Indonesia - Vietnam Trade 2024 Whole Year: $0.95B Surplus
Key Market Takeaways: Indonesia - Vietnam Trade
The bilateral trade relationship between Indonesia and Vietnam shows robust growth with notable volatility in 2024.
- Indonesia holds a $0.95B trade surplus, exporting $3.51B to Vietnam while importing $2.56B, driven by strong YoY spikes in key months.
- Trade statistics reveal a resource-for-tech exchange: Indonesia supplies mineral fuels (26% of exports) and metals, while Vietnam dominates with cereals (16% of imports) and higher-value machinery/textiles.
- Complementary economies: Vietnam’s manufacturing prowess and Indonesia’s raw material exports create a balanced, interdependent supply chain.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Vietnam Trade Trend in Whole Year 2024
Indonesia Export Performance: Shipments to Vietnam
- Total Volume: $3.51B in 2024.
- Growth Trend & Context:
- Strong YoY growth in May (+41.07%) and April (+20.49%), offsetting a slight dip in February (-2.44%).
- No specific trade news to explain volatility.
- Key Volatility: March (+29.92% MoM) and May (+32.65% MoM) saw sharp spikes, while February dropped -13.64% MoM.
Indonesia Import Performance: Sourcing from Vietnam
- Total Volume: $2.56B in 2024.
- Growth Trend & Context:
- Mixed YoY performance: April (+46.64%) and February (+35.31%) surged, but May (-3.47%) declined.
- Key Volatility: March (+17.72% MoM) peaked, while April plummeted -21.18% MoM.
Indonesia - Vietnam Trade Balance & Market Dynamics
- Net Position: Trade surplus of $0.95B (Exports $3.51B > Imports $2.56B).
- Relationship Status: Indonesia maintains a net exporter role, with exports outpacing imports by 37%.
Indonesia Import Trend from Vietnam 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 468.91M | -6.08% | 11.5% |
| Feb | 511.47M | 9.08% | 35.31% |
| Mar | 602.12M | 17.72% | 23.15% |
| Apr | 474.58M | -21.18% | 46.64% |
| May | 505.56M | 6.53% | -3.47% |
| Total | 2.56B | - | - |
Indonesia Export Trend to Vietnam 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 632.70M | 2.29% | 20.96% |
| Feb | 546.38M | -13.64% | -2.44% |
| Mar | 709.85M | 29.92% | 11.17% |
| Apr | 696.33M | -1.9% | 20.49% |
| May | 923.66M | 32.65% | 41.07% |
| Total | 3.51B | - | - |
Get Historical Indonesia Vietnam Trade Records
Indonesia-Vietnam Top Trading Products in Whole Year 2024
Indonesia Export Profile: What Does Indonesia Sell to Vietnam
- Top Commodity: Rank #1 export is HS Code 27 (Mineral Fuels, Oils) at 25.95% of total exports to Vietnam.
- Demand Driver: Vietnam uses these for industrial processing, likely as feedstock for energy or manufacturing.
- Concentration: The top 3 exports (HS Codes 27, 87, 72) account for 53.26% of total exports, indicating moderate concentration.
Indonesia Import Profile: What Does Indonesia Buy from Vietnam
- Top Commodity: Rank #1 import is HS Code 10 (Cereals) at 15.71% of total imports from Vietnam.
- Dependency Nature: Reflects food security dependency, as cereals are staple agricultural goods.
Indonesia - Vietnam Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports raw materials (mineral fuels, metals) while importing processed goods (cereals, machinery, textiles).
- Value Chain Position: Vietnam holds higher value-add in trade, with exports like machinery (HS 85) and textiles (HS 60) dominating Indonesia’s imports. Indonesia’s exports are primarily low-value commodities.
Import Analysis by Product: Vietnam to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 10 | 402.55M | 15.71% |
| 85 | 367.29M | 14.33% |
| 39 | 208.92M | 8.15% |
| 72 | 178.87M | 6.98% |
| 84 | 157.56M | 6.15% |
| 09 | 113.80M | 4.44% |
| 64 | 108.88M | 4.25% |
| 28 | 90.14M | 3.52% |
| 60 | 83.95M | 3.28% |
| 44 | 81.24M | 3.17% |
Export Analysis by Product: Indonesia to Vietnam (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 910.60M | 25.95% |
| 87 | 513.05M | 14.62% |
| 72 | 445.14M | 12.69% |
| 74 | 254.52M | 7.25% |
| 15 | 177.23M | 5.05% |
| 85 | 127.23M | 3.63% |
| 03 | 107.53M | 3.06% |
| 39 | 99.08M | 2.82% |
| 48 | 98.30M | 2.80% |
| 84 | 89.27M | 2.54% |
Check Detailed Indonesia-Vietnam Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Indonesia-Vietnam Trade
Indonesia’s trade surplus with Vietnam is expected to widen in 2025, driven by sustained demand for mineral fuels (HS 27) and industrial inputs. However, volatility in monthly trade flows—particularly in cereals (HS 10) imports—calls for caution. Vietnam’s growing manufacturing sector will likely deepen reliance on Indonesian raw materials, while Indonesia’s food security needs may increase imports of processed Vietnamese goods. Traders should prepare for tighter commodity price fluctuations and potential supply chain disruptions.
Strategic Moves for Indonesian Stakeholders
- Lock in Long-Term Fuel Contracts: With Vietnam’s industrial demand rising, Indonesian exporters of mineral fuels should secure multi-year agreements to stabilize revenue and hedge against price swings.
- Diversify Cereals Sourcing: Reduce dependency on Vietnamese cereals by exploring alternative suppliers in Thailand or India to mitigate import volatility.
- Upgrade Export Composition: Shift focus from low-value commodities to semi-processed goods (e.g., refined metals) to capture higher margins in Vietnam’s manufacturing value chain.
Next Steps: Monitor Vietnam’s energy policy shifts and stockpile strategic food imports ahead of monsoon season disruptions.
Frequently Asked Questions
How did Indonesia - Vietnam trade perform in 2024 Whole Year?
Indonesia exported $3.51B to Vietnam and imported $2.56B, with strong YoY growth in exports (+41.07% in May) and mixed import performance (+46.64% in April but -3.47% in May).
What are the top exports from Indonesia to Vietnam?
The top exports are Mineral Fuels, Oils (HS Code 27), Vehicles (HS Code 87), and Metals (HS Code 72), accounting for 53.26% of total exports.
What does Indonesia import from Vietnam?
The top import is Cereals (HS Code 10) at 15.71% of total imports, reflecting food security dependency, followed by machinery (HS 85) and textiles (HS 60).
What is the trade balance between Indonesia and Vietnam?
Indonesia recorded a trade surplus of $0.95B in 2024, with exports outpacing imports by 37%, maintaining its net exporter role.
Indonesia - Vietnam Trade 2023 Q4: $510M Surplus
Indonesia's $510M trade surplus with Vietnam highlights a resource-for-tech exchange. Explore Indonesia Vietnam trade trends and top trading products via yTrade data.
Indonesia - Vietnam Trade 2024 Q1: Surplus & Tech Exchange
Indonesia's $310M trade surplus with Vietnam highlights a resource-for-tech exchange. Explore Indonesia Vietnam trade trends and top trading products via yTrade data.
