Indonesia's Trade Balance Shows a Deficit with Ukraine in Early 2022

Indonesia-Ukraine trade value amounted to only US$64.3 million, or approximately Rp913 billion, during the January-February 2022 period.

Indonesia's exports to Ukraine reached US$28.7 million, while imports amounted to US$35.6 million, according to the Central Statistics Agency (BPS). Thus, Indonesia's trade balance experienced a deficit of US$6.9 million in the first two months of this year.

Indonesia's main export commodities to Ukraine consisted of animal and vegetable fats and oils (US$20.5 million), paper/cardboard (US$1.4 million), and footwear (US$1.1 million) during the January-February period.

Meanwhile, Indonesia's main import commodities were cereals (US$15.7 million), iron and steel (US$15 million), and mechanical machinery and equipment (US$0.2 million).

Indonesia's export market share to Ukraine in the first two months of this year was only 0.07% of Indonesia's total exports, similarly, the import market share from Ukraine was only 0.1% of total national imports.

In 2021, the trade value between Indonesia and Ukraine reached US$1.46 billion. Details show that Indonesia's exports to the country currently at war with Russia amounted to US$417 million, while imports reached US$1.04 billion. As a result, Indonesia's trade balance experienced a deficit of US$623.9 million throughout 2021.

Indonesia's main export commodities to Ukraine throughout last year consisted of animal and vegetable fats and oils (US$368.7 million), paper/cardboard (US$5.6 million), and footwear (US$5.1 million).

Meanwhile, Indonesia's main import commodities from Ukraine were cereals (US$946.5 million), iron and steel (US$53.3 million), and mechanical machinery and equipment (US$10.9 million).