Indonesia's Coal Export Value Plummeted by 30 Percent in January: BPS
Jakarta. Coal export values plummeted by 29.76 percent, reaching $2.41 billion (Rp 37.75 trillion) in January 2024 compared to the same period last year, with a monthly decline of $590.1 million or 19.68 percent, in line with the declining commodity prices.
Amalia Adininggar Widyasanti, Acting Head of the Central Statistics Agency (BPS), said the decline is attributed to a reduction in both volume and prices, with a volume drop of 18.06 percent and a value decline of 19.68 percent.
"In the global market, there is a declining trend in coal prices. The decrease in coal exports is primarily due to a more profound price drop," explained Amalia.
Following the volatility and high prices in 2022, coal prices experienced a decline in 2023, driven by an abundance of supply and a decrease in natural gas prices. The use of coal has also experienced a structural decline in Europe and the United States as countries are shifting to clean energy. However, in Asia, demand for coal remains persistently high.
The decline in coal export performance had a ripple effect on the mining sector and related industries, with BPS reporting that the mining sector and other exports totaled $3.68 billion in January 2024, reflecting a 23.93 percent monthly decrease and a 23.54 percent contraction compared to the previous year.
Overall, Indonesia's export value in January 2024 reached $20.52 billion, marking an 8.34 percent decrease from December 2023. Compared to January 2023, there was an 8.06 percent decline. Non-oil and gas exports in January 2024 totaled $19.13 billion, down by 8.54 percent from December 2023, and a decrease of 8.20 percent compared to non-oil and gas exports in January 2023.
Among the top ten non-oil and gas export commodities in January 2024, the largest decline from December 2023 was observed in mineral fuels, amounting to $805.9 million (20.81 percent). Conversely, the most significant increase occurred in fats and oils of animal/vegetable origin, rising by $208.0 million (10.36 percent).
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