Minister of Trade Zulkifli Hasan highlighted the significant contribution of the national steel industry to Indonesia's economic growth. He noted that the industry played a crucial role in maintaining Indonesia's stable economic growth, which was recorded at 5.11% in the first quarter of 2024. Furthermore, Indonesia's trade balance for the period of January-May 2024 showed a surplus of USD 13.06 billion. Specifically, the trade balance for steel products in January-April 2024 saw a surplus of USD 4.93 billion, while the surplus for the entire year of 2023 was USD 15.32 billion. The value of Indonesia's steel exports in 2023 reached USD 26.7 billion, marking a 261.49% increase from 2019. This rapid growth over the past five years has propelled Indonesia to the fourth position among the world's largest steel exporters, a significant leap from its previous rank of 17.
To protect and support the national steel industry, the Ministry of Trade has implemented two key strategies. First, it aims to safeguard the domestic steel industry through protective measures. Second, the Ministry engages in trade diplomacy to facilitate the export of national steel products to other countries. This includes negotiating trade agreements such as free trade agreements and comprehensive partnership agreements to create easier export pathways. Zulkifli Hasan mentioned ongoing efforts to expand market access for Indonesian products in Australia and Canada, noting that Indonesia has an existing trade agreement with Australia (Indonesia-Australia CEPA) and is currently negotiating a trade agreement with Canada (Indonesia-Canada CEPA). The government's commitment to these agreements underscores its support for the steel industry and its broader economic goals.
