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Non-Oil and Gas Exports Decreased: The Main Products – Palm Oil and Few Others Increased

Doc. InfoSAWIT
Non-Oil and Gas Exports Decreased: The Main Products – Palm Oil and Few Others Increased

InfoSAWIT, JAKARTA – In January 2024, the exports from Indonesia decreased that reached USD 20,52 billion, decreased 8,34 percent from December 2023 (MoM), or decreased 8,06 percent from the same period last year (YoY).

Minister of Trade, Zulkifli Hasan said that the decreasing exports in January 2024 was general thing in every new year. But the exports still increased to the same period last years, such as in 2020, 2021, and 2022.

Non-oil and gas exports decreased 8,54 percent, while oil and gas exports decreased 5,50 percent (MoM). These were the factors of the total decreasing exports in January 2024. Mining sector hit the biggest decreasing that reached 23,93 percent, the industrial sector decreased 4,13 percent (MoM). It happened for the main commodities got cheaper, such as, coal, nickel, and the slow economic development in the globe that reduced the demands.

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)