Indonesia - Singapore Trade 2024 Q1: Deficit Widens
Key Market Takeaways: Indonesia - Singapore Trade
The bilateral trade relationship between Indonesia and Singapore reflects a persistent trade deficit for Indonesia in Q1 2024, with imports nearly doubling exports.
- Economic Pulse: Indonesia recorded a $2.21B trade deficit with Singapore (exports: $2.89B, imports: $5.10B), driven by strong YoY import growth (+26.6% avg) amid declining exports (-13.6% avg).
- Exchange Structure: Bilateral trade statistics reveal a resource-for-resource exchange, dominated by HS 27 (Mineral Fuels/Oils) on both sides—42% of Indonesia’s exports and 60% of imports—highlighting Singapore’s role as a refining/re-export hub.
- Strategic Interdependence: The partnership is asymmetrically complementary, with Singapore adding value through machinery/electronics (HS 84/85) while Indonesia supplies raw materials.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Singapore Trade Trend in Q1 2024
Indonesia Export Performance: Shipments to Singapore
- Total Volume: $2.89B in Q1 2024.
- Growth Trend & Context:
- YoY decline persisted in Jan (-16.27%) and Feb (-22.79%), easing slightly in Mar (-1.65%). No news drivers cited.
- Key Volatility: March saw a sharp MoM rebound (+31.77%) after consecutive drops in Jan-Feb.
Indonesia Import Performance: Sourcing from Singapore
- Total Volume: $5.10B in Q1 2024.
- Growth Trend & Context:
- Strong YoY growth across all months (Jan: +30.91%, Feb: +21.63%, Mar: +26.63%). No news context provided.
- Key Volatility: March recorded the highest value ($1.84B) and MoM growth (+11.35%).
Indonesia - Singapore Trade Balance & Market Dynamics
- Net Position: Trade deficit of $2.21B (Exports $2.89B vs. Imports $5.10B).
- Relationship Status: Indonesia remains a net importer from Singapore, with imports nearly double exports in Q1.
Indonesia Import Trend from Singapore 2024 Q1 (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% |
| Total | 5.10B | - | - |
Indonesia Export Trend to Singapore 2024 Q1 (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% |
| Total | 2.89B | - | - |
Get Historical Indonesia Singapore Trade Records
Indonesia-Singapore Top Trading Products in Q1 2024
Indonesia Export Profile: What Does Indonesia Sell to Singapore
- Top Commodity: Rank #1 export is HS 27 (Mineral Fuels, Oils) at 42.07% 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) at 59.53% of total imports from Singapore.
- Dependency Nature: Reflects energy security dependency, likely refined petroleum products or re-exports.
Indonesia - Singapore Trade Relationship Dynamics
- The Exchange Model: Resource-for-Resource Trade with overlapping HS 27 dominance. Suggests Singapore acts as a refining or re-export hub for Indonesian crude or semi-processed fuels.
- Value Chain Position: Singapore holds higher value-add, evidenced by secondary exports like HS 85 (Electronics) and HS 84 (Machinery), while Indonesia’s exports remain raw-material heavy.
Import Analysis by Product: Singapore to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 3.04B | 59.53% |
| 84 | 384.85M | 7.55% |
| 85 | 316.89M | 6.21% |
| 29 | 278.21M | 5.46% |
| 39 | 246.56M | 4.83% |
| 90 | 134.32M | 2.63% |
| 38 | 94.58M | 1.85% |
| 71 | 90.73M | 1.78% |
| 33 | 69.08M | 1.35% |
| 73 | 48.44M | 0.95% |
Export Analysis by Product: Indonesia to Singapore (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.22B | 42.07% |
| 85 | 436.71M | 15.12% |
| 71 | 264.95M | 9.17% |
| 84 | 218.95M | 7.58% |
| 73 | 62.32M | 2.16% |
| 21 | 53.98M | 1.87% |
| 38 | 47.53M | 1.65% |
| 89 | 43.12M | 1.49% |
| 24 | 38.71M | 1.34% |
| 90 | 37.66M | 1.30% |
Check Detailed Indonesia-Singapore Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Indonesia-Singapore trade relationship in Q1 2024 reveals a persistent deficit for Indonesia, driven by Singapore’s refining and re-export dominance in mineral fuels (HS 27). While Indonesian exports showed signs of recovery in March, the YoY decline suggests underlying demand volatility, likely tied to global energy price fluctuations. Conversely, Indonesia’s import growth from Singapore remains robust, signaling sustained reliance on refined petroleum and high-value machinery. For Q2 2024, expect trade volumes to stabilize with modest export recovery, but the deficit will persist unless Indonesia diversifies its export basket or secures higher-value refining partnerships.
Strategic Moves
- Diversify Export Commodities: Indonesian exporters must reduce dependence on HS 27 by pushing processed goods (e.g., palm oil derivatives, textiles) to Singapore’s consumer and industrial markets.
- Negotiate Refinery Partnerships: Indonesian energy firms should secure joint ventures with Singaporean refiners to capture more value from crude exports, rather than selling raw materials.
- Optimize Import Sourcing: Indonesian importers should explore alternative suppliers for HS 27 products (e.g., Middle East, Malaysia) to mitigate overreliance on Singapore and improve trade terms.
Frequently Asked Questions
How did Indonesia - Singapore trade perform in 2024 Q1?
Indonesia's exports to Singapore totaled $2.89B in Q1 2024, with a YoY decline, while imports from Singapore surged to $5.10B, showing strong YoY growth.
What are the top exports from Indonesia to Singapore?
The top export from Indonesia to Singapore is HS 27 (Mineral Fuels, Oils), accounting for 42.07% of total exports.
What does Indonesia import from Singapore?
Indonesia's top import from Singapore is also HS 27 (Mineral Fuels, Oils), making up 59.53% of total imports.
What is the trade balance between Indonesia and Singapore?
Indonesia recorded a trade deficit of $2.21B with Singapore in Q1 2024, with imports nearly double exports.
Indonesia - Singapore Trade 2024 Whole Year: Widening Deficit
Indonesia Singapore trade trend shows a widening deficit in 2024, with mineral fuels dominating as the top trading product. Explore insights from yTrade data.
Indonesia - Singapore Trade 2024 Q2: Widening Deficit
Indonesia's trade deficit with Singapore surged to $1.8B in Q2 2024, driven by rising imports and falling exports. Explore the Indonesia Singapore trade trend and top trading product insights with yTrade data.
