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Exports grow 2% in 2024 despite plunge in coal, CPO shipments

Several quite minor export goods happened to see significant growth in 2024 and managed to compensate for a portion of the declines in Indonesia's main export commodities.

Deni Ghifari (The Jakarta Post)
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Jakarta
Wed, January 15, 2025

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Exports grow 2% in 2024 despite plunge in coal, CPO shipments Barges piled high with coal are seen in the waters of Samarinda, East Kalimantan, on Aug. 16, 2022. (AFP/Adek Berry)

O

verall exports grew by 2.29 percent year-on-year (yoy) last year despite drops in Indonesia’s three largest export contributors, as the country received boosts from minor commodities.

Some US$264.7 billion worth of goods were exported last year, up from the $258.7 billion the year before, Statistics Indonesia (BPS) data show.

“If we review it by sector, then the increase in non-oil-and-gas export value throughout 2024 mainly happened in the manufacturing sector and the agricultural sector,” said BPS interim head Amalia Adininggar Widyasanti on Wednesday.

Indonesia’s exports are supported in large part by coal, iron and steel, as well as crude palm oil (CPO) and its derivatives, which make up close to 40 percent of the country’s total exports.

Exports of CPO and its derivatives, however, fell 11.7 percent in value and 17 percent in volume last year from the 2023 figures.

Coal, the country’s staple export commodity, saw a double-digit drop in export value, despite a 26 million tonne increase in volume in the same period.

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Iron and steel saw a 3 percent yoy drop in value, but grew 18 percent yoy in volume.

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