2024 Q1 Indonesia Trade Data Summary: Exports Decline

Indonesia 2024 Q1 Trade Data Key Takeaways

• Market Trend: Indonesia trade data shows exports down 7.1% YoY, imports flat at $54.89B, reflecting muted global demand.
• Key Driver: Indonesia import export data reveals mineral fuels (21.8% of exports) and China (30.3% of imports) dominate trade flows.
• Strategic Gap: Raw material exports vs. machinery imports highlight untapped manufacturing potential and refining bottlenecks.

Analysis covers 2024 Q1 based on sanitized customs records from the yTrade database.

Indonesia 2024 Q1 Trade Data Trend Overview

• As a major commodity and manufacturing exporter, Indonesia's global trade data in Q1 2024 reflects its role as a resource-driven economy navigating shifting demand and policy headwinds.
• Indonesia's import export data shows exports totaling $62.23 billion, contracting 7.1% year-on-year, while imports fell a marginal 0.1% to $54.89 billion, indicating subdued external and domestic demand.
• This resulted in a consolidated trade surplus of $7.34 billion for the quarter, though momentum faded from January's strong start as monthly export values turned volatile.
• The downturn was likely influenced by anticipatory trade tensions and global market uncertainty, which prompted adjustments in export timing and industrial inputs [Fulcrum SG].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Indonesia Trade Data

Indonesia 2024 Q1 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 (9.8%) leading exports. Agricultural products like fats/oils (9.6%) and ores (3.9%) also play key roles, alongside smaller shares of manufactured goods like electronics (5.7%) and vehicles (4.1%). Imports are dominated by machinery (14.4%) and electrical equipment (12.5%), alongside mineral fuels (18.4%), showing reliance on industrial inputs and energy. The export structure suggests vulnerability to commodity price swings, while imports highlight dependence on foreign machinery and technology.

• Key Takeaways:
  • Exports rely on raw materials (fuels, metals, agri-products).
  • Imports focus on machinery and industrial components.
  • Limited high-value manufacturing in exports.
  • Energy trade is two-way (exports and imports of fuels).

Indonesia Export-Import Structural Gap

Indonesia exports raw materials but imports finished machinery and equipment, indicating an industrial gap. The overlap in mineral fuels (both exported and imported) suggests refining or energy security challenges. High machinery imports (HS 84, 85) versus smaller export shares in these categories reveal a reliance on foreign technology. The trade pattern fits a resource-rich economy with untapped manufacturing potential, especially in upgrading raw materials domestically. Opportunities exist to reduce import dependence by localizing machinery and electronics production.

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

Check Detailed Indonesia Trade HS Code Breakdown

Indonesia 2024 Q1 Top Trading Countries

Indonesia Global Trade Key Patterns

Indonesia's exports show moderate concentration, with Mainland China as the top destination (22.2% share, $13.83B), followed by the U.S. (10.1%, $6.29B) and Japan (8.32%, $5.18B). Asian markets dominate, with 7 of the top 10 export partners in the region (India, Malaysia, Singapore, etc.). Imports are more heavily reliant on Mainland China (30.31%, $16.64B), with Singapore (9.29%, $5.10B) and Japan (6.08%, $3.34B) as secondary suppliers. Key takeaways:

• Exports are Asia-centric but include the U.S. as a major non-Asian buyer.
• Imports depend heavily on China, with Southeast Asia (Singapore, Thailand, Malaysia) as supporting sources.
• Trade with Japan, South Korea, and Vietnam is balanced, appearing in both export and import lists.

Indonesia Export–Import Geographic Gap

Exports are more diversified across Asia and the U.S., while imports show stronger dependence on China and regional hubs like Singapore. Overlapping trade partners (China, Japan, Malaysia, etc.) suggest processing or component trade. The structure indicates upstream reliance on China for inputs and downstream diversification in exports, though still skewed toward Asian demand. This gap highlights Indonesia’s role as a regional trade participant with 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 Q1?

Indonesia's top exports in Q1 2024 were mineral fuels and oils ($13.57B, 21.78%), iron and steel ($6.10B, 9.80%), and animal/vegetable fats ($5.96B, 9.57%), based on HS code data.

What are the main products Indonesia imports in 2024 Q1?

The country primarily imported mineral fuels/oils ($10.07B, 18.35%), machinery ($7.90B, 14.38%), and electrical equipment ($6.83B, 12.45%) during this period.

Which countries are the top destinations for Indonesia's exports in 2024 Q1?

Mainland China ($16.64B, 30.31%), Singapore ($5.10B, 9.29%), and Japan ($3.34B, 6.08%) were the leading export destinations.

Which countries supply most of Indonesia's imports in 2024 Q1?

Mainland China ($13.83B, 22.20%), the United States ($6.29B, 10.10%), and Japan ($5.18B, 8.32%) were the top import sources.

How balanced are Indonesia's export and import markets in 2024 Q1?

Indonesia maintained a $7.34B trade surplus despite a 7.1% export decline, with imports dipping only 0.1%, reflecting subdued global demand and trade volatility.

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