InfoSAWIT, JAKARTA –August 2024 exports from Indonesia hit the highest record in the past 20 months that reached US$ 23,56 billion or since December 2022. It showed the big hit when facing the economic challenges globally.
Special Staff of Minister of Trade in International Trade Agreement, Bara Khrisna Hasibuan said in a press conference in the office of Ministry of Trade that the August 2024 exports would positively encourage the trade balance of Indonesia. “This is incredible namely when heading the uncertain economy globally. We do hope the exports from Indonesia would keep increasing,” he said, as in the official statement to InfoSAWIT, Wednesday (25/9/2024).
Accompanied by Head of Badan Kebijakan Perdagangan (BKPerdag), Fajarini Puntodewi and Secreatry of BKPerdag, Ari Satria, Hasibuan mentioned the August exports significantly got increased to July 2024 that reached US$ 22,24 billion. The surplus trade balance in August 2024 got increased to be US$ 2,9 billion, higher than it in July that reached US$ 0,5 billion.
Non-oil and gas Exports Were The Main Contributor
August 2024 exports got increased 5,97 percent to those in the previous month (month on month/MoM) and escalated 7,13 percent to August 2023 (year on year/YoY). This happened for the increasing non-oil and gas exports that reached 7,43 percent even though the oil and gas exports got decreased 15,41 percent.
Hasibuan explained that non-oil and gas sectors got increased in many lines. The highest sector was in mining that increased 9,01 percent, followed by the agriculture (8,70 percent) and processed industries (7,09 percent). Some main commodities got increased their exports such as, tin and its derivtives, metal ore, footwear, machine and mechanical tools.
On the other hand, some commodities got decreasing exports, such as, goods from iron and steel that reached 24,26 percent, precious metals and jewelry that reached 11,88 percent.
China and the United States of America were still the main exports for non-oil and gas products from Indonesia with the total exports to the two reaching US$ 7,94 billion or about 35,5 percent from the total non-oil and gas exports. Even though the two countries got slow increasing economy, non-oil and gas exports from Indonesia to the two got increased 10,42 percent and 20,80 percent for each.
The increasing exports from Indonesia took place in some countries, such as, Egypt (115,26 percent), Turkey (40,39 percent), and South Africa (36,99 percent). From the regions, North Africa, North Europe, and Central America significantly got the increasing non-oil and gas exports.
Trade Balance Remained Surplus
The surplus trade balance of Indonesia in August 2024 reached US$ 2,9 billion, with the surplus non-oil and gas that reached US$ 4,34 billion and oil and gas deficit reached US$ 1,44 billion. In cumulative, from January to August 2024, Indonesia got surplus about US$ 18,85 billion, continued the surplus trend for the past 52 months in a row since May 2020.
Hasibuan was optimist, the exports from Indonesia would be getting better for conducting trade expo Indonesia (TEI) in October 2024. "We do believe that TEI would be the significant moment to encourage exports and reinforce product competition nationally,” he said. (T2)