Indonesia - India Trade 2023 Whole Year: Resource-Driven Surplus
Key Market Takeaways: Indonesia - India Trade
The bilateral trade relationship between Indonesia and India is defined by Indonesia's dominant surplus and volatile growth in 2023.
- Economic Pulse: Indonesia holds a $13.59B trade surplus with India ($20.29B exports vs. $6.70B imports), though export growth showed sharp fluctuations (+30.18% YoY in January, -17.46% by March).
- Exchange Structure: Indonesia - India trade statistics reveal a resource-for-resource model, with mineral fuels (HS 27) dominating both flows (37.15% of Indonesia’s exports, 14.42% of imports). The top 3 exports account for 67.79% of total shipments, highlighting high concentration.
- Strategic Interdependence: The partnership reflects bidirectional energy trade and supply chain integration, with India supplying higher-value refined fuels and industrial inputs.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-India Trade Trend in Whole Year 2023
Indonesia Export Performance: Shipments to India
- Total Volume: $20.29B in 2023.
- Growth Trend & Context:
- Strong start with +30.18% YoY in January, but momentum faded by March (-17.46% YoY).
- No major policy shifts or disruptions noted to explain fluctuations.
- Key Volatility: October saw the highest MoM surge (+24.88%), while September had the sharpest drop (-18.63%).
Indonesia Import Performance: Sourcing from India
- Total Volume: $6.70B in 2023.
- Growth Trend & Context:
- Steep YoY declines early (-33.88% in March), stabilizing to flat YoY trends from April onward.
- Key Volatility: May recorded the highest MoM jump (+46.82%), while June and September saw steep drops (-34.62% and -20.59% MoM, respectively).
Indonesia - India Trade Balance & Market Dynamics
- Net Position: $13.59B surplus for Indonesia (Exports $20.29B vs. Imports $6.70B).
- Relationship Status: Indonesia dominates as a net exporter, with exports triple the import volume, indicating strong demand for its goods in India.
Indonesia Import Trend from India 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 661.76M | 0.0% | -6.68% |
| Feb | 651.47M | -1.55% | -12.23% |
| Mar | 799.71M | 22.75% | -33.88% |
| Apr | 566.43M | -29.17% | 0.0% |
| May | 831.61M | 46.82% | 0.0% |
| Jun | 543.73M | -34.62% | 0.0% |
| Jul | 524.10M | -3.61% | 0.0% |
| Aug | 456.97M | -12.81% | 0.0% |
| Sep | 362.88M | -20.59% | 0.0% |
| Oct | 419.67M | 15.65% | 0.0% |
| Nov | 463.22M | 10.38% | 0.0% |
| Dec | 419.64M | -9.41% | 0.0% |
| Total | 6.70B | - | - |
Indonesia Export Trend to India 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.35B | 0.0% | 30.18% |
| Feb | 1.61B | 19.09% | 12.63% |
| Mar | 1.70B | 5.44% | -17.46% |
| Apr | 1.54B | -9.17% | 0.0% |
| May | 1.53B | -1.26% | 0.0% |
| Jun | 1.67B | 9.35% | 0.0% |
| Jul | 1.82B | 9.39% | 0.0% |
| Aug | 1.84B | 1.08% | 0.0% |
| Sep | 1.50B | -18.63% | 0.0% |
| Oct | 1.87B | 24.88% | 0.0% |
| Nov | 2.01B | 7.04% | 0.0% |
| Dec | 1.84B | -8.47% | 0.0% |
| Total | 20.29B | - | - |
Get Historical Indonesia India Trade Records
Indonesia-India Top Trading Products in Whole Year 2023
Indonesia Export Profile: What Does Indonesia Sell to India
- Top Commodity: HS Code 27 (Mineral fuels, oils) dominates with 37.15% share.
- Demand Driver: India imports these for energy needs, likely refining or power generation.
- Concentration: High—top 3 exports (HS 27, 15, 72) account for 67.79% of total exports to India.
Indonesia Import Profile: What Does Indonesia Buy from India
- Top Commodity: HS Code 27 (Mineral fuels, oils) leads at 14.42%, mirroring India’s export strength.
- Dependency Nature: Energy security is bidirectional—both countries trade fuels, suggesting refining or logistical swaps.
Indonesia - India Trade Relationship Dynamics
- The Exchange Model: Resource-for-Resource Trade—both sides exchange similar categories (HS 27, 72, 84), indicating supply chain integration in energy and metals.
- Value Chain Position: India holds a slight edge—exports include higher-value refined fuels (HS 27) and industrial inputs (HS 15), while Indonesia’s imports skew toward raw materials (HS 72, 02).
Note: The bilateral trade is commodity-heavy, with energy and metals driving the relationship.
Import Analysis by Product: India to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 966.11M | 14.42% |
| 87 | 952.04M | 14.21% |
| 84 | 663.39M | 9.90% |
| 29 | 417.59M | 6.23% |
| 72 | 364.99M | 5.45% |
| 02 | 348.86M | 5.21% |
| 12 | 287.09M | 4.28% |
| 17 | 212.46M | 3.17% |
| 85 | 184.59M | 2.75% |
| 73 | 174.53M | 2.60% |
Export Analysis by Product: Indonesia to India (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 7.54B | 37.15% |
| 15 | 4.54B | 22.40% |
| 72 | 1.67B | 8.24% |
| 26 | 989.14M | 4.88% |
| 28 | 520.43M | 2.57% |
| 71 | 515.33M | 2.54% |
| 38 | 513.95M | 2.53% |
| 84 | 321.34M | 1.58% |
| 48 | 270.91M | 1.34% |
| 80 | 267.84M | 1.32% |
Check Detailed Indonesia-India Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with India is expected to hold steady in 2024, driven by sustained Indian demand for energy and industrial raw materials. However, volatility in monthly export performance signals potential supply chain disruptions or pricing pressures, particularly in mineral fuels (HS 27). The bidirectional trade in similar commodities (e.g., refined fuels) suggests deepening supply chain integration, but overreliance on a few key sectors leaves both markets exposed to global price swings. Traders should anticipate tighter margins in energy exports while preparing for opportunistic gains in metals (HS 72) as India’s infrastructure push accelerates.
Strategic Moves
- Diversify Export Mix: Indonesian exporters must reduce dependence on HS 27 by pushing higher-value processed goods (e.g., nickel derivatives) to capitalize on India’s manufacturing growth.
- Lock in Energy Contracts: With fuel trade dominating both sides, Indonesian buyers should secure long-term agreements for Indian refined products to hedge against spot market volatility.
- Optimize Logistics for Metals: Given the surge in HS 72 (iron/steel) trade, invest in dedicated shipping routes between Indonesian smelters and Indian industrial hubs to cut lead times and costs.
Frequently Asked Questions
How did Indonesia - India trade perform in 2023 Whole Year?
Indonesia exported $20.29B to India, with fluctuating monthly growth, while imports from India totaled $6.70B, showing early declines but later stabilization.
What are the top exports from Indonesia to India?
The top exports are Mineral fuels and oils (HS 27), accounting for 37.15% of total exports, alongside other key commodities like HS 15 and HS 72.
What does Indonesia import from India?
Indonesia primarily imports Mineral fuels and oils (HS 27) from India, making up 14.42% of total imports, reflecting a bidirectional energy trade.
What is the trade balance between Indonesia and India?
Indonesia recorded a $13.59B trade surplus with India in 2023, as exports significantly outweighed imports.
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