Indonesia's Mineral Fuel Exports to Vietnam Rise to US$1.66 Billion
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Indonesia recorded exports to Vietnam totaling US$7.54 billion as of December 2023. This represents a 9.05% decrease compared to the previous year's exports, which reached US$8.29 billion.
Indonesia's trade record with Vietnam shows an upward trend in exports over the past 10 years. The lowest export value was US$2.45 billion, while the highest reached US$8.29 billion.
Of the 97 products (two-digit HS codes) exported to Vietnam, 57 products were worth more than one billion dollars. Furthermore, according to Trademap data, 87 major Indonesian products are exported to Vietnam annually. In other words, these products are Indonesia's main exports to Vietnam. Many of the other products are also exported to other countries.
The following is a list of the top five products exported by Indonesia to Vietnam. This list is ordered from highest to lowest transaction value.
- Mineral fuels, mineral oils and products of their distillation
- Iron and steel
- Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof
- Animal, vegetable or microbial fats and oils and their cleavage products
- Copper
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 Vietnam ranked first. Indonesia exported US$1.66 billion worth. The export value of mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes increased compared to the previous period, which recorded US$1.18 billion.
Second, Indonesia's largest export was iron and steel products. The export value to Vietnam in 2023 was recorded at US$1.06 billion. This figure is up compared to the previous period, which recorded US$1.05 billion.
Indonesia also recorded significant exports of vehicles other than railway or tramway rolling-stock, and parts and accessories thereof to Vietnam. The export value of this product in 2023 was US$770.32 million. This is lower than the previous period, which reached US$1.29 billion. Besides Vietnam, Indonesia also relies on exports of vehicles other than railway or tramway rolling-stock, and parts and accessories thereof to the United States, Germany, Canada, the United Kingdom, and France. In addition to these main countries, Indonesia exported this product to 4 other countries.
Indonesia exported this product to one country. Exports of animal, vegetable or microbial fats and oils and their cleavage products to this country were the largest. In 2023, Indonesia recorded exports totaling US$638.58 million. Other countries in the top five export destinations are Ship chandlers and bunkers, Sierra Leone, Singapore, Sint Maarten (Netherlands Antilles) and Slovakia.
Another export product was copper, valued at US$424.85 million. The export value of this product increased compared to the previous period, which recorded US$394.99 million. Besides Vietnam, Indonesia also relies on copper exports to China, the United States, Germany, Italy, and India. In addition to these main countries, Indonesia exported this product to 4 other 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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