The Indonesian Ministry of Finance, led by Minister Sri Mulyani Indrawati, reported customs and excise revenues of IDR 154.4 trillion by July 2024, marking a 3.1% year-on-year (yoy) growth and reaching 48.1% of the 2024 State Budget (APBN) target. In the August 2024 edition of the APBN Kita Press Conference, Sri Mulyani detailed that IDR 9.3 trillion of this revenue came from export duties, which surged by 58.1% (yoy). This significant growth was driven by export duties on copper, which saw a 928% (yoy) increase, contributing 76.5% to the total customs revenue. Key contributors were PT Freeport Indonesia and Amman Mineral, which were allowed to continue copper exports under higher duties while completing their smelters.
Import duties contributed IDR 29 trillion, growing by 2.1% (yoy) despite relaxed import conditions and tariff protections on certain products. This growth was supported by a 2.5% increase in import value, even as effective tariffs declined. Revenue declines from key commodities like gas, vehicles, and spare parts, along with the strengthening USD against IDR, also played a role. Export duties on palm oil products fell by 60% (yoy) due to a 5.91% (yoy) drop in the average price of crude palm oil (CPO) and a 15.48% (yoy) reduction in export volume. Sri Mulyani also reported excise revenues of IDR 116.1 trillion, growing 0.5% (yoy). Tobacco excise contributed IDR 111.3 trillion, increasing by 0.1% (yoy) due to higher production in the second and third tiers. Excise on alcoholic beverages rose to IDR 4.6 trillion, up 10.6% (yoy), while ethyl alcohol excise reached IDR 80.4 billion, growing 21.8% (yoy).
