2024 May Indonesia Global Trade Data Summary: Surplus Widens

Indonesia 2024 May Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows exports up 2.85% to $22.32B, imports down 8.84% to $19.4B, widening surplus to $2.92B.
• Key Driver: Indonesia import export data reveals mineral fuels (21.16% of exports) and machinery (14.91% of imports) dominate trade flows.
• Strategic Risk: Heavy import reliance on China (31.5%) exposes supply chains to disruptions despite export diversification.

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

Indonesia 2024 May Trade Data Trend Overview

• Indonesia, a major Southeast Asian commodity and manufacturing exporter, saw its global trade data for May 2024 reflect its role as a key supplier of palm oil, minerals, and manufactured goods to global markets.
• The Indonesia import export data for the month showed exports of $22.32 billion, a 2.85% year-on-year increase, while imports contracted sharply by 8.84% to $19.40 billion.
• This divergence resulted in a monthly trade surplus of $2.92 billion, underscoring a period of resilient external shipments against a backdrop of subdued domestic demand for foreign goods.
• The import contraction was likely influenced by the government's broader policy efforts to streamline and rationalize inbound shipments, as part of a wider deregulation agenda aimed at boosting domestic industry competitiveness [Introducing Indonesia's New Import Policy].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Indonesia Trade Data

Indonesia 2024 May Top Trading Products

Indonesia Global Trade Core Summary

Indonesia’s trade is heavily resource-driven, with mineral fuels (21.16% of exports) and iron/steel (9.84%) leading exports. Other key exports include animal/vegetable fats (7.18%) and electrical machinery (5.61%), showing some diversification. Imports are dominated by machinery (14.91%) and electrical equipment (11.54%), alongside mineral fuels (16.11%), indicating reliance on industrial inputs and energy. The export structure suggests raw material dependence, while imports highlight manufacturing and infrastructure needs.

Key Takeaways:

• Exports rely on minerals, metals, and agricultural products.
• Imports focus on machinery, electronics, and energy.
• Limited high-value finished goods in exports.
• Energy appears as both a key export and import.

Indonesia Export-Import Structural Gap

Indonesia exports raw materials (fuels, ores, fats) but imports machinery, electronics, and industrial goods. This gap shows a resource-based economy with limited advanced manufacturing. Overlapping HS codes (e.g., mineral fuels, iron/steel) suggest some processing trade but not enough to shift the balance. The import-heavy machinery sector reveals opportunities for industrial upgrading. The trade pattern fits a developing economy reliant on commodity exports and foreign technology.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2024 May Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia’s exports are moderately concentrated, with Mainland China as the top destination (22.05% share, $4.92B), followed by the US (9.8%, $2.19B) and Japan (8.88%, $1.98B). The top 10 export markets account for over 70% of total exports, with strong regional ties to Asia (India, Malaysia, Singapore, Vietnam, Philippines, South Korea, Thailand). Imports are more heavily reliant on Mainland China (31.5%, $6.11B), with Singapore (9.68%, $1.88B) and the US (6.13%, $1.19B) as secondary sources. Key takeaways:

• Export focus: Asia dominates, led by China, with some diversification to the US.
• Import dependence: Heavy reliance on China, with regional ASEAN suppliers playing a smaller role.
• Trade asymmetry: Imports are more concentrated than exports, with China’s share 9.5 percentage points higher for imports.

Indonesia Export–Import Geographic Gap

Exports show broader diversification across Asia and the US, while imports lean heavily on China, suggesting upstream dependency. Overlapping trade partners (China, US, Japan, Singapore, Malaysia, Thailand, South Korea, Vietnam) hint at processing trade or regional supply chains. The structure implies Indonesia sources critical inputs from a few key suppliers (notably China) but sells finished goods to a wider range of markets. This gap between concentrated imports and diversified exports could expose Indonesia to supply chain risks if import sources face disruptions. The trade flow is regional for both but more balanced in exports than imports.

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 May?

Indonesia's top exports in May 2024 were mineral fuels/oils (21.16%, $4.72B), iron/steel (9.84%, $2.20B), and animal/vegetable fats (7.18%, $1.60B), based on HS code data.

What are the main products Indonesia imports in 2024 May?

Key imports included mineral fuels/oils (16.11%, $3.13B), machinery (14.91%, $2.89B), and electrical equipment (11.54%, $2.24B), per HS code analysis.

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

Mainland China (31.50%, $6.11B), Singapore (9.68%, $1.88B), and the United States (6.13%, $1.19B) were the leading export destinations, according to country trade data.

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

Primary import sources were Mainland China (22.05%, $4.92B), the United States (9.80%, $2.19B), and Japan (8.88%, $1.98B), as shown in country trade records.

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

Indonesia recorded a $2.92B trade surplus in May 2024, with exports rising 2.85% to $22.32B while imports fell 8.84% to $19.40B, reflecting resilient exports and policy-driven import contraction.