2024 Mar Indonesia Global Trade Data Summary: Demand Softens

Indonesia 2024 Mar Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows exports (-1.26%) and imports (-3.00%) contracted in April 2024, signaling softening demand.
• Key Driver: Indonesia import export data reveals heavy reliance on mineral fuels (21.8% of exports) and Chinese machinery imports (26.7%).
• Strategic Risk: Export dependency on raw materials and import concentration in Asia exposes economy to commodity shocks and supply chain disruptions.

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

Indonesia 2024 Mar Trade Data Trend Overview

• Indonesia, a major Southeast Asian commodity and manufacturing exporter, saw its headline trade flows contract in April 2024, according to the latest Indonesia global trade data.
• The Indonesia import export data for April shows exports fell 1.26% year-on-year to $19.62 billion, while imports declined 3.00% to $16.90 billion, indicating a broad-based softening in both foreign and domestic demand.
• This resulted in a trade surplus of $2.72 billion for the month, a narrowing from the prior period as the value of exports fell more sharply than imports.
• The broad-based contraction, absent a single disruptive policy announcement, points to moderating global demand for its key commodity shipments and weaker domestic consumption, pressuring overall trade values.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Indonesia 2024 Mar Top Trading Products

Indonesia Global Trade Core Summary

Indonesia's trade is heavily resource-driven, with mineral fuels (21.8% of exports) and iron/steel (10.2%) leading exports. Agricultural products like fats/oils (9.3%) and ores (4.1%) add diversity, while manufactured goods—electrical machinery (5.5%) and vehicles (3.9%)—play smaller roles. Imports show reliance on machinery (12.9%), electrical equipment (12.7%), and fuels (20.1%), alongside food staples like cereals (4.4%). Key takeaways:

• Exports depend on raw materials, exposing Indonesia to commodity price swings.
• High import shares for machinery/equipment signal industrial input needs.
• Fuel trade is two-way, suggesting refining or re-export activities.

Indonesia Export-Import Structural Gap

Indonesia exports raw materials (fuels, metals, ores) but imports high-value machinery, electronics, and food. This gap highlights an economy strong in resources but reliant on foreign technology and processed goods. Overlap in fuels (HS 27) and vehicles (HS 87) hints at some processing trade. The lack of advanced exports in key import categories (HS 84, 85) points to untapped industrial upgrading potential.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2024 Mar Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia's trade flows show a strong focus on Asia, with Mainland China as the top partner for both exports (22.3%, $9.39B) and imports (26.7%, $9.31B). Export destinations are moderately diversified, with the US (9.4%), India (8.5%), and Japan (8.0%) as major markets alongside regional players like Malaysia, Singapore, and Vietnam. Imports are more concentrated, with China, Singapore (10.4%), and Japan (6.1%) supplying over 40% of total imports. Key asymmetries include higher export reliance on India and the US, while imports lean heavily on China and Singapore.

• Top exports go to China, US, and India – diversified but Asia-weighted.
• Imports depend heavily on China and Singapore – limited supplier base.
• Regional trade dominates, with ASEAN, East Asia, and the US as core partners.

Indonesia Export–Import Geographic Gap

Exports reach a broader mix of markets, including major economies like the US and India, while imports rely heavily on China and nearby Asian hubs like Singapore. The overlap in trade partners (China, Japan, Singapore, Malaysia, South Korea, Vietnam, Thailand) suggests processing trade or regional supply chain integration. Export markets are more globally spread, while imports remain tightly linked to Asia. This structure indicates downstream diversification but upstream dependency, particularly on Chinese inputs. Trade with ASEAN neighbors 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 2024 Mar?

Indonesia's top exports in March 2024 were mineral fuels/oils (21.81% share, $9.19B), iron and steel (10.20%, $4.30B), and animal/vegetable fats (9.29%, $3.91B), based on HS code data.

What are the main products Indonesia imports in 2024 Mar?

Key imports included mineral fuels/oils (20.10%, $7.01B), nuclear/machinery equipment (12.91%, $4.50B), and electrical machinery (12.68%, $4.42B), per HS code analysis.

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

Mainland China (26.70%, $9.31B), Singapore (10.36%, $3.61B), and Japan (6.11%, $2.13B) were the leading export destinations, according to country trade data.

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

Primary import sources were Mainland China (22.28%, $9.39B), the United States (9.38%, $3.95B), and India (8.54%, $3.60B), as shown in the country trade table.

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

Indonesia maintained a $2.72B trade surplus in April 2024, though both exports (-1.26% YoY) and imports (-3.00% YoY) declined, reflecting softer global and domestic demand.