The trade balance between Indonesia and Vietnam in 2023 showed a surplus, with Indonesia exporting more goods than it imported from Vietnam. According to Kasan, the Head of the Trade Policy Agency at the Ministry of Trade (Kemendag), the trade surplus amounted to USD 2.24 billion, contributing to an overall trade surplus of USD 12.84 billion between the two countries. Data from Kemendag revealed that Indonesia's exports to Vietnam increased annually by an average of 13.90%, reaching USD 7.54 billion in 2023, although experiencing an 11.21% decrease compared to the previous year. Coal, iron and steel, and vehicles were the main exported products, constituting a significant portion of non-oil and gas exports to Vietnam in 2023.
On the other hand, Indonesia's imports from Vietnam also saw a yearly increase of 11.31%, amounting to USD 5.30 billion in 2023, reflecting a 10.00% year-on-year rise. The imports primarily consisted of machinery and electrical equipment, cereals, and iron and steel, contributing significantly to Indonesia's non-oil and gas imports from Vietnam. The surplus in the trade balance underscores Indonesia's strength in exporting coal and other commodities to Vietnam. Despite fluctuations in export values, Indonesia remains a key player in the trade relationship with Vietnam, benefiting from the diverse range of products exchanged between the two countries. This surplus reflects positively on Indonesia's trade performance and its continued efforts to strengthen trade relations with key partners like Vietnam.
