TEMPO.CO, Jakarta - Trade Minister Muhammad Lutfi stated in an online media summit on Wednesday, January 27, 2021, that Indonesia will no longer be only exporting raw materials and half-processed goods in the future, and cites the country's 2020 trade balance.
"We are in the middle of a transformation into selling high-technology industrial products," said the Trade Minister on January 27, 2020.
Statistics Indonesia (BPS) recorded non-oil and gas export and imports throughout 2020 generated US$154 billion, which is a 0.57 percent year-on-year contraction.
So far, Muhammad Lutfi acknowledges that palm oil and coal remains to be the two of Indonesia's main export commodities by generating US$20.7 billion and US$ 17.2 billion in 2020, respectively. The third highest export commodities in 2020 were steel exports, which according to Lutfi, saw 46 percent growth in 2020.
The Trade Minister added that the fourth most exported commodity in 2020 was electrical machinery and equipment that generated US$9 billion (2.46 percent increase YoY).