Indonesia's Nickel Exports Soar 405% in Q3 2022

The Central Statistics Agency (BPS) reported that nickel exports in the third quarter of 2022 reached US$4.13 billion. This figure soared 405.4% compared to the same period last year, which amounted to US$820 million.

Nickel export values experienced a significant surge after the government implemented a ban on nickel ore exports in early 2020. The results became apparent in 2021, with export values jumping 58.89% to US$1.28 billion compared to US$808.4 million the previous year. This year, up to September, the value skyrocketed by 405.4% to US$4.13 billion.

Minister of Industry Agus Gumiwang Kartasasmita stated that the government will continue to encourage the growth of the smelter industry, which has proven to provide a wide multiplier effect on the national economy.

According to him, Indonesia has reaped many benefits from the implementation of the downstreaming policy, including generating added value, strengthening industrial structure, providing jobs, and creating business opportunities.

“Through downstreaming, Indonesia no longer sells raw materials, but processed goods, whether semi-finished or finished products. Six years ago, our nickel exports were approximately US$1.1 billion, while in 2021 they reached US$20.9 billion. A 19-fold increase,” said Agus, as reported by Katadata.co.id.

(read: Nickel Prices Remain at US$22,100 per Ton)