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Indonesia has achieved the highest trade surplus in years thanks to soaring exports of manufactured goods as traders sought to place orders ahead of rising United States import tariffs.
Amid limited output and dwindling reserves, the state-owned gold miner is still importing the precious metal as demand surges and it develops its minting plant in Gresik.
The Energy Ministry stated that the policy would be used only as a last resort, and only until the end of the year, if local fuel stocks of private retailers were critically low.
But if overregulation pushes Shell, BP and Vivo to scale back, or worse, pack up and leave, motorists will be left with fewer choices and Pertamina’s grip on the market will only tighten.
Despite the government’s push to source more supply from state-owned Pertamina as a short-term solution, industry players remain reluctant to comply.
The existing incentives consist of exemptions from import duties and luxury taxes for completely built-up battery electric vehicles (BEVs).
Analysts urge the government to diversify supply sources and strengthen energy security to avoid overdependence on costly routes.
The domestic ceramic industry is struggling with a 130 percent surge in Indian imports amid high energy costs and weak demand, prompting calls for urgent government action from the industry.
Lithium, a key component in EV batteries, is the missing piece in Indonesia’s otherwise rich portfolio of battery materials, which already includes cobalt, nickel and manganese.
CPO emerged as the standout performer, with exports reaching $11.4 billion in the first half, a 24.8 percent increase from the same period last year.