Indonesia pays price of protectionism as commodity exports sink
Jakarta
INDONESIA'S economy is losing out on commodity gains after lawmakers wrapped protectionist policies around the nation's resources. Their next problem: finding a lucrative replacement.
Commodities now account for about 40 per cent of all exports, down from almost 60 per cent five years ago, according to Morgan Stanley. They make up just 6 per cent of gross domestic product, half as much as in 2012, as trade restrictions worsened the impact of a price rout over much of that period. Crude oil and gas output has declined to levels last seen in the early 1970s.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Oil falls more than US$1/barrel on Middle East peace talks, US rate cut doubts
Diamond giant De Beers is in the shop window, but the potential buyers are few
China State Shipbuilding to build 18 LNG ships for QatarEnergy
Shell earns US$1 billion a year from US crude trading, court filing shows
Gold eases as steady US dollar dampens appeal