2025 Indonesia Gold (HS 7108) Export: Record Surge

Key Takeaways

Gold, classified under HS Code 7108 (Gold (including platinum-plated gold), unforged, semi-manufactured or powdered:), exhibited high volatility from January to September 2025.

• Market Pulse: Exports surged to a record $256 million in September—more than double January’s baseline—driven by pre-tax front-loading and strong global prices.
• Structural Shift: Indonesia Gold Export flows are hyper-concentrated, with Singapore absorbing 62% of value and just two buyers controlling 96% of trade.
• Product Logic: HS Code 7108 trade data reveals a commoditized market, with unwrought gold (98.5% share) trading at uniform premiums exceeding $103K/kg.

This overview covers the period from January to September 2025 and is based on verified customs data from the yTrade database.

Indonesia Gold (HS Code 7108) Key Metrics Trend

Market Trend Summary

Indonesia's gold export trend through the first three quarters of 2025 shows a volatile but ultimately bullish trajectory. The period opened with modest volumes in Q1, then accelerated sharply in April before a mid-year contraction. Momentum returned decisively in Q3, culminating in a record monthly value of $256 million in September—more than double the January baseline. This performance reflects both price appreciation and a substantial expansion in export volumes.

Drivers & Industry Context

The Q3 surge aligns with Indonesia's finalized plan to impose a 7.5–15% export tax on gold shipments starting in 2026 [Indonesia Plans 2026 Gold Export Tax]. Exporters likely front-loaded shipments ahead of the new fiscal burden, driving both volume and the total hs code 7108 value higher. This anticipatory behavior, combined with strong global gold prices, explains the exceptional September performance. The policy underscores Indonesia's broader strategy to capture more value from mineral exports, though its full impact will materialize in 2026.

Table: Indonesia Gold Export Trend (Source: yTrade)

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Indonesia HS Code 7108 Export Breakdown

Market Composition & Top Categories

The export of unwrought gold not in powder form under sub-code 71081290 dominates Indonesia's HS Code 7108 exports, holding a 98.5% share by shipment frequency from January to September 2025. According to yTrade data, this category also accounts for over 99% of both weight and value shipped, underscoring its overwhelming presence in Indonesia HS Code 7108 Export. The remaining minimal activity, less than 2%, involves similar unwrought gold products with negligible impact on the market structure.

Value Chain & Strategic Insights

Unit prices for both sub-codes exceed 103,000 USD per kilogram, indicating a high-value commodity trade where price sensitivity to global benchmarks like gold spot rates dictates market behavior. This HS Code 7108 breakdown reveals a classic commodity market, driven by standardized product forms rather than specialized quality differentiation. The trade structure is characterized by bulk shipments of raw gold, with minimal price variation suggesting uniform grading and efficient pricing mechanisms.

Table: Indonesia HS Code 7108) Export Breakdown Details (Source: yTrade)

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Indonesia Gold Destination Countries

Geographic Concentration & Market Risk

Indonesia's Gold exports from January to September 2025 are dominated by Singapore, which captures 61.89% of the export value, indicating a high market concentration. This heavy reliance on a single destination for Indonesia Gold export destinations amplifies vulnerability to demand shifts or geopolitical changes in Singapore. The absence of significant self-referential exports (like Indonesia to Indonesia) confirms that all flows are external, reducing internal supply chain complexities but heightening external dependency risks.

Purchasing Behavior & Demand Segmentation

Singapore's nearly identical value and weight ratios (61.89% vs. 62.12%) reflect a balanced trade where value scales proportionally with volume, typical for standardized commodity flows. The elevated frequency ratio of 71.64% versus weight signals fragmented, high-frequency demand, characteristic of retail distribution or Just-in-Time replenishment among trade partners for Gold. This behavior suggests a market that balances margin potential with volume scale, requiring agile logistics to support frequent, smaller shipments.

Table: Indonesia Gold (HS Code 7108) Top Destination Countries (Source: yTrade)

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Indonesia Gold Buyer Companies Analysis

Buyer Concentration & Market Structure

According to yTrade data, Indonesia's gold export market is overwhelmingly dominated by a small group of key accounts. These high-volume repeaters represent just two companies but account for 95.74% of the total export value from January to September 2025. This extreme concentration indicates a stable, contract-based supply chain for Indonesia Gold buyers, with transactions heavily consolidated among major refiners and financial institutions.

Purchasing Behavior & Sales Strategy

The dominance of these key accounts means sales strategy must focus entirely on relationship management and supply chain reliability for HS Code 7108 buyer trends. Sellers should prioritize securing long-term contracts and ensuring consistent quality and delivery to these institutional buyers, as losing even one would significantly impact export volumes. This structure minimizes the need for broad digital marketing but requires deep understanding of these clients' procurement cycles and compliance needs.

Table: Indonesia Gold (HS Code 7108) Top Buyers List (Source: yTrade)

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Action Plan for Gold Market Operation and Expansion

Lock in contracts: Secure long-term agreements with Singaporean refiners before the 2026 export tax (7.5–15%) erodes margins.

Diversify buyers: Reduce reliance on the two dominant accounts by targeting secondary markets like Hong Kong or Switzerland.

Optimize logistics: High shipment frequency (71.64% vs. weight) demands leaner supply chains to handle fragmented demand.

Monitor policy shifts: Track Indonesian tax implementation and Singaporean import regulations to anticipate 2026 disruptions.

Hedge prices: Volatility from gold spot rates and tax uncertainty requires active price risk management.

Take Action Now —— Explore Indonesia Gold HS Code 7108 Export Data

Frequently Asked Questions

Q1. What is driving the recent changes in Indonesia Gold Export in 2025?

The Q3 surge in Indonesia's gold exports is driven by exporters front-loading shipments ahead of a planned 7.5–15% export tax in 2026, combined with strong global gold prices.

Q2. Who are the main destination countries of Indonesia Gold (HS Code 7108) in 2025?

Singapore dominates Indonesia's gold exports, accounting for 61.89% of total export value, with no significant domestic trade.

Q3. Why does the unit price differ across destination countries of Indonesia Gold Export in 2025?

Unit prices exceed $103,000/kg for all sub-codes, reflecting standardized pricing tied to global gold benchmarks rather than destination-specific variations.

Q4. What should exporters in Indonesia focus on in the current Gold export market?

Exporters must prioritize long-term contracts and supply chain reliability for the two key buyers that account for 95.74% of export value.

Q5. What does this Indonesia Gold export pattern mean for buyers in partner countries?

Singaporean buyers benefit from stable, high-frequency shipments but face heightened supply chain risks due to Indonesia's extreme export concentration.

Q6. How is Gold typically used in this trade flow?

The trade involves bulk shipments of raw, unwrought gold (98.5% share) primarily for refining or financial market transactions.