The Ministry of Trade reported that Indonesia's exports in August 2024 reached the highest value in the last 20 months, totaling USD 23.56 billion. Bara Khrisna Hasibuan, Special Staff to the Minister of Trade for International Trade Agreements, stated that this figure is the largest since late December 2022, marking a significant achievement amid current global economic conditions. China and the United States were the top two markets for Indonesian exports in August 2024, with China contributing USD 5.47 billion and the U.S. contributing USD 2.61 billion. Despite economic slowdowns in both countries, non-oil and gas exports to China and the U.S. still showed increases compared to the previous month, accounting for 35.50% of Indonesia's total non-oil and gas exports.
In August 2024, Indonesia's exports increased 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, although oil and gas exports contracted by 15.41% compared to July 2024 (MoM). Bara noted that all sectors experienced monthly growth in non-oil and gas exports in August 2024, with the mining sector leading the increase at 9.01%, followed by agriculture at 8.70%, and processing industries at 7.09%. Furthermore, several export destination regions showed significant increases in non-oil and gas exports, including North Africa with a 74.73% rise, South Africa at 35.97%, Northern Europe at 33.94%, Central Asia at 26.28%, and Central America at 24.44%. "The increase in exports to these regions indicates significant potential for developing non-traditional markets," Bara added.
