In Depth: Inside Indonesia’s Surprise Pivot to Resource Nationalism

In a sudden power grab that sent shockwaves through global commodity markets, Indonesia has moved to seize control over the export of its most vital natural resources.

On May 20, Indonesian President Prabowo Subianto announced that all exports of palm oil, coal, ferroalloys, and other potential strategic commodities must be centrally managed by state-owned enterprises. For Southeast Asia’s most populous nation — which also serves as the world’s top nickel producer and leading exporter of thermal coal and palm oil — the mandate signals an abrupt end to the era of private trade dominance.