Jakarta. Indonesia plans to ramp up imports of US oil and gas, along with key agricultural commodities, as part of ongoing negotiations to ease Washington’s reciprocal tariff measures on Indonesian exports, Chief Economic Affairs Airlangga Hartarto said on Tuesday.

Speaking at an economic forum with President Prabowo Subianto at Menara Mandiri in Jakarta, Airlangga said the government is exploring options to increase purchases of liquefied petroleum gas (LPG) and liquefied natural gas (LNG) from the United States. However, he clarified that the move would involve a reallocation of existing import volumes rather than an increase in overall procurement.

"This is not about increasing the national budget burden. We're switching purchases, not adding to them," Airlangga said, noting that discussions are underway with the Energy and Mineral Resources Ministry.

In addition to energy, Indonesia is also looking to raise imports of soybeans and wheat—two staple commodities for which domestic production is limited. The increase in US imports is seen as a gesture to ease mounting trade tensions after the US imposed a 32 percent reciprocal tariff on Indonesian goods.

"We are looking to import more from America, particularly agricultural products that we do not produce, like soybeans and wheat," he said.

Airlangga warned that the global economy is facing increased volatility due to a wave of retaliatory trade measures, with emerging markets particularly vulnerable to currency depreciation and investment slowdowns.

“The implementation of reciprocal tariffs is creating uncertainty. Global corporations are holding off on expansion, and consumption is slowing,” he added.

The minister also highlighted falling prices for several global commodities—Brent crude oil is down 20 percent, coal is at $97 per ton, and crude palm oil (CPO) has also declined—suggesting this may help ease inflationary pressures domestically.

"The only commodity that's rising is gold. It has become an important hedge, alongside the US dollar," Airlangga concluded.

Official government figures showed that Indonesia-US trade totaled almost $38.3 billion in 2024. However, Indonesia ran a $14.3 billion surplus that year with exports to the US reaching $26.3 billion. The Indonesian textile industry reported that it could consume up to $600 million worth of American cotton each year. The country’s textile manufacturers had proposed increasing cotton imports in response to Trump’s tariff blitz.