Indonesia's Mineral Fuel Exports to Korea Drop to US$1.95 Billion

Indonesia recorded exports to Korea of US$6.51 billion as of December 2020. This figure shows a 10.06% decrease compared to the previous year's exports, which were recorded at US$7.23 billion.

Indonesia's trade record with Korea shows a significant decrease in exports over the past 10 years. The lowest Indonesian export value was US$6.51 billion, while the highest was US$16.39 billion.

Of the 97 products (two-digit HS codes) exported to Korea, 60 products were worth more than one billion dollars. Most of the export products to Korea are also exported to other countries, totaling 90 products.

The following is a list of the top five products exported by Indonesia to Korea, ordered from highest to lowest transaction value:

1. Mineral fuels, mineral oils and products of their distillation

Falling under HS code 27, mineral fuels, mineral oils and products of their distillation are a group of export goods categorized together with bituminous substances and mineral waxes. Exports of this product to Korea ranked first. Indonesia exported US$1.95 billion. The export value of mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes was lower than the previous period, which reached US$2.56 billion.

2. Iron and steel

Second, Indonesia's largest export was iron and steel products. The export value to Korea in 2020 was recorded at US$555.67 million. This figure is lower than the previous period, which reached US$686.9 million.

3. Wood and wood products

Exports of wood and wood products to Korea ranked third. In 2020, Indonesia recorded exports worth US$383.16 million. Besides Korea, the largest exports of wood and wood products were destined for Japan, the United States, China, and Taiwan.

4. Electrical machinery and equipment and parts thereof

Fourth, falling under HS code 85, electrical machinery and equipment and parts thereof are a group of export goods categorized together with sound recorders and reproducers, television receivers, etc. Indonesia exported US$370.84 million. Trademap data shows Indonesia's trading activity exporting electrical machinery and equipment and parts thereof to 158 countries. Exports of electrical machinery and equipment and parts thereof to Korea ranked sixth. Other countries in the top five export destinations are the United States, Singapore, Japan, Hong Kong, China, and Thailand.

5. Ores, slag and ash

Exports of ores, slag and ash to Korea ranked fifth. In 2020, Indonesia recorded exports worth US$300.65 million. Five other countries that are sources of ores, slag and ash exports are China, Japan, India, and Germany.