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August 2024 Saw The Highest Export Figures In The Last 20 Months

Indonesia's total exports in August 2024 hit USD 23.56 billion, marking the highest level in the last 20 months.

"August 2024 saw Indonesia's exports reach USD 23.56 billion, the largest since late December 2022. This is a significant achievement, especially given the current global economic conditions," said Bara Khrisna Hasibuan, Special Staff to the Minister of Trade for International Trade Agreements, during a press conference today, Monday, September 23, at the Ministry of Trade office in Jakarta.

Joining him at the press conference were Fajarini Puntodewi, Head of the Trade Policy Agency (BKPerdag), and Ari Satria, Secretary of BKPerdag.

Bara pointed out that the export growth in August 2024 was quite remarkable compared to July 2024's exports, which stood at USD 22.24 billion. Additionally, the trade balance surplus for August 2024 also saw a significant increase of USD 2.9 billion, compared to a mere USD 0.5 billion rise in July 2024 from the previous month.

"We welcome the rise in exports for August 2024. This significant improvement in export performance will certainly contribute positively to Indonesia's trade balance. We hope to see continued growth in Indonesian exports," Bara explained.

In August 2024, exports rose by 5.97% compared to the previous month (MoM) and by 7.13% compared to August 2023 (YoY). This growth was driven by a 7.43% increase in non-oil and gas exports, while oil and gas exports contracted by 15.41% compared to July 2024 (MoM).

Bara detailed that in August 2024, all sectors experienced monthly growth in non-oil and gas exports. The mining sector saw the highest increase at 9.01%, followed by agriculture at 8.70%, and the processing industry at 7.09% (MoM).

The top commodities with the biggest export increases include tin and its products (HS 80), which jumped by 86.35%; metal ores, slag, and ash (HS 26) rose by 47.23%; footwear (HS 64) went up by 26.40%; machinery and mechanical appliances and parts (HS 84) increased by 25.74%; and animal/vegetable fats and oils (HS 15) saw a rise of 24.50%.

On the flip side, the leading commodities that experienced the largest export declines compared to the previous month include iron and steel products (HS 73), which dropped by 24.26%; precious metals and jewelry (HS 71) fell by 11.88%; nickel and its products (HS 75) decreased by 11.37%; copper and its products (HS 74) went down by 10.88%; and iron and steel (HS 72) slipped by 1.42% (MoM).

Bara pointed out that animal/vegetable fats and oils (HS 15) were the main drivers of non-oil and gas export growth in August 2024. This export boost was supported by a 4.08% increase in global crude palm oil (CPO) prices, reaching USD 932.63/MT. Additionally, in terms of export volume, this commodity also rose by 20.81% (MoM). Bara also revealed that China and the US remain the primary markets for Indonesia's non-oil and gas exports in August 2024, totaling USD 7.94 billion. These two countries account for 35.50% of the national non-oil and gas export total. "Despite economic slowdowns in both countries, non-oil and gas exports to China and the US still increased compared to the previous month (MoM). Exports to China rose by 10.42%, while exports to the US jumped by 20.80%. At the same time, Indonesia's non-oil and gas export performance to several trading partner countries also saw significant growth. Exports to Egypt grew by 115.26%, Turkey by 40.39%, South Africa by 36.99%, Thailand by 36.67%, and Pakistan by 25.00%," explained Bara.

Looking at the regional perspective, Bara noted that several export destinations showed significant increases in non-oil and gas exports (MoM).

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Tag: August 2024 Bara Khrisna Hasibuan Export