Indonesia's Exports to Armenia Decreased, but Imports Increased in 2020

Indonesia's trade balance with Armenia showed a surplus of US$60,000 in 2020. However, this surplus plummeted by 97.49% compared to the previous year's US$2.39 million.

The sharp decline in Indonesia's trade balance with Armenia was due to Indonesian exports to Armenia reaching only US$0.94 million, while imports amounted to US$0.88 million.

The three main products imported from Armenia were: Other edible preparations (HS 21), Machinery, mechanical appliances, nuclear reactors, boilers; parts thereof (HS 84), and Electrical machinery and equipment and parts thereof; sound or television recording or reproducing apparatus (HS 85).

Indonesian exports to Armenia have been on a downward trend over the past year. The previous year's export value was US$2.43 million.

Ten main export products from Indonesia to Armenia recorded a surplus in 2020, totaling US$0.74 million.

Top 10 Indonesian Export Products to Armenia

1. (HS 39): Plastics and articles thereof
2. (HS 19): Preparations of cereals, flour, starch or milk; pastrycooks' products
3. (HS 34): Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial...
4. (HS 44): Wood and articles of wood; wood charcoal
5. (HS 09): Coffee, tea, maté and spices
6. (HS 92): Musical instruments; parts and accessories of such articles
7. (HS 41): Raw hides and skins (other than furskins) and leather
8. (HS 18): Cocoa and cocoa preparations
9. (HS 67): Prepared feathers and down and articles made of feathers or down; artificial flowers; articles...
10. (HS 99): Commodities not specified elsewhere

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