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In January 2021, Indonesia failed to meet the forecast of its imports performance, with actual imports amounting to 1.27% instead of the expected 1.5%.
The Indonesian government released an official statement on the underwhelming figures of import performance. They highlighted that the lackluster performance resulted from the decreasing demand of commodities from other Southeast Asian countries due to supply chain disruptions as a result of the COVID-19 pandemic.
Additionally, the government expressed its utmost concern over the decline in imports figures as this may result in Indonesia incurring a large trade gap. This could have the potential to harm the country’s economy, particularly its dollar reserves.
In an effort to address the decline in its import figures, the Indonesian government stressed the importance of continuing to focus on investment-led growth. This, they argued, would boost the “domestic demand supply chain, as well as strengthen areas of production, management, and services.”
Importantly, the government announced new measures that have been implemented to better manage the import data in the future. The Indonesian government is now enforcing stricter quality control regulations, aiming to synchronize the merchandise clearance process with overseas suppliers.
From a broader perspective, the Indonesian government is hoping for the nation to be able to attain the economic growth rate of 5.4% it had projected for 2021. Doing so, they argue, would enable the country to continue mitigating the effects of the pandemic.
In conclusion, the Indonesian government urges suppliers to meet the quality control standards being established, in addition to encouraging the internal sector and domestic market demand to revitalize growth in imports. These measures, the government hopes, will be beneficial in restoring positive growth in imports.
