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Indonesia recorded US$10.3 billion in exports to South Korea as of December 2023. This figure represents a 19.6% decrease compared to the previous year's exports of US$12.81 billion.
Over the past 10 years, Indonesia's trade record with South Korea shows an upward trend in exports. Indonesia's lowest export value was US$6.51 billion, while the highest reached US$12.81 billion.
Of the 97 products (two-digit HS codes) exported to South Korea, 59 were worth more than one billion dollars. Furthermore, according to Trademap data, 88 major Indonesian products are exported to South Korea annually. In other words, these products are the mainstay of Indonesian exports to South Korea. Many of the other products are also exported to other countries.
The following is a list of the top five products exported by Indonesia to South Korea. This list is ordered from highest to lowest transaction value.
1. Mineral fuels, mineral oils and products of their distillation
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 South Korea ranked first, with Indonesia exporting US$4.1 billion. This export value is lower than the previous period, which reached US$5.12 billion.
2. Ores, slag and ash
Ores, slag and ash, with HS code 26. Indonesia exported US$1.26 billion.
3. Machinery and electrical equipment and parts
Third on the list, Indonesia also exported US$631.01 million worth of machinery and electrical equipment and parts to South Korea. This export value is lower than the previous period, which reached US$640.03 million. Currently, the largest export of machinery and electrical equipment and parts is to South Korea. Besides South Korea, the five largest export destinations for Indonesian machinery and electrical equipment and parts are China, the United States, Hong Kong, China, Germany, and Singapore.
4. Wood and wood articles
Indonesia also exported US$386.11 million worth of wood and wood articles to South Korea. This export value is lower than the previous period, which reached US$456.57 million. Besides South Korea, Indonesia also relies on exports of wood and wood articles to the United States, China, Japan, Germany, and the United Kingdom. In addition to these main countries, Indonesia is recorded as exporting this product to four other countries.
5. Iron and steel
Indonesia exported this product to one main country. Exports of iron and steel to this country are the largest. In 2023, Indonesia recorded exports worth US$354.15 million. The five other countries that are sources of iron and steel exports are China, the United States, Germany, Afghanistan, and unspecified African countries.
"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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