Indonesia-India Trade Overview 2023

 India and Indonesia share a very strong trade relationship. Indonesia is a very significant economic partner of India across South east Asian countries. The bilateral trade is growing at an expressive rate. According to the Indonesia import export data reports, total trade was valued around $38 billion during 2022. Whereas, it was $26 billion in the fiscal year 2021. Both the nations are working cooperatively to cross the $50 billion mark by 2025.

India is the 4th most favoured destination for Indonesian exports. According to the Indonesia export data reports, Indonesia’s overall exports to India were accounted to be over $15 billion dollars in FY 2022. India is a very niche market for Indonesia's coal, crude palm oil imports. 

In the fiscal year 2022, India had imported over $5 billion worth of palm oil from Indonesia. Whereas in the current year, India's palm oil shipments crossed over 15 MMT. Apart from Indonesia, Thailand and Malaysia are the most favoured destinations for India's palm oil imports. In July 2023, India's palm oil imports had seen a rise of 56% amid big discounts.

Coal is the most imported product by India from Indonesia. As per the sources, Indonesia, along with Russia and South Africa constitute for over 80% of India's total coal import shipments. Indonesia customs data reflects that around 2.2 MMT worth of coal was exported to India during 2022-23 while it was 0.7 MMT last year.

Minerals, Rubber, Hydrocarbons, paper, yarn, plastics, alloys, tin, chemicals are the most demanded Indonesian goods in the Indian market.  On the other hand, petrochemical products, vehicles, broadcasting equipment, meat, agricultural produce, plastics, steel and animal fodder are the major Indonesian imports from India. Indonesia’s imports from India totaled to be $9 billion in the same period. 

 

According to the Indonesia import data, around $268 billion worth of goods were imported during the financial year 2022. Whereas, the major imports made by Indonesia are refined petroleum, vaccines, motor vehicles, wheat, gold, soybean meal, raw sugar, etc. Indonesia's majority of the imports came from China with over 31% share. Whereas, Singapore, Japan, Malaysia, Thailand, India and South Korea were other significant contributors.

India serves as the fourth biggest trading partner of Indonesia. India’s exports to Indonesia are rising at a rate of 10% annually. There is a significant amount of investment made by both the countries in various sectors like agro products, automotive parts, engineering goods, IT, healthcare, bio-technology, and automobiles. With the help of an expert market intelligence, import-export business owners can excel their sales. There are many prominent global import export data provider companies in the market.

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