Indonesia Highlights: Indonesia Coronavirus: 75 Percent Work From Home Policy Required in Red Zones | Jokowi Set Target of Inoculating 7.5 million Jakartans End of August | Bicycle Price Drops up to 3

Bicycle Price Drops up to 30 Percent in Indonesia due to Oversupply

The price of bicycles, especially folding bikes, is declining significantly as compared to last year in response to the Covid-19 pandemic.

Chairman of the Indonesian Bicycle Entrepreneurs Association (Apsindo) Eko Wibowo Utomo said that a part of this decline was due to oversupply in both domestic and foreign markets.

“There was a market correction as the price went up previously because last year’s stock was lacking and traders had raised prices to adjust the situation,” Eko told Kompas.com on Sunday, June 13.

Besides, he added, following the decline in the public interest and purchasing power, bicycle manufacturers have decided to make adjustments to bicycle components, causing a decrease in prices as well.

“Previously, for example, the price of folding bikes was over four million rupiahs [$280] and it has now dropped to 2.5 million [$175],” said Eko. The price of bicycles in the domestic market on average fell by about 20 percent to 30 percent compared to last year.

"Currently, the stock of bicycles at dealers, manufacturers, and importers is high," he said.
Regarding the bicycle components, he said that currently the supply is still limited due to the high demand of orders by producers. “The components are available but in small numbers, because the demand remains high from manufacturers and production arrangements at the factory," he said.

Source: https://go.kompas.com/read/2021/06/14/132951774/bicycle-price-drops-up-to-30-percent-in-indonesia-due-to-oversupply.