May 2024 Exports Rise, CPO Even Drops Sharply To 22.19 Percent

Palm Oil (Photo: Unsplash)

JAKARTA - The Central Statistics Agency (BPS) recorded that Indonesia's export performance in May 2024 on a monthly basis has increased.

Meanwhile, Indonesia's export value in May 2024 amounted to 22.33 billion US dollars, an increase of 13.82 percent compared to the export value in April 2024 which amounted to 19.62 billion US dollars.

Meanwhile, when compared to May 2023, which reached 21.71 billion US dollars, the export value in May 2024 increased by 2.86 percent. This export performance was mainly supported by non-oil and gas exports (oil and gas) which reached 20.91 billion US dollars.

However, in the midst of the increase in exports, the Deputy for Statistics for Production of BPS M. Habibullah said that there was a decline in leading commodities in May 2024, namely coal and crude palm oil (CPO) as well as its derivatives both monthly and annually. Only iron and steel exports have increased.

"The export value of these three commodities will share around 27.66 percent of Indonesia's total non-oil and gas exports in May 2024," he explained at a press conference, Wednesday, June 19.

Meanwhile, the value of coal exports reached US$2.50 billion in May 2024. This value decreased by 4.04 percent on a monthly basis which reached US$2.61 billion, and decreased 16.85 percent compared to the same period last year which amounted to US$3.01 billion.

Meanwhile, the export value of CPO and its derivatives amounted to 1.08 billion US dollars in May 2024, or a decrease of 22.19 percent when compared to the previous month which reached 1.39 billion US dollars, and fell 27.11 percent when compared to the same period last year which amounted to 1.49 billion US dollars.

Meanwhile, exports of iron and steel amounted to USD 2.20 billion in May 2024, an increase of 1.22 percent compared to the previous month's USD 2.17 billion, and an increase of 8.30 percent compared to the same period last year of USD 2.03 billion.

Previously, Habibullah said that the value of non-oil and gas exports in all sectors had increased monthly, especially in the manufacturing sector which was reported to have increased by 16.40 percent with a contribution of 11.71 percent.

"The increase on a monthly basis is mainly due to increased export value of nickel, other electrical equipment and jewelry and other valuables," he explained.

Meanwhile, on an annual basis, the value of non-oil and gas exports also increased except for mining and others which recorded a decrease of 5.05 percent.

Habibullah said the decline was mainly due to a decrease in coal commodity exports.