Indonesia's Export Performance Strengthens in October 2024

According to a report by the Central Statistics Agency (BPS), Indonesia's export value reached US$24.41 billion in October 2024. This represents a 10.69% increase compared to September 2024 (month-to-month/mtm).

This export increase was driven by growth in both the non-oil and gas and oil and gas sectors.

In October 2024, non-oil and gas exports rose 10.35% (mtm) to US$23.07 billion, supported by the strengthening of 7 out of 10 major non-oil and gas export commodities.

Exports of animal and vegetable fats and oils saw the highest increase, rising 52.67% (mtm) to US$3.03 billion.

This was followed by footwear exports, which increased by 25.87% (mtm) to US$752.2 million, and exports of machinery and mechanical appliances and parts, which rose 20.28% (mtm) to US$674.2 million.

Oil and gas exports also grew by 16.88% (mtm) to US$1.35 billion in October 2024.

This was driven by a 28.55% (mtm) increase in refined oil exports and a 23.45% (mtm) increase in natural gas exports. Meanwhile, crude oil exports fell by 22.82% (mtm).

Cumulatively, Indonesia's export value from January to October 2024 reached US$217.24 billion. This is a 1.33% increase compared to the same period last year (cumulative-to-cumulative/ctc).

This cumulative increase was driven by non-oil and gas exports, which grew by 1.48% (ctc), while oil and gas exports fell by 1.05% (ctc).