2024 Feb Indonesia Global Trade Data Summary: Exports Dip, Imports Surge

Indonesia 2024 Feb Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows exports down 9.6% while imports surge 15.8%, squeezing surplus to $830M.
• Key Driver: Indonesia import export data reveals heavy reliance on China (33% imports) and mineral fuels (23% exports).
• Strategic Gap: Unfinished industrial upgrade—exports raw materials, imports machinery, missing high-tech value addition.

Analysis covers 2024 Feb based on sanitized customs records from the yTrade database.

Indonesia 2024 Feb Trade Data Trend Overview

• Indonesia's export-driven economy, a key manufacturing and commodity hub in Southeast Asia, showed mixed signals in its latest Indonesia global trade data for February 2024.
• The Indonesia import export data revealed a 9.6% year-on-year contraction in exports to $19.27B, starkly contrasted by a sharp 15.84% surge in imports, which climbed to $18.44B.
• This divergent performance narrowed the trade surplus to $830 million, a significant compression from previous highs, reflecting shifting domestic and international demand.
• The import surge was likely driven by capital goods and raw material inflows for infrastructure and downstream industry projects, aligning with the government's resource nationalism agenda [Alvarez & Marsal], while weaker global commodity demand pressured exports.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Indonesia 2024 Feb Top Trading Products

Indonesia Global Trade Core Summary

Indonesia’s trade is heavily resource-driven, with mineral fuels (HS 27) dominating exports at 23.3% share, followed by animal/vegetable fats (HS 15) and iron/steel (HS 72). Imports are more diversified, led by mineral fuels (HS 27) and machinery (HS 84, 85), reflecting a mix of energy needs and industrial inputs. Exports show high concentration in raw or semi-processed goods, while imports lean toward machinery and manufactured products. Key takeaways:

• Resource dependence: Exports rely on fuels and agricultural commodities, exposing Indonesia to price volatility.
• Industrial gaps: Heavy machinery imports suggest reliance on foreign technology.
• Processing potential: Overlap in iron/steel (HS 72) and vehicles (HS 87) hints at partial domestic value addition.

Indonesia Export-Import Structural Gap

Indonesia exports raw materials but imports finished goods, highlighting an unfinished industrial upgrade. Mineral fuels top both export and import lists, indicating refining or re-export activities. Machinery (HS 84, 85) dominates imports, while exports lack high-tech goods, showing a tech gap. The overlap in vehicles (HS 87) and iron/steel (HS 72) suggests some mid-stream manufacturing, but not enough to offset import needs. This structure points to opportunities in localizing machinery production or deepening processing of exported commodities.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2024 Feb Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia’s trade flows show a strong reliance on Asia, with Mainland China as the top partner for both exports (21.3%, $4.1B) and imports (33%, $6.1B). Export destinations are moderately diversified, with the US (10.9%), Japan (8.9%), and India (7.9%) as key markets, while ASEAN neighbors like Malaysia (5.2%) and Singapore (4.3%) also feature prominently. Imports are more concentrated, with China dominating, followed by Singapore (9%) and Japan (6.3%). Regional trade is significant, with 6 of the top 10 export and import partners in Asia. Key takeaways:

• China is Indonesia’s largest trade partner by far.
• Exports are spread across Asia and the US, while imports lean heavily on China.
• ASEAN plays a major role in both export and import flows.

Indonesia Export–Import Geographic Gap

Exports are more diversified than imports, which depend heavily on China. Overlapping partners like China, Japan, Singapore, and Malaysia suggest processing trade or regional supply chains. The structure implies upstream dependency (imports concentrated in China) and downstream diversification (exports spread across multiple markets). The US is a major export destination but a smaller import source, indicating one-way trade in certain goods. Overall, Indonesia’s trade geography shows a mix of regional integration and global export reach.

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

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Frequently Asked Questions

What are the major products exported by Indonesia in 2024 Feb?

Indonesia's top exports in February 2024 were mineral fuels/oils (23.29% share, $4.49B), animal/vegetable fats (8.89%, $1.71B), and iron/steel (8.69%, $1.68B), per HS code data.

What are the main products Indonesia imports in 2024 Feb?

Key imports included mineral fuels/oils (18.31%, $3.38B), machinery (14.93%, $2.75B), and electrical equipment (12.19%, $2.25B), according to HS code analysis.

Which countries are the top destinations for Indonesia's exports in 2024 Feb?

Mainland China received 32.97% ($6.08B) of exports, followed by Singapore (8.98%, $1.66B) and Japan (6.33%, $1.17B), as per country trade data.

Which countries supply most of Indonesia's imports in 2024 Feb?

Mainland China was the largest import source (21.34%, $4.11B), with the US (10.92%, $2.10B) and Japan (8.91%, $1.72B) as other major suppliers, based on country statistics.

How balanced are Indonesia's export and import markets in 2024 Feb?

February 2024 saw a narrowed $830M trade surplus, with exports falling 9.6% to $19.27B while imports surged 15.84% to $18.44B, reflecting shifting demand patterns.