Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia revealed that exports of nickel derivative products have reached an impressive USD 40 billion, or approximately IDR 637.63 trillion (based on an exchange rate of IDR 15,940 per USD) as of December 2024. This represents a dramatic increase compared to 2020, prior to Indonesia’s nickel downstreaming policy. According to Bahlil, in 2020, the export value of nickel products was only USD 11.9 billion, or about IDR 189.69 trillion. He also noted that the export value of nickel derivative products for 2024 has already surpassed the figures from 2023, which amounted to USD 34.4 billion, or around IDR 548.3 trillion. "For 2024, I have asked the Ministry of Trade for the data, and [nickel derivative exports] are close to USD 38 billion to USD 40 billion, which is extraordinary," Bahlil stated during the Indonesia Mining Summit 2024 in Jakarta on Wednesday (Dec 4, 2024).
Bahlil also highlighted that Indonesia controls 45% of the world’s nickel reserves, making the country one of the largest nickel reserve holders globally. This significant reserve has led to increased global interest in Indonesia, with many foreign parties urging the government to relax the ban on nickel ore exports. He further explained that the U.S. Geological Survey (USGS) reported Indonesia held 25% of the world’s nickel reserves in 2023, with this figure rising to 40-45% by 2024. With such large reserves, Bahlil expressed confidence that Indonesia could dominate the global electric vehicle (EV) market, as nickel is a crucial mineral for EV batteries. He elaborated that 40% of an electric vehicle’s components consist of batteries, and of the minerals that make up these batteries—manganese, cobalt, lithium, and nickel—80% is nickel. "We have three of these key minerals in Indonesia: nickel, manganese, and cobalt," Bahlil concluded.
