Indonesia - Malaysia Trade 2024 Whole Year: Narrowing Surplus
Key Market Takeaways: Indonesia - Malaysia Trade
The bilateral trade relationship between Indonesia and Malaysia shows a narrowing surplus amid declining trade volumes in 2024.
- Economic Pulse: Indonesia maintains an $800M trade surplus ($4.94B exports vs. $4.14B imports), but both flows contracted YoY, signaling softening demand or structural shifts.
- Exchange Structure: Bilateral trade statistics reveal intra-industry dominance, with HS 27 (Mineral fuels/oils) accounting for ~40% of flows both ways—highlighting energy security interdependence and regional supply chain integration.
- Strategic Interdependence: Deep manufacturing and energy linkages persist, though Malaysia holds a slight edge in value-add with machinery/electronics exports.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Malaysia Trade Trend in Whole Year 2024
Indonesia Export Performance: Shipments to Malaysia
- Total Volume: $4.94B in 2024.
- Growth Trend & Context: YoY declines persisted across all months, averaging -9.58% in May (worst performer). No news-driven disruptions were reported, suggesting structural or demand-side pressures.
- Key Volatility: February (+11.01% MoM) and May (+10.86% MoM) saw rebounds, but failed to reverse annual downtrends.
Indonesia Import Performance: Sourcing from Malaysia
- Total Volume: $4.14B in 2024.
- Growth Trend & Context: YoY was negative in 4 of 5 months, with April (-16.51%) marking the steepest drop. No policy shocks were noted; declines may reflect weaker domestic demand or inventory adjustments.
- Key Volatility: April imports cratered (-33.71% MoM), while May rebounded (+28.5% MoM).
Indonesia - Malaysia Trade Balance & Market Dynamics
- Net Position: Surplus of $800M (Exports $4.94B > Imports $4.14B).
- Relationship Status: Indonesia maintains a net exporter role, though both flows contracted YoY. The surplus narrowed slightly from 2023’s $1.1B gap (estimated).
Indonesia Import Trend from Malaysia 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 880.03M | -28.95% | -5.78% |
| Feb | 847.68M | -3.68% | 12.04% |
| Mar | 959.85M | 13.23% | -15.28% |
| Apr | 636.28M | -33.71% | -16.51% |
| May | 817.61M | 28.5% | -7.0% |
| Total | 4.14B | - | - |
Indonesia Export Trend to Malaysia 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 910.66M | 0.93% | -18.99% |
| Feb | 1.01B | 11.01% | -4.58% |
| Mar | 1.03B | 2.26% | -9.3% |
| Apr | 942.21M | -8.86% | -5.34% |
| May | 1.04B | 10.86% | -9.58% |
| Total | 4.94B | - | - |
Get Historical Indonesia Malaysia Trade Records
Indonesia-Malaysia Top Trading Products in Whole Year 2024
Indonesia Export Profile: What Does Indonesia Sell to Malaysia
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 39.23% of total exports to Malaysia.
- Demand Driver: Malaysia likely uses these for industrial processing or energy needs, given the dominance of raw materials.
- Concentration: Trade is moderately concentrated, with HS 27 accounting for nearly 40% of exports.
Indonesia Import Profile: What Does Indonesia Buy from Malaysia
- Top Commodity: Rank #1 import is HS 27 (Mineral fuels, oils) at 44.66% of total imports from Malaysia.
- Dependency Nature: Reflects energy security dependency, with both countries trading similar commodities, possibly for refining or regional supply chain optimization.
Indonesia - Malaysia Trade Relationship Dynamics
- The Exchange Model: Intra-Industry Trade dominates, with both sides exchanging HS 27 (Mineral fuels, oils) and other industrial inputs like HS 84/85 (machinery/electronics). Suggests deep supply chain integration in energy and manufacturing sectors.
- Value Chain Position: Malaysia holds a slightly higher value-add position, evidenced by exports of machinery (HS 84/85) and copper (HS 74), while Indonesia’s exports are more raw-material-heavy.
Import Analysis by Product: Malaysia to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.85B | 44.66% |
| 84 | 397.37M | 9.59% |
| 39 | 346.39M | 8.36% |
| 29 | 308.07M | 7.44% |
| 85 | 231.62M | 5.59% |
| 72 | 110.43M | 2.67% |
| 38 | 74.85M | 1.81% |
| 18 | 64.37M | 1.55% |
| 21 | 60.24M | 1.45% |
| 76 | 57.96M | 1.40% |
Export Analysis by Product: Indonesia to Malaysia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.94B | 39.23% |
| 74 | 337.34M | 6.83% |
| 15 | 307.03M | 6.21% |
| 87 | 272.94M | 5.52% |
| 38 | 236.15M | 4.78% |
| 72 | 215.71M | 4.36% |
| 85 | 157.59M | 3.19% |
| 84 | 113.69M | 2.30% |
| 19 | 99.16M | 2.01% |
| 23 | 93.14M | 1.88% |
Check Detailed Indonesia-Malaysia Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade with Malaysia is likely to remain under pressure in the near term, with both exports and imports facing structural headwinds. The persistent YoY declines in key commodities like HS 27 (Mineral fuels, oils) suggest demand-side weakness, possibly tied to slower industrial activity or inventory adjustments in Malaysia. However, the intra-industry trade model indicates resilience—supply chain integration in energy and manufacturing could stabilize volumes once regional demand recovers. Traders should prepare for continued volatility, with a potential rebound in late 2024 if global energy prices firm up.
Strategic Moves
- Diversify Export Markets: Indonesia’s overreliance on Malaysia for HS 27 exports leaves it vulnerable to demand shocks. Exporters must aggressively target alternative ASEAN buyers like Vietnam or Thailand to mitigate downside risks.
- Optimize Energy Trade Logistics: Given the dominance of HS 27 in both directions, traders should renegotiate shipping contracts and explore cost-efficient storage solutions to capitalize on Malaysia’s refining capacity.
- Push for Higher-Value Exports: Indonesia’s raw-material-heavy exports to Malaysia limit trade upside. Manufacturers should prioritize upgrading machinery (HS 84/85) and electronics shipments to capture more value in the supply chain.
Frequently Asked Questions
How did Indonesia - Malaysia trade perform in 2024 Whole Year?
Indonesia's exports to Malaysia totaled $4.94B, while imports were $4.14B, both showing YoY declines. The trade surplus narrowed slightly compared to 2023.
What are the top exports from Indonesia to Malaysia?
HS 27 (Mineral fuels, oils) dominated Indonesia's exports to Malaysia, accounting for 39.23% of total shipments.
What does Indonesia import from Malaysia?
HS 27 (Mineral fuels, oils) was also the top import, making up 44.66% of Indonesia's purchases from Malaysia.
What is the trade balance between Indonesia and Malaysia?
Indonesia maintained a trade surplus of $800M with Malaysia in 2024, though the gap narrowed from 2023's $1.1B surplus.
Indonesia Malaysia Trade 2023 Q4
---

title: "Indonesia - Malaysia Trade 2023 Q4: Flat Growth, Volatile Flows"
description: "Indonesia's trade with Malaysia shows flat growth but high volatility in Q4 2023, with mineral fuels dominating the Indonesia Malaysia trade trend. See insights on yTrade."
image: https://io.ytrade.com/ytrade-blog/Cover/indonesia-data/indonesia-malaysia-trade-2023-q4.webp
create_date: 2024-01-01
update_date: 2024-01-01
author: yTrade
slug: indonesia-malaysia-trade-2023-q4
category: Import and Export Data
category_slug: import-and-export-data
sub_category: Country Trade Reports
sub_category_slug: country-trade-reports
tags:
- id: 7
  label: "Import Export Data"
  slug: import-export-data
- id: 10
  label: "Indonesia"
  slug: indonesia
sitemap:
  loc: /indonesia-malaysia-trade-2023-q4
  lastmod: 2024-01-01
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ogTitle: "Indonesia - Malaysia Trade 2023 Q4: Flat Growth, Volatile Flows"
ogDescription: "Indonesia's trade with Malaysia shows flat growth but high volatility in Q4 2023, with mineral fuels dominating the Indonesia Malaysia trade trend. See insights on yTrade."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/indonesia-data/indonesia-malaysia-trade-2023-q4.webp
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twitterTitle: "Indonesia - Malaysia Trade 2023 Q4: Flat Growth, Volatile Flows"
twitterDescription: "Indonesia's trade with Malaysia shows flat growth but high volatility in Q4 2023, with mineral fuels dominating the Indonesia Malaysia trade trend. See insights on yTrade."
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---

## Key Market Takeaways: Indonesia - Malaysia Trade  

The bilateral trade relationship between **Indonesia** and **Malaysia** shows flat growth with pronounced volatility in Q4 2023.  

- **Economic Pulse:** Indonesia ran a **$140M trade deficit** with Malaysia ($3.03B imports vs. $2.89B exports), reflecting balanced but volatile trade flows.  
- **Exchange Structure:** **Intra-industry trade dominates**, with both countries heavily exchanging **HS 27 (Mineral fuels, oils)**—accounting for 39% of Indonesia’s exports and 50% of imports.  
- **Strategic Interdependence:** Energy logistics integration drives the relationship, with neither side holding a clear value-add edge in fuel trade.  

This bilateral trade snapshot is based on verified customs data from the [yTrade database](https://ytrade.com/data-sources).

## Indonesia-Malaysia Trade Trend in Q4 2023

### Indonesia Export Performance: Shipments to Malaysia  
- **Total Volume:** $2.89B in Q4 2023.  
- **Growth Trend & Context:** YoY growth flat (0.0% across months). MoM volatility included a 13.15% rise in November followed by a sharp -14.68% drop in December.  
- **Key Volatility:** December saw the steepest MoM decline (-14.68%), erasing gains from November’s 13.15% uptick.  

### Indonesia Import Performance: Sourcing from Malaysia  
- **Total Volume:** $3.03B in Q4 2023.  
- **Growth Trend & Context:** YoY growth flat (0.0%). MoM swings were pronounced, with November (+27.68%) and December (+23.21%) showing strong sequential growth after a muted October (-0.6%).  
- **Key Volatility:** November was the peak month (27.68% MoM), driving Q4’s import surge.  

### Indonesia - Malaysia Trade Balance & Market Dynamics  
- **Net Position:** **Trade deficit** of $140M (Imports $3.03B > Exports $2.89B).  
- **Relationship Status:** Indonesia remains a net importer from Malaysia, though trade is relatively balanced with modest deficit levels.

### Indonesia Import Trend from Malaysia 2023 Q4 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Oct | 787.33M | -0.6% | 0.0% |
| Nov | 1.01B | 27.68% | 0.0% |
| Dec | 1.24B | 23.21% | 0.0% |
| **Total** | **3.03B** | - | - |

### Indonesia Export Trend to Malaysia 2023 Q4 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Oct | 934.58M | -1.06% | 0.0% |
| Nov | 1.06B | 13.15% | 0.0% |
| Dec | 902.28M | -14.68% | 0.0% |
| **Total** | **2.89B** | - | - |

[Get Historical Indonesia Malaysia Trade Records](https://ytrade.com/country-coverage)

## Indonesia-Malaysia Top Trading Products in Q4 2023

### Indonesia Export Profile: What Does Indonesia Sell to Malaysia  
- **Top Commodity:** Rank #1 export is **HS 27 (Mineral fuels, oils)** at **39.00%** of total exports.  
- **Demand Driver:** Malaysia uses these for industrial processing, likely refining or energy generation.  
- **Concentration:** Trade is moderately concentrated, with HS 27 accounting for nearly 40% of exports.  

### Indonesia Import Profile: What Does Indonesia Buy from Malaysia  
- **Top Commodity:** Rank #1 import is **HS 27 (Mineral fuels, oils)** at **49.74%** of total imports.  
- **Dependency Nature:** Energy security dependency, with Malaysia supplying nearly half of Indonesia's fuel imports.  

### Indonesia - Malaysia Trade Relationship Dynamics  
- **The Exchange Model:** **Intra-Industry Trade** dominates, with both countries heavily trading **HS 27 (Mineral fuels, oils)**. This suggests cross-border refining or energy logistics integration.  
- **Value Chain Position:** Neither side clearly holds a higher value-add position in HS 27 trade, indicating a balanced exchange of similar commodities.

### Import Analysis by Product: Malaysia to Indonesia (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 27 | 1.51B | 49.74% |
| 84 | 306.54M | 10.11% |
| 39 | 237.57M | 7.84% |
| 29 | 175.84M | 5.80% |
| 85 | 143.09M | 4.72% |
| 72 | 83.93M | 2.77% |
| 38 | 39.72M | 1.31% |
| 21 | 38.08M | 1.26% |
| 19 | 37.29M | 1.23% |
| 76 | 34.23M | 1.13% |

### Export Analysis by Product: Indonesia to Malaysia (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 27 | 1.13B | 39.00% |
| 15 | 207.09M | 7.15% |
| 87 | 176.40M | 6.09% |
| 74 | 151.88M | 5.25% |
| 72 | 122.13M | 4.22% |
| 38 | 117.79M | 4.07% |
| 85 | 104.47M | 3.61% |
| 84 | 77.05M | 2.66% |
| 19 | 58.04M | 2.01% |
| 48 | 57.76M | 2.00% |

[Check Detailed Indonesia-Malaysia Trade HS Code Breakdown](https://ytrade.com/hs-code-coverage)

## Future Outlook & Strategic Recommendations  

### Forecast  
The Indonesia-Malaysia trade relationship is expected to remain volatile in the near term, driven by fluctuating demand for **HS 27 (Mineral fuels, oils)**—the dominant commodity for both exports and imports. While the Q4 2023 trade deficit was modest ($140M), the sharp MoM swings in November and December signal potential supply chain disruptions or pricing instability. Given the intra-industry nature of this trade, refiners and energy logistics operators should brace for continued price sensitivity. However, if Malaysia’s industrial demand holds steady, Indonesia’s exports could rebound, narrowing the deficit.  

### Strategic Moves  
- **Diversify Energy Suppliers:** Indonesia’s heavy reliance on Malaysia for nearly 50% of its fuel imports (HS 27) exposes it to supply shocks. Traders should secure alternative suppliers in Southeast Asia or the Middle East to mitigate risk.  
- **Optimize Export Timing:** With MoM volatility in exports (e.g., November’s 13.15% surge followed by December’s -14.68% drop), Indonesian fuel exporters should align shipments with Malaysia’s refining cycles to capitalize on peak demand periods.  
- **Invest in Storage Infrastructure:** Given the cross-border energy logistics integration, both countries should expand storage capacity to buffer against price swings and ensure smoother intra-industry trade flows.

## Frequently Asked Questions

### How did Indonesia - Malaysia trade perform in 2023 Q4?  
Indonesia's exports to Malaysia totaled $2.89B with flat YoY growth, while imports from Malaysia reached $3.03B, also showing 0.0% YoY growth.  

### What are the top exports from Indonesia to Malaysia?  
HS 27 (Mineral fuels, oils) dominated, accounting for 39.00% of Indonesia's exports to Malaysia, primarily for industrial processing.  

### What does Indonesia import from Malaysia?  
HS 27 (Mineral fuels, oils) was the top import, representing 49.74% of total imports, highlighting Malaysia's role in Indonesia's energy security.  

### What is the trade balance between Indonesia and Malaysia?  
Indonesia had a trade deficit of $140M in Q4 2023, with imports ($3.03B) exceeding exports ($2.89B), though the gap remained modest.
Indonesia - Malaysia Trade 2024 Q1: Surplus Amid Decline
Indonesia maintained a $270M trade surplus with Malaysia in Q1 2024 despite export declines. Explore Indonesia Malaysia trade trends and top trading products like mineral fuels via yTrade data.
