Jakarta (ANTARA) - Indonesia is attempting a new breakthrough in\nmanaging its natural resource wealth. Through PT Danantara Sumberdaya\nIndonesia (DSI), the state seeks greater visibility over the exports of\ncoal, palm oil, and ferroalloy\u2014three strategic commodities that have\nlong been vital sources of national foreign exchange.<\/p>\n
The concept is straightforward. If natural resources are strategic\nassets, it is not enough for the state to merely know how much of a\ncommodity leaves the port. The state also needs to know the actual\ntransaction prices, the identity of the buyers, where the foreign\nexchange flows, and the extent to which the economic value ultimately\nreturns to serve the Indonesian economy.<\/p>\n
Nevertheless, major policies almost always have two sides. The\nconsolidation of export governance could strengthen transparency and\nIndonesia\u2019s bargaining position. Conversely, if designed too\nadministratively, the new mechanism could potentially create bottlenecks\nin trade.<\/p>\n
Therefore, the real issue is not simply whether DSI needs to exist,\nbut what kind of DSI Indonesia requires.<\/p>\n
Government Regulation Number 24 of 2026 regarding the Export\nGovernance of Strategic Natural Resource Commodities provides the\nfoundation for this mechanism. DSI began operations on 1 June 2026, with\nan initial scope covering coal, palm oil, and ferroalloy.<\/p>\n
The objective of this policy is fundamentally rational: to increase\ntransaction transparency, strengthen the management of export proceeds\n(DHE), minimise the opportunity for under-invoicing, and ensure that\nIndonesia obtains more optimal economic value from its natural\nresources.<\/p>\n
This need is increasingly relevant as the external balance faces\nchallenges. Statistics Indonesia recorded Indonesia\u2019s export value from\nJanuary to July 2026 at US$167.03 billion, a growth of 4.43 per cent\ncompared to the same period the previous year. Simultaneously, imports\nrose by 19.94 per cent to US$163.33 billion, resulting in a trade\nsurplus of approximately US$3.70 billion during the first seven months\nof 2026.<\/p>\n
These figures convey an important message: the quality of foreign\nexchange is just as important as the total export value. Dollars from\ncommodity sales should not merely appear in trade statistics; they must\nprovide long-term benefits for foreign exchange liquidity, economic\nstability, financing, and domestic productive activities.<\/p>\n
This is where DSI has the potential to add value. If strategic\ncommodity transactions can be monitored within an integrated data\necosystem, the government will gain a more complete picture of prices,\nvolumes, buyers, contracts, and foreign exchange receipts.<\/p>\n
Information asymmetry can be reduced, and transactions involving\nunfair prices can be more easily detected. Indonesia\u2019s bargaining\nposition also has the potential to increase because market information\nwill no longer be fragmented across individual companies. As a key\nsupplier of several global commodities, Indonesia should possess the\nability to read the market in aggregate.<\/p>\n
This scheme can also complement the Export Proceeds (DHE) policy. DSI\nstrengthens visibility on the trade transaction side, while the DHE\npolicy ensures that export revenues provide greater benefits to the\ndomestic economy. If both are well-connected, Indonesia will possess an\nadditional instrument to strengthen external resilience.<\/p>\n
The Need for Speed<\/strong><\/p>\n Better supervision does not necessarily mean that all commercial\ndecisions must be centralised. Commodity trading requires speed. The\nprices of coal, palm oil, and minerals can change rapidly. Every buyer\nalso possesses different credit qualities, delivery requirements,\nproduct specifications, payment terms, and logistics cost\nstructures.<\/p>\n If transactions must pass through lengthy additional administrative\nstages, the benefits of transparency could be eroded by rising\ntransaction costs and lost market momentum.<\/p>\n Consequently, the transition period towards full implementation\nshould be treated as a policy laboratory. The government needs to use\nsimple and measurable indicators, such as whether export processing\ntimes increase, whether transaction costs rise or fall, whether the\nselling prices received by exporters improve, whether foreign exchange\ninflows to the country increase, and whether exporters\u2019 access to global\nbuyers remains intact.<\/p>\n If these indicators show positive results, DSI\u2019s role will gain\nstronger economic legitimacy. However, if bottlenecks or distortions\nemerge, the mechanism must be refined before being fully\nimplemented.<\/p>",
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