Indonesia - United States Trade 2024 Q1: $3.61B Surplus
Key Market Takeaways: Indonesia - United States Trade
The bilateral trade relationship between Indonesia and United States reflects strong net exporter dynamics with sustained demand in Q1 2024.
- $6.29B exports vs. $2.68B imports create a $3.61B surplus for Indonesia, with exports growing YoY despite March import contraction (-32.33%).
- Indonesia - United States trade statistics show a resource-for-tech complementarity: consumer electronics/apparel and raw materials (rubber, palm oil) flow to the US, while Indonesia imports energy (HS 27) and high-tech machinery/aircraft.
- Strategic interdependence is moderate, with Indonesia supplying low-margin finished goods and the US holding higher value-add in advanced exports.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-United States Trade Trend in Q1 2024
Indonesia Export Performance: Shipments to United States
- Total Volume: $6.29B in Q1 2024.
- Growth Trend & Context:
- Exports grew YoY in all months (Jan: +2.27%, Feb: +9.93%, Mar: +11.41%), signaling sustained demand.
- Key Volatility: February saw the highest MoM jump (+5.54%), while January had a slight dip (-3.58%).
Indonesia Import Performance: Sourcing from United States
- Total Volume: $2.68B in Q1 2024.
- Growth Trend & Context:
- Mixed YoY performance: January (+10.77%) and February (+7.43%) grew, but March plummeted (-32.33%).
- Key Volatility: January peaked at $1.04B before a sharp MoM drop in February (-17.09%).
Indonesia - United States Trade Balance & Market Dynamics
- Net Position: $3.61B surplus for Indonesia (Exports: $6.29B > Imports: $2.68B).
- Relationship Status: Strong net exporter role, with exports more than double imports. The March import contraction (-32.33% YoY) suggests potential demand shifts or inventory adjustments.
Indonesia Import Trend from United States 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.04B | 8.75% | 10.77% |
| Feb | 858.79M | -17.09% | 7.43% |
| Mar | 789.73M | -8.04% | -32.33% |
| Total | 2.68B | - | - |
Indonesia Export Trend to United States 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.99B | -3.58% | 2.27% |
| Feb | 2.10B | 5.54% | 9.93% |
| Mar | 2.19B | 4.27% | 11.41% |
| Total | 6.29B | - | - |
Get Historical Indonesia United States Trade Records
Indonesia-United States Top Trading Products in Q1 2024
Indonesia Export Profile: What Does Indonesia Sell to United States
- Top Commodity: Electrical machinery (HS 85) dominates exports at $1.04B, capturing 16.49% of total exports.
- Demand Driver: United States imports consumer-ready electronics (HS 85, 64, 62, 61) and apparel (HS 62, 61), indicating a consumer market focus. Rubber (HS 40) and palm oil (HS 15) suggest industrial inputs for manufacturing.
- Concentration: No single category exceeds 50%, but electronics (HS 85) and apparel (HS 62, 61) collectively account for 34.09%, showing moderate concentration.
Indonesia Import Profile: What Does Indonesia Buy from United States
- Top Commodity: Mineral fuels (HS 27) lead imports at $606.58M, representing 22.60% of total imports.
- Dependency Nature: Energy imports (HS 27) point to energy security dependency, while machinery (HS 84, 85) and aircraft (HS 88) reflect critical technology needs. Soybeans (HS 12) and wood pulp (HS 47) signal agricultural and industrial material reliance.
Indonesia - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Indonesia exports consumer goods (electronics, apparel) and raw materials (rubber, palm oil) while importing energy, machinery, and high-tech equipment.
- Value Chain Position: United States holds the higher value-add position with advanced exports (machinery, aircraft), while Indonesia supplies lower-margin finished goods and commodities.
Import Analysis by Product: United States to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 606.58M | 22.60% |
| 84 | 352.23M | 13.12% |
| 12 | 346.37M | 12.90% |
| 23 | 175.58M | 6.54% |
| 85 | 114.03M | 4.25% |
| 88 | 112.65M | 4.20% |
| 39 | 90.13M | 3.36% |
| 90 | 81.81M | 3.05% |
| 47 | 78.15M | 2.91% |
| 38 | 52.44M | 1.95% |
Export Analysis by Product: Indonesia to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 1.04B | 16.49% |
| 64 | 564.16M | 8.96% |
| 62 | 560.34M | 8.90% |
| 61 | 522.56M | 8.30% |
| 40 | 423.17M | 6.72% |
| 15 | 400.91M | 6.37% |
| 94 | 342.06M | 5.44% |
| 84 | 260.01M | 4.13% |
| 03 | 246.00M | 3.91% |
| 42 | 216.58M | 3.44% |
Check Detailed Indonesia-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with the United States is expected to widen in Q2 2024, driven by sustained demand for electronics (HS 85) and apparel (HS 62, 61). However, the sharp March import contraction (-32.33% YoY) signals potential volatility in U.S. energy and machinery exports, possibly due to inventory adjustments or shifting procurement strategies. The resource-for-tech complementarity will remain the core dynamic, but Indonesian exporters should prepare for tighter U.S. scrutiny on commodities like palm oil (HS 15) amid sustainability pressures. Over the next year, bilateral trade growth will hinge on Indonesia’s ability to stabilize industrial inputs (e.g., rubber, HS 40) while capitalizing on U.S. consumer market resilience.
Strategic Moves
- Lock in Energy Contracts: Indonesian importers must secure long-term agreements for U.S. mineral fuels (HS 27) to hedge against price swings and ensure stable energy supply.
- Diversify Export Markets for Apparel: With U.S. consumer demand strong but concentrated, Indonesian garment exporters (HS 61, 62) should expand to secondary markets like Canada or Mexico to mitigate overreliance.
- Invest in Tech-Upgrading Partnerships: Indonesian manufacturers should pursue joint ventures with U.S. machinery suppliers (HS 84, 85) to modernize production and climb the value chain, reducing dependency on low-margin finished goods.
Frequently Asked Questions
How did Indonesia - United States trade perform in 2024 Q1?
Indonesia's exports to the United States grew YoY in Q1 2024, reaching $6.29B, while imports totaled $2.68B, showing mixed performance with a sharp drop in March (-32.33% YoY).
What are the top exports from Indonesia to United States?
The top exports include electrical machinery (HS 85), apparel (HS 62, 61), rubber (HS 40), and palm oil (HS 15), reflecting a consumer market and industrial input focus.
What does Indonesia import from United States?
Indonesia primarily imports mineral fuels (HS 27), machinery (HS 84, 85), aircraft (HS 88), soybeans (HS 12), and wood pulp (HS 47), highlighting energy security and technology needs.
What is the trade balance between Indonesia and United States?
Indonesia recorded a $3.61B trade surplus with the United States in Q1 2024, driven by exports more than double the value of imports.
Indonesia - United States Trade 2024 Whole Year: $5.37B Surplus
Indonesia's trade surplus with the U.S. hits $5.37B in 2024, driven by strong exports of electrical machinery and raw materials. Explore Indonesia United States trade trends and top trading products on yTrade.
Indonesia - United States Trade 2024 Q2: $1.76B Surplus
Indonesia's trade surplus with the U.S. hits $1.76B in Q2 2024, driven by electrical machinery and palm oil exports. Explore Indonesia United States trade trends and top trading products on yTrade.
