Indonesia - Japan Trade 2024 Q2: $1.46B Surplus
Key Market Takeaways: Indonesia - Japan Trade
The bilateral trade relationship between Indonesia and Japan solidifies Indonesia's net exporter role in 2024 Q2, with exports outpacing imports by 70%.
- Economic Pulse: Indonesia posted a $1.46B trade surplus with Japan ($3.54B exports vs. $2.08B imports), though imports plummeted -34.64% YoY in May.
- Exchange Structure: Indonesia - Japan trade statistics reveal a resource-for-tech complementarity—fuels and ores (44.44% of exports) flow to Japan, while high-value machinery (20.28% of imports) dominates inbound shipments.
- Strategic Interdependence: Japan maintains the higher value-add position, supplying critical industrial equipment, while Indonesia secures energy and raw material demand.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Japan Trade Trend in Q2 2024
Indonesia Export Performance: Shipments to Japan
- Total Volume: $3.54B in Q2 2024.
- Growth Trend & Context:
- YoY growth remained positive in April (+5.36%) and May (+4.86%), indicating steady demand despite global headwinds.
- May saw a sharp MoM surge (+27.28%), likely due to preemptive orders or inventory restocking.
- Key Volatility: May’s 27% MoM jump contrasts with April’s -14% drop, suggesting uneven shipment timing.
Indonesia Import Performance: Sourcing from Japan
- Total Volume: $2.08B in Q2 2024.
- Growth Trend & Context:
- YoY collapsed by -34.64% in May, signaling reduced reliance on Japanese imports or supply chain shifts.
- April’s modest YoY growth (+4.92%) couldn’t offset May’s plunge.
- Key Volatility: May’s near-flat MoM (+0.1%) followed April’s -4.48% dip, reflecting subdued import activity.
Indonesia - Japan Trade Balance & Market Dynamics
- Net Position: $1.46B surplus for Indonesia (Exports $3.54B > Imports $2.08B).
- Relationship Status: Indonesia solidifies its net exporter role, with exports outpacing imports by 70%. The YoY import contraction hints at diversification away from Japanese suppliers.
Indonesia Import Trend from Japan 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 1.04B | -4.48% | 4.92% |
| May | 1.04B | 0.1% | -34.64% |
| Total | 2.08B | - | - |
Indonesia Export Trend to Japan 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 1.56B | -14.03% | 5.36% |
| May | 1.98B | 27.28% | 4.86% |
| Total | 3.54B | - | - |
Get Historical Indonesia Japan Trade Records
Indonesia-Japan Top Trading Products in Q2 2024
Indonesia Export Profile: What Does Indonesia Sell to Japan
- Top Commodity: Rank #1 Export is HS 27 (Mineral Fuels, Oils) at 24.99% of total exports to Japan.
- Demand Driver: Japan imports these for energy security and industrial processing.
- Concentration: The top two categories (HS 27 and HS 26) account for 44.44%, indicating moderate reliance on raw materials.
Indonesia Import Profile: What Does Indonesia Buy from Japan
- Top Commodity: Rank #1 Import is HS 84 (Nuclear Reactors, Machinery) at 20.28% of total imports from Japan.
- Dependency Nature: Reflects critical technology dependency, as Japan supplies high-value machinery and equipment.
Indonesia - Japan Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Indonesia exports raw materials (fuels, ores) while importing advanced machinery and components.
- Value Chain Position: Japan holds the higher value-add position, supplying complex industrial goods, while Indonesia provides commodities.
Import Analysis by Product: Japan to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 422.24M | 20.28% |
| 87 | 326.25M | 15.67% |
| 72 | 262.93M | 12.63% |
| 85 | 219.73M | 10.55% |
| 39 | 83.46M | 4.01% |
| 40 | 82.60M | 3.97% |
| 73 | 67.37M | 3.24% |
| 74 | 66.36M | 3.19% |
| 99 | 61.50M | 2.95% |
| 90 | 55.17M | 2.65% |
Export Analysis by Product: Indonesia to Japan (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 884.35M | 24.99% |
| 26 | 688.48M | 19.45% |
| 71 | 349.84M | 9.89% |
| 85 | 263.37M | 7.44% |
| 75 | 174.57M | 4.93% |
| 40 | 128.60M | 3.63% |
| 44 | 101.81M | 2.88% |
| 84 | 91.44M | 2.58% |
| 39 | 77.66M | 2.19% |
| 14 | 68.48M | 1.93% |
Check Detailed Indonesia-Japan Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with Japan is expected to widen in Q3 2024, driven by sustained demand for mineral fuels (HS 27) and ores (HS 26) amid Japan’s energy security push. However, the sharp YoY decline in imports from Japan signals a structural shift—Indonesian buyers are likely diversifying suppliers for machinery (HS 84) or delaying capital expenditures. Traders should anticipate volatile monthly export flows due to uneven shipment scheduling, while import contraction may stabilize as Japanese firms adjust pricing or offer financing incentives.
Strategic Moves
- Lock in Fuel Contracts: Indonesian exporters of mineral fuels should secure long-term supply agreements with Japanese utilities to capitalize on stable demand and mitigate price swings.
- Diversify Tech Imports: Indonesian manufacturers must scout alternative suppliers in South Korea or China for machinery (HS 84) to reduce dependency on Japanese imports and negotiate better terms.
- Monitor Inventory Cycles: Exporters of raw materials should track Japanese industrial inventory data to time shipments ahead of restocking periods, avoiding Q2’s erratic MoM swings.
Frequently Asked Questions
How did Indonesia - Japan trade perform in 2024 Q2?
Indonesia recorded a $3.54B export volume to Japan, with steady YoY growth, while imports from Japan fell sharply to $2.08B, resulting in a $1.46B surplus for Indonesia.
What are the top exports from Indonesia to Japan?
The top exports are HS 27 (Mineral Fuels, Oils) at 24.99% and HS 26 (Ores, Slag, Ash), together accounting for 44.44% of total exports.
What does Indonesia import from Japan?
The top import is HS 84 (Nuclear Reactors, Machinery) at 20.28%, reflecting Indonesia's reliance on Japanese high-value industrial equipment.
What is the trade balance between Indonesia and Japan?
Indonesia maintains a trade surplus of $1.46B, with exports outpacing imports by 70%, signaling a strong net exporter position.
Indonesia - Japan Trade 2024 Q1: Shrinking Surplus
Indonesia's trade surplus with Japan narrowed in Q1 2024 as both exports and imports fell. Explore Indonesia Japan trade trend and top trading products via yTrade data.
Indonesia - Japan Trade 2025 Q1: Surplus Amid Export Slump
Indonesia's trade surplus with Japan hits $0.33B in Q1 2025 despite an 18-25% export drop. Key Indonesia Japan trade trends show mineral fuels and machinery dominate. Data via yTrade.
