Tag: Indonesia and China business

Indonesia’s trade surplus slightly increased to US$1.27 billion in February, up from US$954 million in the previous month, despite rising imports of capital goods. However, the figure remained lower than the May–December period last year, when the surplus consistently exceeded US$2 billion.

Total imports rose 10.85 percent year-on-year (yoy) to US$20.89 billion, driven mainly by capital goods imports, which surged 33.68 percent yoy to US$4.61 billion. Consumer goods imports increased 19.84 percent to US$1.76 billion, while raw material imports rose 4.25 percent to US$14.52 billion.

Among specific categories, precious metals and jewelry recorded the highest annual import growth, rising 63 percent, followed by mechanical appliances and electrical machinery, which increased 51.6 percent and 19.6 percent, respectively. Overall imports in January–February totaled US$42.09 billion, reflecting a 14.44 percent annual increase. The Permata Institute for Economic Research (PIER) noted that this figure was slightly above its 8.74 percent forecast, though it moderated from 18.21 percent growth in January.

Despite the slowdown, import growth continued to outpace exports, reflecting a weaker global economic outlook alongside Indonesia’s pro-growth policies that have sustained domestic demand, the Jakarta-based research institute said. It added that all import categories consumer goods, raw materials, and capital goods recorded growth. However, raw materials and capital goods growth moderated amid rising trade uncertainty in February, while consumer goods imports accelerated in line with seasonal Ramadan demand.

Exports rose only 1.01 percent yoy. According to Statistics Indonesia (BPS), key export drivers included animal and vegetable fats and oils, nickel and its derivatives, and electrical machinery and equipment. Exports of animal and vegetable fats, including crude palm oil (CPO), rose 16.19 percent yoy to US$3.1 billion in February, followed by iron and steel, which increased 3.3 percent. In contrast, mineral fuels exports, including coal, fell 15.65 percent from a year earlier.

Indonesia’s cumulative trade surplus for January–February stood at US$2.23 billion, significantly lower than US$6.59 billion in the same period last year. Trade with China remained the largest source of deficit, widening from US$3.3 billion to US$4.99 billion. Statistics Indonesia deputy for distribution and services statistics Ateng Hartono said the deficit was driven mainly by imports of mechanical appliances, electrical machinery, and vehicles.

Beyond China, Australia and Singapore also contributed to larger trade deficits. The deficit with Australia rose to US$1.69 billion, driven by precious metals, cereals, and coal, while the deficit with Singapore reached US$1.48 billion, led by mechanical appliances and precious metals.

Despite the Agreement on Reciprocal Trade (ART) aimed at reducing Indonesia’s trade surplus with the United States, the surplus with the US continued to widen. It increased from US$2.63 billion to US$3.11 billion in the first two months of the year, supported by exports of electrical machinery, apparel, and crude palm oil.

April 1, 2026, The Jakarta Post(https://www.thejakartapost.com/business/2026/04/01/ri-posts-1-27b-trade-surplus-despite-surge-in-capital-goods-imports.html)

Japan is seeking closer cooperation with Indonesia on energy security, Prime Minister Sanae Takaichi said, as global concerns over supply disruptions intensify amid rising geopolitical tensions.

“In light of the Iran situation, the strategic importance of resources and energy security is once again being recognized globally. Indonesia is a major resource-rich nation,” Takaichi said alongside President Prabowo Subianto after bilateral talks in Tokyo on Tuesday, according to Reuters.

Her remarks followed the signing of 10 memoranda of understanding (MoUs) and strategic business deals worth US$23.63 billion during Prabowo’s visit. The agreements were announced at the Indonesia–Japan Business Forum at the Imperial Hotel Tokyo on Monday, covering clean energy downstream projects, oil and gas exploration, geothermal development, and financial inclusion.

The visit took place amid heightened tensions in the Middle East that have disrupted oil and gas flows through the Strait of Hormuz. Japan has responded by strengthening energy security through increased coal use, tapping strategic oil reserves, and diversifying supply sources. Indonesia remains a key partner as the world’s largest thermal coal exporter and a major LNG supplier, with around a quarter of its exports going to Japan.

Both countries also pledged support for de-escalation efforts in the Middle East. Prabowo said they would “make their best efforts to convince all parties to de-escalate,” while encouraging greater Japanese involvement in Indonesia’s economy, including critical minerals, rare earths, industrialization, and nuclear energy.

“If there’s a real partnership between the Japanese economy, Japanese industry, and Indonesia, both our peoples will benefit. When both our peoples benefit, this will be a pillar of peace and stability,” Prabowo said.

A major portion of the agreements focuses on energy cooperation involving Japan’s INPEX. These include a partnership between Pertamina and INPEX to develop the Abadi Gas Field in the Masela Block, and an MoU between Pertamina Hulu Energi and INPEX for upstream oil and gas exploration in Indonesia and Southeast Asia.

Another deal between Supreme Energy Rajabasa and INPEX will advance studies for a geothermal project, supporting Indonesia’s renewable energy expansion. Energy Minister Bahlil Lahadalia said he had been instructed to accelerate the Masela Block project, valued at around US$20 billion plus US$1 billion for carbon capture and storage. He noted rising geopolitical risks could increase costs.

Beyond fossil fuels, Indonesia is pushing energy diversification. “Whether geothermal, hydropower, solar, or wind—if it is cost-efficient, we will promote it,” Bahlil said.

Other agreements include a methanol project with Sojitz, cooperation between KADIN and the Japan Chamber of Commerce and Industry, semiconductor and AI collaboration between PT Eblo Teknologi Indonesia and Hayashi Kinzoku, and financial sector deals involving Pegadaian, SMBC Indonesia, Danantara, and SMBC Aviation Capital. Additional cooperation covers JETRO with Danantara Investment Management, a geothermal project in Hululais supported by JICA, and a tourism partnership between Indonesia and Japan focusing on promotion, training, and industry collaboration.

March 31, 2026, The Jakarta Post

(https://www.thejakartapost.com/business/2026/03/31/ri-japan-seek-deeper-energy-ties-after-23-6b-in-deals.html)  

Over the past few decades, Indonesia’s economic growth has relied on three main pillars: domestic consumption, commodity exports, and conventional infrastructure development. While this model has maintained stability, it is increasingly constrained by global structural changes driven by climate change, technological disruption, and shifting energy geopolitics.

In a rapidly decarbonizing global economy, countries that position the energy transition as a growth strategy will gain a strong competitive advantage. In this context, large-scale solar energy development should be viewed not only as an energy transition program, but also as a new engine of economic growth.

President Prabowo Subianto has set a target to develop up to 100 gigawatts (GW) of solar power capacity within approximately two years. If achieved, this would be among the largest energy projects in Indonesia’s history and globally. Given its scale and short execution period, the program could create a major “investment shock” with significant macroeconomic effects.

Assuming utility-scale solar costs of USD 900,000–1,000,000 per MWp, total investment is estimated at around USD 100 billion. A 320 GWh Battery Energy Storage System (BESS) adds another estimated USD 100 billion. Supporting infrastructure such as transmission networks and electrical component industries could add around 25 percent in additional costs, plus roughly USD 30 billion for industrial development. Total investment could therefore reach about USD 255 billion.

If implemented within two years, annual investment would exceed USD 127.5 billion, or approximately 9.1 percent of GDP, representing a substantial fiscal and economic stimulus. From a development economics perspective, such investment generates strong multiplier effects across construction, manufacturing, logistics, finance, and technology. With a conservative multiplier of 1.7, the total economic impact could reach USD 433.5 billion, or more than 15 percent of GDP per year during implementation. Using Indonesia’s ICOR of 6.33–6.5, direct investment of this scale could contribute around 1.4 percentage points to annual GDP growth. The broader impact, however, extends beyond capital formation.

If around 60 percent of funding comes from foreign investment, inflows could reach USD 150–153 billion, strengthening financial markets and accelerating industrial capacity. At the same time, demand for solar panels, batteries, and related components would stimulate domestic manufacturing, supported by Indonesia’s nickel downstream industry.

The program would also generate large-scale green employment, improve workforce skills, and reduce long-term electricity costs, enhancing industrial competitiveness and export resilience. Overall, the combined 100 GW solar and 320 GWh BESS program could raise economic growth by approximately 1.5–2 percentage points annually, potentially lifting growth to 6.5–7 percent.

However, success depends on strong institutional readiness, particularly in financing, grid integration, and PLN’s capacity. Without financial strengthening and reform, the expansion could strain public utility balance sheets. If managed effectively, this program could become a structural turning point for Indonesia’s economy, driving investment, industrialization, and long-term competitiveness.

March 25, 2026, CNBC Indonesia

(https://www.cnbcindonesia.com/opini/20260325135407-14-721256/percepatan-energi-hijau-sebagai-mesin-baru-pertumbuhan-ekonomi-ri)  

President Prabowo Subianto has asserted that Indonesia’s push for food and energy self-reliance is driven not by ideology but by “common sense,” emphasizing its urgency in an increasingly volatile global landscape. Speaking during a question-and-answer session with senior journalists and experts at his Hambalang residence, aired on Thursday, he framed national resilience as a fundamental necessity.

“I think the school of thought is the school of common sense common sense and reality,” Prabowo said, stressing that basic human needs, particularly food, underpin civilization. Drawing on historical perspectives, he argued that conflict has consistently stemmed from competition over resources. “Without food, there is no civilization,” he added, warning that reliance on globalization to meet domestic needs is increasingly untenable.

He cited the Russia–Ukraine war as an example of how distant conflicts can disrupt global stability, noting that tensions between two major wheat producers triggered a surge in global food prices. “The world is getting smaller; everything is interconnected. Conflict in one place impacts the entire world,” he said, highlighting the risks of import dependency amid geopolitical uncertainty.

When asked whether his policies were intended to prepare Indonesia for direct conflict, Prabowo noted that warfare has been a constant throughout human history, reinforcing the need for national self-sufficiency. Addressing fiscal concerns, he dismissed criticism over the reallocation of funds for the free nutritious meals program. He maintained that “efficiency measures,” aimed at keeping the fiscal deficit below 3 percent, would not undermine essential sectors. “We’re not reducing education or operational costs,” he said, adding that critics were “dramatizing” routine budget adjustments.

Presidential spokesman Prasetyo Hadi said the government is seeking up to IDR 80 trillion (approximately $4.7 billion) in spending cuts to create a fiscal buffer against potential fallout from escalating Middle East tensions, including the United States–Israel conflict involving Iran, though he did not specify where cuts would occur.

Indonesia is also considering fuel-saving measures, such as work-from-home arrangements for public sector employees, as geopolitical tensions push global oil prices higher. Despite these pressures, the government has reiterated that the free meals program, budgeted at $19.7 billion for 2026, will remain intact. Fuel subsidies, which account for around 15 percent of the state budget, have also been firmly defended.

Economist Mohammad Faisal of CORE suggested reallocating funds from lower-priority programs, including reassessing the free meals initiative. He emphasized linking the program with domestic production and involving MSMEs to create a multiplier effect.

Josua Pardede of Bank Permata cautioned that the program must deliver measurable improvements in nutrition, health, and productivity while supporting local agriculture. Otherwise, it risks crowding out more productive investments. He also warned that prolonged cheap energy could become a hidden subsidy unless tied to efficiency gains.

March 23, 2026, The Jakarta Post

(https://www.thejakartapost.com/business/2026/03/23/self-reliance-common-sense-prabowo-says-as-war-tests-global-order.html)  

Italian global energy company Eni has officially issued a Final Investment Decision (FID) for the development of a deepwater gas project in Indonesia, valued at approximately US$15 billion, equivalent to IDR 254 trillion (rate of IDR 16,956 per US dollar). This investment will support the development of two major projects Gendalo-Gandang (South Hub) and Geng North-Gehem (North Hub) located offshore East Kalimantan. The FID was announced just 18 months after the approval of the Plan of Development (POD) in 2024, reflecting the accelerated progress of deepwater gas development in Indonesia.

The project leverages advanced deepwater production technology and existing infrastructure, including the Jangkrik Floating Production Unit (FPU) and the reactivation of Train F at the Bontang LNG Plant. These measures are expected to enhance cost efficiency and accelerate the commercialization timeline.

The Gendalo-Gandang development will be carried out at water depths of 1,000 to 1,800 meters, involving the drilling of seven production wells connected to the Jangkrik facility. Meanwhile, the North Hub project will involve 16 production wells at depths of 1,700 to 2,000 meters, connected to a new Floating Production, Storage, and Offloading (FPSO) facility. This FPSO will have a processing capacity exceeding 1 billion standard cubic feet of gas per day (BSCFD) and 90,000 barrels of condensate per day.

Combined, these projects hold estimated resources of approximately 10 trillion cubic feet (TCF) of gas and 550 million barrels of condensate. Production is expected to commence in 2028 and peak in 2029, reaching around 2 billion cubic feet of gas per day and 90,000 barrels of condensate per day. The produced gas will be transported onshore via pipeline to supply the domestic gas network and support LNG production at the Bontang facility for both domestic use and export markets. Condensate will be processed and stored at the offshore FPSO before being transported by tanker.

This FID marks a significant milestone in Indonesia’s deepwater gas development and strengthens the partnership between Eni and the Indonesian government. The substantial gas and LNG output from this project is expected to contribute to the country’s long-term energy security. The Head of the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas), Djoko Siswanto, welcomed the decision, describing it as a strong signal of global investor confidence in Indonesia’s upstream oil and gas sector.

He added that the project would support increased national gas production while reinforcing energy security. “SKK Migas, together with the government, will continue to accelerate strategic projects like this to maximize benefits for the state and the community, while also driving economic growth,” Djoko stated in a written statement on Wednesday (March 18, 2026).

In parallel with the FID, Eni has initiated procurement tenders and secured Long Lead Items (LLI). Djoko also noted that Eni Indonesia’s Managing Director had reported the FID announcement to the Minister of Energy and Mineral Resources. According to Djoko, the investment is expected to generate a multiplier effect, including job creation. The project will also form part of a broader asset consolidation between Eni and Malaysian energy company Petronas, aimed at establishing a new entity (NewCo) with a production target exceeding 500,000 barrels of oil equivalent per day by 2029. Eni has operated in Indonesia since 2001 and remains a key gas producer in the Kutai Basin, Makassar Strait an area increasingly recognized as a strategic hub for national gas production.

March 18, 2026, CNBC Indonesia

(https://www.cnbcindonesia.com/news/20260318202135-4-720169/tok-perusahaan-minyak-italia-ini-resmi-investasi-di-proyek-rp254-t-ri)  

Investment realization from January to December 2025 reached IDR 1,931.2 trillion. According to Minister of Investment and Downstreaming and Head of the Investment Coordinating Board (BKPM) Rosan Roeslani, the figure represents a 12.7 percent year-on-year (yoy) increase.

The realization exceeded the 2025 target of IDR 1,905.6 trillion, achieving 101.3 percent of the goal. In terms of regional distribution, investment in Java totaled IDR 940.0 trillion, or 48.7 percent, while regions outside Java absorbed IDR 991.2 trillion, or 51.3 percent.

Foreign direct investment (FDI) amounted to IDR 900.9 trillion, accounting for 46.6 percent of total investment, while domestic direct investment (DDI) reached IDR 1,030.3 trillion, or 53.4 percent. The investment realization created employment for 2,710,532 people nationwide.

“Thank God, I can announce that the 2025 investment realization target of IDR 1,905.6 trillion has been achieved and even slightly exceeded. Throughout 2025, from January to December, total investment realization reached IDR 1,931.2 trillion,” Rosan said at a press conference at the Ministry of Investment and Downstreaming in South Jakarta on Thursday, Jan. 15, 2026.

Singapore emerged as the largest foreign investor with US$17.4 billion in realized investment, followed by Hong Kong with US$10.6 billion. China ranked third with US$7.5 billion, followed by Malaysia at US$4.5 billion and Japan at US$3.1 billion.

Investment realization in the fourth quarter of 2025 stood at IDR 496.9 trillion, up 29.8 percent year-on-year and 1.1 percent quarter-on-quarter. This figure represented 26.1 percent of the full-year 2025 investment target.

During the fourth quarter, investment in Java reached IDR 247.5 trillion, accounting for 49.8 percent, while regions outside Java absorbed 50.2 percent. Foreign direct investment totaled IDR 256.3 trillion, or 51.6 percent, while domestic direct investment amounted to IDR 240.6 trillion, or 48.4 percent.

January 16, 2026, detikFinance

(https://finance.detik.com/berita-ekonomi-bisnis/d-8309628/investasi-ri-tembus-rp-1-931-t-paling-banyak-di-luar-jawa)

The administration of Indonesian President Prabowo Subianto is preparing six new downstream projects, with construction scheduled to begin in February 2026. President Prabowo said work on at least six projects would start in the coming weeks.

“At least six downstream projects, possibly up to eleven. The value is approximately US$6 billion, or around IDR 101.05 trillion, and we will receive massive foreign investment. I estimate the investment will be quite substantial,” Prabowo said at the inauguration of the Balikpapan Refinery Development Master Plan (RDMP) in East Kalimantan, as quoted on Tuesday, Jan. 13, 2026.

Prabowo has instructed cabinet ministers to prepare personnel, including management teams, to oversee and manage the upcoming downstream projects.

“In total, we need at least 10, 15 or even 20 years to achieve proper industrialization, but we want to accelerate the process,” he said.

Previously, on Sunday evening, Jan. 11, 2026, President Prabowo convened a meeting with several cabinet ministers at Hambalang, Bogor, where the six downstream projects were discussed.

“Preparation for the groundbreaking of six new downstream projects worth US$6 billion is planned for early February 2026,” the Cabinet Secretariat wrote in a post on its official Instagram account, @sekretariat.kabinet, quoted on Tuesday.

The meeting was attended by Coordinating Minister for Economic Affairs Airlangga Hartarto, Energy and Mineral Resources Minister Bahlil Lahadalia, and Minister of Investment and Downstreaming and Head of the Investment Coordinating Board (BKPM) Rosan Roeslani, who also heads Danantara.

Earlier, Rosan revealed details of six strategic downstream projects scheduled to be developed in stages starting in early 2026. The projects span sectors including mining, renewable energy and agribusiness.

“I recall the bauxite and aluminum projects in Mempawah, then refineries in Cilacap and Banyuwangi. There are five in total,” Rosan said at the Presidential Palace complex on Dec. 8.

Rosan outlined the six projects as follows: the development of an aluminum smelter from alumina in Mempawah, West Kalimantan, valued at US$2.4 billion; a Smelter Grade Alumina (SGA) facility from bauxite in the same region worth US$890 million; a bioavtur production facility in Cilacap, Central Java, valued at US$1.1 billion; an integrated coconut processing facility in Morowali, Central Sulawesi, worth US$100 million and already under construction; a bioethanol facility valued at US$80 million; and five poultry farming facilities across 12 locations.

The government has also launched 18 downstream projects under Danantara, covering mineral, chemical and plantation-based processing industries.

Meanwhile, State Secretary Prasetyo Hadi said at least six downstream projects would be officially inaugurated this month, with construction on 18 projects scheduled to take place in February and March. These include a waste-to-energy power plant (PLTSa) and coal gasification projects producing dimethyl ether (DME) as a substitute for liquefied petroleum gas (LPG).

January 13, 2026, CNBC Indonesia

(https://www.cnbcindonesia.com/news/20260113102500-4-701871/prabowo-siapkan-6-proyek-baru-nilainya-rp1015-triliun)

Sluggish household spending has weighed on Indonesia’s retail sector, with estimated growth below 5 percent in 2025. However, the beauty industry continues to post solid gains and is projected to keep expanding in 2026, supported by steady demand across physical and online channels.

While food and beverages (F&B) remain the largest retail segment in the country, beauty recorded the strongest growth last year, according to the Indonesian Retail and Tenants Association (Hippindo). “In terms of percentage growth, [beauty retail] is the highest,” Hippindo chairman Budiharjo Iduansjah said. “Beauty growth is in double digits. If other categories grow at around 5 to 10 percent, beauty can reach 12 to 15 percent annually. That is same-store growth,” he told The Jakarta Post on Dec. 30.

The resilience of beauty product sales is also reflected in online transactions. Personal care products, including cosmetics and body care items, continued to rank among the most frequently purchased goods on e-commerce platforms in the third quarter of 2025, Statistics Indonesia (BPS) data show. The Indonesian E-commerce Association (idEA) said the beauty and personal care segment was “a favorite” among online shoppers throughout 2025.

While global brands continued to dominate the premium segment, consumer behavior last year showed growing openness to domestic brands, particularly outside the premium price range, idEA secretary-general Budi Primawan told the Post. “In beauty, local brands had a strong year. Many domestic cosmetic brands grew faster than global players, especially in the mass and mid-range segments,” he said. He attributed this to local brands’ understanding of skin needs, pricing, halal positioning and social media-driven storytelling.

The association expects e-commerce growth to accelerate, supported by repeat-purchase categories. “Beauty, fashion basics and everyday essentials will likely remain key drivers. The focus will shift from heavy discounts to trust, content and consistency,” Budi said.

Coordinating Economy Minister Airlangga Hartarto praised the cosmetics industry’s performance, noting that it generated revenue of around IDR 35.6 trillion (US$2.1 billion) in 2025 and was projected to grow 4.73 percent annually. He said personal care, skincare and make-up remained the main contributors, in line with rising awareness of self-care and product quality. Spending on clothing, footwear and personal care services also supported economic growth in the third quarter of 2025.

On the production side, the Food and Drug Monitoring Agency (BPOM) and the Indonesian Cosmetics Companies Association (Perkosmi) reported that the number of cosmetics companies reached 1,500 as of October 2025, up from 1,292 a year earlier, with 87 percent classified as small and medium-sized enterprises (SMEs). Registered cosmetic products rose by more than 50,000 in 2025, bringing the total to over 343,000 nationwide.

Despite the expansion, Indonesia remains a net importer in certain cosmetic categories. In the first 10 months of 2025, exports of essential oils, fragrances and cosmetics totaled $97.8 million, while imports reached $147.7 million, BPS data show. The government has introduced regulatory measures to strengthen local manufacturers, including mandatory halal certification for cosmetics starting in 2026. Industry Minister Agus Gumiwang Kartasasmita said the policy would enhance trust and competitiveness, particularly in Muslim-majority markets, while enabling SMEs to highlight local heritage, traditional beauty practices and natural ingredients. Looking ahead, Airlangga said Indonesia’s 75 million Generation Z consumers and recent trade diplomacy efforts, including the Indonesia–European Union Comprehensive Economic Partnership Agreement (IEU-CEPA), offer strong potential for local beauty brands to expand globally.

January 10, 2026, The Jakarta Post

(https://www.thejakartapost.com/business/2026/01/10/indonesian-beauty-brands-ride-industry-boom-eye-global-market.html)

Indonesia posted a trade surplus of US$2.66 billion in November, despite a surge in capital goods imports and weaker commodity exports. The surplus exceeded October’s $2.39 billion, extending the country’s run of monthly surpluses to 67 consecutive months.

“The trade surplus was primarily underpinned by non-oil and gas commodities, particularly animal and vegetable fats and oils, iron and steel, as well as nickel and related products,” Statistics Indonesia (BPS) Deputy for Distribution and Services Pudji Ismartini said at a press conference on Monday. These categories generated a combined surplus of $4.64 billion in November, she added.

Exports in November fell 6.6 percent year-on-year to $22.52 billion, dragged down by lower shipments of key commodities including coal, palm oil, nickel, and copper, BPS data show. Mining products bore the brunt of the slowdown, falling 32.88 percent year-on-year, while manufacturing exports declined 5.09 percent. Coal export volumes stood at 34.17 million tonnes, down 2.72 percent year-on-year, while crude palm oil shipments totaled 1.36 million tonnes, plunging 28.86 percent.

Imports edged up 0.46 percent year-on-year to $19.86 billion, supported by strong capital goods purchases, which jumped 17.27 percent from a year earlier. Raw material imports declined 3.56 percent, while consumer goods imports slipped 1.76 percent.

Over the January-November 2025 period, Southeast Asia’s largest economy posted a cumulative trade surplus of $38.54 billion. Non-oil and gas trade recorded a surplus of $56.15 billion in the first 11 months of 2025, offsetting a $17.61 billion deficit in oil and gas trade. The United States remained Indonesia’s largest surplus contributor at $16.54 billion, up 27.5 percent from a year earlier, far ahead of runner-up India at $12.06 billion. Jakarta is still in talks with Washington over “reciprocal” tariffs, which the US has linked to Indonesia’s sizable trade surplus, with both sides aiming to sign a trade deal by the end of the month. Meanwhile, Indonesia’s largest trade deficit was with China, widening to $17.74 billion from $9.55 billion a year earlier.

Bank Danamon economist Hosianna Situmorang noted that the export contraction was driven by a sharp decline in coal shipments, particularly to China and India, amid weak global prices and a high base effect. “Looking ahead, export duties on gold and coal may weigh on export performance in 2026, compounded by lower palm oil volumes due to flooding in Sumatra,” she said. Vehicle imports rose 12.89 percent year-on-year in January-November, driven by $4.37 billion worth of shipments from China, as battery electric vehicle wholesales peaked ahead of the Dec. 31, 2025, incentive deadline.

January 5, 2026, The Jakarta Post

(https://www.thejakartapost.com/business/2026/01/05/ri-surplus-holds-despite-weaker-coal-exports-rising-imports.html)