Indonesia's October 2018 Imports Surge 21%

Indonesia's Central Bureau of Statistics (BPS) reported that Indonesia's imports in October 2018 surged 20.6% to US$17.62 billion (Rp264.3 trillion) compared to the previous month and increased by 23.66% year-on-year. Strong domestic demand kept imports high despite the government's increase in import taxes. Cumulatively, from January to October 2018, the value of imports rose 23.37% to US$156.4 billion (Rp2,345.95 trillion), up from US$126.77 billion in the same period the previous year.

Meanwhile, Indonesia's exports in October 2018 grew by only 5.87% to US$15.8 billion (Rp237 trillion), and increased by 3.97% year-on-year. Cumulatively, from January to October 2018, exports grew 8.8% to US$150.88 billion (Rp2,263.23 trillion), up from US$138.63 billion in the same period the previous year. National non-oil and gas exports in October 2018 grew 4.99% compared to the previous month and increased by 4.03% year-on-year.

The faster growth in imports compared to exports resulted in Indonesia's trade balance recording a deficit of US$1.82 billion (Rp27.3 trillion). This comprised a US$1.43 billion oil and gas trade deficit and a US$393.2 million non-oil and gas deficit. This marks the seventh consecutive monthly trade deficit this year.