JAKARTA — Market participants are bracing for the government’s upcoming single-window export policy for strategic commodities, which will be managed through Danantara. As details remain scarce, commodity-related stocks have shown signs of cooling during midday trading this Wednesday, May 20, 2026.
Martha Christina, Head of Investment Information at Mirae Asset, suggests that the push to establish a state-run commodity export body stems from the government’s urgent need to bolster state revenue. According to Martha, authorities are likely targeting key sectors such as crude palm oil (CPO) and coal as strategic revenue streams that can be optimized under this new centralized framework.
“The government needs quick revenue, and this export agency is likely designed to increase state coffers. However, we are still waiting for the specific details,” Martha noted. She emphasized that while the concept is clear, the implementation must be meticulously planned to avoid operational bottlenecks.
She added that market sentiment is currently leaning toward the negative, as business operators require time to adapt to these significant shifts. “This involves substantial capital. CPO and coal are crucial sectors; poor planning could make execution very difficult,” she warned. For investors and entrepreneurs, Martha stressed that legal certainty and clear regulations are paramount, especially as Indonesia continues its drive to attract foreign investment. “For businesses, profit or loss is often manageable as long as the rules are clear. Certainty is the number one priority.”
As of 11:50 WIB, IDX Mobile data reflected the pressure on the sector. Shares of PT Alamtri Resources Indonesia Tbk. (ADRO) fell 6% to Rp2,190, while PT Bayan Resources Tbk. (BYAN) declined 2.18% to Rp11,200. PT Triputra Agro Persada Tbk. (TAPG) also saw a slight drop of 0.31% to Rp1,585. Conversely, some stocks remained resilient; PT Indo Tambangraya Megah Tbk. (ITMG) managed a 0.11% gain to Rp23,250, and PT Bukit Asam (Persero) Tbk. (PTBA) surged by 6.79% to Rp2,830.
This volatility follows President Prabowo Subianto’s issuance of a Government Regulation (PP) mandating that natural resource exports be handled exclusively through state-owned enterprises (BUMN) designated as sole exporters. President Prabowo identified CPO, coal, and ferroalloys as the initial commodities under this mechanism, which aims to secure potential export earnings of up to US$65 billion, or approximately Rp1,100 trillion annually.
“This is a strategic step to strengthen the governance of our commodity exports. We are mandating that all natural resource sales, starting with CPO, coal, and ferroalloys, must be conducted through a government-appointed state-owned enterprise acting as the sole exporter,” the President stated during the DPR plenary session on Wednesday, May 20, 2026.
President Prabowo explained that the system functions as a “marketing facility,” where proceeds from export sales are passed on by the appointed BUMN to the respective business operators. The ultimate goal of this regulation is to tighten oversight, curb practices such as underinvoicing and transfer pricing, and prevent the flight of export earnings (DHE).
“This policy will optimize tax revenue and state income. We hope to see our revenue performance reach the levels of countries like Mexico and the Philippines,” he concluded.
Summary
The Indonesian government has announced a new policy requiring natural resource exports, specifically coal, crude palm oil, and ferroalloys, to be managed by a state-owned enterprise acting as the sole exporter. Aiming to secure up to US$65 billion in annual revenue, this centralized “marketing facility” is designed to curb underinvoicing, transfer pricing, and capital flight. President Prabowo Subianto emphasized that the initiative will strengthen commodity governance and optimize national tax income.
Market participants reacted with caution to the announcement, causing volatility in the stock market as investors await specific implementation details. Analysts warn that while the policy aims to boost state coffers, clear regulations are essential to prevent operational bottlenecks and maintain investor confidence. While several major coal stocks experienced price fluctuations during the trading session, business operators remain focused on the need for legal certainty to manage the transition.
