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India Becomes Largest Recipient of Bangka Belitung Islands' Tin
WINDONESIA June 5, 2024
BPS Bangka Belitung Islands Head Toto Haryanto Silitongan Iam during the press release of Bangka Belitung Islands' economic statistics. (Wow Babel).
India has replaced China as the main destination for Bangka Belitung Islands Province's tin exports. Notably, China is not even among the top three destinations for the first four months of 2024.
India accounted for a total value of US$43.87 million of Bangka Belitung Islands' tin exports January to April 2024, or equal to 25.34 percent of the province's total tin exports, based on Statistics Indonesia (BPS) Bangka Belitung Islands data.
South Korea follows India as the second-largest destination country, with a total value of US$38.56 million which is equal to 22.33 percent share of Bangka Belitung Islands' total tin exports. Singapore comes in third at US$25.20 million.
"China was typically the main destination for our tin exports last year. However, this month (April), India emerged as the top destination country" BPS Bangka Belitung Islands Head Toto Haryanto Silitongan Iam in a press release on Jun. 3, 2024.
Bangka Belitung's tin exports to India saw a significant increase of 99.97 percent month-to-month (mtm) in April 2024. A monthly growth of 31.86 percent was also observed in tin exports to South Korea, with an even more impressive 74.29 percent increase year-on-year (yoy).
Interestingly, exports to Singapore have declined, despite Singapore remaining among Bangka Belitung's top three export destinations.
"Compared to last month (March), we experienced a decrease in tin exports to Singapore by 25.43 percent, and a yoy decline of 63.57 percent. " said Toto Haryanto.
China accounted for 37.68 percent, or US$584.58 million, of Bangka Belitung Islands' tin exports based on BPS Bangka Belitng Islands data for the January to November 2023 period. Singapore was the second-largest recipient at that time, with a total tin export value of US$255.26 million, followed by India at US$223.44 million.
Nevertheless, China remains Bangka Belitung Islands' largest export destination for non-tin products, particularly crude palm oil (CPO). In April 2024, CPO exports to China amounted to US$27.23 million.
Source: www.wowbabel.com