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DETERMINANTS OF NON-OIL AND GAS IMPORT VALUE IN INDONESIA

Business and Economic Analysis Journal · Vol. 5 No. 2 (2025) · hlm. 116–127

DOI
10.15294/beaj.v5i2.34071
ISSN
2798-396X, 2776-9682
Terbit
2025-11-11
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

Indonesia continues to rely heavily on imports, particularly non-oil and gas imports, which can threaten economic stability. However, existing studies rarely examine how domestic macroeconomic indicators jointly affect this dependency. This study aims to fill that gap by analyzing the influence of money supply (M2), BI Rate, and inflation rate on the value of non-oil and gas imports in Indonesia. Using monthly time series data from 2020 month 1 to 2023 month 4 (40 observations), this study employs a multiple linear regression model to evaluate both partial and simultaneous effects of the three independent variables. The results show that money supply (M2) and inflation rate have a significant positive impact. In contrast, the BI Rate significantly affects the value of non-oil and gas imports. These findings suggest that increased liquidity and rising inflation may stimulate import activity, while higher interest rates tend to suppress it. The study provides important insights for Bank Indonesia and policymakers in designing macroeconomic strategies to stabilize the import sector. Strengthening the coordination of monetary and fiscal policies is recommended to manage import growth while maintaining economic stability.

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  • Jenderal Soedirman University
  • State University of Semarang
  • Universitas 17 Agustus 1945 Surabaya
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Yozi Aulia RahmanAfiliasi tidak diketahui3
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Puji LestariJenderal Soedirman University2
P. Eko PrasetyoAfiliasi tidak diketahui2
Sri RuntiningsihAfiliasi tidak diketahui2
Sucihatiningsih Dian Wisika PrajantiState University of Semarang2
Mohammad Aulia RachmanAfiliasi tidak diketahui2
Avi Budi SetiawanAfiliasi tidak diketahui2
Risanda Alirastra BudiantoroAfiliasi tidak diketahui2
Ahmad NurkhinAfiliasi tidak diketahui1
Iwan Hardi SaputroAfiliasi tidak diketahui1
Ngabiyanto NgabiyantoAfiliasi tidak diketahui1
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Audina Rizka NoormalitasariAfiliasi tidak diketahui1
Sefria ElinaAfiliasi tidak diketahui1
Annisa ShofuraAfiliasi tidak diketahui1
NgabiyantoAfiliasi tidak diketahui1
Moh Aris MunandarAfiliasi tidak diketahui1
Agus HermantoUniversitas 17 Agustus 1945 Surabaya1
Dyah Maya NihayahAfiliasi tidak diketahui1
Dwi RahmayaniAfiliasi tidak diketahui1
Mohammad Aulia RochmanAfiliasi tidak diketahui1
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Achyarnis Lilik AndrietyaAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/beaj/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">DETERMINANTS OF NON-OIL AND GAS IMPORT VALUE IN INDONESIA</dc:title>
	<dc:creator xml:lang="en">Tsani, Luthfi Ibnu</dc:creator>
	<dc:creator xml:lang="en">Andryan Setyadharma</dc:creator>
	<dc:creator xml:lang="en">Ahmad Syahrul Fauzi</dc:creator>
	<dc:creator xml:lang="en">Rasyad Nu'man</dc:creator>
	<dc:subject xml:lang="en">BI Rate</dc:subject>
	<dc:subject xml:lang="en">Inflation</dc:subject>
	<dc:subject xml:lang="en">Money Supply (M2)</dc:subject>
	<dc:subject xml:lang="en">Value of Non-Oil and Gas Imports</dc:subject>
	<dc:description xml:lang="en">Indonesia continues to rely heavily on imports, particularly non-oil and gas imports, which can threaten economic stability. However, existing studies rarely examine how domestic macroeconomic indicators jointly affect this dependency. This study aims to fill that gap by analyzing the influence of money supply (M2), BI Rate, and inflation rate on the value of non-oil and gas imports in Indonesia. Using monthly time series data from 2020 month 1 to 2023 month 4 (40 observations), this study employs a multiple linear regression model to evaluate both partial and simultaneous effects of the three independent variables. The results show that money supply (M2) and inflation rate have a significant positive impact. In contrast, the BI Rate significantly affects the value of non-oil and gas imports. These findings suggest that increased liquidity and rising inflation may stimulate import activity, while higher interest rates tend to suppress it. The study provides important insights for Bank Indonesia and policymakers in designing macroeconomic strategies to stabilize the import sector. Strengthening the coordination of monetary and fiscal policies is recommended to manage import growth while maintaining economic stability.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-11-11</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/beaj/article/view/34071</dc:identifier>
	<dc:identifier>10.15294/beaj.v5i2.34071</dc:identifier>
	<dc:source xml:lang="en">Business and Economic Analysis Journal; Vol. 5 No. 2 (2025): November 2025; 116-127</dc:source>
	<dc:source>2798-396X</dc:source>
	<dc:source>2776-9682</dc:source>
	<dc:source>10.15294/beaj.v5i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/beaj/article/view/34071/6770</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Business and Economic Analysis Journal</dc:rights>
</oai_dc:dc>