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Indonesia recorded US$5.3 billion in imports from Vietnam as of December 2023. This figure represents a 10.01% increase compared to the previous year's imports, which totaled US$4.82 billion.
Indonesia's trade record with Vietnam shows an upward trend in imports over the past 10 years. 2023 marked a historic high with the highest import value ever recorded.
Of the 97 products (two-digit HS codes) imported from Vietnam, 51 products were worth more than one billion dollars. Furthermore, according to Trademap data, Indonesia imports 92 main products annually from Vietnam. This indicates a significant dependence on these imported products. Many of these products are also imported from other countries.
The following is a list of the top five products imported by Indonesia from Vietnam, ordered from highest to lowest transaction value:
1. Electrical machinery, equipment and parts
Falling under HS code 85, Electrical machinery, equipment and parts are categorized together with sound recorders and reproducers, and television sets. Imports of this product from Vietnam ranked first, with Indonesia importing US$772.11 million. This is lower than the previous period's US$782.95 million.
2. Cereals
With HS code 10, Indonesia imported US$668.87 million worth of cereals from Vietnam.
3. Iron and steel
Indonesia imported a significant amount of iron and steel from Vietnam, ranking third. Imports totaled US$499.38 million, lower than the previous period's US$509.46 million. Vietnam remains the largest importer of iron and steel to Indonesia. Other top five importers of iron and steel to Indonesia are China, Germany, Japan, Indonesia itself, and the Republic of Korea.
4. Nuclear reactors, boilers, machinery and mechanical appliances
Indonesia imports this product primarily from Vietnam, which is the largest supplier. In 2023, Indonesia imported US$395.92 million worth of nuclear reactors, boilers, machinery and mechanical appliances. Other top five suppliers include China, Germany, the United States, Japan, and Italy.
5. Plastics
Indonesia also imported a significant amount of plastics from Vietnam, totaling US$390.71 million in 2023. This is lower than the previous period's US$584.56 million. Vietnam is the largest supplier of plastics to Indonesia. Other top five suppliers include China, the United States, Germany, the Republic of Korea, and Belgium.
"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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