Indonesia's Exports and Imports to the Philippines Decreased in 2020

Indonesia's trade balance with the Philippines showed a surplus of US$5.31 billion in 2020. However, this surplus decreased by 10.78% compared to the previous year's US$5.95 billion.

The decline in Indonesia's trade balance with the Philippines was due to Indonesian exports to the Philippines reaching only US$5.9 billion, while imports amounted to US$592.01 million.

The three main products imported from the Philippines were: Electrical machinery and equipment and parts (HS 85); Mechanical machinery, equipment, nuclear reactors, boilers; parts (HS 84); and Copper and its articles (HS 74).

Indonesian exports to the Philippines have shown a downward trend over the past year. The previous year's export value was US$6.77 billion.

Ten main export products from Indonesia to the Philippines recorded a surplus in 2020, totaling US$4.32 billion.

List of 10 Main Indonesian Export Products to the Philippines

1. (HS 87): Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof
2. (HS 27): Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes
3. (HS 21): Miscellaneous edible preparations
4. (HS 15): Animal or vegetable fats and oils and their cleavage products; edible fats; animal or vegetable waxes
5. (HS 48): Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard; paper and paperboard; articles of paper pulp, of paper or of paperboard
6. (HS 31): Fertilizers
7. (HS 26): Ores, slag and ash
8. (HS 84): Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof
9. (HS 38): Miscellaneous chemical products
10. (HS 29): Organic chemicals

Globally, the trade balance for all goods improved due to increases in several product categories. Indonesia's total trade balance was recorded at US$21.68 billion, a 703.56% increase. In other words, Indonesia recorded a trade surplus. The previous year's trade balance with all countries worldwide was recorded at US$-3.59 billion.