Indonesia's Exports Hit USD 23.56 Billion, Highest in 20 Months
- VIVA.co.id/M Ali Wafa
Jakarta, VIVA – The Ministry of Trade reported an export value of IDR 358.11 trillion in August 2024, marking the highest achievement in the last 20 months.
Bara Khrisna Hasibuan, Special Staff to the Minister of Trade for International Trade Agreements, stated that this 5.97 percent increase in exports is significant compared to the achievement of US$22.24 billion, or approximately IDR 337.24 trillion (assuming an exchange rate of IDR 15,164 per US$), in July 2024.
[dok. Staf Khusus Menteri Perdagangan Bidang Perjanjian Perdagangan Internasional, Bara Krishna Hasibuan, dalam konferensi pers di kantor Kementerian Perdagangan, Jakarta, Senin, 23 September 2024]
- VIVA.co.id/Mohammad Yudha Prasetya
"From December 2022 to August 2024, this is the highest monthly figure," said Hasibuan at a press conference on Indonesia's Export and Import Performance for August 2024 at the Ministry of Trade's office on Monday.
On a year-on-year (yoy) basis, Hasibuan noted that the increase reached 7.13 percent compared to August 2023.
This was driven by non-oil and gas exports, which rose by 7.43 percent, while oil and gas exports contracted by 15.41 percent compared to July 2024.
He explained that the rise in non-oil and gas exports occurred across all sectors on a monthly basis.
The mining sector led the increase, rising by 9.01 percent, followed by agriculture at 8.70 percent, and the manufacturing sector at 7.09 percent.
Key commodities that saw the largest export growth included tin and tin products, which increased by 86.35 percent. This was followed by metal ores, slag, and ash, which grew by 47.23 percent.
"Footwear increased by 26.40 percent; machinery and mechanical equipment and their parts rose by 25.74 percent; and animal/vegetable fats and oils grew by 24.50 percent," he explained.
On the other hand, major commodities that saw a significant monthly decline included iron and steel products, which dropped by 24.26 percent, precious metals and jewelry/gems by 11.88 percent, and nickel and its products by 11.37 percent.
Copper and its products also fell by 10.88 percent, while iron and steel weakened by 1.42 percent.
However, animal/vegetable fats and oils emerged as the largest driver of non-oil and gas export growth in August 2024.
"This export growth was supported by a 4.08 percent increase in global crude palm oil prices, reaching US$932.63. In terms of export volume, this commodity also rose by 20.81 percent on a monthly basis," he concluded.