Indonesia's Oil and Non-Oil Exports Strengthen in July 2024
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Based on a report from the Central Statistics Agency (BPS), Indonesia's export value in July 2024 reached US$22.21 billion, a 6.55% increase compared to June 2024 (month-to-month/mtm).
This positive performance in Indonesian exports occurred in both the oil and gas and non-oil and gas sectors.
In July 2024, the value of oil and gas exports grew by 15.57% (mtm) to US$1.42 billion.
This was driven by a surge in refined oil exports of 102.44% (mtm) and natural gas exports, which grew by 3.81% (mtm). Meanwhile, crude oil exports decreased by 5.40% (mtm).
Non-oil and gas exports increased by 5.98% (yoy) to US$20.78 billion. BPS reported that 7 out of 10 non-oil and gas commodity exports increased last month.
Metal ore, slag, and ash exports increased by 3,973.44% (mtm). This was followed by precious metals and jewelry, which increased by 51.11% (mtm), and nickel and its products, which increased by 16.45% (mtm).
Cumulatively, Indonesia's export value from January to July 2024 reached US$147.30 billion. This is a decrease of 1.47% compared to the same period last year (cumulative-to-cumulative/ctc).
The decrease was driven by a 2.75% correction (ctc) in non-oil and gas exports, while oil and gas exports increased by 2.83% (ctc).
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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