Melola Discovery

← Melola Discovery

Journal

DETERMINANTS OF NON-OIL AND GAS IMPORT VALUE IN INDONESIA

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

DOI
10.15294/beaj.v5i2.34071
ISSN
2798-396X, 2776-9682
Published
2025-11-11
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

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.

Keywords

Collaboration network of the authors

40 authors · 98 co-authorship links · 1 across different organisations · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • State University of Semarang
  • Universitas 17 Agustus 1945 Surabaya
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Yozi Aulia RahmanAffiliation unknown3
Rusdarti RusdartiAffiliation unknown3
Puji LestariAffiliation unknown2
P. Eko PrasetyoAffiliation unknown2
Sucihatiningsih Dian Wisika PrajantiState University of Semarang2
Avi Budi SetiawanAffiliation unknown2
Ahmad NurkhinAffiliation unknown1
Iwan Hardi SaputroAffiliation unknown1
Ngabiyanto NgabiyantoAffiliation unknown1
Algifari AlgifariAffiliation unknown1
Shanty OktaviliaAffiliation unknown1
Dwi Tri Mega RahayuAffiliation unknown1
Dini Mellinda KrisnawatiAffiliation unknown1
Bintang Satrio WibowoAffiliation unknown1
Mohammad Aulia RachmanAffiliation unknown1
Abi FadillahAffiliation unknown1
Duyu FurohmahAffiliation unknown1
Triyani LestariAffiliation unknown1
Nurjannah Rahayu KistantiAffiliation unknown1
Muhammad Roy Joni IskandarAffiliation unknown1
Dina Hernita LestariAffiliation unknown1
Regina LulufaniAffiliation unknown1
Audina Rizka NoormalitasariAffiliation unknown1
Sefria ElinaAffiliation unknown1
Annisa ShofuraAffiliation unknown1
NgabiyantoAffiliation unknown1
Moh Aris MunandarAffiliation unknown1
Agus HermantoUniversitas 17 Agustus 1945 Surabaya1
Dyah Maya NihayahAffiliation unknown1
Dwi RahmayaniAffiliation unknown1
Risanda Alirastra BudiantoroAffiliation unknown1
Sri RuntiningsihAffiliation unknown1
Mohammad Aulia RochmanAffiliation unknown1
Muhammad KhafidAffiliation unknown1
Raras Sukma PertiwiAffiliation unknown1
Achyarnis Lilik AndrietyaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/beaj/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<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>