Indonesia export Import Data
22-Oct-2024
Key Highlights
Being the biggest economy in Southeast Asia, Indonesia is essential to international trade. It has been able to establish solid trade ties with nations all over the world thanks to its wealth of natural resources, advantageous location, and varied export portfolio.
In terms of trade, Indonesia had a USD 3.31 billion trade balance surplus as of December 2023. This was primarily caused by a USD 5.20 billion non-oil and gas surplus, whereas there was a USD 1.89 billion oil and gas deficit. By 2022, Indonesia had overtaken Singapore as India's sixth-largest trading partner overall, demonstrating its continued growth as a major trading partner. In this blog, we will explore Indonesia’s top trade partners and the key insights that shape these relationships.
In 2022, the Republic of Indonesia exported goods valued at US$292 billion worldwide. The top 25 trading partners of Indonesia are listed below; these are the nations that imported the most Indonesian goods in 2022, measured in dollars.
Due to close relations in technology, energy, and commodities, China has always been Indonesia's top trading partner. Indonesia is a major supplier of natural gas, coal, and palm oil to China. China's energy supply chain depends heavily on coal in particular.
China is a significant source of innovation and technology since it supplies sophisticated electronics, machinery, and equipment to Indonesia.
Although China frequently wins the trade balance, Indonesia gains from bilateral agreements and investment flows that expand markets for its natural resources.
For many years, Japan has been one of Indonesia's most important trading partners. Strong economic relations exist between the two countries, especially in the automobile and energy industries.
In terms of LNG imports, Japan is one of Indonesia's largest suppliers. As Japan shifts away from nuclear energy in the wake of the 2011 Fukushima accident, the demand for LNG keeps rising.
The United States is one of Indonesia's top commercial partners, especially when it comes to receiving its products. Textiles, shoes, and electrical appliances are Indonesia's top exports to the United States.
The U.S. is a major destination for Indonesia's labour-intensive sectors since major American companies source these items from Indonesian producers.
Indonesia imports advanced equipment and aerospace items from the United States in exchange.
As both nations look into new areas of collaboration, such as digital trade and renewable energy, the trade relationship is anticipated to grow stronger.
India and Indonesia have a close trading relationship, particularly when it comes to important commodities. One of India's main suppliers of rubber, palm oil, and coal is Indonesia. Indonesia is now India's preferred source of coal, which powers India's power plants, due to the country's rising energy needs.
Palm oil, which is used in cooking and other sectors, is a major export from Indonesia to India. In order to promote deeper economic interaction and more seamless trade flows, the two nations have also negotiated a number of trade agreements.
With expanding commerce in the automotive, electronics, and energy industries, South Korea has grown in importance as a trading partner for Indonesia. In Indonesia, South Korean manufacturers and exporters like Samsung and LG have widespread popularity.
Hyundai and Kia have strengthened their ties with Indonesia by increasing their production and market share there. To further diversify trade between the two countries, Indonesia also exports rubber and coal to South Korea.
Based on Indonesia import data, Indonesia imported goods worth $221,886.2 million in 2023.
Also, Indonesia's imports increased 1.27% year over year in January 2023 but then fell in the months that followed. Following a 32% decline in February 2023, imports fell by 26% and 32% year over year in March and April of 2023, respectively.
The top imports in Indonesia are:
The top importing partners of Indonesia are:
Based on Indonesia export data. The value of Indonesia's exports in 2023 is $236.41 billion. Additionally, Indonesia exported $22 billion worth of goods in November 2023. Additionally, Indonesia's January and February 2024 exports totalled US$39.80 billion.
In December, shipments decreased 5.76 percent year over year to $22.41 billion, which was less than the 8.1 percent loss predicted by Reuters's panel of economists.
The top exports in Indonesia are:
The top Indonesia top export partners are:
With abundant resources, an expanding industrial base, and an advantageous geographic location, Indonesia has a wide range of strong trading partnerships. The biggest trading partners of Indonesia, such as China, Japan, the United States, and India, influence the country's economy and play a key role in Indonesia's rise internationally.
Indonesia's position as a major player in international trade will only grow as it engages in international agreements and keeps growing its trade networks. However, if you have any queries related to Indonesia trade data, Indonesia's biggest importers or exporters list, connect with IndonesiaTradeData.com and schedule a free live demo today.
