2023 May Indonesia Global Trade Data Summary: Stable $430M Surplus

Indonesia 2023 May Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows stable flows with $430M surplus, balancing $21.7B exports and imports in May 2023.
• Key Driver: Indonesia import export data reveals China dominates both sides (23% exports, 28% imports), fueling resource-processing trade.
• Strategic Gap: Unfinished industrialization evident as raw material exports (fuels, metals) contrast with machinery/electronics imports.

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

Indonesia 2023 May Trade Data Trend Overview

• Indonesia's export-driven economy, a key Southeast Asian manufacturing and commodity hub, showed stable performance in its May 2023 Indonesia global trade data, maintaining export levels amid global demand shifts.
• The May 2023 Indonesia import export data recorded exports of $21.71 billion, flat year-on-year, while imports totaled $21.28 billion, also unchanged from the prior year, indicating balanced trade flows despite external pressures.
• This resulted in a modest trade surplus of $430 million, reflecting Indonesia’s resilience in managing external balances even as global markets faced supply chain and inflationary headwinds.
• Trade stability was likely supported by sustained demand for key exports like palm oil, minerals, and manufactured goods, though broader reforms—such as those highlighted in later EU and US agreements—were still in development phases during this period.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Indonesia 2023 May Top Trading Products

Indonesia Global Trade Core Summary

Indonesia's trade is heavily resource-driven, with mineral fuels (HS 27) alone making up 23.65% of exports, followed by iron/steel (9.34%) and vegetable oils (8.81%). Manufacturing exports like electrical machinery (5.67%) and vehicles (4.58%) are smaller but notable. Imports are more diverse, led by mineral fuels (16.69%), machinery (14.52%), and electrical equipment (11.36%), showing reliance on industrial inputs. Key takeaways:

• Resource dominance: Exports depend on fuels, metals, and agricultural oils.
• Industrial gap: High machinery imports reveal manufacturing needs.
• Balanced energy trade: Both exports and imports feature mineral fuels, suggesting refining or re-export activity.

Indonesia Export-Import Structural Gap

Indonesia exports raw materials (fuels, ores, fats) but imports finished machinery and electronics, highlighting an unfinished industrial base. Overlapping HS codes (e.g., mineral fuels, iron/steel) point to processing trade, where imported inputs may be refined for re-export. The high share of machinery imports (14.52%) versus smaller machinery exports (2.65%) signals room for industrial upgrading. This gap suggests Indonesia could focus on adding value to its raw materials domestically.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2023 May Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia's exports are moderately concentrated, with Mainland China as the top destination (23.01%, $4.99B), followed by the U.S. (9.46%, $2.05B) and Japan (8.71%, $1.89B). The top 10 markets account for 72.84% of exports, showing reliance on Asia (China, Japan, India, ASEAN) and North America. Imports are more heavily dependent on China (28.13%, $5.99B), with Japan (7.49%) and Singapore (7.45%) as secondary sources. The top 10 suppliers make up 72.68% of imports, indicating similar concentration but with China dominating. Key asymmetries:

• China dominates both exports and imports, but its import share is 5% higher.
• ASEAN (Malaysia, Singapore, Thailand, Vietnam) is critical for both flows.
• India is a stronger export market (7.03%) than import source (3.91%).

Indonesia Export–Import Geographic Gap

Exports and imports share overlapping partners (China, Japan, Singapore, U.S., South Korea, Thailand, Malaysia, India, Vietnam), suggesting processing trade or regional supply chains. Exports are more diversified across Asia and the U.S., while imports lean heavily on China. The structure implies upstream dependency (imports concentrated in fewer key suppliers) and downstream diversification (exports spread across more markets). Notably, India and the U.S. are larger export destinations than import sources, while Australia appears only as an import origin. This gap highlights Indonesia's role as a regional trade hub with balanced but China-weighted flows.

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 May?

Indonesia's top exports in May 2023 were mineral fuels/oils (23.65% share, $5.13B), iron/steel (9.34%, $2.03B), and animal/vegetable fats (8.81%, $1.91B), based on HS code data.

What are the main products Indonesia imports in 2023 May?

Key imports included mineral fuels/oils (16.69%, $3.55B), machinery (14.52%, $3.09B), and electrical equipment (11.36%, $2.42B), per HS code analysis.

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

Mainland China (28.13%, $5.99B), Japan (7.49%, $1.59B), and Singapore (7.45%, $1.59B) were the leading export destinations, according to country trade data.

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

Primary import sources were Mainland China (23.01%, $4.99B), the United States (9.46%, $2.05B), and Japan (8.71%, $1.89B), as shown in country-level statistics.

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

Indonesia maintained balanced trade flows with a $430M surplus, exporting $21.71B and importing $21.28B, reflecting resilience amid global pressures (trend analysis).