The Indonesian Ministry of Trade (Mendag) Zulkifli Hasan highlighted the significant role of the national steel industry in Indonesia's economic growth, citing a stable 5.11% GDP growth in the first quarter of 2024. He noted that the steel sector contributed notably to this stability, with Indonesia's trade balance from January to May 2024 recording a surplus of USD 13.06 billion. Specifically, the trade surplus for iron and steel from January to April 2024 amounted to USD 4.93 billion, following a surplus of USD 15.32 billion in 2023. Hasan emphasized the rapid development of the steel industry's exports, which surged by 261.49% to USD 26.7 billion in 2023 from 2019, positioning Indonesia as the world's fourth-largest exporter of iron and steel.

Meanwhile, the Ministry of Trade continues to safeguard and support the national steel industry through protective measures and trade diplomacy initiatives. Hasan highlighted efforts to ease export processes through trade agreements and partnerships, including free trade and comprehensive partner agreements. Looking forward, Indonesia aims to expand its market access, particularly with agreements under negotiation with Australia and Canada, underscoring the government's commitment to bolstering the steel sector's pivotal role in the national economy.

Source: https://www.kemenperin.go.id/artikel/24844/Pasar-Domestik-Stagnan,