Indonesia - Philippines Trade 2024 Whole Year: $3.57B Surplus
Key Market Takeaways: Indonesia - Philippines Trade
The bilateral trade relationship between Indonesia and Philippines shows growth with high volatility in 2024.
- Indonesia dominates with a $3.57B surplus, exporting $4.14B to the Philippines while importing just $571.03M—a 7.25x trade imbalance.
- Resource-for-Tech exchange: Indonesia supplies mineral fuels (27% of exports) and vehicles, while the Philippines exports high-value electrical machinery (39% of imports).
- Complementary but asymmetric: Indonesia’s raw material exports meet Philippine energy needs, but the Philippines holds higher value-add in tech-driven trade.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Philippines Trade Trend in Whole Year 2024
Indonesia Export Performance: Shipments to Philippines
- Total Volume: $4.14B in 2024.
- Growth Trend & Context:
- Mixed YoY performance: Sharp declines in Jan (-30.43%) and Feb (-23.18%) reversed with a 4.78% rise in March, followed by volatility (April +7.78%, May -9.15%).
- Key Volatility: March saw the highest exports ($1.01B) and the largest MoM jump (+38.72%), while April had the steepest MoM drop (-20.64%).
Indonesia Import Performance: Sourcing from Philippines
- Total Volume: $571.03M in 2024.
- Growth Trend & Context:
- Weak start (Jan-Feb YoY declines of -26.31% and -22.51%) before recovery in March (-16.64% YoY) and strong rebounds in April (+22.21%) and May (+8.29%).
- Key Volatility: May recorded the highest imports ($139.71M) and the largest MoM gain (+31.73%), while April’s MoM drop (-19.66%) was the steepest.
Indonesia - Philippines Trade Balance & Market Dynamics
- Net Position: Trade surplus of $3.57B (Exports $4.14B > Imports $571.03M).
- Relationship Status: Indonesia dominates as a net exporter, with exports to the Philippines 7.25x higher than imports. Volatility in both flows suggests uneven demand or supply chain adjustments.
Indonesia Import Trend from Philippines 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 92.73M | -31.15% | -26.31% |
| Feb | 100.52M | 8.4% | -22.51% |
| Mar | 132.01M | 31.33% | -16.64% |
| Apr | 106.06M | -19.66% | 22.21% |
| May | 139.71M | 31.73% | 8.29% |
| Total | 571.03M | - | - |
Indonesia Export Trend to Philippines 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 720.31M | -13.16% | -30.43% |
| Feb | 728.78M | 1.18% | -23.18% |
| Mar | 1.01B | 38.72% | 4.78% |
| Apr | 802.29M | -20.64% | 7.78% |
| May | 879.73M | 9.65% | -9.15% |
| Total | 4.14B | - | - |
Get Historical Indonesia Philippines Trade Records
Indonesia-Philippines Top Trading Products in Whole Year 2024
Indonesia Export Profile: What Does Indonesia Sell to Philippines
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 26.87% of total exports.
- Demand Driver: Philippines imports these for energy needs and industrial processing.
- Concentration: Trade is moderately concentrated, with the top 2 categories (HS 27 and HS 87) accounting for 51.45% of exports.
Indonesia Import Profile: What Does Indonesia Buy from Philippines
- Top Commodity: Rank #1 import is HS 85 (Electrical machinery) at 39.10% of total imports.
- Dependency Nature: Reflects critical technology dependency, as these are high-value components for manufacturing.
Indonesia - Philippines Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports raw materials (mineral fuels) and vehicles (HS 87), while importing high-tech goods (electrical machinery).
- Value Chain Position: Philippines holds higher value-add, given its dominance in electrical machinery exports compared to Indonesia’s resource-heavy exports.
Import Analysis by Product: Philippines to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 223.30M | 39.10% |
| 74 | 46.18M | 8.09% |
| 15 | 41.74M | 7.31% |
| 26 | 38.32M | 6.71% |
| 84 | 35.06M | 6.14% |
| 39 | 31.46M | 5.51% |
| 24 | 28.96M | 5.07% |
| 29 | 21.46M | 3.76% |
| 87 | 19.44M | 3.41% |
| 36 | 16.20M | 2.84% |
Export Analysis by Product: Indonesia to Philippines (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.11B | 26.87% |
| 87 | 1.02B | 24.58% |
| 24 | 222.85M | 5.38% |
| 21 | 204.94M | 4.95% |
| 15 | 203.82M | 4.92% |
| 72 | 177.65M | 4.29% |
| 84 | 147.68M | 3.57% |
| 48 | 116.00M | 2.80% |
| 38 | 101.25M | 2.44% |
| 85 | 90.70M | 2.19% |
Check Detailed Indonesia-Philippines Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with the Philippines is expected to remain robust in the near term, driven by sustained demand for mineral fuels (HS 27) and vehicles (HS 87). However, volatility in monthly export growth signals potential supply chain disruptions or shifting Philippine energy policies, which could temper gains. The rebound in Indonesian imports of high-value electrical machinery (HS 85) suggests deepening tech dependency, creating opportunities for more balanced trade if Indonesia can diversify its export mix. Traders should prepare for uneven quarterly performance but anticipate a structurally stable Indonesia - Philippines trade forecast underpinned by resource-for-tech complementarity.
Strategic Moves
- Lock in Long-term Fuel Contracts: Indonesian exporters of mineral fuels should secure multi-year agreements with Philippine buyers to stabilize revenue amid fluctuating demand and global oil price swings.
- Diversify Export Markets for Tech Goods: Philippine electrical machinery producers must expand beyond Indonesia to mitigate reliance on a single importer, while Indonesian manufacturers should explore localizing high-value component production.
- Optimize Logistics for Volatile Trade Flows: Both nations’ logistics firms should invest in agile shipping solutions to handle the sharp monthly swings in trade volume, particularly for time-sensitive tech imports and bulk commodity exports.
Frequently Asked Questions
How did Indonesia - Philippines trade perform in 2024 Whole Year?
Indonesia exported $4.14B to the Philippines and imported $571.03M, with mixed growth trends and volatility in both directions.
What are the top exports from Indonesia to Philippines?
The top exports are HS 27 (Mineral fuels, oils) and HS 87 (Vehicles), accounting for 51.45% of total exports.
What does Indonesia import from Philippines?
The top import is HS 85 (Electrical machinery), making up 39.10% of total imports.
What is the trade balance between Indonesia and Philippines?
Indonesia recorded a trade surplus of $3.57B, with exports 7.25x higher than imports.
Indonesia - Philippines Trade 2023 Q4: $2.79B Surplus
Indonesia's $2.4B trade surplus with the Philippines highlights a resource-for-tech exchange. Explore Indonesia Philippines trade trends and top trading products via yTrade data.
Indonesia - Philippines Trade 2024 Q1: Surge & Strategy
Indonesia's trade surplus with the Philippines hit $2.13B in Q1 2024, fueled by vehicle & mineral fuel exports. Discover the latest Indonesia Philippines trade trend & top trading products via yTrade data.
