Indonesia to ban bauxite exports from June 2023
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Today, December 21, Indonesian President Joko Widodo declaredthat from June 2023 the country will stop exporting bauxite. According to the US Geological Survey, Indonesia is among the top five countries in the world in terms of reserves of this ore, which is necessary for the production of aluminum. Indonesia is the sixth largest exporter of bauxite in the world.
“Starting from June 2023, our government will impose a ban on the export of bauxite ore in order to intensify the processing of bauxite in our country,” said Mr. Widodo. “This will allow the country to receive a value-added product that will benefit the progress and prosperity of our people.”
Since January 2020, Indonesia has already banned the export of nickel ore, prompting accusations of protectionism. At the end of November WTO decidedthat such a ban is contrary to the rules of this organization on international trade. In mid-December, Indonesia filed an appeal against this decision.
Interviewed Bloomberg experts believe that the ban on the export of bauxite from Indonesia may lead to an increase in prices for this raw material in the short term. At the same time, analysts hope that the departure of Indonesian bauxite from the world market can be replaced by the export of this raw material from other countries, such as Australia or Guinea.
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