As per Indonesia Customs Data, the country is the second largest trading partner of India in the ASEAN region. It is one of the emerging markets in Southeast Asia and is the largest economy in the region.
Indonesia offers many business opportunities for businesses because of affordable young and skilled population and stable economic growth. The country’s most important trade partner is China in terms of both imports and exports.
As per Indonesia Import Export Trade Data, the exports of goods and services as percentage of GDP is 17.17% and imports of goods and services as percentage of GDP is 16.02%. Most of the Indonesian consumers prefer and attached to foreign goods because they perceive these goods of high quality and more desirable.
As per Indonesia Import and Export Data Shipment, the country exported a total of US$248B and imported a total of US$ 196.2B in 2021.
As per the Indonesia Bill of Lading Details, the leading exports of the country are oil and gas, minerals and crude palm oil. The leading imports were iron and steel, mineral fuels, and plastics.
Indonesia Shipment Data shows that the country has witnessed a significant increase in the foreign trade with many global business organizations have relocated their operations to Indonesia. The country is also an ideal export hub to reach other ASEAN markets. The country’s manufacturing sector accounted to 16.69% of the total GDP.
Indonesia has clearly emerged as a low-cost manufacturing and sourcing country compared to the other developing region.
As per Import Export Statistics of Indonesia, the country is emerging as the most preferred destination for doing business because of-
1. Competitive corporate income tax rates
2. Sound economy
3. Large, skilled and talented workforce
4. Ease of doing business
5. Cheap labour costs
As per Indonesia Trade data, the major countries dealing with Indonesia are China, Japan, United States, South Korea, Malaysia, India, Taipei and Hong Kong.
As per Indonesia Export Data, the country was among the countries with the highest GDP growth. The country’s GDP expanded 5.31% in 2022, the fastest pace in past nine years because of the revived spending from the lifting of pandemic restrictions and a global commodity boom sent exports to a record high.
According to import export statistics of Indonesia, the country has generous natural resources including crude oil, natural gas, tin, copper and gold. Its key imports include machinery and equipment, chemicals, fuels and foodstuffs. The major exports include oil and gas, electrical appliances, rubber, plywood and textiles.
The main import partners of the country are China, Japan, Singapore, Thailand and the United States and its export partners are China, Singapore, Japan and United States.
In terms of regulations and finances, the country has become more investor-friendly in recent years. The reforming of the financial sector, streamlining business regulations, and enhancing the quality of the Indonesiaese government’s workforce all has added to the growing popularity of the country in terms of trade all over the world.
As per the Indonesia Import Data – Within ASEAN, Indonesia has emerged as a strong competitor in almost all the industry verticals in ease of doing trade. Thus, many foreign companies are proceeding to Indonesia to start their business operations.
