Indonesia exports could hit US$300 billion by 2024, spurred by resource 'downstreaming'

Indonesia's exports could hit a record US$280 billion this year, with nickel-based steel shipments rising sharply after the country banned nickel ore exports, while shipments of other commodities got a boost from high prices, a senior minister said on Monday (Oct 24).

Exports could rise further to top US$300 billion by 2024 as the government prepares to regulate exports of other commodities, such as copper, bauxite, and tin, to encourage investment in local downstream industries, Coordinating Minister of Maritime and Investment Affairs, Luhut Pandjaitan, said in an interview.

Southeast Asia's largest economy has been enjoying an export boom for more than a year due to rising commodity prices, which have been exacerbated by the war in Ukraine.

Indonesia is the world's biggest exporter of thermal coal, palm oil, and refined tin and a major seller of nickel-based steel, copper, rubber, and other resources.