2017, Indonesia-Vietnam Trade Surplus for the First Time

Indonesia's trade balance with Vietnam in 2017 recorded a surplus for the first time in six years. Double-digit growth in export value was the trigger for ending Indonesia's trade deficit. From 2012 to 2016, Indonesia consistently experienced a deficit in trade with Vietnam. The largest deficit occurred in 2014, reaching US$966.5 million, equivalent to Rp 12 trillion.

Based on data from the Ministry of Trade, Indonesia's export value to Vietnam last year increased by 17.1% to US$3.59 billion year-on-year (YoY). Meanwhile, import value stagnated, remaining the same as the previous year at US$3.23 billion. As a result, the Indonesia-Vietnam trade balance recorded a surplus of US$358.69 million.

Total trade value between Indonesia and Vietnam last year grew by 8.64% to US$6.82 billion (Rp 90.7 trillion) from US$6.27 billion the previous year. This figure is also the highest in the last six years. Vietnam's automotive import regulations, implemented at the beginning of this year, could reduce Indonesian exports.