Indonesia's Non-oil and Gas Imports Rise in May 2024, Oil and Gas Imports Fall

The Central Statistics Agency (BPS) reported that Indonesia's total import value reached US$19.4 billion in May 2024.

This is a 14.82% increase compared to April 2024 (month-to-month/mtm), where the total import value was US$16.9 billion.

The increase in imports in May 2024 was driven by non-oil and gas imports, which rose 19.7% (mtm) to US$16.65 billion.

BPS data shows that 9 out of 10 main categories of non-oil and gas imports increased. The import value of machinery/mechanical equipment and parts was the highest, at US$2.89 billion, a 30.17% increase (mtm).

Imports of electrical machinery/equipment and parts increased by 4.57% (mtm) to US$2.23 billion, followed by iron and steel imports, which rose 29.20% (mtm) to US$949.6 million.

On the other hand, the value of oil and gas imports fell by 7.91% (mtm) to US$2.75 billion.

This decrease was due to a 11% (mtm) drop in refined oil imports to US$236.4 million, while crude oil imports increased by 0.03% (mtm) to US$0.3 million.

Cumulatively, the total import value for the January-May 2024 period reached US$91.19 billion, down 0.42% compared to January-May of the previous year (cumulative-to-cumulative/ctc), which was US$91.58 billion.

BPS details that the decrease in import value during January-May 2024 was due to a 0.91% (ctc) decrease in non-oil and gas imports to US$76.45 billion. However, oil and gas imports increased by 2.22% (ctc) to US$14.74 billion.