Indonesia's Trade Balance with Madagascar Shows a US$20.17 Million Surplus

Indonesia's trade balance with Madagascar showed a surplus of US$20.17 million in 2020. However, this surplus decreased drastically by -15.12% compared to the previous year's balance of US$23.76 million.

This decline in the trade balance, according to Trademap data, was supported by Indonesia's export value, which reached US$46.13 million. This value is higher than Indonesia's imports from Madagascar, which were recorded at US$25.97 million.

Indonesia's exports to Madagascar have been declining over the past year. The previous year's export value was US$56.54 million.

Imports, according to Trademap data, decreased by 20.79% compared to the previous year's figure of US$32.78 million.

Based on product type, 10 main export products from Indonesia to Madagascar recorded a surplus during 2020. The total value of these main exports reached US$33.67 million.

List of 10 Main Indonesian Export Products to Madagascar

1. (HS 08): Edible fruits and nuts; peel of citrus fruit or melons


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


3. (HS 17): Sugars and sugar confectionery


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


5. (HS 21): Miscellaneous edible preparations


6. (HS 22): Beverages, spirits and vinegar


7. (HS 23): Residues and waste from the food industry; prepared animal fodder


8. (HS 29): Organic chemicals


9. (HS 30): Pharmaceutical products


10. (HS 34): Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations

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