Indonesia’s nickel product exports soar to record high in 2024 following ore export ban
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Update time : 2025-08-15 14:55:09
Indonesia’s nickel-related product exports surged to a record US$33.9 billion in 2024, boosted by the government’s nickel ore export ban and promotion of downstream industry development, according to the statement from Indonesia’s authority.
The export ban, implemented in early 2020, encouraged companies to focus on domestic processing, upgrading the industrial chain, and transforming Indonesia from a raw material exporter into a supplier of high value-added products. Arifin said the strategy is clear, shifting from low-priced resource exports to creating greater value through deep processing. Although facing international competition and environmental concerns, the data proves Indonesia’s nickel industry policy is correct, he noted.
Analysts said the transformation has reshaped the global supply chain and strengthened Indonesia’s role in the new energy vehicle era. Holding 43% of global nickel reserves, Indonesia is building a full industrial chain from mining to battery production. Official data shows nickel ore’s value rises 11.4 times as nickel sulfate, 19.4 times as battery precursors, and 67.7 times as battery cells.
