Indonesia - South Korea Trade 2024 Whole Year: $760M Surplus
Key Market Takeaways: Indonesia - South Korea Trade
The bilateral trade relationship between Indonesia and South Korea shows growth amid volatility in 2024.
- Economic Pulse: Indonesia holds a $760M trade surplus ($4.53B exports vs. $3.77B imports), though both flows face erratic monthly swings—exports rebounded in March-April, while imports slumped sharply.
- Exchange Structure: Indonesia - South Korea trade statistics reveal resource-for-tech dependency: Mineral fuels (36.69% of exports) flow to South Korea, while electrical machinery (23.34% of imports) dominates inbound shipments.
- Strategic Interdependence: Highly complementary but unequal—South Korea captures higher value-add in tech, while Indonesia supplies critical raw materials.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-South Korea Trade Trend in Whole Year 2024
Indonesia Export Performance: Shipments to South Korea
- Total Volume: $4.53B in 2024 (Jan-May).
- Growth Trend & Context:
- Mixed YoY performance: Contractions in Jan (-13.73%) and Feb (-7.91%) reversed with growth in Mar (+7.89%), Apr (+39.89%), and May (+2.21%).
- No specific trade news to explain fluctuations.
- Key Volatility: April saw the highest MoM growth (+10.19%), while May recorded the sharpest drop (-21.78%).
Indonesia Import Performance: Sourcing from South Korea
- Total Volume: $3.77B in 2024 (Jan-May).
- Growth Trend & Context:
- Predominantly negative YoY trends, with May (-34.29%) and Jan (-24.54%) as the weakest. Only March (+0.01%) showed flat growth.
- Key Volatility: March had the highest MoM surge (+58.23%), while April plummeted (-42.06%).
Indonesia - South Korea Trade Balance & Market Dynamics
- Net Position: Trade Surplus of $760M (Exports $4.53B > Imports $3.77B).
- Relationship Status: Indonesia maintains a net exporter role, though import volatility suggests uneven demand for South Korean goods.
Indonesia Import Trend from South Korea 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 697.78M | -10.51% | -24.54% |
| Feb | 675.66M | -3.17% | -18.52% |
| Mar | 1.07B | 58.23% | 0.01% |
| Apr | 619.39M | -42.06% | -8.49% |
| May | 709.10M | 14.48% | -34.29% |
| Total | 3.77B | - | - |
Indonesia Export Trend to South Korea 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 932.09M | -11.68% | -13.73% |
| Feb | 838.18M | -10.07% | -7.91% |
| Mar | 930.08M | 10.96% | 7.89% |
| Apr | 1.02B | 10.19% | 39.89% |
| May | 801.69M | -21.78% | 2.21% |
| Total | 4.53B | - | - |
Get Historical Indonesia South Korea Trade Records
Indonesia-South Korea Top Trading Products in Whole Year 2024
Indonesia Export Profile: What Does Indonesia Sell to South Korea
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 36.69% of total exports.
- Demand Driver: South Korea uses these for industrial processing and energy needs.
- Concentration: Trade is highly concentrated, with HS 27 alone accounting for over a third of exports.
Indonesia Import Profile: What Does Indonesia Buy from South Korea
- Top Commodity: Rank #1 import is HS 85 (Electrical machinery, equipment) at 23.34% of total imports.
- Dependency Nature: Critical technology dependency, as South Korea supplies high-tech components.
Indonesia - South Korea Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports raw materials (mineral fuels) and imports high-tech goods (electrical machinery).
- Value Chain Position: South Korea holds the higher value-add position, supplying advanced manufactured goods, while Indonesia provides raw materials.
Import Analysis by Product: South Korea to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 880.02M | 23.34% |
| 72 | 389.77M | 10.34% |
| 39 | 344.81M | 9.14% |
| 84 | 328.37M | 8.71% |
| 27 | 275.09M | 7.29% |
| 87 | 134.51M | 3.57% |
| 29 | 121.38M | 3.22% |
| 28 | 116.98M | 3.10% |
| 40 | 113.68M | 3.01% |
| 60 | 105.99M | 2.81% |
Export Analysis by Product: Indonesia to South Korea (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.66B | 36.69% |
| 26 | 599.24M | 13.24% |
| 85 | 341.67M | 7.55% |
| 71 | 178.35M | 3.94% |
| 44 | 158.68M | 3.51% |
| 72 | 145.79M | 3.22% |
| 15 | 129.22M | 2.85% |
| 38 | 113.95M | 2.52% |
| 64 | 85.65M | 1.89% |
| 28 | 84.11M | 1.86% |
Check Detailed Indonesia-South Korea Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with South Korea is expected to hold steady in the near term, driven by sustained demand for mineral fuels (HS 27) despite recent volatility. However, import declines in high-tech goods (HS 85) signal weakening industrial demand or potential supply chain adjustments in South Korea. Traders should anticipate continued fluctuations, particularly in energy exports, as global commodity prices and regional industrial activity remain unpredictable. The Indonesia - South Korea trade forecast suggests a cautious expansion, contingent on stabilizing import demand and securing long-term commodity contracts.
Strategic Moves
- Lock in Energy Export Contracts: Indonesian exporters of mineral fuels should negotiate multi-year agreements with South Korean buyers to mitigate price volatility and ensure stable revenue streams.
- Diversify Tech Imports: Given the sharp drop in South Korean electrical machinery imports, Indonesian manufacturers must explore alternative suppliers in Japan or China to reduce dependency and hedge against supply disruptions.
- Monitor Industrial Policy Shifts: Stay alert to South Korea’s energy and tech sector policies, as subsidies or tariffs could abruptly alter trade flows. Proactive engagement with trade agencies will be critical for timely adjustments.
Frequently Asked Questions
How did Indonesia - South Korea trade perform in 2024 Whole Year?
Indonesia exported $4.53B and imported $3.77B from South Korea (Jan-May 2024), with mixed YoY growth trends but a net trade surplus of $760M.
What are the top exports from Indonesia to South Korea?
HS 27 (Mineral fuels, oils) dominates, accounting for 36.69% of Indonesia’s exports to South Korea, driven by industrial and energy demand.
What does Indonesia import from South Korea?
HS 85 (Electrical machinery, equipment) is the top import (23.34% share), reflecting Indonesia’s reliance on South Korea for high-tech components.
What is the trade balance between Indonesia and South Korea?
Indonesia maintains a trade surplus ($760M), exporting more raw materials while importing advanced manufactured goods from South Korea.
Indonesia - South Korea Trade 2023 Q4: Balanced Tech-Resource Exchange
Indonesia's $400M trade surplus with South Korea in Q4 2023 highlights a stable resource-for-tech dynamic. Explore Indonesia South Korea trade trends and top trading products via yTrade data.
Indonesia - South Korea Trade 2024 Q1: Resilient Surplus & Tech Exchange
Indonesia's trade surplus with South Korea hit $260M in Q1 2024, fueled by mineral fuels exports and high-tech machinery imports. Explore Indonesia South Korea trade trends and top trading products on yTrade.
