Top Indonesia Exports 2023 Q2: Commodity Dominance

Indonesia Export Portfolio Overview in 2023 Q2

• Mineral fuels (HS 27) and vegetable oils (HS 15) dominate, accounting for 24.4% and 10.4% of total exports respectively.
• High concentration risk: top three sectors (fuels, oils, iron/steel) represent 45.2% of export value, creating vulnerability to commodity price swings.
• This structure reinforces Indonesia's role as a global supplier of raw and intermediate commodities, not finished goods.

Table: Indonesia Top Export Product in 2023 Q2 (Source: yTrade)

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Key Driver: Mineral Fuels, Oils & Waxes (HS 27)

• Driven by coal (HS 2701), representing 59.3% of the sector's $15.0B value.
• Product type: raw material, primarily thermal coal for power generation.
• Indonesia's dominance stems from vast coal reserves, low extraction costs, and strategic location near key Asian energy importers like China and India.

Table: HS Code 27 Detailed Breakdown

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Key Driver: Vegetable Oils & Fats (HS 15)

• Palm oil (HS 1511) is the core product, comprising 80.8% of the sector's $6.4B total.
• Acts as a complement to fuels—both are volatile bulk commodities, but palm oil faces distinct demand pressures (e.g., EU deforestation rules).
• Strategically critical: Indonesia controls over half of global palm oil supply, giving it pricing power but also exposing it to sustainability-linked trade barriers.

Table: HS Code 15 Detailed Breakdown

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Key Driver: Iron & Steel (HS 72)

• Primary export is iron alloys (HS 7202), mainly nickel pig iron and ferroalloys, making up 54.0% of the $6.4B sector.
• Represents emerging growth, not legacy output: driven by Indonesia’s downstreaming policy banning raw nickel ore exports to capture more value domestically.
• This sector signals Indonesia’s attempt to move beyond pure resource extraction into intermediate processing, leveraging its nickel reserves for EV battery supply chains.

Table: HS Code 72 Detailed Breakdown

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Frequently Asked Questions

What is Indonesia's largest export commodity in 2023 Q2?

The largest export category is Mineral fuels, mineral oils and products of their distillation (HS 27), valued at $15.04B. This sector is primarily driven by exports of Coal; briquettes, ovoids, and similar solid fuels (HS 2701), which alone accounted for $8.91B (59.25%) of the total.

Which specific Mineral fuels products does Indonesia export most in 2023 Q2?

Within the Mineral fuels sector, the top exports are:

1. Coal; briquettes, ovoids, and similar solid fuels (HS 2701) - $8.91B (59.25%)
2. Lignite (brown coal) (HS 2702) - $2.16B (14.34%)
3. Petroleum gases and other gaseous hydrocarbons (HS 2711) - $2.05B (13.64%)

Does Indonesia export Animal or vegetable fats and oils in 2023 Q2?

Yes. Animal or vegetable fats and oils (HS 15) is Indonesia’s second-largest export sector, valued at $6.41B. The primary driver is Palm oil and its fractions (HS 1511), contributing $5.18B (80.84%) of the total.

What are the main industries driving Indonesia's economy?

Indonesia’s export economy is heavily reliant on its top 3 industries:

1. Mineral fuels (HS 27) - $15.04B (24.42%)
2. Animal/vegetable fats & oils (HS 15) - $6.41B (10.41%)
3. Iron and steel (HS 72) - $6.37B (10.34%)
   Together, these sectors account for 45.17% of total exports.

How to find Indonesia Mineral fuels suppliers?

You can access a list of active suppliers and exporters for Mineral fuels (HS 27) using the yTrade database, which provides detailed shipment records and company contacts.