Indonesia's Mineral Fuel Exports to Hong Kong Increase to US$1.31 Million

Indonesia recorded US$2.95 billion in exports to Hong Kong in December 2022. This figure represents a 43.17% increase compared to the previous year's exports of US$2.06 billion.

Indonesia's trade record with Hong Kong shows a significant decrease in exports over the past 10 years. 2022 marked a historical high with the highest export value ever recorded.

Of the 97 products (two-digit HS codes) exported to Hong Kong, 52 products were valued at over one billion dollars. Most of the products exported to Hong Kong (84 products) are also exported to other countries.

The following is a list of the top five products exported by Indonesia to Hong Kong, ordered from highest to lowest transaction value.

1. Mineral fuels, mineral oils and products of their distillation

Indonesia's top export to Hong Kong 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 2022, Indonesia exported US$1.31 billion worth of these products, a significant increase compared to the previous period's US$542,675 thousand.

2. Natural or cultured pearls, precious or semi-precious stones, precious metals, clad metals…

The second largest export from Indonesia to Hong Kong was natural or cultured pearls, precious or semi-precious stones, precious metals, and clad metals. The export value in 2022 was US$597,304 thousand, an increase compared to the previous period's US$488,396 thousand.

3. Electrical machinery and equipment and parts thereof

Third on the list, under HS code 85, is electrical machinery and equipment and parts thereof, categorized together with sound recorders and reproducers, and television receivers. Indonesia exported US$438,770 thousand, an increase compared to the previous period's US$425,300 thousand. Trademap data shows Indonesia exports electrical machinery and equipment and parts thereof to 159 countries. Exports to Hong Kong rank fifth. Other top five export destinations include Singapore, the United States, Japan, and the Republic of Korea.

4. Dairy products

Indonesia also exported a significant amount of dairy products to Hong Kong. The export value in 2022 was US$84,533 thousand, lower than the previous period's US$93,850 thousand. Trademap data shows Indonesia exports dairy products to 48 countries. Hong Kong ranks second. The other top five export destinations for dairy products are China, Vietnam, Singapore, and the United States.

5. Fish and crustaceans, molluscs and other aquatic invertebrates

Indonesia exports these products to 111 countries. Hong Kong ranks 12th in terms of export destination for this product category. In 2022, Indonesia exported US$63,924 thousand. Besides Hong Kong, the largest exports of fish and crustaceans, molluscs and other aquatic invertebrates were to the United States, China, Japan, Vietnam, and Malaysia.