Friday, April 19, 2024

Manufacturing exports reach Rp2.932 trillion in 2023, basic metal industry dominates

Reading Time: 2 minutes
Audina Nur

Journalist

Editor

Interview

The Ministry of Industry (Kemenperin) reports that the performance of manufacturing exports reached US$186.98 billion or equivalent to Rp2,932 trillion in 2023. Non-oil and gas exports contributed 72.24 percent of the total national export value of US$258.82 billion in 2023.

Minister of Industry Agus Gumiwang Kartasasmita stated that the non-oil and gas processing industry continues to be a leading sector in contributing to the achievement of national export performance. “We are committed to increasing the value of manufacturing exports, including diversifying its products, which certainly have competitiveness and high added value,” Agus said as quoted on Friday, February 16, 2024.

The performance of these exports significantly contributed to the formation of a trade surplus in the manufacturing industry amounting to US$17.39 billion in 2023. The five sectors that contributed the most to the national manufacturing export value in 2023 were the basic metal industry at US$42 billion, followed by the food and beverage industry at US$41.69 billion. Furthermore, the metal goods, computer, electronic, optical, and electrical equipment industry at US$18.12 billion, the chemical, pharmaceutical, and traditional medicine industry at US$17.30 billion, and the transportation equipment industry at US$13.12 billion. “For 2024, we are targeting US$193.4 billion. We are optimistic that we can achieve this,” Agus said.

To achieve this year’s export target, the government has formed an Export Enhancement Task Force. The roles of this task force are outlined in Presidential Decree No 24/2023 concerning the National Export Enhancement Task Force. On the other hand, the commitment to industrial downstreaming will continue to be intensified to increase the added value of natural resources in Indonesia to become products with high market value, both to meet domestic and export market needs. Additionally, they also encourage industries to diversify their exported products with high complexity or high added value resulting from nickel downstreaming. “New products exported with high complexity mostly consist of basic metal products resulting from nickel downstreaming such as stainless steel ingots and CRC, as well as two-wheeled vehicles. Others are new products with low complexity such as aluminum oxide and CPO derivatives,” Agus concluded.

Audina Nur

Journalist

 

Editor

 

Interview

SUBSCRIBE NOW
We will provide you with an invoice for your reimbursable expenses.

Free

New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.

Premium

$550 USD/Year

or

$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email inquiry@ibp-media.com

Add keywords to your market watch and receive notification:
No topics
Schedule a free consultation with us:

We’ll contact you for confirmation.

FURTHER READING

PT MRT Jakarta sealed on Wednesday, April 17, 2024, a partnership agreement with Sojitz Corporation for the Phase 2A construction of railway tracks and signaling systems from the Hotel Indonesia turnabout  to Kota, valued at IDR 4.7 trillion (about US$ 290 million).
PT Asuransi Allianz Life Indonesia (Allianz Life) and PT Bank HSBC Indonesia (Bank HSBC) on Thursday, April 18, 2024, launched a financial protection product − the Premier Legacy Assurance − in the form of inheritance to support customers’ prosperous family life in the future.
Coordinating Minister of Maritime Affairs and Investment, Luhut Binsar Pandjaitan, has announced that the government is prepared to provide incentives to attract investments from Apple Inc., akin to those in India and Thailand.
Abu Dhabi Islamic Bank (ADIB) is reportedly in talks to acquire a stake in PT Bank Syariah Indonesia (BRIS) worth approximately US$1.1 billion (IDR 17.98 trillion).
PT Harum Energy (HRUM) is about to release a maximum of 49 percent of its shares in subsidiaries in the nickel business, PT Harum Nickel Perkasa (HNP) and PT Tanito Harum Nickel (THN), to Chinese stainless steel smelting giant Eternal Tsingshan Group.
PT Atlantis Subsea Indonesia (ATLA) made a remarkable debut on the Indonesia Stock Exchange (BEI) on April 16, 2024, raising IDR 120 billion (US$7 million), and thus becoming the 21st issuer on the exchange this year.