2023 Jan Indonesia Trade Data Summary: Export Boom

Indonesia 2023 Jan Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows exports surged 16.4% YoY to $22.32B, driven by robust commodity demand.
• Key Driver: Indonesia import export data reveals China dominates imports (29.9% share) while fuels and palm oil lead exports.
• Strategic Risk: Heavy reliance on raw materials and Asian supply chains exposes vulnerability to price swings and regional shocks.

Analysis covers 2023 Jan based on sanitized customs records from the yTrade database.

Indonesia 2023 Jan Trade Data Trend Overview

• Indonesia, a major commodity exporter and emerging manufacturing hub, opened 2023 with robust trade flows, as its January Indonesia global trade data signaled continued external strength.
• January's Indonesia import export data showed exports surging 16.4% year-on-year to $22.32 billion, while imports grew a modest 1.3% to $18.44 billion, reflecting strong external demand against contained domestic import growth.
• This generated a substantial trade surplus of $3.88 billion for the month, reinforcing the nation's position as a net exporter.
• The export surge was likely driven by resilient global demand for key Indonesian commodities like palm oil, metals, and coal, alongside competitive exchange rates that supported export volumes.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Indonesia 2023 Jan Top Trading Products

Indonesia Global Trade Core Summary

Indonesia's trade is heavily resource-driven, with mineral fuels (25.7% of exports) and animal/vegetable fats (10.6%) leading exports. Steel, electrical machinery, and vehicles add some manufacturing diversity, but raw materials dominate. Imports show reliance on machinery (13.4%) and electrical equipment (12.7%), alongside fuel imports (18%), suggesting industrial input needs. Key takeaways:

• Resource dependence: Exports lean on fuels and agricultural products, exposing vulnerability to commodity price swings.
• Industrial gaps: High machinery imports reveal local production shortfalls.
• Partial processing: Exports like steel (9.5%) and nickel (2.9%) hint at mid-stage value addition, not just raw material sales.

Indonesia Export-Import Structural Gap

Indonesia exports raw or semi-processed goods (fuels, metals, oils) but imports finished machinery and equipment. The overlap in fuels (HS 27) as both a top export and import suggests some refining capacity but likely not enough for domestic needs. Steel exports (HS 72) outpace imports, showing competitive production, while machinery imports (HS 84/85) highlight tech gaps. This points to an economy strong in resource extraction but still dependent on foreign manufacturing inputs.

Table: Indonesia Top Import & Export Product Categories (Source: yTrade)

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Indonesia 2023 Jan Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia's export destinations show moderate concentration, with Mainland China as the top market (24.2% share, $5.41B), followed by Japan (9.9%, $2.21B) and the U.S. (8.7%, $1.95B). The top 10 markets account for 73.5% of exports, with strong Asian regional ties (7 of 10 top partners in Asia). Imports are more concentrated, with Mainland China dominating (29.9% share, $5.51B), nearly double Japan’s share (7.4%, $1.37B). Key asymmetries:

• Exports are Asia-heavy but include the U.S. and India.
• Imports rely heavily on China, with secondary Asian suppliers.
• Overlapping trade partners (China, Japan, U.S., ASEAN) suggest integrated regional supply chains.

Indonesia Export–Import Geographic Gap

Exports are diversified across Asia and the U.S., while imports show stronger dependence on China. The overlap in key partners (e.g., China, Japan, Singapore) hints at processing trade, where Indonesia imports components and re-exports finished goods. Import sources are more regionally clustered (8 of 10 top suppliers in Asia-Pacific) compared to exports, which reach further (India, U.S.). The structure implies upstream reliance on Asian suppliers and broader downstream market access. Trade gaps are balanced by regional integration.

Table: Indonesia Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Indonesia in 2023 Jan?

Indonesia's top exports in January 2023 were mineral fuels/oils (25.74% share, $5.75B), animal/vegetable fats (10.58%, $2.36B), and iron/steel (9.45%, $2.11B), per HS code data.

What are the main products Indonesia imports in 2023 Jan?

Key imports included mineral fuels/oils (18.04%, $3.33B), machinery (13.39%, $2.47B), and electrical equipment (12.66%, $2.33B), based on HS code analysis.

Which countries are the top destinations for Indonesia's exports in 2023 Jan?

Mainland China ($5.51B, 29.89%), Japan ($1.37B, 7.41%), and Singapore ($1.22B, 6.62%) were the leading export destinations, according to country trade data.

Which countries supply most of Indonesia's imports in 2023 Jan?

Mainland China ($5.41B, 24.23%), Japan ($2.21B, 9.91%), and the United States ($1.95B, 8.74%) were Indonesia's primary import sources.

How balanced are Indonesia's export and import markets in 2023 Jan?

Indonesia recorded a $3.88B trade surplus in January 2023, with exports ($22.32B) growing 16.4% YoY while imports ($18.44B) rose only 1.3%, reflecting strong external demand.