Mei 26, 2024 – The bilateral economic relationship between Indonesia and India is a significant and closely intertwined connection. In 2023, this relationship was characterized by remarkable dynamism, reflecting the strength of key commodities. This article will center on the evolving trade balance between the two countries and highlight the primary commodities exported by Indonesia and imported by India.
From 2020 to 2022, there was an increase in both the mining and non-mining sectors. Overall, the total trade value surged by US$ 18,5 billion during this period. However, in 2023, there was a significant decline of US$ 5,7 billion. As a result, the trade balance between Indonesia and India experienced a decrease of US$ 1,6 billion from 2022.
The decline in the trade balance value was influenced by decreasing export and import values. Nevertheless, export and import activities could still proceed. Here is a list of commodities exported from Indonesia to India:
- Mineral fuels, oils, and waxes (US$ 6.5 billion)
- Vegetable oils and waxes (US$ 3.13 billion)
- Iron and steel (US$ 1.15 billion)
- Bulk minerals and ores (US$ 710 million)
- Inorganic and organic chemicals and precious metals (US$ 372 million)
In addition to export activities, Indonesia also engages in import activities from India for the following key commodities:
- Engineering goods (US$ 1.82 billion)
- Petroleum products (US$ 857 million)
- Organic and inorganic chemicals (US$ 330 million)
- Meat dairy and poultry products (US$ 256 million)
Looking back, even though 2023 had its challenges, the trade partnership between Indonesia and India stayed strong. The two countries have the huge potential to grow further in the coming years with increasing bilateral and community relations. This shows that Sunggong Logistics is committed to offering top-notch freight services to different places in India at competitive prices. As we move forward, Sunggong Logistics is prepared to adapt and find new ways to contribute to the success of trade between these two countries.
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