According to foreign media reports, Hendra Sinadia, Executive Director of the Indonesian Coal Mining Association (APBI), recently stated that Indonesia's coal exports are expected to decline in 2024.
　　According to data from Indonesia’s Statistics Agency, in 2023, Indonesia’s coal export value fell by more than 15% year-on-year to US$59 billion, yet the export volume still rose by 12% year-on-year to 550 million tons.
　　He stated that, due to oversupply in the global thermal coal market and downward pressure on coal prices, this trend is expected to continue into 2024, and Indonesia's total coal exports this year are forecast to decline.
　　Previously, Indonesia’s Ministry of Energy and Mineral Resources set a coal production target for 2024 of 710 million tons, an 8% decrease from the record high of 775 million tons achieved in 2023.
　　Apart from Indonesia, China—the world’s largest coal producer—also saw its coal production reach a new high in 2023, primarily driven by heightened attention to energy security and a surge in demand following the lifting of COVID-19 restrictions.
　　Citing Hendra, the Jakarta Post of Indonesia reported that in 2023, global demand for thermal coal increased by 1% to 2% year-on-year, yet supply significantly exceeded demand, leading to an oversupply of coal.