Indonesia's Trade with Russia Increased During the Pandemic

Indonesia's trade balance with Russia has shown an upward trend during the pandemic, resulting in a surplus for the past two years.

According to data from the Central Statistics Agency (BPS), the value of Indonesia's trade with Russia reached US$2.74 billion in 2021. This figure represents a 42.2% increase compared to the previous year.

Specifically, Indonesia's exports to Russia in 2021 amounted to US$1.49 billion, while imports from Russia reached US$1.25 billion. This resulted in a trade surplus of approximately US$240 million for Indonesia that year.

The 2021 trade surplus with Russia was also more than ten times higher than the surplus in 2020, which amounted to US$15.65 million.

Indonesia only experienced a trade surplus with Russia since the Covid-19 pandemic. Prior to that, in 2019, the Indonesia-Russia trade balance showed a deficit of US$340.37 million. Similarly, deficits were recorded in 2018 and 2017, amounting to US$550.2 million and US$77.2 million respectively.

Indonesia's main export commodities to Russia include animal and vegetable fats and oils, valued at US$511 million in 2020. This was followed by coffee, tea, mate, and spices at US$53.9 million, and footwear at US$51.7 million.

Meanwhile, Indonesia's main imports from Russia include iron and steel at US$291.6 million, fertilizers at US$210.6 million, mineral fuels at US$182 million, and aircraft at US$46 million.

(Also Read: Indonesia's Exports and Imports Decline in January 2022)