Indonesia - Australia Trade 2024 Q1: Deficit & Surge
Key Market Takeaways: Indonesia - Australia Trade
The bilateral trade relationship between Indonesia and Australia shows strong growth but persistent volatility in Q1 2024.
- Deficit-Driven Trade: Indonesia runs a $1.07B trade deficit with Australia ($2.22B imports vs. $1.15B exports), though exports surged 75% YoY in March.
- Resource-for-Energy Exchange: Indonesia - Australia trade statistics reveal raw materials (iron/steel) flow south, while mineral fuels (oil, coal) dominate northbound shipments.
- Asymmetric Complementarity: Australia holds higher value-add in energy exports, while Indonesia supplies industrial inputs—a lopsided but mutually dependent dynamic.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Australia Trade Trend in Q1 2024
Indonesia Export Performance: Shipments to Australia
- Total Volume: $1.15B in Q1 2024.
- Growth Trend & Context:
- Strong YoY growth, peaking at +75.21% in March.
- Accelerating MoM momentum (+15.41% in Feb, +29.72% in Mar).
- Key Volatility: March saw the highest export value ($471.84M) and sharpest MoM surge (+29.72%).
Indonesia Import Performance: Sourcing from Australia
- Total Volume: $2.22B in Q1 2024.
- Growth Trend & Context:
- Mixed YoY performance: +35.13% in Jan, but -5.99% contraction by March.
- Volatile MoM swings (-14.62% in Feb, +8.03% rebound in Mar).
- Key Volatility: January recorded the highest import value ($799.22M), while February hit the lowest ($682.34M).
Indonesia - Australia Trade Balance & Market Dynamics
- Net Position: Trade deficit of $1.07B (Imports $2.22B > Exports $1.15B).
- Relationship Status: Indonesia remains a net importer from Australia, with imports nearly double exports. Demand for Australian goods persists despite March’s YoY import decline.
Indonesia Import Trend from Australia 2024 Q1 (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% |
| Total | 2.22B | - | - |
Indonesia Export Trend to Australia 2024 Q1 (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% |
| Total | 1.15B | - | - |
Get Historical Indonesia Australia Trade Records
Indonesia-Australia Top Trading Products in Q1 2024
Indonesia Export Profile: What Does Indonesia Sell to Australia
- Top Commodity: Iron and steel products (HS 73) dominate exports, accounting for 30.47% of total exports to Australia.
- Demand Driver: Australia likely imports these for construction and industrial manufacturing, indicating a raw materials supply chain link.
- Concentration: The trade is moderately concentrated, with the top category holding 30% share, but no single category exceeds 50%.
Indonesia Import Profile: What Does Indonesia Buy from Australia
- Top Commodity: Mineral fuels (HS 27) are the largest import, making up 27.38% of total imports from Australia.
- Dependency Nature: This reflects energy security dependency, as Indonesia relies on Australia for oil and coal supplies.
Indonesia - Australia Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Indonesia exports raw materials (iron/steel) and imports energy resources (mineral fuels) from Australia.
- Value Chain Position: Australia holds a higher value-add position in energy exports, while Indonesia supplies lower-value industrial inputs. Trade is asymmetrical but complementary.
Import Analysis by Product: Australia to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 607.40M | 27.38% |
| 10 | 399.72M | 18.02% |
| 26 | 281.04M | 12.67% |
| 71 | 178.30M | 8.04% |
| 01 | 81.39M | 3.67% |
| 84 | 77.94M | 3.51% |
| 17 | 64.78M | 2.92% |
| 52 | 51.98M | 2.34% |
| 08 | 50.13M | 2.26% |
| 02 | 39.97M | 1.80% |
Export Analysis by Product: Indonesia to Australia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 73 | 350.66M | 30.47% |
| 31 | 73.54M | 6.39% |
| 85 | 62.00M | 5.39% |
| 28 | 50.10M | 4.35% |
| 62 | 46.13M | 4.01% |
| 84 | 43.36M | 3.77% |
| 48 | 40.74M | 3.54% |
| 44 | 40.10M | 3.49% |
| 64 | 36.96M | 3.21% |
| 87 | 34.58M | 3.00% |
Check Detailed Indonesia-Australia Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Indonesia-Australia Trade
Indonesia’s trade with Australia is poised for continued growth in 2024, driven by strong demand for raw materials like iron and steel. However, the persistent trade deficit signals vulnerability to price volatility in energy imports, particularly mineral fuels. Exporters should capitalize on Australia’s industrial demand, while importers must prepare for potential supply chain disruptions. The relationship remains complementary but requires strategic adjustments to balance trade flows.
Strategic Moves for Traders & Policymakers
- Lock in Long-Term Contracts for Energy Imports: Given Indonesia’s reliance on Australian mineral fuels, securing fixed-price agreements will mitigate cost volatility and stabilize supply.
- Expand Export Diversification Beyond Iron & Steel: Indonesia must reduce dependence on a single commodity by promoting secondary exports like textiles, electronics, or processed agricultural goods to Australia.
- Leverage Trade Agreements to Reduce Deficit: Policymakers should fast-track negotiations under existing FTAs to lower tariffs on Indonesian exports, narrowing the trade imbalance.
Frequently Asked Questions
How did Indonesia - Australia trade perform in 2024 Q1?
Indonesia's exports to Australia grew strongly (+75.21% YoY peak in March), totaling $1.15B, while imports from Australia were volatile but reached $2.22B.
What are the top exports from Indonesia to Australia?
Iron and steel products (HS 73) dominate Indonesia's exports to Australia, accounting for 30.47% of total shipments.
What does Indonesia import from Australia?
Mineral fuels (HS 27) are Indonesia's top import from Australia, making up 27.38% of total imports, reflecting energy security dependency.
What is the trade balance between Indonesia and Australia?
Indonesia recorded a trade deficit of $1.07B with Australia in Q1 2024, as imports ($2.22B) nearly doubled exports ($1.15B).
Indonesia - Australia Trade 2024 Whole Year: Resource-for-Energy Exchange
Indonesia's trade deficit with Australia in 2024 highlights a resource-for-energy exchange, with iron/steel exports and fuel imports dominating. Explore Indonesia Australia trade trends and top trading products via yTrade data.
Indonesia - Australia Trade 2024 Q2: Widening Deficit
Indonesia's trade deficit with Australia hits $1.06B in Q2 2024, driven by resource-for-tech exchange. Explore Indonesia Australia trade trends and top trading products via yTrade data.
