Jakarta (ANTARA) – Indonesia ranks among the world’s five largest exporters of iron and steel products amid the government’s ongoing efforts to raise the value of national resources through its downstreaming agenda, Trade Minister Budi Santoso highlighted.During a meeting with Commission VI of the House of Representatives (DPR) in Jakarta on Wednesday, he noted that Indonesia had risen from 17th place in 2019 to fifth place at present, ranking behind only China, Germany, Japan, and South Korea.He attributed the major progress to downstreaming efforts and the strengthening of domestic industrial capacity.The minister said the development was reflected in favorable trading trends over the past few years. In 2023, Indonesia recorded a surplus of US$15.07 billion in its iron and steel trade balance, with exports valued at US$25.80 billion.In 2024, he continued, the surplus rose to US$18.44 billion, as the country exported US$27.97 billion worth of iron and steel, while imports declined to US$9.53 billion.”These consecutive trade balance surpluses are in line with Indonesia's stronger foothold in global trade,” Santoso added.Ministry data show that Indonesia has maintained a surplus in iron and steel trade since at least 2020, with US$6.85 billion in 2020, US$11.96 billion in 2021, US$13.93 billion in 2022, and US$11.40 billion in 2023.On the same occasion, Deputy Minister of Industry Faisol Riza briefed lawmakers on the sharp increase in Indonesia’s steel export volume over the past six years, rising from 9.3 million tonnes in 2020 to 23.97 million tonnes in 2025.Meanwhile, imports, which had climbed to 17.9 million tonnes in 2022, fell to 14.8 million tonnes last year, he said.The official emphasized that the trend reflected a combination of the government’s downstreaming policy, stronger domestic production, global pricing dynamics, and geopolitical factors.He also described the development as evidence of Indonesia’s success in enhancing the competitiveness of its steel industry.