Indonesia Exported US$4.1 Billion Worth of Mineral Fuels to South Korea in 2023
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Indonesia recorded exports to Korea worth US$10.3 billion as of December 2023. This figure shows a 19.6% decrease compared to the previous year's exports, which were recorded at US$12.81 billion.
Indonesia's trade record with Korea shows an upward trend in exports over the past 10 years. The lowest Indonesian export value was US$6.51 billion, and the highest was US$12.81 billion.
Of the 97 products (two-digit HS codes) exported to Korea, 59 products were worth more than one billion dollars. Furthermore, according to Trademap data, there are 88 main Indonesian products exported to this country annually. In other words, these products are Indonesia's mainstay exports to Korea. The rest are mostly products also exported to many other countries.
The following is a list of the top five products exported by Indonesia to Korea. This list is ordered from the highest to lowest transaction value.
1. Mineral fuels, mineral oils and products of their distillation
Indonesia exported a large quantity of mineral fuels, mineral oils, and products of their distillation. In the Trademap classification, mineral fuels, mineral oils, and products of their distillation fall under HS code 27. This product type is grouped together with bituminous substances and mineral waxes.
In 2023, Indonesia recorded exports worth US$4.1 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$5.12 billion.
2. Ores, slag and ash
In second place, Indonesia's largest export was ores, slag, and ash. The export value to Korea in 2023 was recorded at US$1.26 billion. This figure is lower than the previous period, which reached US$1.64 billion.
3. Machinery and electrical equipment and parts
Indonesia also recorded significant exports of machinery and electrical equipment and parts to Korea. The export value of this product in 2023 was US$631.01 million. This amount is lower than the previous period, which reached US$640.03 million. Currently, the largest export of machinery and electrical equipment and parts is still destined for Korea. Besides Korea, the five largest export destinations for Indonesian machinery and electrical equipment and parts are China, the United States, Hong Kong, China, Germany, and Singapore.
4. Wood and wood products
Indonesia also exported US$386.11 million worth of wood and wood products to Korea. The export value of this product is lower than the previous period, which reached US$456.57 million. Indonesia exports this product to a single country. Exports of wood and wood products to Korea are recorded as the largest. The five other countries that are major export destinations for wood and wood products are the United States, China, Japan, Germany, and the United Kingdom.
5. Iron and steel
Iron and steel with HS code 72. From this country, Indonesia exported US$354.15 million. Trademap data shows that Indonesia's trade activity exports iron and steel to 4 countries. Exports of iron and steel to this country are the largest. The five other countries that are major export destinations for iron and steel are China, the United States, Germany, Afghanistan, and unspecified African 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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