Indonesia - Singapore Trade 2023 Whole Year: $31B Volume, $5.8B Deficit

Key Market Takeaways: Indonesia - Singapore Trade

The bilateral trade relationship between Indonesia and Singapore is marked by growth, volatility, and a persistent deficit in 2023.

• $31B Trade Volume, $5.8B Deficit: Indonesia’s exports to Singapore totaled $12.61B, overshadowed by $18.41B in imports, reflecting a 46% import dependency.
• Resource-for-Refined Exchange: Indonesia - Singapore trade statistics show heavy reliance on HS 27 (mineral fuels), with Singapore acting as a refining hub for Indonesian crude while supplying machinery (HS 84/85).
• Asymmetric Value Chain: The partnership is complementary but imbalanced—Singapore captures higher value-add in processing and tech exports, while Indonesia leans on raw material shipments.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Indonesia-Singapore Trade Trend in Whole Year 2023

Indonesia Export Performance: Shipments to Singapore

• Total Volume: $12.61B in 2023.
• Growth Trend & Context:
  • Mixed YoY performance: Strong 17.11% growth in January, but sharp -18.36% drop in March.
  • No significant policy shifts or external events to explain volatility.
• Key Volatility: April saw the steepest MoM decline (-18.78%), while May and December posted double-digit MoM rebounds (16.11% and 14.11%, respectively).

Indonesia Import Performance: Sourcing from Singapore

• Total Volume: $18.41B in 2023.
• Growth Trend & Context:
  • Weak YoY trends: January (-7.27%) and March (-24.33%) contractions offset February’s 1.96% growth.
• Key Volatility: June recorded the sharpest MoM drop (-26.76%), while October had the highest MoM surge (25.97%).

Indonesia - Singapore Trade Balance & Market Dynamics

• Net Position: Trade deficit of $5.8B (Exports $12.61B vs. Imports $18.41B).
• Relationship Status: Indonesia remains a net importer from Singapore, with imports 46% higher than exports. Volatility in both directions suggests uneven demand and supply chain adjustments.

Indonesia Import Trend from Singapore 2023 Whole Year (Source: yTrade)**

Indonesia Export Trend to Singapore 2023 Whole Year (Source: yTrade)**

Get Historical Indonesia Singapore Trade Records

Indonesia-Singapore Top Trading Products in Whole Year 2023

Indonesia Export Profile: What Does Indonesia Sell to Singapore

• Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils, distillation products) at 35.31% of total exports to Singapore.
• Demand Driver: Singapore uses these for industrial processing and energy needs, leveraging Indonesia's resource base.
• Concentration: Trade is moderately concentrated, with HS 27 accounting for over a third of exports, but other categories like HS 85 (electrical machinery) and HS 71 (pearls/precious stones) also hold significant shares.

Indonesia Import Profile: What Does Indonesia Buy from Singapore

• Top Commodity: Rank #1 import is HS 27 (Mineral fuels, oils, distillation products) at 56.84% of total imports from Singapore.
• Dependency Nature: Reflects energy security dependency, likely involving refined petroleum products or re-exports of Indonesian crude processed in Singapore.

Indonesia - Singapore Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Both sides trade heavily in HS 27, suggesting Singapore acts as a refining and redistribution hub for Indonesian crude. Secondary categories like HS 85/84 (machinery) indicate some tech-for-resource exchange.
• Value Chain Position: Singapore holds higher value-add, evident in its exports of machinery (HS 84/85) and precision instruments (HS 90), while Indonesia primarily supplies raw or semi-processed materials.

Import Analysis by Product: Singapore to Indonesia (Source: yTrade)

Export Analysis by Product: Indonesia to Singapore (Source: yTrade)

Check Detailed Indonesia-Singapore Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Indonesia-Singapore trade relationship is expected to remain volatile in the near term, driven by fluctuating demand for mineral fuels (HS 27) and uneven supply chain dynamics. While Indonesia’s export rebound in late 2023 suggests resilience, the persistent trade deficit ($5.8B) and Singapore’s refining dominance will likely sustain the resource-for-resource exchange model. Traders should anticipate price sensitivity in energy markets and potential disruptions from geopolitical or logistical bottlenecks. Long-term growth hinges on Indonesia diversifying its export basket beyond raw materials to capture higher value-add segments.

Strategic Moves

• Lock in Energy Contracts: Given Singapore’s reliance on Indonesian crude, traders should secure long-term supply agreements to stabilize pricing and mitigate volatility in HS 27 shipments.
• Diversify Export Markets: Indonesian exporters must reduce dependency on Singapore by targeting alternative ASEAN hubs for machinery (HS 85) and precious stones (HS 71), leveraging regional FTAs.
• Optimize Refinery Partnerships: Singapore-based processors should collaborate with Indonesian suppliers to co-invest in downstream capacity, shifting from pure re-export to joint value creation.

Frequently Asked Questions

How did Indonesia - Singapore trade perform in 2023 Whole Year?

Indonesia exported $12.61B to Singapore and imported $18.41B, with mixed growth trends and high volatility in both directions.

What are the top exports from Indonesia to Singapore?

HS 27 (Mineral fuels, oils, distillation products) dominated at 35.31%, followed by HS 85 (electrical machinery) and HS 71 (pearls/precious stones).

What does Indonesia import from Singapore?

HS 27 (Mineral fuels, oils, distillation products) was the top import at 56.84%, alongside machinery (HS 84/85) and precision instruments (HS 90).

What is the trade balance between Indonesia and Singapore?

Indonesia had a trade deficit of $5.8B with Singapore, as imports were 46% higher than exports.