Indonesia - Thailand Trade 2024 Whole Year: Deficit Widens
Key Market Takeaways: Indonesia - Thailand Trade
The bilateral trade relationship between Indonesia and Thailand shows mixed growth with high volatility in 2024.
- Trade Deficit Widens: Indonesia recorded a $1.12B deficit (Jan-May 2024), with imports ($4.12B) outpacing exports ($3.00B). Volatile monthly swings suggest shifting demand or supply chain adjustments.
- Resource-for-Tech Exchange: Indonesia - Thailand trade statistics reveal a lopsided complementarity—Indonesia supplies mineral fuels (38% of exports) while importing cereals, vehicles, and machinery (combined ~30% of imports).
- Asymmetrical Dependency: Thailand holds the value-add advantage, exporting processed goods to Indonesia, which remains reliant on raw material sales.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Thailand Trade Trend in Whole Year 2024
Indonesia Export Performance: Shipments to Thailand
- Total Volume: $3.00B in exports to Thailand from Jan-May 2024.
- Growth Trend & Context:
- YoY growth was mixed, with April showing a sharp 27.49% increase, while other months declined (e.g., March: -18.09%).
- No specific trade news to explain volatility.
- Key Volatility: May saw the highest MoM jump (+23.2%), while April had the steepest drop (-9.24%).
Indonesia Import Performance: Sourcing from Thailand
- Total Volume: $4.12B in imports from Thailand during the same period.
- Growth Trend & Context:
- YoY trends were largely negative, with March (-25.76%) and May (-19.36%) showing significant contractions.
- Key Volatility: April imports plummeted 30.1% MoM, the sharpest decline, while May rebounded with a 38.41% surge.
Indonesia - Thailand Trade Balance & Market Dynamics
- Net Position: Trade deficit of $1.12B (Imports exceeded exports).
- Relationship Status: Indonesia remains a net importer from Thailand, with reliance on Thai goods outweighing export demand.
Indonesia Import Trend from Thailand 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 881.19M | 11.41% | -2.02% |
| Feb | 1.00B | 13.68% | 11.06% |
| Mar | 837.65M | -16.38% | -25.76% |
| Apr | 585.50M | -30.1% | -5.03% |
| May | 810.38M | 38.41% | -19.36% |
| Total | 4.12B | - | - |
Indonesia Export Trend to Thailand 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 597.66M | 31.88% | 4.07% |
| Feb | 584.24M | -2.24% | -10.56% |
| Mar | 602.24M | 3.08% | -18.09% |
| Apr | 546.60M | -9.24% | 27.49% |
| May | 673.43M | 23.2% | -8.03% |
| Total | 3.00B | - | - |
Get Historical Indonesia Thailand Trade Records
Indonesia-Thailand Top Trading Products in Whole Year 2024
Indonesia Export Profile: What Does Indonesia Sell to Thailand
- Top Commodity: Mineral fuels (HS 27) dominate exports, accounting for 38.48% of total value.
- Demand Driver: Thailand relies on Indonesia for energy needs, likely for industrial and transportation sectors.
- Concentration: The trade is highly concentrated, with HS 27 alone making up over a third of exports.
Indonesia Import Profile: What Does Indonesia Buy from Thailand
- Top Commodity: Cereals (HS 10) lead imports with a 14.53% share, followed closely by vehicles (HS 87) at 13.73%.
- Dependency Nature: Imports span food (cereals), industrial inputs (plastics, machinery), and consumer goods (vehicles), indicating a mix of food security and industrial supply chain reliance.
Indonesia - Thailand Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports energy (HS 27) and metals (HS 74, 72) while importing machinery (HS 84, 85), vehicles (HS 87), and agricultural products (HS 10, 17).
- Value Chain Position: Thailand holds a higher value-add position, supplying processed goods (vehicles, machinery) versus Indonesia’s raw materials (fuels, metals).
Import Analysis by Product: Thailand to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 10 | 598.33M | 14.53% |
| 87 | 565.20M | 13.73% |
| 84 | 510.08M | 12.39% |
| 17 | 508.36M | 12.35% |
| 39 | 427.84M | 10.39% |
| 85 | 303.42M | 7.37% |
| 11 | 104.29M | 2.53% |
| 29 | 87.37M | 2.12% |
| 40 | 69.39M | 1.69% |
| 41 | 56.42M | 1.37% |
Export Analysis by Product: Indonesia to Thailand (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.16B | 38.48% |
| 87 | 253.41M | 8.44% |
| 84 | 206.69M | 6.88% |
| 74 | 188.56M | 6.28% |
| 85 | 157.03M | 5.23% |
| 72 | 101.27M | 3.37% |
| 29 | 54.28M | 1.81% |
| 38 | 54.04M | 1.80% |
| 48 | 53.68M | 1.79% |
| 73 | 52.74M | 1.76% |
Check Detailed Indonesia-Thailand Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade with Thailand is likely to remain volatile in the near term, with energy exports (HS 27) driving sporadic growth while industrial and consumer imports face headwinds. The persistent $1.12B deficit underscores Indonesia’s reliance on Thai processed goods, a dynamic that may widen if commodity prices fluctuate. However, Thailand’s demand for Indonesian minerals and metals could stabilize exports, provided global supply chains remain steady. Traders should prepare for uneven momentum, with potential rebounds in Q3 2024 if Thailand’s industrial activity picks up.
Strategic Moves
- Diversify Export Markets: Reduce overreliance on mineral fuels (HS 27) by expanding shipments of metals (HS 72, 74) to Thailand and other ASEAN partners.
- Lock in Cereal Supply Contracts: Given Thailand’s dominance in cereals (HS 10), Indonesian importers should secure long-term agreements to mitigate food security risks and price volatility.
- Boost Value-Added Exports: Shift from raw material shipments to semi-processed goods (e.g., refined metals, chemicals) to narrow the trade deficit and capture higher margins.
Frequently Asked Questions
How did Indonesia - Thailand trade perform in 2024 Whole Year?
Indonesia exported $3.00B to Thailand and imported $4.12B from Jan-May 2024, with mixed YoY growth trends and high monthly volatility.
What are the top exports from Indonesia to Thailand?
Mineral fuels (HS 27) dominate, accounting for 38.48% of Indonesia’s exports to Thailand, reflecting its energy sector reliance.
What does Indonesia import from Thailand?
Top imports include cereals (HS 10) and vehicles (HS 87), alongside industrial inputs like machinery and plastics.
What is the trade balance between Indonesia and Thailand?
Indonesia recorded a trade deficit of $1.12B with Thailand, as imports outweighed exports during the period.
Indonesia - Thailand Trade 2023 Q4: Stagnant Growth & Deficit
Indonesia's trade deficit with Thailand hit $700M in Q4 2023, with mineral fuels and machinery driving the Indonesia Thailand trade trend. Explore more on yTrade.
Indonesia - Thailand Trade 2024 Q1: Widening Deficit
Indonesia's trade deficit with Thailand hit $940M in Q1 2024, as mineral fuel exports fell. Explore Indonesia-Thailand trade trends & top trading products via yTrade data.
