Indonesia - Singapore Trade 2024 Whole Year: Widening Deficit
Key Market Takeaways: Indonesia - Singapore Trade
The bilateral trade relationship between Indonesia and Singapore shows persistent volatility with a widening deficit in 2024.
- $13.47B total trade volume tilts toward Singapore, with Indonesia running a $4.01B deficit as imports (+18.44% YoY) outpace declining exports (-8.43% YoY).
- Resource-for-resource trade dominates, with HS 27 (mineral fuels/oils) accounting for 41% of Indonesia’s exports and 59% of imports from Singapore – reflecting crude-for-refined petroleum dynamics.
- Asymmetric interdependence persists, with Singapore capturing higher value-add in processing while Indonesia remains locked in raw material supply.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Singapore Trade Trend in Whole Year 2024
Indonesia Export Performance: Shipments to Singapore
- Total Volume: $4.73B (Jan-May 2024).
- Growth Trend & Context: Persistent YoY declines (-16.27% in Jan to -8.43% in May), indicating weakening demand or competitive shifts. No policy news to explain the trend.
- Key Volatility: March saw a 31.77% MoM surge, but April reversed sharply (-20.17%).
Indonesia Import Performance: Sourcing from Singapore
- Total Volume: $8.74B (Jan-May 2024).
- Growth Trend & Context: Strong YoY growth (peaking at +30.91% in Jan), though momentum eased by May (+18.44%). No news to contextualize the expansion.
- Key Volatility: March imports spiked 11.35% MoM, while April dipped -4.23%.
Indonesia - Singapore Trade Balance & Market Dynamics
- Net Position: Trade deficit of $4.01B (Imports exceed exports).
- Relationship Status: Indonesia remains heavily import-dependent on Singapore, with imports nearly double exports. The deficit suggests structural reliance on Singaporean goods/services.
Indonesia Import Trend from Singapore 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.60B | -5.49% | 30.91% |
| Feb | 1.66B | 3.57% | 21.63% |
| Mar | 1.84B | 11.35% | 26.63% |
| Apr | 1.77B | -4.23% | 29.33% |
| May | 1.88B | 6.36% | 18.44% |
| Total | 8.74B | - | - |
Indonesia Export Trend to Singapore 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 956.66M | -16.36% | -16.27% |
| Feb | 833.55M | -12.87% | -22.79% |
| Mar | 1.10B | 31.77% | -1.65% |
| Apr | 876.85M | -20.17% | -3.34% |
| May | 964.48M | 9.99% | -8.43% |
| Total | 4.73B | - | - |
Get Historical Indonesia Singapore Trade Records
Indonesia-Singapore Top Trading Products in Whole Year 2024
Indonesia Export Profile: What Does Indonesia Sell to Singapore
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils, etc.) at 41.16% 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 alone accounting for over 40% of exports.
Indonesia Import Profile: What Does Indonesia Buy from Singapore
- Top Commodity: Rank #1 import is HS 27 (Mineral fuels, oils, etc.) at 59.19% of total imports from Singapore.
- Dependency Nature: Reflects energy security dependency, likely refined petroleum products re-exported by Singapore.
Indonesia - Singapore Trade Relationship Dynamics
- The Exchange Model: Resource-for-Resource Trade, with both sides exchanging similar HS 27 products (likely crude vs. refined petroleum).
- Value Chain Position: Singapore holds the higher value-add position, processing raw materials (e.g., refining crude oil) for re-export to Indonesia.
Import Analysis by Product: Singapore to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 5.18B | 59.19% |
| 85 | 665.92M | 7.61% |
| 84 | 631.95M | 7.23% |
| 29 | 530.65M | 6.07% |
| 39 | 389.36M | 4.45% |
| 90 | 185.50M | 2.12% |
| 38 | 161.32M | 1.84% |
| 71 | 133.84M | 1.53% |
| 33 | 117.37M | 1.34% |
| 73 | 78.35M | 0.90% |
Export Analysis by Product: Indonesia to Singapore (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.95B | 41.16% |
| 85 | 713.04M | 15.08% |
| 71 | 449.67M | 9.51% |
| 84 | 353.56M | 7.47% |
| 73 | 114.41M | 2.42% |
| 21 | 82.83M | 1.75% |
| 24 | 75.28M | 1.59% |
| 90 | 63.35M | 1.34% |
| 38 | 62.21M | 1.32% |
| 87 | 57.11M | 1.21% |
Check Detailed Indonesia-Singapore Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade deficit with Singapore is likely to persist in the near term, driven by structural reliance on refined petroleum imports (HS 27) and weakening export demand. The narrowing YoY decline in exports (-8.43% in May) suggests stabilization, but volatility in mineral fuel shipments will keep trade flows uneven. Without policy intervention, Singapore’s value-add dominance in processing Indonesian crude will sustain the deficit. Traders should prepare for price swings in HS 27 commodities, especially with global energy market uncertainties.
Strategic Moves
- Diversify Export Markets: Reduce overreliance on Singapore by targeting ASEAN neighbors for mineral fuel sales, leveraging Indonesia’s raw material advantage.
- Invest in Downstream Capacity: Cut dependency on Singaporean refined imports by accelerating domestic refinery projects to capture higher margins.
- Lock in Supply Contracts: Importers of Singaporean HS 27 goods should secure fixed-price agreements to hedge against oil market volatility.
Act Now: The resource-for-resource trade model demands proactive adjustments to mitigate deficit risks and exploit processing opportunities.
Frequently Asked Questions
How did Indonesia - Singapore trade perform in 2024 Whole Year?
Indonesia exported $4.73B to Singapore (Jan-May 2024), showing persistent YoY declines, while imports from Singapore grew strongly to $8.74B, resulting in a trade deficit.
What are the top exports from Indonesia to Singapore?
HS 27 (Mineral fuels, oils, etc.) is the top export, accounting for 41.16% of Indonesia’s total exports to Singapore.
What does Indonesia import from Singapore?
HS 27 (Mineral fuels, oils, etc.) is also the top import, making up 59.19% of Indonesia’s total imports from Singapore.
What is the trade balance between Indonesia and Singapore?
Indonesia recorded a trade deficit of $4.01B with Singapore (Jan-May 2024), with imports nearly double exports, indicating structural reliance.
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.
Indonesia - Singapore Trade 2024 Q1: Deficit Widens
Indonesia's trade deficit with Singapore hit $2.21B in Q1 2024 as mineral fuels dominate bilateral exchange. Explore Indonesia-Singapore trade trends & top products via yTrade data.
