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Foreign Trade in Figures

Indonesia is open to foreign trade, which represented 40% of its GDP in 2022 (World Bank, 2023). The main exports are Mineral fuels, oils, distillation products (19% of all exports in 2021), animal, vegetable fats and oils, cleavage products (14%), iron and steel (9%), Electrical and electronic equipment (5.1%) and vehicles other than railway and tramway (3.7%). Indonesia mostly imports machinery, nuclear reactors, boilers (13%), Electrical and electronic equipment (11%), Mineral fuels, oils, distillation products (15%), plastics (5.2%), iron and steel (6.1%). Indonesia became the world's largest exporter of thermal coal used in power stations in 2019 and has two major customers, China and India, the planet's two largest coal importers.The International Monetary Fund (IMF) is forecasting a rebound of 1.6% in the volume of exports of goods and services of the country in 2023, after an increase of 0.8% in 2022, and an increase of more than 7.8% of its imports, after +8.5% in 2022.

China remained Indonesia's largest trading partner in 2022, buying up 24% of exports, followed by the United States (12%), Japan (8%) and India (5.9%). The main suppliers are China (29%), Singapore (8.1%); Japan (7.6%), and the United State (5.9%). China and Indonesia are forging closer economic ties as the two countries face threats to their trade relations with the United States since the protectionist actions taken by President Donald Trump and the cautious approach of his successor. On the 15th of November 2020 Indonesia has signed the Regional Comprehensive Economic Partnership (RCEP) with 14 other Indo-Pacific countries. This free trade agreement is the largest trade deal in history, covering 30 per cent of the global economy. It includes the Association of Southeast Asian Nations (ASEAN : Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and ASEAN’s free trade agreement partners (Australia, China, India, Japan, New Zealand and Republic of Korea). The RCEP covers goods, services, investment, economic and technical cooperation. It also creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium sized enterprises.

Indonesia's trade surplus widened to USD 3.51 billion in December 2021 from USD 2.61 billion the previous year. According to the latest data published by BPS-Statistics Indonesia, Indonesia amassed a USD3.89 billion trade surplus in December 2022, thereby maintaining a positive trade balance since May 2020, despite retreating from USD5.13 billion the month earlier.  For the period from January-December 2022, therefore, the overall trade surplus stood at USD54.46 billion, up significantly from USD35.42 billion in the same period of 2021 (Bank Indonesia, 2023).  Bank Indonesia is confident the ongoing trade surplus is contributing to solid external economic resilience in the country.  Moving forward, this banking institution will continue to strengthen its policy synergy with the Government and other relevant authorities to bolster external resilience and strengthen national economic recovery momentum.

For the full year of 2022, exports climbed by 26.07 percent from the same period in 2021 to USD 291.98 billion. Imports to Indonesia dropped by 6.61 percent year-on-year, the largest fall in two years, to a six-month low of USD 19.94 billion in December of 2022, quickening from a 1.89 percent fall in the prior month, and compared with market forecasts of a 7.58 percent decline (World Bank, 2023).The country is betting on bilateral and multilateral trade agreements to revive the non-oil exports within the next five years. President Widodo insists on the need to export less raw materials and more processed goods to create more added value and jobs at home.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 156,925188,708171,276141,622196,041
Exports of Goods (million USD) 168,811180,124167,683163,306229,850
Imports of Services (million USD) 32,59237,64339,20324,45328,711
Exports of Services (million USD) 24,66530,49030,91114,25814,033

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 39.443.137.633.040.4
Trade Balance (million USD) 18,814-2283,50828,30143,806
Trade Balance (Including Service) (million USD) 11,435-6,713-4,13318,54629,155
Imports of Goods and Services (Annual % Change) 8.112.1-7.1-16.723.3
Exports of Goods and Services (Annual % Change) 8.96.5-0.5-8.124.0
Imports of Goods and Services (in % of GDP) 19.222.119.015.718.9
Exports of Goods and Services (in % of GDP) 20.221.018.617.321.6

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 1.12.110.29.08.5
Volume of imports of goods and services (Annual % change) 9.7-0.811.810.49.7

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Indonesia is a member of the following international economic organisations: IMF, Asia-Pacific Economic Cooperation (APEC), ICC, Colombo Plan, WTO, Association of Southeast Asian Nations (ASEAN), G-15, G-20, G-77, among others. For the full list of economic and other international organisations in which participates Indonesia click here. International organisation membership of Indonesia is also outlined here.
Free Trade Agreements
Indonesia is a member of Regional Comprehensive Economic Partnership (RCEP) signed on 15 November 2020. The complete and up-to-date list of Free Trade Agreements signed by Indonesia can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
China 23.2%
United States 11.2%
Japan 7.7%
India 5.7%
Malaysia 5.2%
See More Countries 47.0%
Main Suppliers
(% of Imports)
2021
China 28.7%
Singapore 7.9%
Japan 7.5%
United States 5.8%
Malaysia 4.8%
See More Countries 45.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

231.5 bn USD of products exported in 2021
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified) 11.5%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 11.5%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.2%
Ferro-alloysFerro-alloys 3.1%
Flat-rolled products of stainless steel, of a...Flat-rolled products of stainless steel, of a width of >= 600 mm, hot-rolled or cold-rolled "cold-reduced" 2.8%
See More Products 67.9%
196.2 bn USD of products imported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 7.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 3.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.2%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.1%
Wheat and meslinWheat and meslin 1.8%
See More Products 82.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

14.2 bn USD of services exported in 2020
35.89%
23.77%
17.17%
5.51%
4.56%
3.67%
3.46%
2.56%
2.01%
0.81%
0.59%
24.5 bn USD of services imported in 2020
31.51%
29.92%
10.62%
7.14%
6.26%
4.67%
4.41%
3.28%
1.67%
0.29%
0.23%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: November 2023

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