Indonesia - Singapore Trade 2023 Q3: Persistent Deficit
Key Market Takeaways: Indonesia - Singapore Trade
The bilateral trade relationship between Indonesia and Singapore remains stable but imbalanced, with Indonesia running a persistent trade deficit in Q3 2023.
- Economic Pulse: Indonesia posted a $1.64B trade deficit with Singapore ($4.75B imports vs. $3.11B exports), reflecting 53% higher inbound shipments. Volatility spiked in August (imports +20.3% MoM) before a September correction (-12.4%).
- Exchange Structure: Resource-for-Resource Trade dominates, with both nations exchanging HS 27 (Mineral Fuels/Oils)—34.5% of Indonesia’s exports and 56.3% of its imports. Singapore likely adds value through refining/re-export, while Indonesia supplies raw materials.
- Strategic Interdependence: Singapore serves as a critical processing hub for Indonesian commodities, but the asymmetry in value-add (Singapore’s machinery/exports vs. Indonesia’s raw fuels) underscores an uneven partnership.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Singapore Trade Trend in Q3 2023
Indonesia Export Performance: Shipments to Singapore
- Total Volume: $3.11B in Q3 2023.
- Growth Trend & Context: YoY growth flat (0.0% across all months). MoM showed a steady decline from July (-4.82% in August, -1.68% in September). No news to contextualize the trend.
- Key Volatility: July marked the peak ($1.08B), followed by consecutive monthly contractions.
Indonesia Import Performance: Sourcing from Singapore
- Total Volume: $4.75B in Q3 2023.
- Growth Trend & Context: YoY growth flat (0.0%). MoM volatility was notable: a 20.34% surge in August (to $1.75B) after July’s 25.41% jump, then a -12.37% drop in September. No news to explain fluctuations.
- Key Volatility: August was the peak month ($1.75B), while September saw the sharpest MoM decline.
Indonesia - Singapore Trade Balance & Market Dynamics
- Net Position: Trade deficit of $1.64B (Imports $4.75B > Exports $3.11B).
- Relationship Status: Indonesia remains a net importer from Singapore, with Q3 imports exceeding exports by 53%. The deficit highlights reliance on Singaporean goods.
Indonesia Import Trend from Singapore 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 1.46B | 25.41% | 0.0% |
| Aug | 1.75B | 20.34% | 0.0% |
| Sep | 1.54B | -12.37% | 0.0% |
| Total | 4.75B | - | - |
Indonesia Export Trend to Singapore 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 1.08B | 4.22% | 0.0% |
| Aug | 1.02B | -4.82% | 0.0% |
| Sep | 1.01B | -1.68% | 0.0% |
| Total | 3.11B | - | - |
Get Historical Indonesia Singapore Trade Records
Indonesia-Singapore Top Trading Products in Q3 2023
Indonesia Export Profile: What Does Indonesia Sell to Singapore
- Top Commodity: Rank #1 Export is HS Code 27 (Mineral Fuels, Oils) at 34.53% of total exports to Singapore.
- Demand Driver: Singapore uses these for industrial processing and energy needs, leveraging Indonesia's natural resource base.
- Concentration: The trade is moderately concentrated, with the top commodity (HS 27) accounting for over a third of exports, followed by HS 85 (Electrical Machinery) at 20.25%.
Indonesia Import Profile: What Does Indonesia Buy from Singapore
- Top Commodity: Rank #1 Import is HS Code 27 (Mineral Fuels, Oils) at 56.27% of total imports from Singapore.
- Dependency Nature: Reflects energy security dependency, likely refined petroleum products or re-exports of processed fuels.
Indonesia - Singapore Trade Relationship Dynamics
- The Exchange Model: Resource-for-Resource Trade with a twist—both sides exchange HS 27 (Mineral Fuels), suggesting Singapore acts as a refining or re-export hub for Indonesian crude or semi-processed fuels.
- Value Chain Position: Singapore likely holds higher value-add, given its exports of machinery (HS 84, 85) and precision instruments (HS 90) alongside fuels, while Indonesia’s exports are more raw-material-centric.
Import Analysis by Product: Singapore to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 2.67B | 56.27% |
| 85 | 493.12M | 10.39% |
| 84 | 351.54M | 7.41% |
| 39 | 233.73M | 4.92% |
| 29 | 220.62M | 4.65% |
| 38 | 92.30M | 1.94% |
| 71 | 69.90M | 1.47% |
| 33 | 61.32M | 1.29% |
| 90 | 59.08M | 1.24% |
| 72 | 56.75M | 1.20% |
Export Analysis by Product: Indonesia to Singapore (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.07B | 34.53% |
| 85 | 628.91M | 20.25% |
| 71 | 272.23M | 8.77% |
| 84 | 271.69M | 8.75% |
| 80 | 96.36M | 3.10% |
| 73 | 85.80M | 2.76% |
| 89 | 52.20M | 1.68% |
| 21 | 48.13M | 1.55% |
| 90 | 48.04M | 1.55% |
| 33 | 44.57M | 1.44% |
Check Detailed Indonesia-Singapore Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade with Singapore is likely to remain volatile in the near term, with the deficit persisting due to structural reliance on refined fuel imports (HS 27) from Singapore. Flat YoY growth signals stagnation, but the recurring MoM swings—especially in imports—suggest traders should brace for unpredictable demand shifts. The resource-for-resource exchange model will endure, but Indonesia must address value chain gaps to reduce dependency. Without intervention, the $1.64B Q3 deficit could widen further if fuel import costs rise.
Strategic Moves
- Diversify Export Mix: Indonesian exporters must reduce reliance on raw mineral fuels (HS 27) by pushing higher-value downstream products (e.g., processed petrochemicals) to capture more margin from Singapore’s refining hub.
- Lock in Fuel Supply Contracts: Importers should negotiate long-term agreements with Singaporean suppliers to hedge against price volatility, especially given the 56.27% import concentration in HS 27.
- Boost Competitiveness in Machinery Trade: Close the gap in electrical machinery (HS 85) by incentivizing local production or joint ventures with Singaporean firms to reverse the one-sided dependency on tech imports.
Frequently Asked Questions
How did Indonesia - Singapore trade perform in 2023 Q3?
Indonesia's exports to Singapore totaled $3.11B, with flat YoY growth but MoM declines. Imports from Singapore reached $4.75B, also showing flat YoY growth but notable MoM volatility.
What are the top exports from Indonesia to Singapore?
The top export is HS Code 27 (Mineral Fuels, Oils), accounting for 34.53% of total exports, followed by HS 85 (Electrical Machinery) at 20.25%.
What does Indonesia import from Singapore?
The top import is HS Code 27 (Mineral Fuels, Oils), making up 56.27% of total imports, reflecting energy security dependency.
What is the trade balance between Indonesia and Singapore?
Indonesia recorded a trade deficit of $1.64B with Singapore in Q3 2023, with imports exceeding exports by 53%.
Indonesia Singapore Trade 2023 Q2
---

title: "Indonesia - Singapore Trade 2023 Q2: Stagnant Growth & Deficit"
description: "Indonesia's trade deficit with Singapore hit $1.12B in Q2 2023, with mineral fuels dominating Indonesia Singapore trade trends. Explore the latest Indonesia Singapore top trading product insights on yTrade."
image: https://io.ytrade.com/ytrade-blog/Cover/indonesia-data/indonesia-singapore-trade-2023-q2.webp
create_date: 2023-07-01
update_date: 2023-07-01
author: yTrade
slug: indonesia-singapore-trade-2023-q2
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-singapore-trade-2023-q2
  lastmod: 2023-07-01
  changefreq: monthly
  priority: 0.8
ogTitle: "Indonesia - Singapore Trade 2023 Q2: Stagnant Growth & Deficit"
ogDescription: "Indonesia's trade deficit with Singapore hit $1.12B in Q2 2023, with mineral fuels dominating Indonesia Singapore trade trends. Explore the latest Indonesia Singapore top trading product insights on yTrade."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/indonesia-data/indonesia-singapore-trade-2023-q2.webp
twitterCard: summary
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twitterTitle: "Indonesia - Singapore Trade 2023 Q2: Stagnant Growth & Deficit"
twitterDescription: "Indonesia's trade deficit with Singapore hit $1.12B in Q2 2023, with mineral fuels dominating Indonesia Singapore trade trends. Explore the latest Indonesia Singapore top trading product insights on yTrade."
twitterImage: https://io.ytrade.com/ytrade-blog/Cover/indonesia-data/indonesia-singapore-trade-2023-q2.webp
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---

## Key Market Takeaways: Indonesia - Singapore Trade  

The bilateral trade relationship between **Indonesia** and **Singapore** remained stagnant in Q2 2023, with flat YoY growth and a persistent trade deficit.  

- **Economic Pulse:** Indonesia posted a **$1.12B trade deficit** with Singapore ($2.99B exports vs. $4.11B imports), reflecting its role as a net importer despite balanced growth (0.0% YoY).  
- **Exchange Structure:** **Indonesia - Singapore trade statistics** reveal a **resource-for-resource loop**, with HS 27 (Mineral Fuels, Oils) dominating both exports (38%) and imports (54%), signaling refining dependency.  
- **Strategic Interdependence:** Singapore’s refining hub status cements its value-add position, while Indonesia supplies raw materials—a relationship built on processing efficiency rather than complementarity.  

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

## Indonesia-Singapore Trade Trend in Q2 2023

### Indonesia Export Performance: Shipments to Singapore  
- **Total Volume:** $2.99B in Q2 2023.  
- **Growth Trend & Context:** YoY growth flat (0.0% across all months). No significant policy shifts or disruptions noted.  
- **Key Volatility:** May saw a 16.11% MoM surge, but June dipped slightly (-2.03%).  

### Indonesia Import Performance: Sourcing from Singapore  
- **Total Volume:** $4.11B in Q2 2023.  
- **Growth Trend & Context:** YoY growth stagnant (0.0%). No news-driven anomalies detected.  
- **Key Volatility:** Sharp 26.76% MoM drop in June, following a 16.15% rise in May.  

### Indonesia - Singapore Trade Balance & Market Dynamics  
- **Net Position:** **Trade deficit** of $1.12B (Exports $2.99B vs. Imports $4.11B).  
- **Relationship Status:** Indonesia remains a net importer from Singapore, with Q2 imports 37% higher than exports.

### Indonesia Import Trend from Singapore 2023 Q2 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Apr | 1.37B | -6.23% | 0.0% |
| May | 1.59B | 16.15% | 0.0% |
| Jun | 1.16B | -26.76% | 0.0% |
| **Total** | **4.11B** | - | - |

### Indonesia Export Trend to Singapore 2023 Q2 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Apr | 907.15M | -18.78% | 0.0% |
| May | 1.05B | 16.11% | 0.0% |
| Jun | 1.03B | -2.03% | 0.0% |
| **Total** | **2.99B** | - | - |

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

## Indonesia-Singapore Top Trading Products in Q2 2023

### Indonesia Export Profile: What Does Indonesia Sell to Singapore  
- **Top Commodity:** Rank #1 export is **HS 27 (Mineral Fuels, Oils)** at **38.21%** of total exports.  
- **Demand Driver:** Singapore imports these for industrial processing and energy needs, given its refinery hub status.  
- **Concentration:** The trade is moderately concentrated, with HS 27 accounting for over a third of exports.  

### Indonesia Import Profile: What Does Indonesia Buy from Singapore  
- **Top Commodity:** Rank #1 import is **HS 27 (Mineral Fuels, Oils)** at **54.38%** of total imports.  
- **Dependency Nature:** Reflects energy security dependency, likely for refined petroleum products or specialized fuels.  

### Indonesia - Singapore Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Resource Trade**—both sides exchange similar categories (HS 27 dominates exports and imports), suggesting a refining or processing loop rather than pure complementarity.  
- **Value Chain Position:** Singapore likely holds higher value-add, given its role as a refining and trading hub, while Indonesia supplies crude or semi-processed materials.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 27 | 2.24B | 54.38% |
| 85 | 405.45M | 9.86% |
| 29 | 261.31M | 6.35% |
| 84 | 256.29M | 6.23% |
| 39 | 224.31M | 5.45% |
| 38 | 80.38M | 1.95% |
| 90 | 59.97M | 1.46% |
| 72 | 58.83M | 1.43% |
| 33 | 53.75M | 1.31% |
| 71 | 45.84M | 1.11% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 27 | 1.14B | 38.21% |
| 85 | 537.14M | 17.95% |
| 84 | 256.05M | 8.56% |
| 71 | 172.10M | 5.75% |
| 80 | 108.78M | 3.64% |
| 73 | 71.80M | 2.40% |
| 38 | 59.36M | 1.98% |
| 21 | 49.24M | 1.65% |
| 87 | 46.06M | 1.54% |
| 89 | 43.17M | 1.44% |

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

## Future Outlook & Strategic Recommendations  

### Forecast  
Indonesia’s trade with Singapore is expected to remain stable in the near term, with modest growth potential in refined petroleum products (HS 27). The current stagnation in YoY growth suggests a period of consolidation, but the recurring volatility in monthly trade volumes—particularly the sharp June import drop—indicates underlying demand shifts. Given Singapore’s role as a refining hub, Indonesia’s exports of crude or semi-processed fuels will likely stay critical, while imports of higher-value refined products may face pricing pressures. Traders should monitor Singapore’s refinery output and global energy prices, as these will drive near-term trade dynamics.  

### Strategic Moves  
- **Diversify Export Markets for HS 27:** Indonesia’s heavy reliance on Singapore for mineral fuel exports exposes it to demand fluctuations. Exporters should target emerging refining hubs in Southeast Asia to mitigate concentration risk.  
- **Negotiate Long-Term Supply Contracts for Imports:** Given the volatility in Singapore’s refined fuel exports, Indonesian buyers should secure fixed-price agreements to stabilize costs and ensure consistent supply.  
- **Invest in Downstream Processing Capacity:** To reduce dependency on Singapore’s refined products, Indonesia should accelerate domestic refinery upgrades, capturing more value from its crude exports.

## Frequently Asked Questions

### How did Indonesia - Singapore trade perform in 2023 Q2?  
Indonesia's exports to Singapore totaled $2.99B, with flat YoY growth (0.0%). Imports from Singapore reached $4.11B, also showing no YoY change.  

### What are the top exports from Indonesia to Singapore?  
The top export is HS 27 (Mineral Fuels, Oils), accounting for 38.21% of total exports, driven by Singapore's refinery hub demand.  

### What does Indonesia import from Singapore?  
Indonesia's top import is HS 27 (Mineral Fuels, Oils), making up 54.38% of total imports, reflecting energy security dependency.  

### What is the trade balance between Indonesia and Singapore?  
Indonesia recorded a trade deficit of $1.12B in Q2 2023, with imports 37% higher than exports.
Indonesia - Singapore Trade 2023 Q4: Stagnant Growth, Fuel Dominance
Indonesia's trade deficit with Singapore hit $2.34B in Q4 2023, with mineral fuels dominating 62% of imports. Explore Indonesia-Singapore trade trends and top trading products via yTrade data.
