Indonesia - Thailand Trade 2023 Q4: Stagnant Growth & Deficit
Key Market Takeaways: Indonesia - Thailand Trade
The bilateral trade relationship between Indonesia and Thailand reflects stagnant growth with a persistent deficit in Q4 2023.
- Economic Pulse: Indonesia runs a $700M trade deficit with Thailand, importing 40% more than it exports. Volatility marked the quarter, with sharp MoM declines in December for both exports (-29.24%) and imports (-3.57%).
- Exchange Structure: Indonesia - Thailand trade statistics reveal a resource-for-tech swap—Indonesia supplies mineral fuels (33.37% of exports) while Thailand dominates with machinery (15.29% of imports).
- Strategic Interdependence: The partnership is structurally complementary but imbalanced, with Thailand holding higher value-add in manufactured goods.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Thailand Trade Trend in Q4 2023
Indonesia Export Performance: Shipments to Thailand
- Total Volume: $1.76B in Q4 2023.
- Growth Trend & Context: YoY stagnant (0.0% across months). No significant policy shifts or external drivers noted.
- Key Volatility: Sharp -29.24% MoM drop in December, the lowest month.
Indonesia Import Performance: Sourcing from Thailand
- Total Volume: $2.46B in Q4 2023.
- Growth Trend & Context: YoY flat (0.0%). No news to explain the -3.57% MoM decline in December.
- Key Volatility: October peaked at $850.75M, followed by consecutive monthly declines.
Indonesia - Thailand Trade Balance & Market Dynamics
- Net Position: $700M trade deficit (Imports > Exports).
- Relationship Status: Indonesia remains a net importer from Thailand, with Q4 imports 40% higher than exports.
Indonesia Import Trend from Thailand 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 850.75M | 6.34% | 0.0% |
| Nov | 820.23M | -3.59% | 0.0% |
| Dec | 790.94M | -3.57% | 0.0% |
| Total | 2.46B | - | - |
Indonesia Export Trend to Thailand 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 665.95M | 15.92% | 0.0% |
| Nov | 640.48M | -3.82% | 0.0% |
| Dec | 453.19M | -29.24% | 0.0% |
| Total | 1.76B | - | - |
Get Historical Indonesia Thailand Trade Records
Indonesia-Thailand Top Trading Products in Q4 2023
Indonesia Export Profile: What Does Indonesia Sell to Thailand
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 33.37% of total exports to Thailand.
- Demand Driver: Thailand uses these for industrial processing, likely refining or energy generation.
- Concentration: The trade is moderately concentrated, with the top 3 categories (HS 27, 87, 84) accounting for 55.11% of exports.
Indonesia Import Profile: What Does Indonesia Buy from Thailand
- Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, boilers, machinery) at 15.29% of total imports from Thailand.
- Dependency Nature: Critical technology dependency, as machinery and equipment dominate imports.
Indonesia - Thailand Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports raw materials (mineral fuels) and imports high-value machinery, indicating a classic resource-for-technology swap.
- Value Chain Position: Thailand holds the higher value-add position, supplying advanced machinery (HS 84, 85) while Indonesia provides commodities (HS 27, 72).
Import Analysis by Product: Thailand to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 376.47M | 15.29% |
| 87 | 342.86M | 13.93% |
| 10 | 338.70M | 13.76% |
| 39 | 274.78M | 11.16% |
| 85 | 229.14M | 9.31% |
| 17 | 94.28M | 3.83% |
| 40 | 82.76M | 3.36% |
| 29 | 60.05M | 2.44% |
| 27 | 46.81M | 1.90% |
| 48 | 46.75M | 1.90% |
Export Analysis by Product: Indonesia to Thailand (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 587.11M | 33.37% |
| 87 | 247.34M | 14.06% |
| 84 | 135.08M | 7.68% |
| 85 | 96.28M | 5.47% |
| 72 | 81.94M | 4.66% |
| 74 | 51.16M | 2.91% |
| 29 | 39.67M | 2.25% |
| 38 | 31.89M | 1.81% |
| 48 | 31.39M | 1.78% |
| 33 | 27.17M | 1.54% |
Check Detailed Indonesia-Thailand Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade with Thailand is expected to remain stagnant in the near term, with no immediate catalysts for growth given the flat YoY performance in Q4 2023. The persistent $700M deficit highlights Indonesia’s reliance on Thai machinery imports, while its own exports—dominated by mineral fuels—face demand volatility, as seen in December’s sharp -29.24% MoM drop. Without structural shifts, the resource-for-tech exchange will likely sustain, but traders should prepare for price fluctuations in key commodities like HS 27 (mineral fuels) due to Thailand’s refining demand cycles.
Strategic Moves
- Diversify Export Markets: Reduce overreliance on Thailand for commodity exports by targeting emerging ASEAN buyers for HS 27 and HS 72 (steel), mitigating risks from sudden demand drops.
- Lock in Long-Term Tech Contracts: Importers of Thai machinery (HS 84) should negotiate fixed-price agreements to hedge against potential supply chain disruptions or currency volatility.
- Boost Value-Added Exports: Indonesian manufacturers must pivot toward intermediate goods (e.g., processed fuels, auto parts) to capture higher margins and reduce the trade deficit with Thailand.
Frequently Asked Questions
How did Indonesia - Thailand trade perform in 2023 Q4?
Indonesia's exports to Thailand totaled $1.76B, with stagnant YoY growth (0.0%). Imports from Thailand reached $2.46B, also flat YoY, but declined MoM by -3.57% in December.
What are the top exports from Indonesia to Thailand?
The top exports are HS 27 (Mineral fuels, oils), HS 87 (Vehicles), and HS 84 (Machinery), accounting for 55.11% of total exports.
What does Indonesia import from Thailand?
The top imports are HS 84 (Nuclear reactors, boilers, machinery) and HS 85 (Electrical machinery), reflecting a technology dependency.
What is the trade balance between Indonesia and Thailand?
Indonesia recorded a $700M trade deficit with Thailand in Q4 2023, with imports 40% higher than exports. The gap remained consistent with no significant widening or narrowing.
Indonesia Thailand Trade 2023 Q3
---

title: "Indonesia - Thailand Trade 2023 Q3: Stagnant Deficit Persists"
description: "Indonesia's trade deficit with Thailand remains at $700M in Q3 2023, with energy exports for machinery imports. Explore Indonesia Thailand trade trends & top trading products via yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/indonesia-data/indonesia-thailand-trade-2023-q3.webp
create_date: 2023-10-01
update_date: 2023-10-01
author: yTrade
slug: indonesia-thailand-trade-2023-q3
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:
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  lastmod: 2023-10-01
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ogTitle: "Indonesia - Thailand Trade 2023 Q3: Stagnant Deficit Persists"
ogDescription: "Indonesia's trade deficit with Thailand remains at $700M in Q3 2023, with energy exports for machinery imports. Explore Indonesia Thailand trade trends & top trading products via yTrade data."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/indonesia-data/indonesia-thailand-trade-2023-q3.webp
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twitterTitle: "Indonesia - Thailand Trade 2023 Q3: Stagnant Deficit Persists"
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---

## Key Market Takeaways: Indonesia - Thailand Trade  

The bilateral trade relationship between **Indonesia** and **Thailand** remains stagnant in Q3 2023, with no significant growth or policy shifts.  

- **Trade Deficit Persists:** Indonesia recorded a **$700M deficit** ($2.45B imports vs. $1.75B exports), reflecting unchanged YoY dependency on Thai goods.  
- **Resource-for-Tech Exchange:** Indonesia - Thailand trade statistics show a **complementary structure**—energy exports (HS 27, 30.4% share) for machinery imports (HS 84, 16.5% share).  
- **Asymmetrical Value Chain:** Thailand holds the higher-value position, supplying industrial equipment while Indonesia provides raw materials.  

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

## Indonesia-Thailand Trade Trend in Q3 2023

### Indonesia Export Performance: Shipments to Thailand  
- **Total Volume:** $1.75B in Q3 2023.  
- **Growth Trend & Context:** YoY growth flat (0.0% across all months). No significant policy shifts or disruptions noted.  
- **Key Volatility:** August saw a 3.97% MoM rise, followed by a -4.35% drop in September.  

### Indonesia Import Performance: Sourcing from Thailand  
- **Total Volume:** $2.45B in Q3 2023.  
- **Growth Trend & Context:** YoY growth stagnant (0.0%). No external factors driving changes.  
- **Key Volatility:** July peaked with $854.48M (+8.34% MoM), then fell -6.73% in August.  

### Indonesia - Thailand Trade Balance & Market Dynamics  
- **Net Position:** **Trade deficit** of $700M (Imports $2.45B > Exports $1.75B).  
- **Relationship Status:** Indonesia remains a net importer from Thailand, with no YoY shifts in trade dependency.

### Indonesia Import Trend from Thailand 2023 Q3 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jul | 854.48M | 8.34% | 0.0% |
| Aug | 796.99M | -6.73% | 0.0% |
| Sep | 800.00M | 0.38% | 0.0% |
| **Total** | **2.45B** | - | - |

### Indonesia Export Trend to Thailand 2023 Q3 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jul | 577.68M | -1.55% | 0.0% |
| Aug | 600.59M | 3.97% | 0.0% |
| Sep | 574.48M | -4.35% | 0.0% |
| **Total** | **1.75B** | - | - |

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

## Indonesia-Thailand Top Trading Products in Q3 2023

### Indonesia Export Profile: What Does Indonesia Sell to Thailand  
- **Top Commodity:** Rank #1 export is **HS 27 (Mineral fuels, oils, distillation products)** with a 30.38% share.  
- **Demand Driver:** Thailand imports these for energy needs and industrial processing.  
- **Concentration:** The trade is moderately concentrated, with the top 3 exports (HS 27, 87, 84) accounting for 54.11% of total exports.  

### Indonesia Import Profile: What Does Indonesia Buy from Thailand  
- **Top Commodity:** Rank #1 import is **HS 84 (Nuclear reactors, boilers, machinery)** with a 16.54% share.  
- **Dependency Nature:** Reflects a critical technology dependency, particularly in industrial machinery and equipment.  

### Indonesia - Thailand Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Tech Complementarity.** Indonesia exports raw materials (mineral fuels) and imports high-value machinery from Thailand.  
- **Value Chain Position:** Thailand holds the higher value-add position, given its exports of machinery (HS 84) and vehicles (HS 87), while Indonesia primarily supplies energy and base metals.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 84 | 405.44M | 16.54% |
| 87 | 390.21M | 15.92% |
| 39 | 272.96M | 11.13% |
| 85 | 221.80M | 9.05% |
| 17 | 198.72M | 8.11% |
| 10 | 166.38M | 6.79% |
| 40 | 68.21M | 2.78% |
| 27 | 66.86M | 2.73% |
| 29 | 56.40M | 2.30% |
| 72 | 44.62M | 1.82% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 27 | 532.55M | 30.38% |
| 87 | 271.13M | 15.47% |
| 84 | 144.82M | 8.26% |
| 85 | 93.80M | 5.35% |
| 72 | 80.92M | 4.62% |
| 74 | 41.10M | 2.35% |
| 29 | 34.49M | 1.97% |
| 48 | 32.91M | 1.88% |
| 38 | 32.68M | 1.86% |
| 33 | 28.27M | 1.61% |

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

## Future Outlook & Strategic Recommendations  

### Forecast for Indonesia - Thailand Trade  
The Indonesia - Thailand trade relationship is expected to remain stable in the near term, with modest growth potential constrained by stagnant YoY performance. The persistent trade deficit of $700M highlights Indonesia’s reliance on Thai machinery (HS 84) and vehicles (HS 87), while Thailand’s steady demand for Indonesian mineral fuels (HS 27) provides a floor for export volumes. However, without policy intervention or shifts in commodity prices, trade growth is likely to remain flat. Volatility in monthly figures—such as the 8.34% MoM import spike in July—suggests traders should prepare for short-term fluctuations despite the overall steady trend.  

### Strategic Moves for Indonesian Traders  
- **Diversify Export Markets:** Reduce overreliance on Thailand by targeting ASEAN neighbors for mineral fuels (HS 27) and base metals, leveraging regional trade agreements to offset stagnant demand.  
- **Secure Long-Term Contracts for Critical Imports:** Lock in machinery (HS 84) and vehicle (HS 87) supply agreements with Thai manufacturers to mitigate price volatility and ensure stable industrial inputs.  
- **Invest in Value-Add Processing:** Upgrade Indonesia’s export profile by refining raw materials (e.g., mineral fuels) domestically before shipment, capturing more of the supply chain value currently retained by Thailand.

## Frequently Asked Questions

### How did Indonesia - Thailand trade perform in 2023 Q3?  
Indonesia's exports to Thailand totaled $1.75B, with flat YoY growth (0.0%). Imports from Thailand reached $2.45B, also showing no YoY change.  

### What are the top exports from Indonesia to Thailand?  
The top exports are HS 27 (Mineral fuels, oils, distillation products), HS 87, and HS 84, accounting for 54.11% of total exports.  

### What does Indonesia import from Thailand?  
The top import is HS 84 (Nuclear reactors, boilers, machinery), reflecting Indonesia's technology dependency on Thailand for industrial machinery.  

### What is the trade balance between Indonesia and Thailand?  
Indonesia recorded a trade deficit of $700M in Q3 2023, with imports ($2.45B) exceeding exports ($1.75B). The deficit remained stable YoY.
Indonesia - Thailand Trade 2024 Whole Year: Deficit Widens
Indonesia's trade deficit with Thailand hit $1.12B in 2024, fueled by mineral fuel exports and tech imports. Explore Indonesia Thailand trade trends and top trading products via yTrade data.
