PALMOILMAGAZINE, JAKARTA – Indonesia’s exports saw a decline in January 2024, totaling USD 20.52 billion, marking an 8.34 percent decrease from December 2023 (Month-on-Month), or an 8.06 percent decrease compared to the same period last year (Year-on-Year).
Minister of Trade, Zulkifli Hasan, attributed this decrease in January 2024 exports to a common trend observed at the beginning of each new year. However, he noted that exports still showed growth compared to the corresponding periods in 2020, 2021, and 2022.
Non-oil and gas exports experienced an 8.54 percent decrease, while oil and gas exports declined by 5.50 percent (MoM). These factors contributed to the overall decrease in exports in January 2024. The mining sector saw the largest decline, reaching 23.93 percent, while the industrial sector decreased by 4.13 percent (MoM). This decline was primarily attributed to the decreased prices of main commodities such as coal and nickel, along with sluggish global economic development reducing demand.
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But some main non-oil and gas export products significantly increased, such as, tobacco and cigarette (HS 24) that increased 30,57 percent, aluminum and its derivatives (HS 76) that increased 24,76 percent, cocoa and its derivatives (HS 18) that reached 15,89 percent, tin and its derivatives (HS 74) that increased 11,15 percent, fat and vegetable/animal oil, including crude palm oil (HS 15) that increased 10,36 percent (MoM).
Some trade – partner countries from Indonesia did decrease non-oil and gas export, such as, Swiss, Canada, Bangladesh, Russia, and Turkiye. Some others, such as, Italy, Poland, Spain, Pakistan, and Egypt did significantly increase the exports.
From the regional perspective, the biggest decreasing exports happened in Central Asia, North Europe, East Europe, West Asia, and Central America. While the export goals showed the significant increasing exports, including in South Europe, East Africa, Caribbean, Central Africa, and North Africa.
Though China, United States of America and India still becomes the goals of non-oil and gas exports, Zulkifli told the potential exports to non-traditional countries are significant to escalate the exports in the future. This showed that it is very important to get market diversification for the exports to escalate economic security, minimize the main market – dependence which is vulnerable for the economic fluctuation in the globe. (T2)
