That dollar amount results from a 54.3% upturn since five years earlier in 2019 when Indonesian exports totaled $167.7 billion.
Year over year, the overall value of Indonesian exports shrank by -11.4% compared to $292 billion in 2022.
Based on the average exchange rate for 2023, the Indonesian rupiah depreciated by -7.7% against the US dollar since 2019 and fell by -2.6% from 2022 to 2023. Indonesia’s weaker local currency made its exports paid for in stronger US dollars relatively less expensive for international buyers in 2023.
Major Customers for Indonesian Exported Products
The latest available country-specific data shows that 77.7% of products exported from Indonesia were bought by importers in: mainland China (25.1% of the Indonesian total), United States of America (9%), Japan (8%), India (7.8%), Singapore (4.9%), Malaysia (4.8%), Philippines (4.3%), South Korea (4%), Vietnam (2.9%), Thailand (2.8%), Taiwan (2.6%) and the Netherlands (1.5%).
From a continental perspective, three-quarters (75.5%) of Indonesia’s exports by value was delivered to fellow Asian countries while 10.3% was sold to importers in North America. Indonesia shipped another 8.5% worth of goods to Europe.
Smaller percentages went to Africa (2.7%), Oceania (1.6%) led by Australia and New Zealand, then Latin America (1.4%) excluding Mexico but including the Caribbean.
Given Indonesia’s population of 277.4 million people, its total $258.8 billion in 2023 exports translates to roughly $930 for every resident in the Asian nation. That dollar metric lags the average $1,100 per capita one year earlier for 2022.
Indonesia’s Top 10 Exports
The following export product groups represent the highest dollar value in Indonesian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Indonesia.
- Mineral fuels including oil: US$59.5 billion (23% of total exports)
- Animal/vegetable fats, oils, waxes: $28.5 billion (11%)
- Iron, steel: $26.7 billion (10.3%)
- Electrical machinery, equipment: $14.3 billion (5.5%)
- Vehicles : $11.2 billion (4.3%)
- Ores, slag, ash: $8.7 billion (3.4%)
- Gems, precious metals: $7.5 billion (2.9%)
- Nickel: $6.8 billion (2.6%)
- Machinery including computers: $6.5 billion (2.5%)
- Footwear: $6.4 billion (2.5%)
By value, Indonesia’s top 10 exports totaled over two-thirds (68%) of Indonesia’s total exports.
Gems and precious metals was the fastest grower among the top 10 export categories, up by 19.1% from 2022 to 2023. That category was propelled by higher international revenues from exported jewelry.
In second place for improving export sales was nickel via a 14% gain.
Indonesia’s shipments of vehicles posted the only other appreciation, up by 1.6%.
The leading decliner among Indonesia’s top 10 export categories was animal or vegetable fats, oils and waxes thanks to a -19.2% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Indonesia’s Most Valuable Export Products below.
Products Generating Highest Trade Surpluses for Indonesia
Overall, Indonesia generated a US$37.1 billion trade surplus for 2023, declining by -32% from $54.5 billion in black ink one year earlier in 2022.
The following types of Indonesian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Animal/vegetable fats, oils, waxes: US$28.2 billion (Down by -19.1% since 2022)
- Mineral fuels including oil: $19.4 billion (Down by -25.8%)
- Iron, steel: $15.3 billion (Up by 10.3%)
- Ores, slag, ash: $7 billion (Down by -21.2%)
- Nickel: $6.7 billion (Up by 14%)
- Footwear: $5.5 billion (Down by -18.5%)
- Gems, precious metals: $4.7 billion (Up by 80.8%)
- Clothing, accessories (not knit or crochet): $4 billion (Down by -14.1%)
- Knit or crochet clothing, accessories: $3.51 billion (Down by -20.1%)
- Wood: $3.46 billion (Down by -15.8%)
Indonesia has highly positive net exports in the international trade of animal or vegetable fats, oils and waxes In turn, these cashflows indicate Indonesia’s strong competitive advantages under the related product category.
Products Causing Worst Trade Deficits for Indonesia
Below are exports from Indonesia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Indonesia’s goods trail Indonesian importer spending on foreign products.
- Machinery including computers: -US$25.7 billion (Up by 4.4% since 2022)
- Electrical machinery, equipment: -$11.4 billion (Down by -3.5%)
- Plastics, plastic articles: -$6.6 billion (Down by -19.5%)
- Cereals: -$5.9 billion (Up by 34.5%)
- Organic chemicals: -$3.4 billion (Down by -4.9%)
- Optical, technical, medical apparatus: -$2.9 billion (Up by 7.7%)
- Sugar, sugar confectionery: -$2.8 billion (Down by -0.8%)
- Articles of iron or steel: -$2.6 billion (Up by 18.8%)
- Food industry waste, animal fodder: -$1.7 billion (Down by -15.3%)
- Oil seeds: -$1.5 billion (Down by -7.6%)
Indonesia has highly negative net exports and therefore deep international trade deficits for machinery, particularly those related to computers.
Major Indonesian Export Companies
Nine Indonesian corporations rank among Forbes Global 2000. Below is a sample of the major Indonesian conglomerates that Forbes included.
- Gudang Garam (Tobacco)
- Telekom Indonesia (Telecommunications services)
Wikipedia also lists exporters from Indonesia. Selected examples are shown below.
- Astra International (financial/industrial conglomerate)
- Bumi Resources (coal)
- Djarum (tobacco cigarettes)
- Dragon Computer & Communication (computer hardware)
- Krakatau Steel (steel products)
- MedcoEnergi (oil, gas)
- Pertamina (oil, natural gas)
- United Tractors (heavy equipment)
Searchable List of Indonesia’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Indonesia during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Coal, solid fuels made from coal | $34,592,077,000 | -26% |
| 2 | Palm oil | $22,685,413,000 | -18.3% |
| 3 | Iron ferroalloys | $15,300,359,000 | +11.6% |
| 4 | Petroleum gases | $8,776,957,000 | -10.6% |
| 5 | Copper ores, concentrates | $8,326,477,000 | -9.9% |
| 6 | Lignite | $8,257,449,000 | +5% |
| 7 | Nickel matte, oxide sinters | $6,764,479,000 | +13.5% |
| 8 | Cars | $6,066,930,000 | +9.4% |
| 9 | Flat-rolled stainless steel items | $5,538,532,000 | -18.8% |
| 10 | Jewelry | $5,529,037,000 | +46.2% |
| 11 | Industrial fatty acids and alcohols | $4,685,249,000 | -26.7% |
| 12 | Processed petroleum oils | $4,442,114,000 | +44.8% |
| 13 | Footwear (leather) | $2,976,060,000 | -10% |
| 14 | Stainless steel ingots | $2,848,999,000 | -29.9% |
| 15 | Chemical woodpulp (non-dissolving) | $2,747,592,000 | +1.1% |
| 16 | Phone system devices | $2,541,752,000 | +28.3% |
| 17 | Natural rubber | $2,478,751,000 | -30.1% |
| 18 | Footwear (textile) | $2,401,770,000 | -29.6% |
| 19 | Uncoated paper for writing/printing | $2,322,771,000 | -2.3% |
| 20 | Miscellaneous oil cakes | $2,260,147,000 | +0.9% |
| 21 | Coconut/palm/babassu oil | $2,066,210,000 | -33.9% |
| 22 | Automobile parts/accessories | $2,037,795,000 | +1.7% |
| 23 | Electrical machinery | $1,887,469,000 | -18.3% |
| 24 | Rubber tires (new) | $1,803,434,000 | -2.5% |
| 25 | Margarine | $1,773,351,000 | -10% |
| 26 | Unwrought tin | $1,769,825,000 | -25.3% |
| 27 | Crude oil | $1,750,005,000 | +11.3% |
| 28 | Laminated wood (including plywood, veneer panels) | $1,731,060,000 | -26.5% |
| 29 | Insulated wire/cable | $1,705,974,000 | +5% |
| 30 | Iron or non-alloy steel products (semi-finished) | $1,538,475,000 | +11.8% |
| 31 | Printing machinery | $1,353,741,000 | -23.7% |
| 32 | Crustaceans (including lobsters) | $1,301,963,000 | -21.1% |
| 33 | TV receivers/monitors/projectors | $1,260,254,000 | -21.9% |
| 34 | Animal/vegetable hydrogenated fats, oils | $1,259,726,000 | -11.2% |
| 35 | Motorcycles | $1,225,617,000 | -21% |
| 36 | Refined copper, unwrought alloys | $1,164,197,000 | -33.1% |
| 37 | Miscellaneous furniture | $1,160,361,000 | -26.5% |
| 38 | Cigars/cigarellos, cigarettes | $1,134,149,000 | +16.5% |
| 39 | Motorcycle parts/accessories | $1,106,444,000 | -4.1% |
| 40 | Cases, handbags, wallets | $1,037,382,000 | -3.9% |
| 41 | Jerseys, pullovers (knit or crochet) | $979,736,000 | -22.5% |
| 42 | Crustaceans, molluscs (preserved/prepared) | $965,253,000 | -10.8% |
| 43 | Women's clothing (not knit or crochet) | $962,943,000 | -11% |
| 44 | Organic surface-active products, soap | $940,457,000 | +7.9% |
| 45 | Petroleum oil residues | $937,534,000 | -39.2% |
| 46 | Footwear (rubber or plastic) | $931,345,000 | +9.1% |
| 47 | Coffee | $929,135,000 | -19.1% |
| 48 | Bread, biscuits, cakes, pastries | $892,094,000 | -0.4% |
| 49 | Acyclic alcohols | $863,248,000 | -36.9% |
| 50 | Precious metal waste, scrap | $859,167,000 | -34.3% |
| 51 | Women's clothing (knit or crochet) | $849,709,000 | -8.1% |
| 52 | Gold (unwrought) | $848,317,000 | -17.4% |
| 53 | Household/sanitary rolls | $838,682,000 | +5.7% |
| 54 | Men's suits, trousers (not knit or crochet) | $812,720,000 | -19.4% |
| 55 | Aluminum oxide/hydroxide | $806,642,000 | +1.6% |
| 56 | Ammonia | $779,457,000 | -54.5% |
| 57 | Moluscs | $765,237,000 | +3.6% |
| 58 | Fish fillets, pieces | $748,119,000 | -13.9% |
| 59 | Copper wire | $737,083,000 | +13.5% |
| 60 | Integrated circuits/microassemblies | $735,833,000 | +42.1% |
| 61 | Chemical woodpulp (dissolving) | $716,974,000 | -24.3% |
| 62 | Hot-rolled iron or non-alloy steel products | $669,642,000 | -29.8% |
| 63 | Seats (excluding barber/dentist chairs) | $669,583,000 | -23.1% |
| 64 | Other food preparations | $648,519,000 | -5.1% |
| 65 | Edible insects, turtle eggs, birds' nests | $633,260,000 | +7.2% |
| 66 | Artificial staple fibers | $630,721,000 | -15.9% |
| 67 | Cocoa butter, fat, oil | $627,424,000 | -1.4% |
| 68 | Coffee/tea extracts, concentrates | $626,798,000 | +6.5% |
| 69 | Miscellaneous vegetable products | $626,689,000 | +26.9% |
| 70 | Piston engines | $617,402,000 | +32.1% |
| 71 | Saturated acyclic mono acids | $608,059,000 | -34.9% |
| 72 | Plastic plates, sheets, film, tape, strips | $596,981,000 | -12% |
| 73 | Lower-voltage switches, fuses | $575,631,000 | -15.3% |
| 74 | Electrical converters/power units | $558,044,000 | +3.8% |
| 75 | Electrical capacitators | $550,944,000 | -15.2% |
| 76 | Shaped wood | $530,810,000 | -8% |
| 77 | Nitrogenous fertilizers | $525,518,000 | -53.1% |
| 78 | Heavy machinery (bulldozers, excavators, road rollers) | $523,606,000 | +3.9% |
| 79 | Whole fish (frozen) | $515,010,000 | +13% |
| 80 | Models, puzzles, miscellaneous toys | $508,652,000 | -9.2% |
| 81 | Coke, semi-coke | $506,043,000 | +361.1% |
| 82 | Light vessels, fire boats, floating docks | $493,228,000 | -55.4% |
| 83 | Medication mixes in dosage | $489,760,000 | +2.2% |
| 84 | Uncoated paper | $480,962,000 | +28.3% |
| 85 | Coiled iron or non-alloy steel bars, rods | $479,090,000 | +0.5% |
| 86 | Primary batteries/cells | $474,769,000 | -7% |
| 87 | Wood carpentry, builders' joinery | $471,121,000 | -14.8% |
| 88 | Piston engine parts | $469,163,000 | -15% |
| 89 | Women's shirts (not knit or crochet) | $441,390,000 | -14.8% |
| 90 | T-shirts, vests (knit or crochet) | $430,424,000 | -18.3% |
| 91 | Synthetic staple fibre yarn | $419,248,000 | -29.2% |
| 92 | Aluminum (unwrought) | $414,239,000 | +14.7% |
| 93 | Men's shirts (not knit or crochet) | $413,988,000 | +4% |
| 94 | Bras, corsets (not knit or crochet) | $409,051,000 | -22.7% |
| 95 | Pasta, couscous | $409,050,000 | +18% |
| 96 | Hydraulic cements | $405,430,000 | +7.7% |
| 97 | Solar power diodes/semi-conductors | $400,699,000 | +10.8% |
| 98 | Trucks | $399,388,000 | +28.2% |
| 99 | Refrigerators, freezers | $399,117,000 | -20.2% |
| 100 | Fish, caviar (preserved/prepared) | $394,301,000 | -1.7% |
These 100 exported goods were worth a subtotal of US$217.2 billion or over four-fifths (83.9%) by value for all products exported from Indonesia during 2023.
In macroeconomic terms, Indonesia’s total exported goods represent 5.9% of its overall Gross Domestic Product for 2023 ($4.393 trillion valued in Purchasing Power Parity US dollars). That 5.9% for exports to overall GDP in PPP for 2023 compares to 7.3% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Indonesia’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Indonesia’s unemployment rate averaged 5.3% in 2023, down from an average 5.86% jobless rate for 2022 according to statistics from the International Monetary Fund.
Indonesia’s capital city is Jakarta.
See also Indonesia’s Top Trading Partners, Indonesia’s Top 10 Imports, Top Asian Export Countries, Palm Oil Exports by Country and Coal Exports by Country
Research Sources:
Central Intelligence Agency, The World Factbook report on East Asia/Southeast Asia: Indonesia. Accessed on March 20, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 20, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 20, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 20, 2024
Investopedia, Net Exports Definition. Accessed on March 20, 2024
International Trade Centre, Trade Map. Accessed on March 20, 2024
Wikipedia, Gross domestic product. Accessed on March 20, 2024
Wikipedia, List of Companies of Indonesia. Accessed on March 20, 2024
Wikipedia, Purchasing power parity. Accessed on March 20, 2024