That dollar amount results from a 62% increase from $180.2 billion in 2018.
From 2021 to 2022, the overall value of Indonesian exports grew by 26.1% compared to $231.6 billion.
The top 5 countries buying exported products from Indonesia are mainland China, United States of America, Japan, India and Malaysia. Combined, that quintet of leading international customers paid for over half (54.1%) of revenues that Indonesia collected for its goods exported in 2022.
Applying a continental lens, almost three-quarters (74.6%) of Indonesia’s exports by value was delivered to fellow Asian countries while 10.7% was sold to importers in North America. Indonesia shipped another 9.2% worth of goods to Europe.
Smaller percentages went to Africa (2.6%), Oceania (1.6%) led by Australia and New Zealand, then Latin America (1.4%) excluding Mexico but including the Caribbean.
Indonesia’s Top Trading Partners
Below is a list showcasing 25 of Indonesia’s top trading partners, countries that imported the most Indonesian shipments by dollar value during 2022. Also shown is each import country’s percentage of total Indonesian exports.
- China: US$65.9 billion (22.6% of total Indonesian exports)
- United States: $28.2 billion (9.7%)
- Japan: $24.8 billion (8.5%)
- India: $23.4 billion (8%)
- Malaysia: $15.5 billion (5.3%)
- Singapore: $14.4 billion (4.9%)
- Philippines: $12.9 billion (4.4%)
- South Korea: $12.8 billion (4.4%)
- Taiwan: $8.7 billion (3%)
- Vietnam: $8.3 billion (2.8%)
- Thailand: $8.2 billion (2.8%)
- Netherlands: $5.4 billion (1.8%)
- Pakistan: $4.3 billion (1.5%)
- Bangladesh: $3.9 billion (1.3%)
- Australia: $3.5 billion (1.2%)
- Germany: $3.2 billion (1.1%)
- Italy: $3.1 billion (1.1%)
- Hong Kong: $3 billion (1%)
- United Arab Emirates: $2.3 billion (0.8%)
- Spain: $2.3 billion (0.8%)
- Belgium: $2.2 billion (0.8%)
- Türkiye: $2.07 billion (0.7%)
- Saudi Arabia: $2.02 billion (0.7%)
- Switzerland: $1.9 billion (0.6%)
- Mexico: $1.7 billion (0.6%)
Nine-tenths (90.4%) of Indonesian exports in 2022 were delivered to the above 25 trade partners.
Spain was the only top importer that decreased its purchases from Indonesia from 2021 to 2022, down in value by -2.5%.
Among the other 24 countries, gains ranged from a minimum of 7.7% upturn for Australia up to a 75.2% advance for India.
Countries Causing Worst Trade Deficits for Indonesia
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
- Australia: -US$6.4 billion (country-specific trade deficit in 2022)
- Singapore: -$5 billion
- Nigeria: -$3.9 billion
- Saudi Arabia: -$3.5 billion
- Thailand: -$2.8 billion
- Brazil: -$2.4 billion
- Argentina: -$2.1 billion
- mainland China: -$1.8 billion
- Canada: -$1.7 billion
- South Africa: -$1.1 billion
Among Indonesia’s trading partners that cause the greatest negative trade balances, Indonesia deficits with Nigeria (up 143.8%), Brazil (up 117.1%) and Canada (up 73.9%) grew at the fastest pace from 2021 to 2022.
These cashflow deficiencies clearly indicate Indonesia’s competitive disadvantages with the above countries, but also represent key opportunities for Indonesia to develop country-specific strategies to strengthen its overall position in international trade.
Countries Causing Biggest Trade Surpluses for Indonesia
Indonesia generated an overall $54.5 billion trade surplus for 2022, up by 51.9% from $35.9 billion in black ink one year earlier in 2021.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
- United States: US$16.6 billion (country-specific trade surplus in 2022)
- India: $14 billion
- Philippines: $11.4 billion
- Japan: $7.7 billion
- Netherlands: $4.5 billion
- Taiwan: $4.3 billion
- Pakistan: $4.1 billion
- Bangladesh: $3.8 billion
- Vietnam: $3.5 billion
- Malaysia: $3 billion
Among Indonesia’s trading partners that generate the greatest positive trade balances, Indonesian surpluses with India (up 147.2%), Japan (up 112.3%) and Taiwan (up 62.8%) grew at the fastest pace from 2021 to 2022.
These positive cashflow streams clearly indicate Indonesia’s competitive advantages with the above countries, but also represent key opportunities for Indonesia to develop country-specific strategies to optimize its overall position in international trade.
Major Indonesian Export Companies
Nine Indonesian corporations rank among Forbes Global 2000. Below is a sample of the major Indonesian conglomerates that Forbes included.
- Gudang Garam (Tobacco)
- Semen Indonesia (Construction Materials)
- Telekom Indonesia (Telecommunications services)
Wikipedia also lists exporters from Indonesia. Selected examples are shown below.
- Astra International (financial/industrial conglomerate)
- Bumi Resources (coal)
- Djarum (tobacco cigarettes)
- Dragon Computer & Communication (computer hardware)
- Krakatau Steel (steel products)
- MedcoEnergi (oil, gas)
- Pertamina (oil, natural gas)
- United Tractors (heavy equipment)
See also Indonesia’s Top 10 Exports, Indonesia’s Top 10 Imports, Top Asian Export Countries, Palm Oil Exports by Country and Coal Exports by Country
Alibaba, Sourcing Buyers. Accessed on April 24, 2023
Central Intelligence Agency, The World Factbook, Field Listing: Imports – Commodities. Accessed on April 24, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 24, 2023
International Trade Centre, Trade Map. Accessed on April 24, 2023
Investopedia, Net Exports Definition. Accessed on April 24, 2023