The start of the new government

INDONESIA - Report 30 Oct 2024 by Cyrillus Harinowo

On October 20, 2024, the changeover of the Indonesian presidency proceeded smoothly from President Joko Widodo to General Prabowo Subianto, who becomes the eighth President of Indonesia. The new president delivered a clear message of what will be the main objective of his presidency.

The changeover of the presidency was followed by the announcement of the new Cabinet. The new Cabinet was named the “Red and White Cabinet”, which reflects the spirit of its nationalism. The Cabinet consists of 48 ministers, five of whom are not under the Coordinating Ministers but report directly to the president. The new ministers are strengthened by 59 vice ministers. With the completion of the ceremonies, a new page in the story of the Indonesian government begins. Minister Sri Mulyani Indrawati remains in her position as Minister of Finance.

In the midst of the succession, Indonesia's trade balance for September 2024 registered a large surplus of $3,257 million, up from $2,775.1 million in August. Exports in September reached $22,081.7 million, below the $23,440.3 million achieved in August. Within that amount, non-oil exports reached $20,991.8 million, down by 5.96% from the previous month. However, exports seem to have bottomed out, and for the first nine months of this year they have started to grow, by 0.32% compared to same period of the previous year, reaching $192,848.8 million. Meanwhile, imports also declined M/M in September, by 8.91%, to $18,824.7 million. Within that figure, non-oil imports fell by 9.55% to $16,296.2 million. For the first nine months of this year imports are up by 3.86%, to $170,867.5 million.

Indonesia also saw a further decline on the inflation front in September. Month-over-month, prices registered deflation of 0.12%, leading Y/Y inflation to 1.84%. This figure remains within the lower part of the inflation target corridor of Bank Indonesia. Given that background, and with exchange rate developments still sanguine, Bank Indonesia decided to keep the benchmark interest rate constant at a level of 6% at its Monetary Policy Meeting held on October 15-16, 2024.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.