Indonesia flag Indonesia: Economic and Political Overview

Foreign trade figures of Indonesia

Foreign Trade in Figures

Indonesia is open to foreign trade, which represents around 45% of its GDP (World Bank, latest data available). The country’s main exports include coal, briquettes, ovoids and similar solid fuels (16.0%); palm oil and its fractions, whether or not refined (9.5%); ferro-alloys (4.7%); petroleum gas and other gaseous hydrocarbons (3.4%); and copper ores and concentrates (3.2%); whereas imports are led by petroleum oils (9.9%); petroleum crude (4.8%); telephone sets (2.8%); petroleum gas and other gaseous hydrocarbons (2.1%); and parts and accessories for tractors and motor vehicles (1.7% - data Comtrade for 2022). 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 two largest coal importers worldwide.

China remained Indonesia's largest trading partner in 2022, buying up 22.6% of India’s exports, followed by the United States (9.7%), Japan (8.5%), India (8%), and Malaysia (5.3%). In the same year, the main suppliers were China (28.5%), Singapore (8.2%); Japan (7.2%), Malaysia (5.3%), and South Korea (4.9% - data Comtrade). In 2020 Indonesia 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% 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 the 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 balance has been positive in recent years. According to WTO data, in 2022 the country exported USD 291.9 billion worth of goods (+26.1% y-o-y), importing USD 237.4 billion (+21%). As per services, exports stood at USD 23 billion against USD 43.4 billion in imports (+65.4% and +52%, respectively). For the year as a whole, the World Bank estimated the trade balance to be positive by 3.6% of GDP (was 2.6% one year earlier). According to preliminary figures from Statistics Indonesia, the country’s exports from January to November 2023 amounted to USD 236.41 billion, marking an 11.83% decrease compared to the corresponding period in 2022. Similarly, non-oil and gas exports stood at USD 221.96 billion, reflecting a decline of 12.47% over the same period. The total import value in January-November 2023 fell by 6.8% from the same period last year to USD 202.7 billion.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 171,276141,622196,190237,447221,886
Exports of Goods (million USD) 167,683163,306231,506291,979258,857
Imports of Services (million USD) 39,28224,77128,55043,16551,353
Exports of Services (million USD) 31,64215,01613,95123,20833,434

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

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 43.137.633.040.245.4
Trade Balance (million USD) -2283,50828,30143,80662,672
Trade Balance (Including Service) (million USD) -6,713-4,13318,54629,20842,335
Imports of Goods and Services (Annual % Change) 12.1-7.1-17.624.914.7
Exports of Goods and Services (Annual % Change) 6.5-0.5-8.418.016.3
Imports of Goods and Services (in % of GDP) 22.119.015.618.820.9
Exports of Goods and Services (in % of GDP) 21.018.617.321.424.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 6.18.98.111.17.2
Volume of imports of goods and services (Annual % change) -2.216.212.89.37.3

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)
2022
China 22.6%
United States 9.7%
Japan 8.5%
India 8.0%
Malaysia 5.3%
See More Countries 45.9%
Main Suppliers
(% of Imports)
2022
China 28.5%
Singapore 8.2%
Japan 7.2%
Malaysia 5.3%
South Korea 4.9%
See More Countries 45.9%

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

 
 

Main Products

292.0 bn USD of products exported in 2022
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 16.0%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified) 9.5%
Ferro-alloysFerro-alloys 4.7%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.4%
Copper ores and concentratesCopper ores and concentrates 3.2%
See More Products 63.3%
237.5 bn USD of products imported in 2022
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 9.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 4.8%
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) 2.8%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.1%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 1.7%
See More Products 78.8%

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

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: June 2024

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