Indonesia's Exports and Imports to Venezuela Increased in 2020

Indonesia's trade balance with Venezuela showed a surplus of US$2.63 million in 2020. However, this surplus decreased by 43.63% compared to the previous year's US$4.67 million.

This decline in the trade balance, according to Trademap data, was supported by Indonesian exports reaching US$14.08 million. This is higher than Indonesia's imports from Venezuela, which were recorded at US$11.45 million.

Indonesian exports to Venezuela have been on an upward trend over the past year. The previous year's export value was US$10.67 million.

Imports, according to Trademap data, increased by 90.64% compared to the previous year's US$6 million.

Based on product type, 10 main export products from Indonesia to Venezuela recorded a surplus in 2020. The total value of these main exports reached US$13.53 million.

List of 10 Main Indonesian Export Products to Venezuela

1. (HS 34): Soap, organic surface-active agents, washing preparations, lubricating preparations, etc.


2. (HS 49): Printed books, newspapers, pictures, and other products of the printing industry; manuscripts, etc.


3. (HS 84): Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof


4. (HS 48): Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard; paper and paperboard; articles of paper pulp, of paper or of paperboard


5. (HS 85): Electrical machinery and equipment and parts thereof; sound or television broadcasting apparatus


6. (HS 30): Pharmaceutical products


7. (HS 55): Man-made staple fibers


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


9. (HS 15): Animal or vegetable fats and oils and their cleavage products; edible fats; animal or vegetable waxes


10. (HS 19): Preparations of cereals, flour, starch or milk; pastrycooks' products

Globally, the trade balance for all goods improved due to an increase 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.