Indonesia - Vietnam Trade 2024 Q1: Surplus & Tech Exchange
Key Market Takeaways: Indonesia - Vietnam Trade
The bilateral trade relationship between Indonesia and Vietnam shows robust growth with notable volatility in Q1 2024.
- Economic Pulse: Indonesia maintains a $310M trade surplus ($1.89B exports vs. $1.58B imports), though Vietnam's import demand surged by 23.15% YoY in March.
- Exchange Structure: Indonesia-Vietnam trade statistics reveal a resource-for-tech complementarity—Indonesia supplies mineral fuels (20.53% of exports) while Vietnam dominates electrical machinery (15.10% of imports).
- Strategic Interdependence: The partnership reflects growing supply chain integration, with Vietnam holding higher value-add in manufactured goods.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Vietnam Trade Trend in Q1 2024
Indonesia Export Performance: Shipments to Vietnam
- Total Volume: $1.89B in Q1 2024.
- Growth Trend & Context:
- YoY growth was mixed: +20.96% in January, -2.44% in February, and +11.17% in March. No specific news to explain fluctuations.
- Key Volatility: March saw a sharp 29.92% MoM surge after a 13.64% drop in February.
Indonesia Import Performance: Sourcing from Vietnam
- Total Volume: $1.58B in Q1 2024.
- Growth Trend & Context:
- Strong YoY growth: +11.5% (January), +35.31% (February), and +23.15% (March). No news to contextualize the uptrend.
- Key Volatility: March imports spiked 17.72% MoM, while January dipped 6.08%.
Indonesia - Vietnam Trade Balance & Market Dynamics
- Net Position: Trade surplus of $310M (Exports: $1.89B > Imports: $1.58B).
- Relationship Status: Indonesia maintains a net exporter role, though import demand from Vietnam is rising sharply (+23.15% YoY in March).
Indonesia Import Trend from Vietnam 2024 Q1 (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% |
| Total | 1.58B | - | - |
Indonesia Export Trend to Vietnam 2024 Q1 (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% |
| Total | 1.89B | - | - |
Get Historical Indonesia Vietnam Trade Records
Indonesia-Vietnam Top Trading Products in Q1 2024
Indonesia Export Profile: What Does Indonesia Sell to Vietnam
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 20.53% of total exports to Vietnam.
- Demand Driver: Vietnam uses these for industrial processing, likely as energy inputs for manufacturing.
- Concentration: The top 3 exports (HS 27, 87, 72) account for 50.86%, indicating moderate concentration.
Indonesia Import Profile: What Does Indonesia Buy from Vietnam
- Top Commodity: Rank #1 import is HS 85 (Electrical machinery) at 15.10% of total imports from Vietnam.
- Dependency Nature: Critical technology dependency, as Vietnam supplies high-value electronics and components.
Indonesia - Vietnam Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Indonesia exports raw materials (mineral fuels, metals) and imports finished tech goods (electrical machinery, vehicles).
- Value Chain Position: Vietnam holds the higher value-add position, dominating complex exports (HS 85, 84) while Indonesia supplies commodities.
Import Analysis by Product: Vietnam to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 238.92M | 15.10% |
| 10 | 235.66M | 14.89% |
| 39 | 149.84M | 9.47% |
| 84 | 101.25M | 6.40% |
| 72 | 100.18M | 6.33% |
| 09 | 70.86M | 4.48% |
| 64 | 68.62M | 4.34% |
| 28 | 56.06M | 3.54% |
| 87 | 48.40M | 3.06% |
| 60 | 45.46M | 2.87% |
Export Analysis by Product: Indonesia to Vietnam (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 387.87M | 20.53% |
| 87 | 318.18M | 16.84% |
| 72 | 254.85M | 13.49% |
| 74 | 133.56M | 7.07% |
| 15 | 93.49M | 4.95% |
| 85 | 75.34M | 3.99% |
| 03 | 72.86M | 3.86% |
| 39 | 59.99M | 3.18% |
| 48 | 51.60M | 2.73% |
| 84 | 50.35M | 2.67% |
Check Detailed Indonesia-Vietnam Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with Vietnam is expected to hold steady in Q2 2024, but the gap may narrow as Vietnam’s demand for Indonesian commodities (HS 27, 72) stabilizes while its high-value tech exports (HS 85, 84) continue rising. The 23.15% YoY surge in Indonesian imports from Vietnam signals a growing dependency on Vietnamese electronics, which could pressure the trade balance if unchecked. Volatility in monthly export growth (-2.44% in February, +29.92% in March) suggests traders should brace for uneven demand. Long-term, Indonesia risks cementing a resource-for-tech dependency unless it escalates value-added exports.
Strategic Moves
- Lock in Fuel Contracts: Indonesian mineral fuel (HS 27) exporters should secure long-term agreements with Vietnamese industrial buyers to hedge against price swings and maintain market share.
- Diversify Tech Imports: Reduce overreliance on Vietnamese electronics (HS 85) by sourcing from alternative ASEAN hubs like Malaysia or Thailand to mitigate supply chain risks.
- Upgrade Export Mix: Indonesian manufacturers must pivot toward higher-value exports (e.g., processed metals, machinery) to counter Vietnam’s dominance in finished goods and rebalance the trade relationship.
Frequently Asked Questions
How did Indonesia - Vietnam trade perform in 2024 Q1?
Indonesia exported $1.89B and imported $1.58B, with mixed YoY export growth (+20.96% in January, -2.44% in February, +11.17% in March) and strong import growth (+11.5% to +35.31% YoY).
What are the top exports from Indonesia to Vietnam?
Mineral fuels and oils (HS 27) led exports, followed by HS 87 (vehicles) and HS 72 (iron/steel), accounting for 50.86% of total exports.
What does Indonesia import from Vietnam?
Electrical machinery (HS 85) was the top import, reflecting Vietnam’s role as a key supplier of high-value tech components.
What is the trade balance between Indonesia and Vietnam?
Indonesia maintained a $310M surplus in Q1 2024, though imports from Vietnam grew sharply (+23.15% YoY in March).
Indonesia - Vietnam Trade 2024 Whole Year: $0.95B Surplus
Indonesia's $0.95B trade surplus with Vietnam highlights robust 2024 trends. Key exports: mineral fuels (26%). yTrade data reveals complementary resource-for-tech exchange.
Indonesia - Vietnam Trade 2024 Q2: $639.86M Surplus
Indonesia's trade surplus with Vietnam hits $639.86M in Q2 2024, fueled by mineral fuels exports and cereals imports. Explore Indonesia Vietnam trade trends and top trading products on yTrade.
