Indonesia's Trade Balance with Hong Kong Shows a US$0.71 Billion Deficit

Indonesia's trade balance with Hong Kong experienced a deficit of US$0.71 billion in 2020. This trade deficit decreased by 2% compared to the previous year's balance, which was recorded at US$ -0.72 billion.

The improvement in the trade balance, according to Trademap data, was supported by Indonesia's export value, which reached US$2.04 billion. However, Indonesia's imports from Hong Kong in 2020 were higher than exports, reaching US$2.75 billion.

Indonesia's exports to Hong Kong have been declining over the past year. The previous year's export value was US$2.5 billion.

Imports, according to Trademap data, decreased by 14.84% compared to the previous year, which was recorded at US$3.23 billion.

Based on product type, 10 main export products from Indonesia to Hong Kong recorded a surplus during 2020. The total value of these main exports reached US$210.09 million.

List of 10 Main Indonesian Export Products to Hong Kong

1. (HS 02): Edible meat offal and meat


2. (HS 03): Fish and crustaceans, molluscs and other aquatic invertebrates


3. (HS 04): Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included


4. (HS 06): Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage


5. (HS 07): Edible vegetables and certain roots and tubers


6. (HS 08): Edible fruit and nuts; peel of citrus fruit or melons


7. (HS 09): Coffee, tea, maté and spices


8. (HS 10): Cereals


9. (HS 11): Milling industry products; malt; starches; inulin; wheat gluten


10. (HS 12): Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal products…

Globally, the trade balance for all goods improved this time due to an increase in several types of goods. The total value of Indonesia's trade balance was recorded at US$21.68 billion, or a 703.56% increase. In other words, Indonesia recorded a trade surplus. The previous year's trade balance with all countries worldwide was recorded at US$ -3.59 billion.