Export Value Drops 6.65 Percent in June 2024, Here's Why

Illustration (Photo: Doc Antara)

JAKARTA - The Central Statistics Agency (BPS) recorded the export value in June 2024 at US$20.84 billion, down 6.65 percent compared to the previous month of US$22.33 billion.

Acting Head of BPS Amalia Adininggar Widyasanti said the decline in export performance was driven by oil and gas (migas) and non-migas exports.

The performance of the oil and gas export value in June 2024 was recorded at USD 1.23 billion, down 13.24 percent compared to the previous month, which reached USD 1.42 billion in May 2024.

In addition, the non-migas value also fell to US$19.61 billion, down 6.20 percent compared to the previous month, which reached US$20.91 billion.

"The decline in export value in June 2024 on a monthly basis was mainly driven by a decline in non-oil and gas exports, namely in metal ore, crust and ash commodities included in the HS 26 group, which fell by 98.32 percent, where the contribution to non-oil and gas exports was 4.57 percent," she explained in a press conference, Monday, July 15.

Then, exports of precious metals and gemstones with HS code 71 fell by 45.76 percent with a contribution to exports of 1.97 percent.

Furthermore, exports of nickel and its products (HS 75) fell by 25.20 percent, where the contribution to non-oil and gas exports was 0.96 percent.

Meanwhile, the decline in oil and gas exports was mainly driven by a decline in kerosene exports with a contribution of 0.94 percent.

Meanwhile, the export value in June 2024 was recorded to have increased by 1.17 percent compared to the same period last year which reached 20.60 billion US dollars.

Amalia said that this increase was driven by an increase in non-oil and gas exports, especially from iron and steel goods HS 73, nickel and goods thereof HS 75, and copper and goods thereof from HS74.