2023 Q2 Indonesia Trade Data Summary: Volatile Surplus

Indonesia 2023 Q2 Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows volatile Q2 flows with a $7.81B surplus despite monthly export/import swings.
• Key Driver: Indonesia import export data reveals China dominates (24% exports, 28% imports), with fuels/fats driving exports.
• Strategic Risk: High export concentration (68% top 10 products) exposes vulnerability to commodity price shocks.

Analysis covers 2023 Q2 based on sanitized customs records from the yTrade database.

Indonesia 2023 Q2 Trade Data Trend Overview

• Indonesia, a major manufacturing and commodity export hub, saw its Q2 2023 global trade data reflect volatile but resilient flows amid shifting external demand and domestic inventory cycles.
• Indonesia import export data showed exports reaching $61.59B for the quarter, though June saw a 5.1% monthly contraction, while imports hit $53.78B after a significant May surge of 38.7% followed by a sharp June correction of -19.4%.
• The quarter closed with a robust trade surplus of $7.81B, bolstered by stronger cumulative export performance relative to imports despite monthly fluctuations.
• Trade volatility was likely influenced by front-loaded purchasing ahead of anticipated policy shifts and adjustments in commodity stockpiling, as businesses navigated uncertain tariff environments and regional supply chain rebalancing.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Indonesia 2023 Q2 Top Trading Products

Indonesia Global Trade Core Summary

Indonesia’s trade is heavily resource-driven, with mineral fuels (24.4% of exports) and animal/vegetable fats (10.4%) leading exports. Steel (10.3%) and electrical machinery (5.6%) add some manufacturing diversity, but raw materials dominate. Imports focus on machinery (14.3%), electrical equipment (11.4%), and fuels (17.5%), showing reliance on industrial inputs and energy. The top 10 exports account for 68% of total exports, indicating high concentration. Key takeaways:

• Resource dependence risks (fuels, fats, ores).
• Limited high-value export diversification.
• Heavy machinery imports signal industrial needs.
• Export concentration requires risk management.

Indonesia Export-Import Structural Gap

Indonesia exports raw materials (fuels, fats, ores) but imports machinery and equipment, highlighting a resource-to-finished-goods gap. Overlap in fuels (HS 27) and steel (HS 72) suggests some processing capacity, but machinery imports (HS 84, 85) reveal reliance on foreign technology. The import of cereals (HS 10) and animal feed (HS 23) points to agricultural supply gaps. This structure shows Indonesia’s role as a resource supplier with unmet industrial and food needs. Upgrading value-added processing could reduce import dependence.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2023 Q2 Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia's trade flows show a strong reliance on Mainland China, which accounts for 24% of exports ($14.6B) and 28% of imports ($15.0B). Export destinations are moderately diversified, with the top 10 markets covering 72% of total exports, led by the U.S. (9%), Japan (8%), and India (8%). Imports are more concentrated, with the top 10 suppliers making up 74% of inflows, dominated by China, Singapore (8%), and Japan (7%). Regional trade is significant, with ASEAN partners (Malaysia, Singapore, Thailand, Vietnam, Philippines) representing 20% of exports and 22% of imports.

Key Takeaways:

• Heavy dependence on China for both exports and imports.
• Exports spread across Asia and the U.S.; imports more concentrated.
• ASEAN plays a major role in regional trade flows.
• India emerges as a key export market (8% share).
• Overlap in trade partners (China, Japan, U.S., Singapore) suggests processing trade links.

Indonesia Export–Import Geographic Gap

Exports are distributed across a wider range of markets, while imports depend heavily on a few suppliers, particularly China. The U.S. and India are major export destinations but minor import sources, indicating downstream diversification. Overlapping partners like China, Japan, and Singapore suggest integrated supply chains. The structure points to upstream dependency (imports) paired with broader export market access. Trade with ASEAN is balanced, reflecting 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 Q2?

Indonesia's top exports in Q2 2023 were mineral fuels and oils (24.42% share, $15.04B), animal/vegetable fats and oils (10.41%, $6.41B), and iron/steel (10.34%, $6.37B), based on HS code data.

What are the main products Indonesia imports in 2023 Q2?

Indonesia primarily imported mineral fuels/oils (17.53% share, $9.43B), machinery (14.31%, $7.70B), and electrical equipment (11.40%, $6.13B) during Q2 2023, per HS code analysis.

Which countries are the top destinations for Indonesia's exports in 2023 Q2?

Mainland China was Indonesia's largest export destination (27.96% share, $15.04B), followed by Singapore (7.65%, $4.11B) and Japan (7.41%, $3.99B), according to country-level trade data.

Which countries supply most of Indonesia's imports in 2023 Q2?

Mainland China dominated Indonesia's imports (23.77% share, $14.64B), with the United States (9.07%, $5.59B) and Japan (8.00%, $4.93B) as other key suppliers in Q2 2023.

How balanced are Indonesia's export and import markets in 2023 Q2?

Indonesia achieved a $7.81B trade surplus in Q2 2023, with exports ($61.59B) outpacing imports ($53.78B) despite monthly volatility in trade flows.

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