Indonesia Exported US$3.39 Billion Worth of Mineral Fuels to the Philippines in 2023
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Indonesia recorded US$11.04 billion in exports to the Philippines as of December 2023. This figure represents a significant 14.44% decrease compared to the previous year's exports, which totaled US$12.9 billion.
Indonesia's trade record with the Philippines shows an upward trend in exports over the past 10 years. The lowest export value was US$3.89 billion, while the highest reached US$12.9 billion.
Of the 97 products (two-digit HS codes) exported to the Philippines, 45 were worth more than one billion dollars. Furthermore, according to Trademap data, 88 main Indonesian products are exported to the Philippines annually. In other words, these products are Indonesia's mainstay exports to the Philippines. The remaining products are largely those also exported to other countries.
The following is a list of the top five products exported by Indonesia to the Philippines. This list is ordered from highest to lowest transaction value.
- Mineral fuels, mineral oils and products of their distillation
- Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof
- Prepared foodstuffs
- Ores, slag and ash
- Animal, vegetable or microbial fats and oils and their cleavage products
Indonesia's top export to the Philippines is mineral fuels, mineral oils and products of their distillation. In the Trademap classification, these fall under HS code 27. This product category is grouped together with bituminous substances and mineral waxes.
In 2023, Indonesia exported US$3.39 billion worth of these products. This is lower than the previous period's US$5.02 billion.
Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof fall under HS code 87. Indonesia exported US$2.88 billion worth of these products.
Ranked third are prepared foodstuffs (HS code 21). Indonesia exported US$600.15 million of these products to the Philippines. Trademap data shows that Indonesia exports prepared foodstuffs to four countries, with the Philippines being the largest recipient. The other five largest importers of Indonesian prepared foodstuffs are the United States, China, Germany, the United Kingdom, and France.
Indonesia also exported a significant amount of ores, slag, and ash to the Philippines. The value of these exports in 2023 reached US$526.02 million, an increase compared to the previous period's US$455.51 million. The Philippines remains the largest importer of Indonesian ores, slag, and ash. The other five largest importers are China, Japan, South Korea, Germany, and Afghanistan.
Another significant export is animal, vegetable or microbial fats and oils and their cleavage products, totaling US$459.48 million. This is lower than the previous period's US$695.97 million. The Philippines remains the largest importer of these products from Indonesia. The other five largest importers are Ship chandlers and bunkers, Sierra Leone, Singapore, Sint Maarten (Netherlands Antilles), and Slovakia.
"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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