Top Indonesia Exports 2023 Q4: Commodity Dominance

Indonesia Export Portfolio Overview in 2023 Q4

• Dominated by mineral fuels (HS 27, 22.44%) and vegetable oils (HS 15, 10.57%), with iron/steel (HS 72, 10.54%) close behind.
• High concentration risk: top three commodity-driven sectors account for over 43% of total exports, exposing Indonesia to global price volatility.
• Reinforces Indonesia's role as a global supplier of raw and intermediate materials, not finished goods.

Table: Indonesia Top Export Product in 2023 Q4 (Source: yTrade)

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Key Driver: Mineral Fuels, Mineral Oils and Products

• Driven by coal (HS 2701, $8.47B), a raw material constituting 56.73% of the sector.
• Dominance stems from Indonesia's vast thermal coal reserves and strategic proximity to major Asian energy markets like China and India.
• This sector anchors Indonesia's identity as a bulk commodity exporter, with pricing tied to regional energy demand cycles.

Table: HS Code 27 Detailed Breakdown

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Key Driver: Animal or Vegetable Fats and Oils

• Palm oil (HS 1511, $5.38B) accounts for 76.54% of the sector—another raw material export.
• Acts as a complement to mineral fuels, diversifying but not reducing commodity concentration risk. Both sectors are resource-extractive and subject to similar environmental and pricing pressures.
• Strategically critical: Indonesia is the world's largest palm oil producer, giving it structural leverage in global food and biofuel supply chains.

Table: HS Code 15 Detailed Breakdown

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Key Driver: Iron and Steel

• Primarily driven by ferro-alloys (HS 7202, $4.06B), an intermediate good used in steelmaking.
• Represents a stable legacy sector with growth potential, linked to domestic nickel processing and export restrictions on raw ores.
• Signals Indonesia's gradual pivot into mid-stream processing, though still oriented toward bulk industrial inputs rather than high-value finished products.

Table: HS Code 72 Detailed Breakdown

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Frequently Asked Questions

What is Indonesia's largest export commodity in 2023 Q4?

The largest export category is Mineral fuels, mineral oils, and products of their distillation (HS 27), valued at $14.93B. This sector is primarily driven by exports of Coal; briquettes, ovoids, and similar solid fuels (HS 2701), accounting for 56.73% of the total value.

Which specific Mineral fuels products does Indonesia export most in 2023 Q4?

Within the Mineral fuels sector, the top exports are Coal (HS 2701, $8.47B), Petroleum gases (HS 2711, $2.21B), and Petroleum oils (HS 2702, $2.06B), which together account for 85.29% of the sector’s total exports.

Does Indonesia export Animal or vegetable fats and oils in 2023 Q4?

Yes. Animal or vegetable fats and oils (HS 15) is Indonesia’s second-largest export sector, valued at $7.03B. The primary driver is Palm oil (HS 1511), contributing 76.54% ($5.38B) of the sector’s total value.

What are the main industries driving Indonesia's economy?

Indonesia’s economy is heavily reliant on its top three export sectors:

1. Mineral fuels (HS 27, $14.93B, 22.44%)
2. Animal/vegetable fats & oils (HS 15, $7.03B, 10.57%)
3. Iron and steel (HS 72, $7.01B, 10.54%).

These sectors alone account for 43.55% of total exports, indicating a concentrated structure.

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.