Indonesia - Philippines Trade 2024 Q2: Resource-for-Tech Exchange
Key Market Takeaways: Indonesia - Philippines Trade
The bilateral trade relationship between Indonesia and Philippines shows growth with notable volatility in Q2 2024.
- Indonesia dominates with a $1.43B trade surplus, exporting $1.68B (mixed YoY growth) while importing $245.77M (strong YoY uptick).
- Resource-for-Tech exchange: Indonesia supplies energy (HS 27) and vehicles (HS 87), while Philippines exports critical electronics (HS 85), per bilateral trade data.
- Complementary but asymmetric: Indonesia’s raw material exports fuel Philippines’ industrial needs, but tech dependency highlights value chain gaps.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Philippines Trade Trend in Q2 2024
Indonesia Export Performance: Shipments to Philippines
- Total Volume: $1.68B in Q2 2024.
- Growth Trend & Context:
- YoY growth was mixed, with April up 7.78% but May down 9.15%. No clear directional trend.
- Key Volatility: May saw a 9.65% MoM rebound after April’s sharp 20.64% contraction.
Indonesia Import Performance: Sourcing from Philippines
- Total Volume: $245.77M in Q2 2024.
- Growth Trend & Context:
- Strong YoY growth of 22.21% in April, but moderated to 8.29% in May.
- Key Volatility: May imports surged 31.73% MoM, recovering from April’s 19.66% drop.
Indonesia - Philippines Trade Balance & Market Dynamics
- Net Position: Trade surplus of $1.43B for Indonesia (Exports $1.68B vs. Imports $245.77M).
- Relationship Status: Indonesia dominates as a net exporter, with exports nearly 7x imports. No signs of dependency on Philippine goods.
Indonesia Import Trend from Philippines 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 106.06M | -19.66% | 22.21% |
| May | 139.71M | 31.73% | 8.29% |
| Total | 245.77M | - | - |
Indonesia Export Trend to Philippines 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 802.29M | -20.64% | 7.78% |
| May | 879.73M | 9.65% | -9.15% |
| Total | 1.68B | - | - |
Get Historical Indonesia Philippines Trade Records
Indonesia-Philippines Top Trading Products in Q2 2024
Indonesia Export Profile: What Does Indonesia Sell to Philippines
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 31.84% of total exports.
- Demand Driver: Philippines imports these for energy needs and industrial processing.
- Concentration: Top 2 categories (HS 27 + HS 87) dominate with 55.46% share, indicating high reliance on energy and vehicles.
Indonesia Import Profile: What Does Indonesia Buy from Philippines
- Top Commodity: Rank #1 import is HS 85 (Electrical machinery) at 37.70% of total imports.
- Dependency Nature: Reflects critical technology dependency for electronics and industrial components.
Indonesia - Philippines Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Indonesia exports energy (HS 27) and vehicles (HS 87) while importing high-tech goods (HS 85).
- Value Chain Position: Philippines holds higher value-add position with advanced exports (electronics, machinery), while Indonesia supplies raw materials and intermediate goods.
Import Analysis by Product: Philippines to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 92.65M | 37.70% |
| 26 | 30.04M | 12.22% |
| 15 | 20.28M | 8.25% |
| 74 | 18.86M | 7.68% |
| 84 | 15.52M | 6.32% |
| 36 | 10.18M | 4.14% |
| 39 | 10.02M | 4.08% |
| 24 | 8.39M | 3.41% |
| 29 | 7.90M | 3.22% |
| 87 | 7.67M | 3.12% |
Export Analysis by Product: Indonesia to Philippines (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 535.53M | 31.84% |
| 87 | 397.28M | 23.62% |
| 15 | 92.20M | 5.48% |
| 72 | 90.09M | 5.36% |
| 21 | 82.98M | 4.93% |
| 48 | 51.85M | 3.08% |
| 84 | 51.79M | 3.08% |
| 24 | 44.43M | 2.64% |
| 38 | 43.73M | 2.60% |
| 85 | 35.28M | 2.10% |
Check Detailed Indonesia-Philippines Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Indonesia-Philippines Trade
Indonesia’s trade surplus with the Philippines is expected to hold steady in Q3 2024, driven by sustained demand for mineral fuels (HS 27) and vehicles (HS 87). However, volatility in monthly growth rates signals potential supply chain disruptions or shifting Philippine energy policies. The resource-for-tech exchange model will remain dominant, but Indonesia must address its reliance on high-tech imports (HS 85) to avoid long-term dependency risks. Traders should prepare for price fluctuations in energy exports while monitoring Philippine industrial demand trends.
Strategic Moves for Indonesian Stakeholders
- Lock in Energy Contracts: Secure long-term agreements with Philippine buyers to stabilize revenue amid volatile fuel prices and ensure consistent export volumes.
- Diversify Tech Imports: Reduce overreliance on Philippine electronics (HS 85) by sourcing from alternative markets like Vietnam or Thailand to mitigate supply chain vulnerabilities.
- Expand Vehicle Exports: Capitalize on the Philippines’ growing automotive demand by promoting competitively priced Indonesian-made vehicles (HS 87) through targeted trade missions or incentives.
Frequently Asked Questions
How did Indonesia - Philippines trade perform in 2024 Q2?
Indonesia's exports to the Philippines totaled $1.68B in Q2 2024, with mixed YoY growth, while imports from the Philippines reached $245.77M, showing strong YoY growth.
What are the top exports from Indonesia to Philippines?
The top exports are HS 27 (Mineral fuels, oils) and HS 87 (Vehicles), accounting for 55.46% of total exports.
What does Indonesia import from Philippines?
The top import is HS 85 (Electrical machinery), representing 37.70% of total imports.
What is the trade balance between Indonesia and Philippines?
Indonesia recorded a trade surplus of $1.43B in Q2 2024, with exports nearly 7x imports.
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.
Indonesia - Philippines Trade 2025 Q1: $2.17B Surge
Indonesia's $2.17B trade surplus with Philippines highlights a resource-for-tech exchange, with vehicles and fuels dominating exports. Explore Indonesia Philippines trade trends and top trading products via yTrade.
