Indonesia Import Growth at 3-Month Low

Imports to Indonesia rose by 8.55% yoy to USD 18.81 billion in September 2024, falling short of market consensus of 11.8% and slowing from a 9.46% growth in the prior month.

This was the fourth month of growth in purchases despite the slowest pace in three months, as the government planned to impose import duties on certain commodities to protect local industries.

Non-oil and gas imports rose further (16.29% vs 11.09% in August), to USD 16.30 billion.

Meanwhile, oil and gas imports plunged (-24.04% vs -0.51%), to USD 2.53 billion, weighed by declines in crude oil (-41.55%) and oil products (-13.05%).

Imports grew from China (20.67%), Japan (2.01%), the US (21.80%), Australia (14.71%), and India (22.44%).

Purchases from ASEAN countries also expanded (24.81%), notably from Singapore (35.27%) and Malaysia (29.50%), as did imports from the EU (8.20%).

In contrast, imports shrank from South Korea (-2.97%).

For the first nine months of the year, imports increased 3.86% to USD 170.87 billion.