2024 Jan Indonesia Global Trade Data Summary: Export Slump Widens

Indonesia 2024 Jan Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows exports down 8.18% in Jan 2024, imports up 0.28%, narrowing surplus to $2.0B.
• Key Driver: Indonesia import export data reveals mineral fuels (HS 27) dominate exports (21.8%), while machinery (HS 84) leads imports (15.5%).
• Strategic Gap: Export reliance on raw materials vs. import-heavy industrial goods highlights weak manufacturing depth.

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

Indonesia 2024 Jan Trade Data Trend Overview

• Indonesia, a major Southeast Asian commodity and manufacturing hub, opened 2024 with a mixed trade performance, as shown in the latest Indonesia global trade data.
• January's Indonesia import export data shows exports of $20.49B, an 8.18% annual contraction, while imports edged up 0.28% to $18.49B, signaling resilient domestic demand against a weaker external environment.
• The economy maintained a trade surplus of $2.0B, though it narrowed significantly from previous highs, reflecting the pressure from softening global commodity prices and demand.
• The export contraction was primarily driven by lower global prices for key commodities like palm oil and coal, while import stability was supported by capital goods for infrastructure development [Alvarez & Marsal].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Indonesia Trade Data

Indonesia 2024 Jan Top Trading Products

Indonesia Global Trade Core Summary

Indonesia's trade is heavily resource-driven, with mineral fuels (HS 27) making up 21.8% of exports, followed by iron and steel (HS 72) and animal/vegetable fats (HS 15). Imports are more diverse, led by machinery (HS 84, 15.5%) and electrical equipment (HS 85, 12.5%). The export structure shows high reliance on raw materials, while imports lean toward industrial and consumer goods. Key takeaways:

• Resource dependence: Nearly 50% of exports come from fuels, metals, and agricultural oils.
• Industrial gap: Heavy machinery and electronics dominate imports, signaling reliance on foreign technology.
• Limited processing: Exports are mostly raw or semi-processed, with few high-value finished goods.

Indonesia Export-Import Structural Gap

Indonesia exports raw materials but imports machinery and electronics, showing a classic resource-based economy. Overlap in fuels (HS 27) suggests some domestic refining, but the high import share of machinery (HS 84) and electrical goods (HS 85) reveals weak manufacturing depth. The country buys more finished industrial goods than it sells, missing opportunities to add value to its abundant resources. This gap highlights a need for industrial upgrading to reduce import reliance.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2024 Jan Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia's exports show a mix of concentration and diversification, with Mainland China as the top destination (23.5%, $4.82B), followed by the U.S. (9.7%, $1.99B) and India (8.7%, $1.79B). The top 10 export markets span Asia (Japan, Singapore, South Korea, Malaysia, Philippines, Vietnam, Thailand) and North America, indicating regional and global demand. Imports are heavily reliant on Mainland China (32.2%, $5.96B), with Singapore (8.7%, $1.60B) and Japan (5.9%, $1.08B) as secondary sources. Key asymmetries include:

• Export diversification vs. import dependence on China.
• Strong Asian trade ties, with 7 of the top 10 export/import partners in the region.
• Overlapping trade partners (China, Singapore, Japan, U.S., Malaysia, South Korea, India, Vietnam, Thailand) suggest two-way supply chain integration.

Indonesia Export–Import Geographic Gap

Exports are more globally distributed, with significant flows to the U.S. and India, while imports are heavily concentrated in China. The overlap in trade partners (e.g., Singapore, Japan, Malaysia) hints at regional processing trade, where Indonesia both sources inputs and sells finished goods within Asia. The structure implies upstream dependency (imports skewed toward China) but downstream diversification (exports spread across multiple markets). This gap underscores Indonesia’s role as a regional trade hub with global export reach but import vulnerabilities.

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

Get Complete Indonesia Trading Patner Countries Profile

Frequently Asked Questions

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

The top exports were mineral fuels/oils (21.76% share, $4.46B), iron/steel (11.22%, $2.30B), and animal/vegetable fats (10.78%, $2.21B), based on HS code data.

What are the main products Indonesia imports in 2024 Jan?

Key imports included mineral fuels/oils (16.43%, $3.04B), machinery (15.49%, $2.86B), and electrical equipment (12.47%, $2.31B), per HS code analysis.

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

Mainland China (32.21%, $5.96B), Singapore (8.65%, $1.60B), and Japan (5.85%, $1.08B) were the leading export markets, according to trade data.

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

Mainland China (23.53%, $4.82B), the United States (9.73%, $1.99B), and India (8.71%, $1.79B) were the primary import sources, as per country-level statistics.

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

Indonesia maintained a $2.0B trade surplus, though exports fell 8.18% to $20.49B while imports rose 0.28% to $18.49B, reflecting softer commodity demand and stable domestic needs.