Indonesia's Mineral Fuel Exports to Singapore Drop to US$4.45 Billion
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Indonesia recorded US$12.61 billion in exports to Singapore as of December 2023. This figure represents a significant 12.42% decrease compared to the previous year's exports, which totaled US$14.4 billion.
Indonesia's trade record with Singapore shows a considerable decline in exports over the past 10 years. The lowest export value reached US$10.71 billion, while the highest reached US$16.75 billion.
Of the 97 products (two-digit HS codes) exported to Singapore, 49 were valued at over one billion dollars. Furthermore, according to Trademap data, 96 major Indonesian products are exported to Singapore annually. In other words, these products are Indonesia's main exports to Singapore. The remaining products are largely also exported to other countries.
The following is a list of the top five products exported by Indonesia to Singapore, ordered from highest to lowest transaction value.
- Mineral fuels, mineral oils and products of their distillation
- Electrical machinery, equipment and parts
- Cultured or natural pearls, precious or semi-precious stones, precious metals, clad metals
- Nuclear reactors, boilers, machinery and mechanical appliances
- Iron or steel
Indonesia's top export 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$4.45 billion worth of these products. This is lower than the previous period's US$4.83 billion.
Second on the list is electrical machinery, equipment and parts. Exports to Singapore in 2023 totaled US$2.53 billion, down from US$3.23 billion in the previous period.
Indonesia also exported US$1.24 billion worth of cultured or natural pearls, precious or semi-precious stones, precious metals, and clad metals to Singapore. This is lower than the previous period's US$1.28 billion. Besides Singapore, Indonesia also relies on exports of these products to Switzerland, the United Arab Emirates, China, Hong Kong, and the United States. In addition to these major countries, Indonesia exported this product to four other countries.
Falling under HS code 84, nuclear reactors, boilers, machinery and mechanical appliances are grouped together with parts. Indonesia exported US$994.68 million worth of these products. Exports of these products are primarily focused on one country. Exports of nuclear reactors, boilers, machinery and mechanical appliances to Singapore are the largest. Other top five export destinations include the United States, China, Germany, the United Kingdom, and Mexico.
Iron or steel, under the Trademap classification, falls under HS code 73. Indonesia exported US$287.91 million worth of these products. The largest export destination for iron or steel remains Singapore. Besides Singapore, the top five export destinations for Indonesian iron or steel are the United States, Germany, France, Mexico, and Canada.
"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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