Indonesia's president has stated that tin exports may be phased out by 2024

[ASEAN NOW Content Team]

 

President Joko Widodo indicated on Wednesday that Indonesia may stop exporting tin in 2024 as part of attempts to encourage investment into the resource processing industry and restore the country's external balance.

Jokowi, as the president is known, also stated that the government may ban bauxite exports next year and copper ore exports in 2023.

 

During recent public appearances, the president has made similar remarks, arguing that Southeast Asia's largest economy has been selling raw commodities for far too long, denying the country more export revenues and manufacturing jobs.

 

He used the example of banning nickel ore exports to attract investment in the manufacturing of electric vehicle batteries as an example of efforts to restrict raw commodity exports and attract investment in downstream industries to improve Indonesia's trade and current account balances.

"We've begun with nickel.
We're assessing whether or not we'll be able to stop exporting bauxite next year.
We might be able to stop copper next year, and tin the following year "Jokowi spoke at the annual gathering of financial stakeholders hosted by the central bank.

 

Last year, Indonesia, a major exporter of metal ores, halted nickel ore exports.
The change has resulted in a surge of investment in nickel processing, primarily from China.

Indonesia is set to halt exporting bauxite and copper ore, among other metal ores, in 2023 under existing standards.

 

What Jokowi's plans for tin exports are unknown.
Since 2018, Indonesia has mandated that tin be sold in its refined form, including at least 95% tin.

"We want these resources to be exported as semi-finished or finished items, since the added value is what we want," Jokowi stated.