Indonesia's Watch Import Volume Consistently Exceeds Exports

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Erlina Fury Santika 13/10/2023 17:05 WIB

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BPS data shows that imports of watches and clocks have consistently exceeded exports for at least the past six years. These goods will be subject to the Most Favored Nation (MFN) tariff rate in Octob

Export-Import Trend of Clocks, Watches, and Parts (2018-2023*)

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Indonesia's Watch Import Volume Consistently Exceeds Exports

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Export-Import Trend of Clocks, Watches, and Parts (2018-2023*)

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The Central Statistics Agency (BPS) collects data on the import and export of watches, clocks, and their components. Over the past six years, the trend of imports has been significantly higher than exports.

The latest data from July 2023 shows that the weight of exported watches and related items reached 17,000 kilograms (kg), valued at US$1.43 million or Rp22.6 billion (assuming an exchange rate of Rp15,703 per US$).

Meanwhile, the weight of imports reached 1.13 million kg, with a significantly higher value of US$28.6 million or Rp449.17 billion.

July 2023's import trend was considerably high, exceeding the total imports for the entire year of 2022 within just half a year.

Last year, imports weighed only 897,000 kg, while exports were significantly higher at 35,000 kg.

Imports in 2019 were also substantial, reaching 1.14 million kg, compared to exports of 22,000 kg.

Watches are one of eight commodities that will be subject to the most favored nation (MFN) tariff for import duties and taxes.

According to *Katadata*, this decision is outlined in Minister of Finance Regulation (PMK) Number 96 of 2023 concerning Customs, Excise, and Tax Provisions on the Import and Export of Consignment Goods. This regulation will come into effect on October 17, 2023.

Fadjar Donny, Director of Customs Technical at the Directorate General of Customs and Excise (DJBC), revealed that four commodities have been added to the MFN list. He stated that this aims to support the growth of the domestic industry.

Previously, based on PMK Number 199 of 2023, only four commodities were subject to the MFN tariff: textiles and textile products with import duties of 15%-25%; footwear with import duties of 25%-30%; bags at 15-20%; and books at 0%.

PMK 96/2023 adds four more commodities: cosmetics with a 10%-15% duty; iron and steel at 0-20%; bicycles at 25%-40%; and watches at 10%.

"Because based on trade transactions, we see that cosmetics are exceptionally high. We also see bicycles and watches, based on statistics, as high-volume commodities due to current consumer trends," explained Fadjar Donny, outlining the reasons for adding these four items in Jakarta on Thursday, October 12, 2023.

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."