Indonesia's Mineral Fuel Exports to the Philippines Drop to US$3.39 Billion

Indonesia recorded exports to the Philippines totaling US$11.04 billion as of December 2023. This figure represents a 14.44% decrease compared to the previous year's exports, which reached US$12.9 billion.

Indonesia's trade record with the Philippines shows an upward trend in exports over the past 10 years. The lowest export value was US$3.89 billion, while the highest reached US$12.9 billion.

Of the 97 products (two-digit HS codes) exported to the Philippines, 45 products were worth more than one billion dollars. Furthermore, according to Trademap data, 88 major Indonesian products are exported to the Philippines annually. In other words, these products are Indonesia's main exports to the Philippines. The remaining products are largely also exported to other countries.

The following is a list of the top five products exported by Indonesia to the Philippines. This list is ordered from highest to lowest transaction value.

1. Mineral fuels, mineral oils and products of their distillation

Falling under HS code 27, mineral fuels, mineral oils and products of their distillation are a group of export goods categorized together with bituminous substances and mineral waxes. Exports of this product to the Philippines ranked first, with Indonesia exporting US$3.39 billion. This is lower than the previous period's US$5.02 billion.

2. Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof

Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof, are classified under HS code 87 in Trademap. Indonesia exported US$2.88 billion to the Philippines in this category.

3. Other prepared foodstuffs

Indonesia also exports a significant amount of other prepared foodstuffs to the Philippines, valued at US$600.15 million. This represents an increase compared to the previous period's US$549.5 million. Indonesia exports this product to only one country. Exports of other prepared foodstuffs to the Philippines are the largest. The five other countries that are sources of other prepared foodstuffs are the United States, China, Germany, the United Kingdom, and France.

4. Ores, slag and ash

Indonesia also recorded significant exports of ores, slag and ash to the Philippines, valued at US$526.02 million in 2023. This is an increase compared to the previous period's US$455.51 million. Trademap data shows that Indonesia exports ores, slag and ash to four countries. Exports to the Philippines are the largest. The five other countries that are sources of ores, slag and ash are China, Japan, Korea, Republic of Germany, and Afghanistan.

5. Animal or vegetable fats and oils and their cleavage products

Indonesia exports this product to only one country. Exports of animal or vegetable fats and oils and their cleavage products to the Philippines are the largest. In 2023, Indonesia recorded exports valued at US$459.48 million. The five other countries that are sources of animal or vegetable fats and oils and their cleavage products are Ship chandlers and bunkers, Sierra Leone, Singapore, Sint Maarten (Netherlands Antilles), and Slovakia.