Based on data from the Central Statistics Agency (BPS) received by the *Katadata* editorial team, Indonesia exported 360.28 million tons of coal in 2022, a 4.29% increase compared to 2021.
Although the volume only increased slightly, the value of Indonesia's coal exports surged dramatically, as shown in the graph.
BPS recorded Indonesia's coal export value in 2022 at USD 46.74 billion, a 76.16% increase compared to 2021, marking the highest record in the last two decades.
Throughout 2022, Indonesia's Coal Reference Price (HBA) strengthened significantly. In January 2022, the HBA was still at USD 158.5 per ton, then the figure continued to climb to USD 330.97 per ton in October 2022.
The HBA trend then weakened to USD 281.48 per ton in December 2022. Although down, this price is still considered very high, almost double that of the previous year.
The fantastic increase in HBA throughout 2022 was influenced by the increase in global coal demand, as a result of the eruption of the Russia-Ukraine war and the political conflict between Russia and the European Union.
After invading Ukraine, Russia cut off natural gas supplies to parts of the European Union. As a result, countries such as Germany, the Netherlands, and Belgium were forced to reactivate coal-fired power plants to meet their electricity needs.
Indonesia's coal exports to European countries throughout 2022 reached approximately 6 million tons, a more than tenfold increase compared to the previous year's 396,500 tons.