Indonesia's Imports Decline in August 2023: What are the Causes?

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Cindy Mutia Annur 19/09/2023 17:19 WIB

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Indonesia's Central Statistics Agency (BPS) reported that Indonesia's import value in August 2023 reached US$18.87 billion. This figure decreased by 3.53% month-to-month (mtm) and plummeted by 14.47%

Indonesia's Monthly Import Value (January 2020 – August 2023)

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Indonesia's Monthly Import Value (January 2020 – August 2023)

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The Central Statistics Agency (BPS) reported that Indonesia's imports in August 2023 amounted to US$18.87 billion. This figure decreased by 3.53% month-to-month (mtm) and plummeted by 14.47% year-on-year (yoy).

Acting Head of BPS, Amalia Adininggar Widyasanti, stated that import performance declined due to a slump in both oil and gas (migas) and non-oil and gas (nonmigas) categories. Specifically, the value of oil and gas imports in August 2023 reached US$2.66 billion, down 15.01% compared to July 2023. Meanwhile, non-oil and gas imports fell by 1.34% month-on-month to US$16.21 billion in August 2023.

"The decrease in oil and gas imports was caused by a 46.46% (mtm) drop in crude oil imports, while the decrease in non-oil and gas imports was contributed by the decline in commodities such as ships, boats, and floating structures; a decrease in the group of electrical machinery, equipment, and parts; and fertilizers, metal ores, slag, and ash," said Amalia, as quoted from Katadata.co.id on Friday (September 15, 2023).

Year-on-year, the value of oil and gas imports in August 2023 decreased by 28.08% (yoy), while non-oil and gas imports fell by 12.10% (yoy). "August 2023 imports continued the downward trend throughout this year," Amalia added.

On the other hand, Indonesia's export value in August 2023 reached US$22 billion, up 5.47% compared to July 2023 (mtm), but down 21.21% compared to June of the previous year (yoy).

The higher value of Indonesia's exports compared to imports resulted in a trade surplus of US$3.12 billion in August 2023. This means Indonesia has recorded a trade surplus for 40 consecutive months since May 2020.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Imports Decline in August 2023: What are the Causes?

Indonesia's Imports Decline in August 2023: What are the Causes?

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Indonesia's Imports Decline in August 2023: What are the Causes?

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