Indonesia - Australia Trade 2024 Whole Year: Resource-for-Energy Exchange
Key Market Takeaways: Indonesia - Australia Trade
The bilateral trade relationship between Indonesia and Australia shows growth with notable volatility in 2024.
- Economic Pulse: Indonesia runs a $2.13B trade deficit with Australia (imports $4.04B > exports $1.91B), though exports surged by up to 75% YoY in early 2024.
- Exchange Structure: Indonesia - Australia trade statistics reveal a resource-for-energy exchange—Indonesia supplies iron/steel (35% of exports) while importing Australian fuels/oils (26% of imports).
- Strategic Interdependence: The partnership reflects asymmetric complementarity, with Australia holding higher value-add in critical energy inputs.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Australia Trade Trend in Whole Year 2024
Indonesia Export Performance: Shipments to Australia
- Total Volume: $1.91B (Jan-May 2024).
- Growth Trend & Context:
- Strong YoY growth (16.68% to 75.21%), peaking in March (+75.21%).
- February-March surge (+29.72% MoM) suggests seasonal or demand-driven spikes.
- Key Volatility: Sharp April drop (-26.34% MoM), though YoY remained positive (+50.94%).
Indonesia Import Performance: Sourcing from Australia
- Total Volume: $4.04B (Jan-May 2024).
- Growth Trend & Context:
- Mixed YoY performance: Jan-Feb growth (+35.13%, +9.72%), March decline (-5.99%), rebound in April-May (+33.01%, +7.88%).
- Key Volatility: April saw the highest monthly value ($877.38M, +19.03% MoM), while February hit the lowest ($682.34M).
Indonesia - Australia Trade Balance & Market Dynamics
- Net Position: Trade deficit of $2.13B (Imports $4.04B > Exports $1.91B).
- Relationship Status: Indonesia remains a net importer from Australia, with imports more than double exports. Demand for Australian goods appears resilient despite export volatility.
Indonesia Import Trend from Australia 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 799.22M | -13.22% | 35.13% |
| Feb | 682.34M | -14.62% | 9.72% |
| Mar | 737.13M | 8.03% | -5.99% |
| Apr | 877.38M | 19.03% | 33.01% |
| May | 941.91M | 7.36% | 7.88% |
| Total | 4.04B | - | - |
Indonesia Export Trend to Australia 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 315.17M | -1.88% | 16.68% |
| Feb | 363.74M | 15.41% | 58.36% |
| Mar | 471.84M | 29.72% | 75.21% |
| Apr | 347.55M | -26.34% | 50.94% |
| May | 408.12M | 17.43% | 47.02% |
| Total | 1.91B | - | - |
Get Historical Indonesia Australia Trade Records
Indonesia-Australia Top Trading Products in Whole Year 2024
Indonesia Export Profile: What Does Indonesia Sell to Australia
- Top Commodity: Rank #1 export is HS 73 (Iron & Steel products) at 34.57% of total exports to Australia.
- Demand Driver: Australia likely uses these for industrial processing, given the raw material nature of iron and steel.
- Concentration: The trade is moderately concentrated, with iron and steel alone accounting for over a third of exports.
Indonesia Import Profile: What Does Indonesia Buy from Australia
- Top Commodity: Rank #1 import is HS 27 (Mineral fuels, oils) at 25.68% of total imports from Australia.
- Dependency Nature: Reflects energy security dependency, as Indonesia relies on Australia for a quarter of its fuel and oil imports.
Indonesia - Australia Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Indonesia exports raw materials (iron, steel) and imports energy resources (fuels, oils) from Australia.
- Value Chain Position: Australia holds a higher value-add position, supplying critical energy inputs, while Indonesia exports lower-value industrial raw materials.
Import Analysis by Product: Australia to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.04B | 25.68% |
| 10 | 528.93M | 13.10% |
| 26 | 513.97M | 12.73% |
| 71 | 420.04M | 10.40% |
| 01 | 192.38M | 4.76% |
| 17 | 160.36M | 3.97% |
| 02 | 146.45M | 3.63% |
| 84 | 117.15M | 2.90% |
| 08 | 99.66M | 2.47% |
| 28 | 76.32M | 1.89% |
Export Analysis by Product: Indonesia to Australia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 73 | 659.03M | 34.57% |
| 31 | 114.75M | 6.02% |
| 85 | 104.11M | 5.46% |
| 84 | 68.02M | 3.57% |
| 48 | 67.54M | 3.54% |
| 62 | 64.79M | 3.40% |
| 64 | 64.45M | 3.38% |
| 44 | 62.10M | 3.26% |
| 28 | 54.38M | 2.85% |
| 39 | 50.28M | 2.64% |
Check Detailed Indonesia-Australia Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade with Australia is expected to remain volatile but resilient in 2024, driven by strong demand for Australian mineral fuels (HS 27) and steady Indonesian exports of iron and steel (HS 73). The persistent trade deficit may narrow slightly if Indonesia capitalizes on seasonal export spikes, particularly in Q3 and Q4, but structural dependency on Australian energy imports will keep the balance tilted. Traders should anticipate continued MoM fluctuations, especially in raw material shipments, while long-term growth hinges on Indonesia diversifying its export basket beyond low-value industrial inputs.
Strategic Moves
- Lock in Energy Supply Contracts: Indonesian importers must secure long-term agreements for Australian mineral fuels to mitigate price volatility and ensure stable energy supply.
- Diversify Export Markets: Indonesian steel exporters should aggressively target alternative markets in Southeast Asia to reduce overreliance on Australian demand and counterbalance trade deficits.
- Invest in Value-Add Processing: Indonesian manufacturers must upgrade iron and steel production capabilities to export higher-margin finished goods, shifting from raw material dependency to competitive finished products.
Frequently Asked Questions
How did Indonesia - Australia trade perform in 2024 Whole Year?
Indonesia's exports to Australia totaled $1.91B (Jan-May 2024), showing strong YoY growth (peaking at +75.21% in March). Imports from Australia reached $4.04B, with mixed YoY trends but resilience in demand.
What are the top exports from Indonesia to Australia?
Iron & Steel products (HS 73) dominate, accounting for 34.57% of Indonesia’s exports to Australia, reflecting industrial raw material demand.
What does Indonesia import from Australia?
Mineral fuels and oils (HS 27) are the top import, making up 25.68% of total imports, highlighting Indonesia’s energy security dependency on Australia.
What is the trade balance between Indonesia and Australia?
Indonesia recorded a trade deficit of $2.13B (Jan-May 2024), with imports more than double exports, indicating a persistent net importer position.
Indonesia - Australia Trade 2023 Q4: Deficit & Resource Exchange
Indonesia's trade deficit with Australia hit $1.53B in Q4 2023, driven by mineral fuels and machinery imports. Explore Indonesia Australia trade trends and top trading products via yTrade data.
Indonesia - Australia Trade 2024 Q1: Deficit & Surge
Indonesia's trade deficit with Australia hits $1.07B in Q1 2024, despite a 75% YoY export surge. Explore Indonesia Australia trade trends and top trading products via yTrade data.
