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Indonesia saw a significant month-to-month increase in imports in March, resulting from high consumer demand and increased purchases of manufacturing inputs during the Ramadan season. March imports were up 29.33 percent to US$20.59 billion, according to data released by Statistics Indonesia (BPS). However, the figure was down 6.26 percent year-on-year (yoy). For the past three years, March has brought the country’s highest imports of the year, BPS noted. This is thought to be a result of increased consumption during Ramadan and Idul Fitri.   Source : https://www.thejakartapost.com/business/2023/04/17/march-imports-up-30-mtm-in-ramadan-bump.html

The United States is the world’s biggest goods importer making it a powerhouse in the global movement of goods. With so many imports, it goes without saying that the country has a significant goods deficit with many of its trading partners. The deficit with China, for example, is $383 billion. Meanwhile, the total goods trade deficit is nearly $1.2 trillion and it increased by 9% in 2022. Given that the country has trade relations with more than 200 countries, regions, and territories, this network of relationships is complex. This visual, using data from the U.S. Bureau of Economic Analysis, makes trade relationships easier to understand, ranking the biggest trading partners of the U.S. in terms of goods trade alongside the value of exports and imports.   Source : https://www.visualcapitalist.com/largest-trading-partners-of-the-us/

South Korean automaker Hyundai plans to boost production of electric vehicle model Ioniq 5 which now enjoys huge demand in Indonesia to 1,000 units per month, more than double the current output from its assembly plant in West Java. The production boost is riding momentum on the government’s generous incentive awarded for the purchase of EVs which has 40 percent or more locally made components. Under the incentive program, the government shoulders 10 percent VAT in every purchase, meaning that a buyer can save at least Rp 60 million for a brand new Ioniq 5. The incentive drives up the demand for Ioniq even more, with around 4,000 orders on the waiting list in the meantime. Without the expanded capacity, a consumer will have to wait until six months to get Ioniq delivered.   Source : https://jakartaglobe.id/business/hyundai-to-double-ev-production-in-indonesia-amid-soaring-demand

Indonesia’s Manufacturing PMI increased to 51.9, which is the 19th straight month of growth in factory activity, and is now in the steepest pace since last September. Both output and new orders expanding the most in six months and employment growing for the second straight month, while firms acquired inputs at a faster rate.   Source : https://www.liputan6.com/bisnis/read/5263827/saat-pmi-manufaktur-global-terkontraksi-indonesia-justru-ekspansif-di-519

Apple’s worldwide computer shipments fell 40.5% year over year in the first quarter of 2023, amid a broader contraction in consumer demand. All five of the largest computer makers — Apple, ASUS, Dell, HP and Lenovo— saw double-digit drops in first-quarter shipments, reflecting weaker demand and persistent inventory woes. Apple CEO Tim Cook said that the challenging macroeconomic environment affected iPhone, Mac and Apple Watch sales.   Source : https://www.cnbc.com/2023/04/10/apples-mac-shipments-fall-more-than-40percent-worse-than-major-rivals-idc.html

The trade deficit widened 2.7% in February to a four-month high of $70.5 billion and pointed to more stress on the U.S. economy. The trade gap rose from $68.7 billion in January and was slightly above Wall Street forecasts. Both imports and exports fell in February, reflecting weaker growth in the U.S. and abroad. A further decline in imports would be a potential warning sign of worse to come. They have declined 8% since peaking in March 2021. Exports slid a sharper 2.7% to $251.2 billion and also continued a recent downtrend. Just seven months ago they touched a record high. A weaker global economy could further sap demand for American goods and services.   Source : https://www.marketwatch.com/story/trade-deficit-widens-a-sign-of-trouble-for-the-economy-39ec653e

The government announced that it would allocate Rp 7 trillion to subsidize the purchase and conversion of electric motorbikes over the next two years. The incentives for electric motorbikes have now entered into force. According to Finance Minister Sri Mulyani, each unit of brand new electric two-wheelers and a converted e-motorbike that originally ran on combustion engines will get a subsidy of Rp 7 million. These subsidies will be in effect for 2023-2024, and will only apply to a million electric motorbikes. Next year, 600,000 brand-new electric two-wheelers and 150,000 converted fuel-powered motorbikes are expected to get the subsidies. The government has budgeted Rp 5.25 trillion for the e-motorbike incentive rollout in 2024. Industry Minister Agus Gumiwang earlier this month named Gesits, Volta, and Selis as the electric motorbike producers who were eligible for the incentives.   Source: Jakarta Globe

This number is the highest in the last 16 months amid the uncertain global economy. "Tax revenue and the repayment of government debts made abroad were two factors that contributed to this increase," said Erwin Haryanto, executive director of the communications department of Bank Indonesia. Bank Indonesia sees the foreign exchange reserves as adequate to sustain the resilience of the external sector and maintain the stability of the macroeconomy and financial system to support the country's economic recovery.   Source: The Star Malaysia