Indonesia: Import Declines in September 2018, BI: Signs of Improvement

• Oct 16, 2018

TEMPO.CO, Jakarta – Bank Indonesia (BI) Governor Perry Warjiyo said the decline in import, particularly in the oil and gas sector, in September, showed the results of BI and the government’s efforts to reduce the current account deficit in recent times.

“There are early signs that lead to better improvement,” Perry said at the Parliament Complex, Jakarta, Monday, October 15.

Perry said in the third quarter of 2018, the current account deficit could not decline dramatically. “But in 2019, it confirms our estimate of CAD in 2019 at around 2.5 percent. This year, it stays below 3 percent, but leads to 3 percent,” Perry said.

The Central Statistics Agency (BPS) noted that Indonesia’s import value in September reached US$ 14.60 billion. BPS Director of Distribution and Services Statistics Yunita Rusanti said the number decreased by 13.18 percent compared to August.

“Compared to September 2017, it increased by 14.18 percent,” said Yunita.

Yunita said that non-oil and gas import in September reached US$12.32 billion, decreased 10.52 percent compared to August.

“The largest decline in non-oil and gas import in September compared to August was in the category of electrical machinery/equipment of US$259,5 million or 13.22 percent, while the largest increase was in the fruit category of US$42.2 million or 66.46 percent,” Yunita said.

The oil and gas import in September reached US$2.28 billion, decreased 25.20 percent compared to August. The amount showed an increase of 17.75 percent compared to September 2017.

According to Yunita, the cumulative import from January to September was US$138.7 billion, an increase of 23.33 percent compared to the same period in the previous year. The increase occurred in oil and non-oil and gas import, each at US$4,7 million or 27.14 percent and US$21.5 million or 22.64 percent.

Source: https://en.tempo.co/read/news/2018/10/16/056922558/Import-Declines-in-September-2018-BI-Signs-of-Improvement