%).

(Also read: Indonesia's Export Value Decreased in November 2023)

For the other component, oil and gas imports amounted to US$3.48 billion in November 2023. This figure increased by 8.79% (mtm) from US$3.20 billion in October 2023. Oil and gas imports in November 2023 also increased by 24.41% (yoy) from US$2.8 billion in November 2022.

Cumulatively, oil and gas imports from January to November 2023 reached US$32.45 billion, down 12.78% (ctc) from the same period last year (US$37.21 billion).

The increase in oil and gas imports in November 2023 compared to October 2023 was due to increased imports of crude oil US$45.2 million (4.39%), petroleum products US$202.0 million (10.77%), and gas US$34.7 million (11.55%).

BPS continued, stating that the three largest suppliers of non-oil and gas imports during January-November 2023 were China US$56.74 billion (33.31%), Japan US$15.20 billion (8.92%), and Thailand US$9.36 billion (5.50%).

Non-oil and gas imports from ASEAN amounted to US$28.43 billion (16.69%) and from the European Union US$12.98 billion (7.62%).

According to the goods usage category, the value of imports from January to November 2023 compared to the same period the previous year showed an increase in capital goods worth US$3.18 billion (9.74%) and consumer goods US$1.47 billion (8.16%). Meanwhile, imports of raw materials/supporting materials decreased by US$19.46 billion (11.67%).

(Also read: Despite Decrease, Indonesia's Trade Balance Remains in Surplus in November 2023)