2023 Whole Year Indonesia Global Trade Data Summary: Surplus & China Risk

Indonesia 2023 Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows a $34.47B surplus, fueled by a 290.56% YoY import surge in December 2023.
• Key Driver: Indonesia import export data reveals mineral fuels (HS 27) dominate exports (23%) while machinery (HS 84, 85) leads imports.
• Strategic Risk: Heavy reliance on China (25% exports, 28% imports) exposes trade to regional supply chain shocks.

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

Indonesia 2023 Trade Data Overview

• Indonesia's export-driven economy, a key global supplier of commodities and manufactured goods, demonstrated its trade resilience throughout 2023, as detailed in the Indonesia global trade data.
• Full-year Indonesia import export data shows exports totaled $257.77B against imports of $223.30B, with the latter's substantial 290.56% YoY surge in December highlighting a significant year-end demand spike.
• This performance solidified a robust annual trade surplus of $34.47 billion, underscoring the nation's strong external position.
• The surge was primarily driven by strategic policy shifts, including the implementation of a new import regulation to streamline procedures and ongoing efforts to expand market access through trade agreements, which bolstered both inbound shipments of capital goods and outbound commodity flows [Introducing Indonesia's New Import Policy].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Indonesia Trade Data

Indonesia 2023 Top Trading Products

Indonesia Global Trade Core Summary

Indonesia's trade is heavily resource-driven, with mineral fuels (HS 27) making up 23% of exports, followed by animal/vegetable fats (HS 15) and iron/steel (HS 72). These three categories alone account for nearly 45% of total exports, showing high concentration in raw and semi-processed goods. Imports are more diversified, led by mineral fuels (HS 27) and machinery (HS 84, 85), reflecting industrial and energy needs. The country exports low-value-added products but imports high-value machinery and equipment, indicating a reliance on foreign technology.

Key takeaways:

• Exports depend on natural resources, risking price volatility.
• Imports focus on machinery and fuel, showing industrial demand.
• Limited high-value exports suggest untapped manufacturing potential.

Indonesia Export-Import Structural Gap

Indonesia’s exports are dominated by raw materials, while imports lean toward machinery and industrial goods. The overlap in mineral fuels (HS 27) shows the country both exports and imports energy products, likely due to refining or processing needs. Iron/steel (HS 72) is a major export but also imported, hinting at unfinished supply chains. The heavy machinery imports (HS 84, 85) reveal a gap in local production capabilities. This structure suggests Indonesia could benefit from upgrading its processing and manufacturing sectors to reduce import dependence.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2023 Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia's exports show strong regional concentration in Asia, with Mainland China as the top destination (25.1% share, $64.93B), followed by the US (9.0%, $23.28B) and Japan (8.0%, $20.79B). Other key Asian markets like India, Singapore, and Malaysia collectively account for 17.5% of exports. Imports are even more Asia-centric, with Mainland China dominating (28.3%, $62.88B), followed by Singapore (8.3%, $18.41B) and Japan (7.4%, $16.52B). Key takeaways:

• Heavy reliance on Mainland China for both exports (25%) and imports (28%).
• Asian markets dominate trade flows, with 7 of the top 10 partners in exports and imports.
• US is a notable outlier as the only non-Asian top export destination.

Indonesia Export–Import Geographic Gap

Exports are moderately diversified across Asia and the US, while imports show tighter supplier concentration, especially on China. Overlapping trade partners (China, Japan, Singapore, Malaysia, South Korea, India, Vietnam) suggest strong regional supply chain integration. The structure indicates upstream dependency on Asian suppliers (particularly China) paired with downstream diversification to both regional and Western markets. The US is a key export destination but a minor import source, creating a partial geographic imbalance. Trade flows remain heavily intra-Asian.

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 Whole Year?

Indonesia's top exports in 2023 included mineral fuels/oils (22.99% share, $59.49B), animal/vegetable fats (10.99%, $28.45B), and iron/steel (10.32%, $26.70B), per HS code data.

What are the main products Indonesia imports in 2023 Whole Year?

Key imports were mineral fuels/oils (18.08%, $40.12B), machinery (14.49%, $32.16B), and electrical equipment (11.62%, $25.78B), according to HS code classifications.

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

Mainland China (28.34%, $62.88B), Singapore (8.30%, $18.41B), and Japan (7.44%, $16.52B) were the largest export markets, as per country trade data.

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

Primary import sources were Mainland China (25.09%, $64.93B), the United States (9.00%, $23.28B), and Japan (8.03%, $20.79B), based on origin country statistics.

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

Indonesia maintained a strong trade surplus of $34.47 billion in 2023, with exports ($257.77B) exceeding imports ($223.30B), reflecting robust external trade performance.