Indonesia's Record Exports in August 2024: Highest in 20 Months

In August 2024, the Ministry of Trade reported that Indonesia's export value reached US$ 23.56 billion, equivalent to IDR 358.11 trillion. This is the highest export value in the last 20 months. When compared to the previous month, Special Staff to the Minister of Trade for International Trade Agreements, Bara Krishna Hasbuan said that this figure was very significant compared to July's export performance which amounted to US$ 22.24 billion or equivalent to IDR 338.05 trillion.   

Read more: Things to Watch Out for Regarding Foreign Shipments
 

“Indonesia's total exports in August 2024 were recorded at US$ 23.56 billion. This on a month-on-month basis is the highest export in the last 20 months. So from December 2022 to August 2024 this is the highest month-on-month (MoM),” Bara said at the August 2024 Indonesian Export and Import Performance Press Conference at the Ministry of Trade, Jakarta, Monday (23/9/2024).  

In August 2024, Indonesia's exports rose by 5.97% compared to July 2024 (month-on-month or MoM) and 7.13% higher compared to August 2023 (year-on-year or YoY). This increase was mainly due to non-oil and gas exports which grew by 7.43%. However, oil and gas exports decreased by 15.41% compared to the previous month. This means that despite the decline in the oil and gas sector, the strong performance of non-oil and gas exports managed to boost overall export growth.  

Bara said that the performance of non-oil and gas exports increased every month in all sectors, namely the mining sector with an increase of 9.01%, followed by agriculture 8.70%, and the processing industry by 7.09% (MoM). 

The regions that contributed to the increase in Indonesia's exports include North Africa (up 74.73%), South Africa (35.97%), Northern Europe (33.94%), Central Asia (26.28%), and Central America (24.44%).  

Read more: Shipment Delay: What are the Causal Factors of Delays in Shipments?

This increase shows that non-traditional markets, such as these regions, have great potential to be developed as new export destinations. This means that Indonesia is not only relying on traditional countries, but also starting to expand the market to areas that have not been explored much. 
Some of Indonesia's leading commodities that drive the largest increase in exports in August 2024. Among them:

- Exports of tin and tin products rose 86.35%,  
- Metal ores and slag and ash increased by 47.23%, 
- Footwear rose 26.40%, 
- Machinery and mechanical equipment grew 25.74%
- Animal/vegetable fats and oils rose 24.50%. 

This shows that these commodities are Indonesia's mainstay in driving export growth, due to high demand in the international market.

This export performance shows the government's success in maintaining economic stability and capitalizing on global market conditions. In addition, rising commodity prices and improved logistics also played a major role. 

Read more: Logistics Sector Development Strategy to Support Indonesia's Economy
 

Positive Impact on the Economy
The success of August 2024 exports is expected to have a positive impact on national economic growth, especially in increasing state revenue and strengthening foreign exchange reserves. The sectors that play an important role, such as agriculture, manufacturing, and energy, demonstrate Indonesia's capacity to improve international competitiveness. The sustainability of export growth is one of the main indicators of post-pandemic economic recovery.  

Overall, this achievement shows optimism that Indonesia can continue to improve export performance amid global uncertainty, while relying on local commodity advantages and the right trade strategy.  

Want to start exporting? Get trusted export needs services only at Hyper Mega Shipping!  
Consult your export / import business needs with us now, and get attractive offers. 

Source: 
Ekspor Agustus 2024 Rp358,11 Triliun, Tertinggi dalam 20 Bulan 

Total Ekspor Agustus 2024 Tertinggi dalam 20 Bulan Terakhir