Import Unit Value Index 2023

Following the global health crisis caused by the COVID-19 pandemic which affected all countries until around mid-2022, trade activities began to recover. After economic recovery in 2021, global trade activities gradually increased in 2022 as evidenced by the increasing global trade indicators. Indonesia's import statistics in 2022, which was still a pandemic year, showed an increase in volume, value, and commodity prices. Most import commodity groups experienced price increases, as reflected in the average increase in the unit value index.However, 2023 became a challenging year for global trade. Slower economic growth was triggered by various factors. Geopolitical conflicts also worsened the global trade conditions. In Indonesia, both export and import values declined. The import unit value index of some commodities also decreased, in line with the declining import value in the year, but the volume increased.The calculation of this unit value index uses the basic year method in 2018 (2018=100). In term of an unavailability of import price data, this index figure is used as an approach to capture the movement of selected imported commodities. In addition, it is also useful to calculate the Term of Trade (ToT).