Indonesia Exported US$2.48 Billion Worth of Mineral Fuels to Thailand in 2023
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Indonesia recorded exports to Thailand totaling US$7.22 billion as of December 2023. This figure represents an 11.57% decrease compared to the previous year's exports, which reached US$8.17 billion.
Indonesia's trade record with Thailand shows an upward trend in exports over the past 10 years. The lowest export value was US$5.11 billion, while the highest reached US$8.17 billion.
Of the 97 products (two-digit HS codes) exported to Thailand, 49 products were worth more than one billion dollars. Furthermore, according to Trademap data, 91 main Indonesian products are exported to Thailand annually. In other words, these products are Indonesia's mainstay exports to Thailand. Many of these products are also exported to other countries.
The following is a list of the top five products exported from Indonesia to Thailand, ordered from highest to lowest transaction value.
- Mineral fuels, mineral oils and products of their distillation
- Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof
- Nuclear reactors, boilers, machinery and mechanical appliances
- Electrical machinery and equipment and parts thereof
- Iron and steel
Indonesia's largest export to Thailand is mineral fuels, mineral oils and products of their distillation. In the Trademap classification, these fall under HS code 27. This product category is grouped together with bituminous substances and mineral waxes.
In 2023, Indonesia exported US$2.48 billion worth of these products. This is lower than the previous period's US$2.85 billion.
Second, Indonesia's largest export is vehicles other than railway or tramway rolling-stock, and parts and accessories thereof. The export value to Thailand in 2023 was US$1.06 billion, an increase compared to the previous period's US$992.02 million.
Indonesia also exported a significant amount of nuclear reactors, boilers, machinery and mechanical appliances to Thailand. The export value of this product in 2023 was US$561.8 million, lower than the previous period's US$613.58 million. Thailand is the sole export destination for this product. The five other countries that are sources of these products are the United States, China, Germany, the United Kingdom, and Mexico.
Exports of electrical machinery and equipment and parts thereof to Thailand are currently the largest. Indonesia exported US$403.53 million worth of these products to Thailand. Other major export destinations for these products include China, the United States, Hong Kong, China, Germany, and Singapore.
Indonesia also exports a significant amount of iron and steel to Thailand. The export value of this product was US$314.75 million, lower than the previous period's US$363.28 million. Besides Thailand, Indonesia also exports iron and steel to China, the United States, Germany, Afghanistan, and unspecified African countries. In addition to these major countries, Indonesia exported this product to four other countries.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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