The Ministry of Industry aims for a manufacturing export performance growth of US$193.4 billion in 2024, an increase from realization of US$186.98 billion in 2023 that contributed 72.24 percent to the total national export value of US$258.82 billion. Still the 2024 export target is 9.26 percent lower than the US$206.07 billion achieved in 2022.
Minister of Industry Agus Gumiwang Kartasasmita expressed optimism about achieving the target, emphasizing the consistent contribution of the non-oil and gas manufacturing sector to national exports.
“For 2024, we are targeting US$193.4 billion. We are confident it can be achieved,” said Agus in a statement on Wednesday, January 17, 2024.
Despite the global economic uncertainty, Indonesia’s export market continues to expand and demonstrate resilience, reflecting the strong competitiveness of our manufactured products on the world stage.
The actual performance of manufacturing export from January to December 2023 exceeded the projected target, which was approximately US$186.40 billion. Major contributors to manufacturing exports include basic metal industry, food industry, chemical and chemical goods industry, motor vehicle industry, computer, electronic, and optical goods industry, as well as the paper and paper goods industry.
“This accelerating export performance significantly contributes to the surplus of US$17.39 billion in the manufacturing trade balance. This continues the surplus achieved in 2022,” Agus explained.
From January to December 2023, Indonesia’s manufacturing export market share remained concentrated in China at 23.60 percent, followed by the United States at 12.25 percent, and India at 6.33 percent.
Agus emphasized that this positive trend reinforces the national manufacturing industry as the backbone of the economy. The government will focus on enhancing industrial performance through strategic policies, considering potential risks and uncertainties in the global economic activities anticipated in 2024.
The government will also continue monitoring the global conditions’ impact on national exports and take anticipatory steps through strategic policies such as natural resource downstreaming, improving competitiveness of export-oriented manufacturing products, and targeting non-traditional countries as primary export partners.
