Imports of Precious Metals and Jewellery from Australia Surge

The Central Statistics Agency (BPS) has recorded that Indonesia’s imports of precious metals and jewellery from Australia in January 2026 increased 634.3 per cent year-on-year. The value of precious metals and jewellery imports from Australia in January 2026 was recorded at US$507.59 million.

“Non-oil imports from Australia totalled US$1.07 billion, primarily dominated by precious metals and jewellery imports classified under HS71,” said Ateng Hartono, Deputy for Distribution and Service Statistics at BPS, during a press conference at BPS headquarters on Monday, 2 March 2026. This commodity contributed 47.54 per cent of total non-oil imports from Australia.

Australia is one of three major countries for non-oil imports. Australia’s import share reached 5.92 per cent of overall imports in January 2026. Beyond precious metals, other major import commodities include cereals valued at US$157.75 million or growing 97.14 per cent year-on-year with a contribution of 14.77 per cent. There are also mineral fuels valued at US$77.92 million. Imports of these commodities grew 18.62 per cent and contributed 7.30 per cent.

Under these conditions, Australia is simultaneously one of three countries contributing to the non-oil trade deficit in January 2026. The non-oil trade deficit with Australia was recorded at US$0.84 billion. Meanwhile, Indonesia’s overall trade balance with Australia experienced a deficit of US$0.96 billion.

On the other hand, Ateng stated that jewellery gold has experienced month-on-month inflation for 30 consecutive months. “Jewellery gold inflation in February 2026 was 8.42 per cent and contributed 0.19 per cent to overall inflation,” he said.

The surge in jewellery gold prices aligns with increases in global gold prices. Ateng noted that gold prices have doubled since July 2024 from US$2,398 per troy ounce to US$5,019 per troy ounce in February 2026.