Businessicy – Indonesia’s Central Statistics Agency (BPS) reported that the country’s import value in July 2024 reached USD 21.74 billion. Marking a 17.82 percent increase compared to June 2024 and an 11.07 percent rise compared to July 2023.
“Imports in July 2024 amounted to USD 21.74 billion, showing an increase of 17.82 percent.” stated Acting Head of BPS, Amalia A. Widyasanti, during a press conference on Thursday, August 15, 2024.
Breaking it down, the value of oil and gas (migas) imports in July 2024 was recorded at USD 3.56 billion. Reflecting an 8.78 percent rise from June 2024 and a 13.59 percent increase from July 2023. Meanwhile, non-oil and gas imports reached USD 18.18 billion. Up by 19.76 percent compared to June 2024 and 10.60 percent compared to July 2023.
On an annual basis, the import value for July 2024 saw an 11.07 percent increase. Specifically, the value of oil and gas imports grew by 13.59 percent, while non-oil and gas imports rose by 10.60 percent.
The rise in the value of oil and gas imports was attributed to both an increase in volume and average aggregate prices. More specifically, the group of oil and gas products that saw a significant rise in import. The value was refined petroleum products, which increased by 30 percent.
“In contrast, the growth in non-oil and gas import value was primarily driven by a 31.74 percent increase in volume,” she added.
Cumulatively, Indonesia’s total import value from January to July 2024 rose by 2.40 percent. Compared to the same period last year. The main contribution to this increase came from the import of raw materials. And also auxiliary goods which grew by 1.90 percent.
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The Central Statistics Agency (BPS) also noted that Indonesia’s trade balance recorded a surplus of USD 470 million in July 2024. This marks the 51st consecutive month of surplus since May 2020.
“In July 2024, the trade balance surplus was USD 0.47 billion. 1.92 percent decrease on a monthly basis,” Acting Head of BPS, Amalia A. Widyasanti, mentioned during the BPS press conference on Thursday, August 15, 2024.
Amalia pointed out that the July surplus was lower than in previous periods and also lower than the same month last year. Amidst rising commodity prices.
“The non-oil and gas trade balance surplus in July 2024 was lower compared to last month. And also the same month last year,” she said.
Furthermore, Amalia explained that the July 2024 surplus was mainly supported by the non-oil and gas surplus of USD 2.61 billion. With the primary contributors being mineral fuels, vegetable oils and fats, and iron and steel.
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