Indonesia - Australia Trade 2023 Whole Year: $6.12B Deficit
Key Market Takeaways: Indonesia - Australia Trade
The bilateral trade relationship between Indonesia and Australia remains heavily skewed in Australia's favor, with Indonesia running a significant trade deficit in 2023.
- Economic Pulse: Indonesia posted a $6.12B trade deficit with Australia ($9.30B imports vs. $3.18B exports), reflecting lopsided demand for Australian resources. Growth was volatile, with mixed YoY performance and sharp monthly swings.
- Exchange Structure: Indonesia - Australia trade statistics reveal a resource-for-tech complementarity—Indonesia imports energy (23% of total) and ores from Australia while exporting machinery, apparel, and footwear.
- Strategic Interdependence: Australia holds the upstream advantage (raw materials), while Indonesia adds value through manufacturing, creating a stable but unequal partnership.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Australia Trade Trend in Whole Year 2023
Indonesia Export Performance: Shipments to Australia
- Total Volume: $3.18B in 2023.
- Growth Trend & Context:
- YoY growth was mixed, with January showing a slight uptick (+0.77%) but February and March contracting (-3.58% and -0.89%, respectively).
- No significant YoY data beyond Q1, suggesting stable but unremarkable performance.
- Key Volatility: December saw the highest MoM surge (+25.6%), while February and April recorded sharp declines (-14.96% and -14.5%).
Indonesia Import Performance: Sourcing from Australia
- Total Volume: $9.30B in 2023.
- Growth Trend & Context:
- YoY growth peaked in January (+7.6%) but turned negative in February (-0.32%) and March (-6.86%).
- No YoY comparisons post-Q1, indicating flat year-over-year activity.
- Key Volatility: May and December posted strong MoM gains (+32.37% and +16.75%), while October had the steepest drop (-17.33%).
Indonesia - Australia Trade Balance & Market Dynamics
- Net Position: Trade Deficit of $6.12B (Imports $9.30B > Exports $3.18B).
- Relationship Status: Indonesia remains heavily dependent on Australian imports, with a lopsided trade flow favoring Australia.
Indonesia Import Trend from Australia 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 591.43M | 0.0% | 7.6% |
| Feb | 621.87M | 5.15% | -0.32% |
| Mar | 784.12M | 26.09% | -6.86% |
| Apr | 659.62M | -15.88% | 0.0% |
| May | 873.14M | 32.37% | 0.0% |
| Jun | 776.90M | -11.02% | 0.0% |
| Jul | 879.02M | 13.14% | 0.0% |
| Aug | 894.63M | 1.78% | 0.0% |
| Sep | 826.32M | -7.64% | 0.0% |
| Oct | 683.12M | -17.33% | 0.0% |
| Nov | 788.83M | 15.48% | 0.0% |
| Dec | 920.99M | 16.75% | 0.0% |
| Total | 9.30B | - | - |
Indonesia Export Trend to Australia 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 270.11M | 0.0% | 0.77% |
| Feb | 229.69M | -14.96% | -3.58% |
| Mar | 269.30M | 17.24% | -0.89% |
| Apr | 230.26M | -14.5% | 0.0% |
| May | 277.60M | 20.56% | 0.0% |
| Jun | 256.68M | -7.54% | 0.0% |
| Jul | 230.71M | -10.12% | 0.0% |
| Aug | 284.03M | 23.11% | 0.0% |
| Sep | 268.29M | -5.54% | 0.0% |
| Oct | 284.72M | 6.12% | 0.0% |
| Nov | 255.75M | -10.18% | 0.0% |
| Dec | 321.21M | 25.6% | 0.0% |
| Total | 3.18B | - | - |
Get Historical Indonesia Australia Trade Records
Indonesia-Australia Top Trading Products in Whole Year 2023
Indonesia Export Profile: What Does Indonesia Sell to Australia
- Top Commodity: Machinery (HS Code 84) at 8.16% of total exports.
- Demand Driver: Australia imports machinery and electronics (HS Codes 84, 85) for industrial and consumer use, alongside apparel (HS Code 62) and footwear (HS Code 64) for retail markets.
- Concentration: No single category dominates; the top 10 exports are relatively diversified, with the highest share at 8.16%.
Indonesia Import Profile: What Does Indonesia Buy from Australia
- Top Commodity: Mineral fuels (HS Code 27) at 23.23% of total imports.
- Dependency Nature: Heavy reliance on Australian energy (HS Code 27) and ores (HS Code 26) for industrial inputs, alongside agricultural products (HS Codes 10, 02) for food security.
Indonesia - Australia Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports manufactured goods (machinery, apparel) while importing raw materials (fuels, ores) from Australia.
- Value Chain Position: Australia holds the upstream advantage (energy, minerals), while Indonesia adds value through downstream manufacturing (machinery, textiles).
Import Analysis by Product: Australia to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 2.16B | 23.23% |
| 10 | 1.50B | 16.09% |
| 26 | 968.48M | 10.41% |
| 71 | 836.09M | 8.99% |
| 17 | 513.83M | 5.53% |
| 02 | 501.33M | 5.39% |
| 01 | 354.10M | 3.81% |
| 52 | 314.04M | 3.38% |
| 84 | 233.38M | 2.51% |
| 28 | 180.77M | 1.94% |
Export Analysis by Product: Indonesia to Australia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 259.33M | 8.16% |
| 85 | 252.23M | 7.94% |
| 27 | 226.02M | 7.11% |
| 44 | 180.58M | 5.68% |
| 73 | 179.79M | 5.66% |
| 62 | 176.17M | 5.54% |
| 64 | 161.69M | 5.09% |
| 48 | 139.88M | 4.40% |
| 39 | 116.33M | 3.66% |
| 72 | 92.83M | 2.92% |
Check Detailed Indonesia-Australia Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Indonesia-Australia trade relationship is expected to remain stable in 2024, with modest growth potential driven by sustained demand for Australian mineral fuels (HS Code 27) and Indonesian manufactured goods (machinery, apparel). However, volatility in monthly trade flows suggests exporters and importers should prepare for short-term fluctuations. The persistent $6.12B trade deficit highlights Indonesia’s reliance on Australian raw materials, a trend unlikely to reverse without structural shifts in domestic production or export diversification.
Strategic Moves
- Diversify Export Markets: Indonesian exporters should aggressively target alternative markets for machinery (HS Code 84) and textiles to reduce overreliance on Australian demand, especially given mixed YoY performance.
- Lock in Energy Contracts: Indonesian importers must secure long-term agreements for Australian mineral fuels (HS Code 27) to hedge against price volatility and ensure stable industrial input costs.
- Invest in Downstream Processing: Indonesia should prioritize value-added production in sectors like minerals and agriculture to shift from raw material dependency to higher-margin exports, rebalancing the trade deficit over time.
Frequently Asked Questions
How did Indonesia - Australia trade perform in 2023 Whole Year?
Indonesia exported $3.18B to Australia and imported $9.30B, with mixed YoY growth in Q1 but stable performance overall.
What are the top exports from Indonesia to Australia?
The top exports include machinery (HS Code 84), electronics (HS Code 85), apparel (HS Code 62), and footwear (HS Code 64).
What does Indonesia import from Australia?
Indonesia primarily imports mineral fuels (HS Code 27), ores (HS Code 26), and agricultural products (HS Codes 10, 02) from Australia.
What is the trade balance between Indonesia and Australia?
Indonesia had a trade deficit of $6.12B with Australia in 2023, driven by higher imports of energy and raw materials.
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