The Indonesian textile and textile products (TPT) industry, although it has not achieved significant recovery, is starting to show signs of improvement after the implementation of Minister of Trade Regulation no. 3/2024. The Indonesian Fiber and Filament Yarn Producers Association (APSyFI) observed an increase in sales activity in the TPT downstream sector after this policy was implemented. The General Chair of APSyFI, Redma Gita Wirawasta, stated that this policy was starting to have a positive impact, especially because it was implemented close to the start of Ramadan.
However, information obtained by APSyFI shows that sales of TPT products in the upstream and intermediate sectors have not yet experienced a significant increase. This means that the Ramadan moment has not been able to have a big impact on the annual performance of the textile industry as a whole.
According to Redma, Minister of Trade Regulation no. 3/2024 has a positive effect in preventing illegal imports of TPT products that enter through the consignment service (jastip) and consignment services. However, there are still gaps in this regulation because there are still illegal imports through the wholesale import mechanism.
Even so, TPT producers still hope that the domestic market will continue to improve with the new regulations regarding import policies. However, hopes for the export market are still limited due to slowing demand due to uncertainty in global geopolitical and economic conditions, especially in export destination countries.
Redma added that although in January-February there were still layoffs (PHK) in the domestic textile industry, this trend began to slow down in March. The issuance of Minister of Trade Regulation No. 3/2024 has the potential to increase production activities which will ultimately reopen job opportunities for employees who were previously laid off.
Thus, although it still takes time to improve the condition of the textile industry as a whole, the steps taken by the government have provided an initial impetus for the sector's recovery. However, it is important to continue to monitor and evaluate the impact of these policies to ensure sustainable recovery for the Indonesian textile industry.