Manufacturing Sector Records Decline in Exports

Manufacturing exports saw a downturn in 2023, shifting attention to the country’s downstream program.

Afiffah Rahmah Nurdifa

16 Jan 2024 - 20.31
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Manufacturing Sector Records Decline in Exports

Illustration - Activities in a steel factory. The performance of the national manufacturing industry throughout last year experienced heavy pressure due to various internal and external factors./Bisnis-Antarafoto.

Bisnis, JAKARTA — The domestic manufacturing industry is facing a significant headwind. Exports throughout 2023 were recorded at $258.82 billion, a decrease of 11.33% compared to 2022. Several key export industries, such as processing, mining, and plantation, experienced a decline.

Statistics Indonesia (BPS) data show that manufacturing exports amounted to $186.98 billion, a 9.26% decrease from the $206 billion recorded in 2022. Pressure on the manufacturing industry is expected to persist this year, necessitating the government to ensure solutions for improvement in this labor-intensive industry.000

The potential slowdown in the manufacturing industry 2024 is reflected in the 32% year-on-year (YoY) decrease in corporate external debt, signaling a restrained expansion. Additionally, banking survey data by Bank Indonesia during the same period indicates a decline in corporate financing.

The slowing demand for financing in the manufacturing sector signals operational challenges due to domestic and export demand, especially with the challenges related to wage policies that manufacturing industries face early this year. Geopolitical factors and the ongoing domestic political year could also impede the momentum of the manufacturing industry.

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Editor: Yusuf Waluyo Jati
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Manufacturing Sector Records Decline in Exports

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