2023 Q4 Indonesia Trade Data Summary: Stable Commodity Demand

Indonesia 2023 Q4 Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows flat annual export growth in Q4 2023, with a $6.65B surplus driven by stable commodity demand.
• Key Driver: Indonesia import export data reveals mineral fuels (22.4% of exports) and China (26.7% export share) as dominant trade pillars.
• Strategic Risk: Overdependence on raw-material exports and Asian supply chains exposes vulnerability to price swings and regional shocks.

Analysis covers 2023 Q4 based on sanitized customs records from the yTrade database.

Indonesia 2023 Q4 Trade Data Trend Overview

• Indonesia, a major Southeast Asian commodity and manufacturing hub, saw its global trade data in Q4 2023 reflect a period of steady, albeit modest, export performance.
• The Indonesia import export data for the period shows exports totaled $22.39 billion in December, flat year-on-year, while imports for the month were $19.11 billion.
• This resulted in a quarterly trade surplus of $6.65 billion, reinforcing the nation's structurally positive trade balance.
• The flat annual export growth, amidst a slight MoM rebound in December, points to a stabilization in overseas shipments of key commodities like palm oil and minerals, likely supported by resilient demand from key Asian partners.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Indonesia 2023 Q4 Top Trading Products

Indonesia Global Trade Core Summary

Indonesia’s trade is heavily resource-driven, with mineral fuels (22.4%), animal/vegetable fats (10.6%), and iron/steel (10.5%) dominating exports. Imports are more diverse, led by mineral fuels (19.5%), machinery (14.9%), and electrical equipment (11.1%). The export structure shows high reliance on raw materials, while imports focus on industrial inputs and machinery. Key risks include dependence on volatile commodity prices and limited high-value exports. Takeaways:

• Commodity dependence: Exports lean heavily on fuels and agricultural products.
• Industrial gap: Imports of machinery and electronics highlight manufacturing needs.
• Trade balance: Potential vulnerability to fuel price swings due to overlapping fuel trade.

Indonesia Export-Import Structural Gap

Indonesia exports raw materials but imports machinery and industrial goods, indicating a resource-based economy with limited high-value manufacturing. The overlap in mineral fuels (both exported and imported) suggests refining or processing trade. Iron/steel exports exceed imports, pointing to local production strength. However, heavy machinery and electronics imports reveal gaps in advanced manufacturing. This structure signals opportunities to move up the value chain by developing downstream industries.

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

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Indonesia 2023 Q4 Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia’s trade flows show strong regional ties, with Asia dominating both exports and imports. Mainland China is the top partner, accounting for 26.7% of exports ($17.7B) and 29% of imports ($16.7B). Other key Asian markets include Japan, Singapore, Malaysia, and South Korea, which appear in both export and import lists. The U.S. and India are notable export destinations but play smaller roles in imports. Key takeaways:

• Heavy reliance on Mainland China for both sales and supplies.
• Exports are moderately diversified across Asia, with India and the U.S. as non-Asian outliers.
• Imports are more concentrated in Asia, with limited sourcing from outside the region.

Indonesia Export–Import Geographic Gap

Exports reach a broader mix of markets, including the U.S. and India, while imports depend heavily on Asian suppliers, especially China. Overlapping countries like Japan, Singapore, and Malaysia suggest two-way trade in regional supply chains. The structure shows upstream dependency on Asia for inputs but some downstream diversification in exports. However, China’s dominance in both flows highlights a strategic vulnerability. The gap between export and import geographies is moderate but leans toward regional sourcing.

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 Q4?

Indonesia's top exports in Q4 2023 were mineral fuels/oils (22.44% share), animal/vegetable fats (10.57%), iron and steel (10.54%), and electrical machinery (4.92%), based on HS code data.

What are the main products Indonesia imports in 2023 Q4?

Key imports included mineral fuels/oils (19.50% share), nuclear/machinery equipment (14.93%), electrical machinery (11.13%), and iron/steel (4.86%), per HS code analysis.

Which countries are the top destinations for Indonesia's exports in 2023 Q4?

Mainland China (29.02%), Singapore (9.60%), and Japan (7.13%) were Indonesia’s largest export markets, according to country trade data.

Which countries supply most of Indonesia's imports in 2023 Q4?

Mainland China (26.66%), the United States (8.78%), and India (8.59%) were the primary sources of Indonesia’s imports during this period.

How balanced are Indonesia's export and import markets in 2023 Q4?

Indonesia maintained a trade surplus of $6.65 billion in Q4 2023, with exports ($22.39B) slightly outpacing imports ($19.11B), reflecting stable commodity demand.

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