Indonesia to announce another commodity export ban

Indonesia will announce another commodity export ban later on Wednesday, President Joko Widodo said in Jakarta.

Jokowi, as the president is known, also flagged that there were potentially more prohibitions on shipments coming in 2023. “Next year, we may announce to stop another one or two raw material exports,” he said in a speech.

It’s unclear what raw material exports will be banned. Aluminum rose 0.5% on the London Metal Exchange as of 11:47 a.m. in Singapore, as Indonesia is a major supplier of bauxite, an ore used to make the metal. Palm oil was up 1.8% amid flooding in major producer Malaysia.

Southeast Asia’s largest economy has been pursuing policies designed to create jobs and revenue by processing more of its natural resources at home, rather than just shipping out raw materials. Jokowi said this month that Indonesia wouldn’t follow a purely open economic model that he blamed for undercutting Latin America’s growth prospects for decades.

The World Trade Organization ruled last month that Indonesia’s ban on nickel ore exports violated international trade rules following a complaint by the European Union. Jakarta is appealing the decision.