Indonesia's Trade Balance with Vietnam Shows a US$1.81 Billion Surplus

Indonesia's trade balance with Vietnam showed a surplus of US$1.81 billion in 2020. This trade balance value increased by 38.71% compared to the previous year's balance, which was recorded at US$1.31 billion.

This positive trade balance, according to Trademap data, was supported by Indonesia's export value, which reached US$4.94 billion. This value is higher than Indonesia's imports from Vietnam, which were recorded at US$3.13 billion.

Indonesia's exports to Vietnam have been on a downward trend over the past year. The previous year's export value was US$5.15 billion.

Meanwhile, imports, according to Trademap data, decreased by 18.65% compared to the previous year, which was recorded at US$3.85 billion.

Based on product type, there were 10 main export products from Indonesia to Vietnam that recorded a surplus throughout 2020. The total export value of these main products reached US$2.58 billion.

List of 10 Main Indonesian Export Products to Vietnam

1. (HS 87): Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof


2. (HS 27): Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes


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


4. (HS 74): Copper and articles thereof


5. (HS 03): Fish and crustaceans, molluscs and other aquatic invertebrates


6. (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


7. (HS 29): Organic chemicals


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


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


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

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