Indonesia was Vietnam's largest exporter of mineral fuels in 2023.
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Indonesia recorded US$7.54 billion in exports to Vietnam as of December 2023. This figure represents a 9.05% decrease compared to the previous year's exports, which totaled 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 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 mainstays for 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 from Indonesia to Vietnam, ordered from highest to lowest transaction value:
1. Mineral fuels, mineral oils and products of their distillation
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, with Indonesia exporting US$1.66 billion. This represents an increase compared to the previous period, which recorded US$1.18 billion.
2. Iron and steel
With HS code 72, Indonesia exported US$1.06 billion worth of iron and steel to Vietnam.
3. Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof
Exports of vehicles other than railway or tramway rolling-stock, and parts and accessories thereof to Vietnam are currently the largest. Indonesia exported US$770.32 million to this destination. Other major export destinations for these products include the United States, Germany, Canada, the United Kingdom, and France.
4. Animal or vegetable fats and oils and their cleavage products; prepared edible fats
Falling under HS code 15, animal or vegetable fats and oils and their cleavage products; prepared edible fats are a group of export goods categorized together with prepared edible fats. Indonesia exported US$638.58 million, lower than the previous period's US$807.42 million. Vietnam remains the largest export destination for these products. Other top five export destinations include Tankers and bunkers, Sierra Leone, Singapore, Sint Maarten (Netherlands Antilles), and Slovakia.
5. Copper
Exports of copper to Vietnam are currently the largest. Indonesia exported US$424.85 million to this destination. Other major export destinations for copper include China, the United States, Germany, Italy, and India.
"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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