Indonesia’s Import Value Increases by 29.33% in March 2023

Advertisement

According to the latest release from the Central Statistics Agency (BPS), Indonesia’s import value in March 2023 reached $20.59 billion, an increase of 29.33 percent compared to February 2023.

The Deputy of Methodology and Statistical Information at BPS, Imam Machdi, stated that annually, Indonesia’s import value decreased by 6.26 percent compared to March 2023.

In a press conference on Monday (4/17/2023), Machdi said, “The value of imports in March 2023 reached $20.59 billion, an increase of 29.33 percent compared to February 2023.”

Machdi explained that non-oil and gas imports recorded $17.57 billion, an increase of 30.05 percent compared to the previous month. The increase in non-oil and gas imports of 30.05 percent in March 2023 was due to the role of several commodities, namely machines and electrical equipment and their parts (HS 85), which rose by 29.45 percent, iron and steel (HS 72), which rose by 45.52 percent, and mechanical machines and equipment and their parts (HS 84), which rose by 15.65 percent.

Furthermore, the increase in oil and gas imports by 25.28 percent was due to an increase in crude oil by 54.18 percent and oil products by 21.09 percent. Meanwhile, the annual import value of March 2023 was recorded to have decreased by 6.26 percent compared to March 2023.

Specifically, in 2023, oil and gas imports decreased by 13.67 percent compared to March 2022, and in March 2023, oil and gas imports decreased by 4.86 percent compared to March 2022.

“The growth of imports in March 2023 year-on-year weakened again after briefly strengthening in January 2023,” he concluded.

In summary, Indonesia’s imports in March 2023 increased significantly compared to the previous month, with non-oil and gas imports contributing significantly to this increase.

However, the annual import value of March 2023 decreased compared to the same month in the previous year, with oil and gas imports showing a significant decline.

The reasons for the fluctuations in import growth were due to changes in commodity prices and global market conditions. The decline in annual imports may be indicative of a slowdown in economic growth, and the government may need to implement measures to boost the economy and increase imports.