Top Indonesia Exports 2024 Q1: Commodity Dominance

Indonesia Export Portfolio Overview in 2024 Q1

• Dominated by mineral fuels (HS 27, 21.8% share) and iron/steel (HS 72, 9.8%), reflecting a resource-heavy export base.
• High concentration risk: Top 3 sectors (fuels, steel, vegetable oils) account for 41% of total exports, creating vulnerability to commodity price swings.
• This structure reinforces Indonesia's role as a global supplier of raw and semi-processed materials, not finished goods.

Table: Indonesia Top Export Product in 2024 Q1 (Source: yTrade)

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Key Driver: Mineral Fuels, Oils & Distillation Products

• Driven overwhelmingly by coal (HS 2701, 55.7% of sector value), a low-processed raw material.
• This reflects Indonesia’s natural resource endowment and its position as the world’s largest thermal coal exporter.
• Heavy reliance on a single commodity within the sector (coal) amplifies exposure to energy demand cycles and climate policies.

Table: HS Code 27 Detailed Breakdown

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Key Driver: Iron and Steel

• Primarily fueled by ferro-alloys (HS 7202, 51.3% of sector), an intermediate industrial input.
• Acts as a complement to mineral fuels, representing a downstream processing stage but still supplying base materials to global manufacturing chains.
• Strategic as it captures more value than raw ore exports and supports domestic industrial development.

Table: HS Code 72 Detailed Breakdown

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Key Driver: Animal or Vegetable Fats and Oils

• Palm oil (HS 1511, 75.1% of sector) is the clear anchor, a semi-processed agricultural commodity.
• Represents a stable legacy sector where Indonesia holds dominant global market share, but faces sustainability pressures.
• Less volatile than minerals but exposes the economy to environmental regulations and shifting consumer preferences.

Table: HS Code 15 Detailed Breakdown

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Frequently Asked Questions

What is Indonesia's largest export commodity in 2024 Q1?

The largest export category is Mineral fuels, mineral oils and products of their distillation (HS 27), valued at $13.57B. This sector is primarily driven by exports of Coal; briquettes, ovoids, and similar solid fuels (HS 2701), which alone accounts for $7.56B (55.69%).

Which specific Mineral fuels products does Indonesia export most in 2024 Q1?

Within the Mineral fuels sector, the top exports are:

1. Coal; briquettes, ovoids, and similar solid fuels (HS 2701) - $7.56B (55.69%)
2. Petroleum gases and other gaseous hydrocarbons (HS 2711) - $1.92B (14.15%)
3. Lignite (HS 2702) - $1.81B (13.36%).

Does Indonesia export Iron and steel in 2024 Q1?

Yes. Iron and steel (HS 72) is the second-largest export sector, valued at $6.10B. The primary product is Ferro-alloys (HS 7202), contributing $3.13B (51.29%) of the total value.

What are the main industries driving Indonesia's economy?

Indonesia's export economy is heavily reliant on three key sectors:

1. Mineral fuels (HS 27) - $13.57B (21.78%)
2. Iron and steel (HS 72) - $6.10B (9.80%)
3. Animal/vegetable fats and oils (HS 15) - $5.96B (9.57%).

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.