Indonesia - Vietnam Trade 2024 Q2: $639.86M Surplus
Key Market Takeaways: Indonesia - Vietnam Trade
The bilateral trade relationship between Indonesia and Vietnam shows growth with notable volatility in 2024 Q2.
- Indonesia holds a $639.86M surplus, with exports ($1.62B) outpacing imports ($980.14M) by 65%, reflecting strong demand for its goods.
- Trade statistics reveal a resource-for-food exchange: Indonesia supplies mineral fuels (32.27% of exports) while importing cereals (17.03% of imports) from Vietnam.
- Complementary economies: Indonesia dominates in raw materials (energy, metals), while Vietnam provides agricultural staples and light manufactures.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Indonesia-Vietnam Trade Trend in Q2 2024
Indonesia Export Performance: Shipments to Vietnam
- Total Volume: $1.62B in Q2 2024.
- Growth Trend & Context:
- YoY growth surged in May (+41.07%), offsetting a milder April (+20.49%).
- No specific trade news to explain the volatility.
- Key Volatility: May saw a sharp MoM spike (+32.65%), signaling strong demand or seasonal factors.
Indonesia Import Performance: Sourcing from Vietnam
- Total Volume: $980.14M in Q2 2024.
- Growth Trend & Context:
- Mixed YoY performance: April surged (+46.64%), but May dipped (-3.47%).
- Key Volatility: April imports dropped sharply MoM (-21.18%), suggesting supply chain adjustments.
Indonesia - Vietnam Trade Balance & Market Dynamics
- Net Position: $639.86M surplus for Indonesia (Exports > Imports).
- Relationship Status: Indonesia maintains a strong net exporter role, with exports 65% higher than imports. Volatility in imports hints at shifting procurement strategies.
Indonesia Import Trend from Vietnam 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 474.58M | -21.18% | 46.64% |
| May | 505.56M | 6.53% | -3.47% |
| Total | 980.14M | - | - |
Indonesia Export Trend to Vietnam 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 696.33M | -1.9% | 20.49% |
| May | 923.66M | 32.65% | 41.07% |
| Total | 1.62B | - | - |
Get Historical Indonesia Vietnam Trade Records
Indonesia-Vietnam Top Trading Products in Q2 2024
Indonesia Export Profile: What Does Indonesia Sell to Vietnam
- Top Commodity: Rank #1 export is Mineral Fuels (HS 27) at 32.27% of total exports to Vietnam.
- Demand Driver: Vietnam uses these for industrial processing, likely as energy inputs for manufacturing.
- Concentration: The trade is moderately concentrated, with the top 3 categories (HS 27, 87, 72) making up 56.05% of exports.
Indonesia Import Profile: What Does Indonesia Buy from Vietnam
- Top Commodity: Rank #1 import is Cereals (HS 10) at 17.03% of total imports from Vietnam.
- Dependency Nature: Reflects food security dependency, as Vietnam supplies key agricultural staples.
Indonesia - Vietnam Trade Relationship Dynamics
- The Exchange Model: Resource-for-Food Complementarity. Indonesia exports energy (HS 27) and metals (HS 72, 74) while importing agricultural goods (HS 10) and light manufactures (HS 85, 84).
- Value Chain Position: Indonesia holds higher value-add in raw materials (mineral fuels, metals), while Vietnam supplies lower-margin processed foods and consumer goods.
Import Analysis by Product: Vietnam to Indonesia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 10 | 166.88M | 17.03% |
| 85 | 128.37M | 13.10% |
| 72 | 78.69M | 8.03% |
| 39 | 59.08M | 6.03% |
| 84 | 56.31M | 5.75% |
| 44 | 51.86M | 5.29% |
| 09 | 42.94M | 4.38% |
| 64 | 40.26M | 4.11% |
| 60 | 38.49M | 3.93% |
| 28 | 34.09M | 3.48% |
Export Analysis by Product: Indonesia to Vietnam (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 522.73M | 32.27% |
| 87 | 194.87M | 12.03% |
| 72 | 190.28M | 11.75% |
| 74 | 120.96M | 7.47% |
| 15 | 83.75M | 5.17% |
| 85 | 51.89M | 3.20% |
| 48 | 46.70M | 2.88% |
| 39 | 39.10M | 2.41% |
| 84 | 38.92M | 2.40% |
| 03 | 34.67M | 2.14% |
Check Detailed Indonesia-Vietnam Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Indonesia’s trade surplus with Vietnam is expected to widen in Q3 2024, driven by sustained demand for mineral fuels (HS 27) and metals (HS 72, 74) as Vietnam’s manufacturing sector expands. However, import volatility—particularly in cereals (HS 10)—may persist due to supply chain adjustments and seasonal agricultural fluctuations. The Indonesia-Vietnam trade forecast remains bullish, with potential for deeper resource-for-food integration, but exporters should prepare for short-term disruptions in Vietnamese agricultural shipments.
Strategic Moves
- Lock in Energy Contracts: Indonesian mineral fuel exporters should secure long-term agreements with Vietnamese buyers to capitalize on stable industrial demand and hedge against price volatility.
- Diversify Cereal Sources: Indonesian importers must reduce dependency on Vietnamese cereals (HS 10) by exploring alternative suppliers like Thailand or India to mitigate supply shocks.
- Expand Metal Value Chains: Indonesian metal producers should push for higher-value exports (e.g., processed steel) to Vietnam, leveraging the latter’s manufacturing growth and reducing reliance on raw material shipments.
Frequently Asked Questions
How did Indonesia - Vietnam trade perform in 2024 Q2?
Indonesia's exports to Vietnam totaled $1.62B, with strong YoY growth (+41.07% in May), while imports from Vietnam reached $980.14M, showing mixed YoY performance.
What are the top exports from Indonesia to Vietnam?
Mineral Fuels (HS 27) lead Indonesia's exports to Vietnam, accounting for 32.27% of total exports, followed by vehicles (HS 87) and metals (HS 72).
What does Indonesia import from Vietnam?
Cereals (HS 10) are Indonesia's top import from Vietnam, making up 17.03% of total imports, alongside light manufactures like machinery (HS 85, 84).
What is the trade balance between Indonesia and Vietnam?
Indonesia holds a $639.86M trade surplus with Vietnam, as exports exceed imports by 65%, maintaining its strong net exporter position.
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