Indonesia’s thermal coal exports fell to their lowest level in three years during the first four months of 2025, as shipments to China and India—the world’s largest coal consumers—slowed markedly, Reuters columnist Gavin Maguire reported on May 9 from Littleton, Colorado.
Source: China Coal Economic Research Association
Indonesia’s thermal coal exports fell to their lowest level in three years during the first four months of 2025, as shipments to China and India—the world’s largest coal consumers—slowed markedly, Reuters columnist Gavin Maguire reported on May 9 from Littleton, Colorado.
According to data from commodity analytics firm Kpler, Indonesia exported 150 million tonnes of thermal coal between January and April, down nearly 20 million tonnes—or 12%—from the same period last year. That’s the steepest year-on-year decline since early 2017. Given that Indonesia accounts for around half of global thermal coal exports, the slump also weighed on the broader market, with total global trade falling 7% year-on-year, or by 23 million tonnes.
The drop in demand from China and India was the main factor behind the decline. China, which is simultaneously the world’s biggest coal producer, consumer, and importer, cut imports from Indonesia by 14 million tonnes during the January–April period, a 20% drop from a year earlier. The country’s push to increase domestic production and reduce air pollution were key drivers of the reduced import demand.
With both China and India expected to continue limiting imports in the near term, Indonesia’s coal exports are likely to remain subdued for at least the next few months. That raises the prospect of a rare full-year decline in Indonesian exports—potentially signaling that global coal trade volumes may have already peaked.
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