The Central Statistics Agency (BPS) reported that Indonesia’s cumulative export value in January-July 2024 was US$147.30 billion or Rp2,313 trillion. This amount is 1.47% lower than the achievement in the same period the previous year.
Acting Head of BPS Amalia Adininggar Widyasanti explained that the decline was driven by non-oil and gas exports which fell 1.75% to US$137.98 billion or Rp2,164 trillion. Meanwhile, oil and gas exports rose 2.83% to US$9.32 billion or Rp146 trillion.
“The cumulative decline in the value of non-oil and gas exports occurred in the mining and other sectors. This was the main cause of the decline in non-oil and gas export performance from January to July 2024,” explained Amalia in the BPS August 2024 Release press conference, Thursday (15/8).
When viewed by country and main export destination region, the value of non-oil and gas exports from Hong Kong in January-July 2024 decreased by 8.58% compared to the same period last year. Indonesia’s non-oil and gas exports to the ASEAN region and the European Union also decreased, while Indonesia’s exports to the United States and India increased.
Amalia added that in July 2024, export performance for Indonesia’s processing commodities, namely coal, iron and steel and crude palm oil (CPO) experienced a decline due to declining demand from major trading partners. The value of coal exports fell 0.07% month to month (mtm) and 2.49% year on year (yoy). The value of iron and steel exports also fell 3.28% month on month and 8.07% year on year. The export value of CPO and its derivatives decreased by 36.37% month on month and also decreased by 39.22% year on year.
“So, exports of CPO and its derivatives have indeed experienced a significant decline. Especially to India, mtm down 59.31%, to China also down mtm minus 49.56%, to Pakistan also down minus 17.78%,” he explained.
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“For coal commodities, exports to Japan, the Philippines and Vietnam have decreased,” he added.
However, on a monthly basis, the value of Indonesian exports in July increased by 6.55% compared to June 2024 to US$22.21 billion or Rp348 trillion. The value of oil and gas exports was recorded at US$1.42 billion or up 15.57%. The value of non-oil and gas exports grew by 5.98% to US$20.79 billion.
The increase in July’s export value on a monthly basis was driven by an increase in non-oil and gas exports, namely in the commodity of metal ore slag and ash, namely HS26, which rose to US$691 million with a contribution of 3.32%. Then, precious metals and jewelry or gems HS71 rose 51.11% with a contribution of 1.28%. Electrical machinery and equipment and its parts HS85 rose 14.89% with a contribution of 0.81%.
Meanwhile, the increase in oil and gas exports was mainly driven by an increase in the value of oil exports with a contribution of 0.82%. On an annual basis, the export value in July 2024 increased by 6.46%. This increase was driven by an increase in non-oil and gas exports, especially in precious metals and gem jewelry HS71, slag and ash ore HS26, and cocoa and its processed products HS18. (Z-11)
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