Exploring Non-Oil and Gas Industry Exports: Key Market Movements in June 2024

Jakarta, INTI - In June 2024, Indonesia's non-oil and gas processing industry exports demonstrated interesting dynamics with a diverse range of destination countries. According to the latest data, China (People's Republic of China - PRC) ranked as the top destination for exports in this sector, followed by the United States, India, Japan, and Singapore.

The year-on-year growth of exports to these countries showed significant variation. Exports to China increased by 2.15%, reflecting the stability of demand from the world's most populous country. The United States, a key market for Indonesia's non-oil and gas products, saw a 0.68% increase in exports. Meanwhile, India experienced an impressive surge with an 11.41% growth in exports, indicating a strengthening trade relationship between Indonesia and India. On the other hand, Japan and Singapore saw a decline in exports, with drops of 5.83% and 4.21%, respectively, signaling potential challenges for industry players to reassess their strategies in these markets.

When looking at the 30 largest export destination countries, the most remarkable year-on-year growth in June 2024 was recorded by Switzerland, the United Kingdom, and Australia. Exports to Switzerland skyrocketed with a growth of 2,575.01%, an unusual phenomenon. The United Kingdom followed with growth of 173.56%, while Australia recorded a 38.78% increase.

Further details reveal that the three types of non-oil and gas processing industries with the largest export contributions to Switzerland were Other Processing Industries, Computer, Electronic and Optical Products Industry, and the Chemical and Chemical Products Industry. Meanwhile, the largest exports to the United Kingdom were dominated by the Metal Goods Industry (excluding machinery and equipment), Basic Metal Industry, and Leather, Leather Products, and Footwear Industry. The largest exports to Australia came from the Basic Metal Industry, Metal Goods Industry (excluding machinery and equipment), and the Chemical and Chemical Products Industry.

Given these dynamics, it is crucial for industry players to continuously monitor developments in international markets and adapt their strategies to remain competitive amid the increasingly tight global competition. These movements not only reflect the success of Indonesia's economic diplomacy but also highlight the global reliance on high-quality products produced by the country's non-oil and gas processing industries.