Indonesia - Thailand Trade 2023 Whole Year: Deficit & Resource Exchange
Key Market Takeaways: Indonesia - Thailand Trade
The bilateral trade relationship between Indonesia and Thailand shows growth with high volatility in 2023.
- Trade Deficit Dominates: Indonesia ran a $3.03B deficit ($10.25B imports vs. $7.22B exports), with imports exceeding exports by 42%. Volatile monthly swings suggest uneven demand or supply chain adjustments.
- Resource-for-Tech Exchange: Indonesia - Thailand trade statistics reveal a lopsided flow: mineral fuels (34% of exports) for vehicles and machinery (16% of imports), highlighting Thailand’s higher value-add position.
- Complementary but Imbalanced: The partnership is structurally complementary (raw materials for finished goods) but reinforces Thailand’s industrial advantage over Indonesia’s commodity reliance.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Thailand Trade Trend in Whole Year 2023
Indonesia Export Performance: Shipments to Thailand
- Total Volume: $7.22B in 2023.
- Growth Trend & Context:
- Mixed YoY performance: Strong growth in Jan (+5.95%) and Feb (+10.49%), but a -7.57% drop in March. No YoY data post-March.
- Key Volatility: May saw a 70.79% MoM surge, while December recorded a sharp -29.24% MoM decline.
Indonesia Import Performance: Sourcing from Thailand
- Total Volume: $10.25B in 2023.
- Growth Trend & Context:
- Weak YoY start: -4.26% in Jan and -13.08% in Feb, with March at -6.46%. No YoY comparisons after Q1.
- Key Volatility: April imports plummeted -45.36% MoM, but May rebounded with +62.99% MoM growth.
Indonesia - Thailand Trade Balance & Market Dynamics
- Net Position: Trade deficit of $3.03B (Imports $10.25B > Exports $7.22B).
- Relationship Status: Indonesia remains a net importer from Thailand, with imports exceeding exports by 42%. Volatility in both flows suggests uneven demand or supply chain adjustments.
Indonesia Import Trend from Thailand 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 899.33M | 0.0% | -4.26% |
| Feb | 901.98M | 0.29% | -13.08% |
| Mar | 1.13B | 25.1% | -6.46% |
| Apr | 616.53M | -45.36% | 0.0% |
| May | 1.00B | 62.99% | 0.0% |
| Jun | 788.70M | -21.51% | 0.0% |
| Jul | 854.48M | 8.34% | 0.0% |
| Aug | 796.99M | -6.73% | 0.0% |
| Sep | 800.00M | 0.38% | 0.0% |
| Oct | 850.75M | 6.34% | 0.0% |
| Nov | 820.23M | -3.59% | 0.0% |
| Dec | 790.94M | -3.57% | 0.0% |
| Total | 10.25B | - | - |
Indonesia Export Trend to Thailand 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 574.31M | 0.0% | 5.95% |
| Feb | 653.24M | 13.74% | 10.49% |
| Mar | 735.22M | 12.55% | -7.57% |
| Apr | 428.73M | -41.69% | 0.0% |
| May | 732.23M | 70.79% | 0.0% |
| Jun | 586.77M | -19.87% | 0.0% |
| Jul | 577.68M | -1.55% | 0.0% |
| Aug | 600.59M | 3.97% | 0.0% |
| Sep | 574.48M | -4.35% | 0.0% |
| Oct | 665.95M | 15.92% | 0.0% |
| Nov | 640.48M | -3.82% | 0.0% |
| Dec | 453.19M | -29.24% | 0.0% |
| Total | 7.22B | - | - |
Get Historical Indonesia Thailand Trade Records
Indonesia-Thailand Top Trading Products in Whole Year 2023
Indonesia Export Profile: What Does Indonesia Sell to Thailand
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 34.39% of total exports to Thailand.
- Demand Driver: Thailand uses these for industrial processing, likely as energy inputs for manufacturing.
- Concentration: Trade is highly concentrated, with HS 27 alone accounting for over a third of exports.
Indonesia Import Profile: What Does Indonesia Buy from Thailand
- Top Commodity: Rank #1 import is HS 87 (Vehicles) at 15.89% of total imports from Thailand.
- Dependency Nature: Reflects a mix of consumer market demand (vehicles) and industrial inputs (machinery, plastics).
Indonesia - Thailand Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia supplies raw materials (mineral fuels) and receives higher-value goods (vehicles, machinery) in return.
- Value Chain Position: Thailand holds the higher value-add position, exporting finished products (HS 87, 84) while Indonesia primarily provides commodities.
Import Analysis by Product: Thailand to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 1.63B | 15.89% |
| 84 | 1.50B | 14.63% |
| 17 | 1.29B | 12.58% |
| 39 | 1.04B | 10.16% |
| 85 | 880.46M | 8.59% |
| 10 | 806.20M | 7.86% |
| 40 | 259.16M | 2.53% |
| 29 | 222.08M | 2.17% |
| 27 | 165.99M | 1.62% |
| 72 | 146.87M | 1.43% |
Export Analysis by Product: Indonesia to Thailand (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 2.48B | 34.39% |
| 87 | 1.06B | 14.65% |
| 84 | 561.73M | 7.78% |
| 85 | 403.53M | 5.59% |
| 72 | 314.75M | 4.36% |
| 74 | 185.67M | 2.57% |
| 29 | 147.90M | 2.05% |
| 48 | 144.77M | 2.00% |
| 38 | 115.27M | 1.60% |
| 33 | 104.99M | 1.45% |
Check Detailed Indonesia-Thailand Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade with Thailand is expected to remain volatile in the near term, driven by fluctuating demand for mineral fuels (HS 27) and Thailand’s uneven import appetite for Indonesian goods. The persistent $3.03B trade deficit highlights structural imbalances, with Thailand maintaining a higher value-add position through vehicle and machinery exports. However, Indonesia’s resource exports could see renewed demand if Thailand’s industrial sector rebounds, offering partial offset to the deficit. Traders should brace for supply chain adjustments and price swings, particularly in energy and automotive sectors.
Strategic Moves
- Diversify Export Markets: Reduce reliance on Thailand for mineral fuel sales by targeting emerging ASEAN buyers (Vietnam, Philippines) to mitigate volatility risks.
- Negotiate Long-Term Supply Contracts: Lock in stable pricing for critical imports (HS 87 vehicles, HS 84 machinery) to hedge against sudden cost surges from Thailand.
- Boost Value-Added Exports: Invest in downstream processing of raw materials (e.g., refined petroleum, rubber products) to capture higher margins and reduce Thailand’s dominance in finished goods.
Frequently Asked Questions
How did Indonesia - Thailand trade perform in 2023 Whole Year?
Indonesia exported $7.22B to Thailand and imported $10.25B, resulting in mixed monthly growth trends and a trade deficit of $3.03B.
What are the top exports from Indonesia to Thailand?
The top export was HS 27 (Mineral fuels, oils), accounting for 34.39% of total exports, reflecting Thailand's demand for energy inputs.
What does Indonesia import from Thailand?
The top import was HS 87 (Vehicles), making up 15.89% of total imports, alongside machinery and plastics for industrial and consumer use.
What is the trade balance between Indonesia and Thailand?
Indonesia had a trade deficit of $3.03B with Thailand, with imports exceeding exports by 42%, indicating a net importer position.
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