Indonesia - Philippines Trade 2023 Whole Year: $9.55B Surplus
Key Market Takeaways: Indonesia - Philippines Trade
The bilateral trade relationship between Indonesia and Philippines is marked by strong export dominance and volatile growth trends in 2023.
- Indonesia holds a $9.55B trade surplus, with exports ($11.04B) dwarfing imports ($1.49B). Volatility spikes in monthly flows suggest sensitivity to demand shifts or supply chain disruptions.
- Trade follows a resource-for-tech model: Indonesia ships mineral fuels (30.8% of exports) to the Philippines, while importing high-value electrical machinery (42.7% of imports), per Indonesia - Philippines trade statistics.
- Complementary but asymmetric: The Philippines relies on Indonesian raw materials, while Indonesia depends on Philippine tech components—a lopsided but strategically aligned exchange.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Philippines Trade Trend in Whole Year 2023
Indonesia Export Performance: Shipments to Philippines
- Total Volume: $11.04B in 2023.
- Growth Trend & Context:
- Strong YoY growth in January (+62.09%) and February (+14.35%), followed by a -9.12% contraction in March. No YoY data available post-March, suggesting potential base effects or reporting changes.
- Key Volatility: April saw a sharp MoM drop (-22.85%), while May rebounded (+30.09%). December closed with a -10.93% MoM decline.
Indonesia Import Performance: Sourcing from Philippines
- Total Volume: $1.49B in 2023.
- Growth Trend & Context:
- Robust YoY growth in Q1 (peaking at +25.3% in February), then flat YoY for the rest of the year.
- Key Volatility: March recorded the highest MoM surge (+22.08%), while April collapsed (-45.2%). September saw another notable MoM jump (+20.21%).
Indonesia - Philippines Trade Balance & Market Dynamics
- Net Position: Trade surplus of $9.55B (Exports $11.04B vs. Imports $1.49B).
- Relationship Status: Indonesia dominates as a net exporter, with exports nearly 7.4x imports. The Philippines remains a minor import source but a critical export destination.
Indonesia Import Trend from Philippines 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 125.84M | 0.0% | 24.85% |
| Feb | 129.72M | 3.09% | 25.3% |
| Mar | 158.37M | 22.08% | 9.81% |
| Apr | 86.78M | -45.2% | 0.0% |
| May | 129.02M | 48.67% | 0.0% |
| Jun | 107.52M | -16.66% | 0.0% |
| Jul | 111.79M | 3.97% | 0.0% |
| Aug | 113.55M | 1.57% | 0.0% |
| Sep | 136.50M | 20.21% | 0.0% |
| Oct | 123.33M | -9.65% | 0.0% |
| Nov | 134.36M | 8.94% | 0.0% |
| Dec | 134.68M | 0.24% | 0.0% |
| Total | 1.49B | - | - |
Indonesia Export Trend to Philippines 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.04B | 0.0% | 62.09% |
| Feb | 948.64M | -8.38% | 14.35% |
| Mar | 964.81M | 1.7% | -9.12% |
| Apr | 744.35M | -22.85% | 0.0% |
| May | 968.31M | 30.09% | 0.0% |
| Jun | 934.89M | -3.45% | 0.0% |
| Jul | 830.80M | -11.13% | 0.0% |
| Aug | 948.15M | 14.13% | 0.0% |
| Sep | 874.79M | -7.74% | 0.0% |
| Oct | 1.03B | 17.64% | 0.0% |
| Nov | 931.24M | -9.51% | 0.0% |
| Dec | 829.46M | -10.93% | 0.0% |
| Total | 11.04B | - | - |
Get Historical Indonesia Philippines Trade Records
Indonesia-Philippines Top Trading Products in Whole Year 2023
Indonesia Export Profile: What Does Indonesia Sell to Philippines
- Top Commodity: Rank #1 Export is HS 27 (Mineral Fuels, Oils) with a 30.75% share.
- Demand Driver: Philippines uses these for industrial processing and energy needs.
- Concentration: Trade is moderately concentrated, with the top 2 categories (HS 27 and HS 87) accounting for 56.8% of exports.
Indonesia Import Profile: What Does Indonesia Buy from Philippines
- Top Commodity: Rank #1 Import is HS 85 (Electrical Machinery) with a 42.67% share.
- Dependency Nature: Critical technology dependency, as HS 85 covers high-value electronics and components.
Indonesia - Philippines Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports raw materials (mineral fuels, ores) and imports high-tech goods (electrical machinery, vehicles).
- Value Chain Position: Philippines holds the higher value-add position, given its dominance in electronics (HS 85) and machinery (HS 84) exports. Indonesia’s exports are primarily resource-based.
Import Analysis by Product: Philippines to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 636.36M | 42.67% |
| 84 | 131.91M | 8.84% |
| 74 | 130.24M | 8.73% |
| 87 | 125.37M | 8.41% |
| 39 | 72.22M | 4.84% |
| 36 | 54.21M | 3.63% |
| 27 | 53.22M | 3.57% |
| 15 | 47.57M | 3.19% |
| 90 | 35.67M | 2.39% |
| 24 | 24.05M | 1.61% |
Export Analysis by Product: Indonesia to Philippines (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 3.39B | 30.75% |
| 87 | 2.88B | 26.05% |
| 21 | 600.15M | 5.44% |
| 26 | 526.02M | 4.76% |
| 15 | 459.48M | 4.16% |
| 84 | 349.34M | 3.16% |
| 72 | 342.39M | 3.10% |
| 24 | 278.98M | 2.53% |
| 48 | 256.51M | 2.32% |
| 85 | 256.39M | 2.32% |
Check Detailed Indonesia-Philippines Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with the Philippines is expected to widen further in 2024, driven by sustained demand for mineral fuels (HS 27) and industrial inputs. However, volatility in monthly export growth signals potential supply chain disruptions or price fluctuations, particularly in energy markets. The Philippines’ reliance on Indonesian raw materials and Indonesia’s dependence on Philippine high-tech imports will reinforce the resource-for-tech complementarity, but exporters should prepare for tighter competition in ASEAN markets.
Strategic Moves
- Lock in Long-Term Fuel Contracts: Indonesian energy exporters should secure multi-year agreements with Philippine buyers to stabilize revenue amid volatile global oil prices.
- Diversify Tech Imports: Reduce overreliance on Philippine electronics (HS 85) by exploring alternative suppliers in Vietnam or Malaysia to mitigate supply chain risks.
- Expand Export Basket: Push Indonesian machinery (HS 84) and processed agricultural goods to the Philippines to reduce commodity dependence and capture higher-value trade segments.
Frequently Asked Questions
How did Indonesia - Philippines trade perform in 2023 Whole Year?
Indonesia exported $11.04B to the Philippines and imported $1.49B, with strong YoY growth in early 2023 but mixed monthly volatility.
What are the top exports from Indonesia to Philippines?
The top exports are HS 27 (Mineral Fuels, Oils) and HS 87 (Vehicles), accounting for 56.8% of total exports.
What does Indonesia import from Philippines?
The top import is HS 85 (Electrical Machinery), representing 42.67% of total imports, highlighting a tech-driven dependency.
What is the trade balance between Indonesia and Philippines?
Indonesia recorded a trade surplus of $9.55B, with exports nearly 7.4x higher than imports.
Indonesia Petroleum Oils HS271019 Export Data 2025 September Overview
Indonesia Petroleum oils (HS Code 271019) Export in September 2025 heavily relies on Singapore (64.41% value, 74.75% weight), with Malaysia as secondary hub, per yTrade data.
Indonesia - Philippines Trade 2023 Q1: Resource-for-Tech Exchange
Indonesia's $2.54B trade surplus with Philippines highlights a resource-for-tech exchange, with mineral fuels and electrical machinery leading Indonesia Philippines trade trends. Data via yTrade.
