InfoSAWIT, JAKARTA – Changes in international commodity prices in November 2024 showed varied trends. Prices for energy commodities, mineral metals, and precious metals experienced a monthly decline, while agricultural commodity prices increased, particularly for palm oil, cocoa, and coffee.
Meanwhile, the Purchasing Managers' Index (PMI) for manufacturing in major trading partner countries showed mixed results. The United States (49.7) and Japan (49.0) are in contraction territory, while China (51.5) and India (56.5) are in expansion territory. This reflects the differing dynamics of industrial activity in international markets.
Indonesia's export value in November 2024 was recorded at USD 24.01 billion, a decrease of 1.70 percent compared to October 2024. "The total export value has declined on a monthly basis, driven by decreases in oil and gas and non-oil and gas exports. However, on a yearly basis, export value shows an increase," said Amalia in the Official Statistical Release from BPS regarding Export-Import Developments in November 2024, as quoted by InfoSAWIT on Tuesday (December 17, 2024).
Amalia explained that the decline in non-oil and gas export value on a monthly basis was primarily triggered by the processing industry sector. The export value of this sector fell by 0.92 percent (m-to-m), contributing to a 0.70 percent decline.
Nevertheless, several leading commodities continue to make significant contributions to total export value, including coal (11.53 percent), iron and steel (10.57 percent), and palm oil (CPO) and its derivatives (9.20 percent).
Non-oil and gas exports to major destination countries/regions generally decreased on a monthly basis, except for China, which recorded an increase. Year-on-year, non-oil and gas exports to India decreased, while exports to other countries/regions increased.
This trend highlights the need for export market diversification to anticipate fluctuations in demand from specific trading partner countries, especially those experiencing contraction in the manufacturing sector. (T2)