Top Import & Export Business Ideas for 2024 Posted on 21 March 202421 March 2024 by Indah Ramadhanti The world of international trade is brimming with opportunity, and 2024 promises to be an exciting year for entrepreneurs seeking to venture into the import-export arena. This guide will explore the top import and export business ideas for the year ahead. Indonesia Import and Export Statistics According to the latest report from Statistics Indonesia (BPS), the country’s exports in January 2024 stood at an impressive USD 20.52 billion, while the imports were recorded at USD 18.51 billion for the same month. Further insights on the export and import trend can be found below. Export Trends Indonesia’s export value in January 2024 amounted to USD 20.52 billion, marking an 8.34% decrease compared to December 2023 and an 8.06% decrease compared to January 2023. Non-oil and gas exports in January 2024 reached USD 19.13 billion, reflecting an 8.54% decrease compared to December 2023 and an 8.20% decrease compared to January 2023. In January 2024, key destinations for non-oil and gas exports were China (USD 4.57 billion), the United States (USD 1.99 billion), and India (USD 1.79 billion), collectively contributing 43.64%. Additionally, exports to ASEAN and the European Union amounted to USD 3.26 billion and USD 1.48 billion, respectively. Import Trends Indonesia’s imports in January 2024 totaled USD 18.51 billion, a decrease of 3.13% compared to December 2023 but a slight increase of 0.36% compared to January 2023. Oil and gas imports in January 2024 amounted to USD 2.70 billion, reflecting a 19.99% decrease compared to December 2023 and a 7.15% decrease compared to January 2023. Non-oil and gas imports in January 2024 reached USD 15.81 billion, up 0.48% from December 2023 and 1.76% from January 2023. Indonesia recorded a trade surplus of USD 2.02 billion in January 2024, primarily driven by a USD 3.32 billion non-oil and gas surplus. However, oil and gas imports were in a deficit of USD 1.30 billion. READ MORE:2024 Economic Outlook for Indonesia2024 Projections for the Indonesian Food and Beverage IndustryHow Trade in Indonesia Benefits the Economy Profitable Import Commodities Indonesia’s trade surplus in early 2024 is a positive indicator of the country’s economy. To shed more light on Indonesia’s imports, the following information will help you understand the significant role played by various commodities. Import Commodities Here are some common types of imports needed by Indonesia: Type of commoditiesDescriptionGoodsFood and Beverage ConsumptionTransportation EquipmentAuxiliary Raw MaterialsFood Industry Raw MaterialsChemicals and PharmaceuticalsCapital GoodsIndustrial Machinery and EquipmentBuilding MaterialsNon-oil and Gas CommoditiesAgricultural ProductsAgricultural and Livestock GoodsMineral ProductsElectronic and Technology GoodsElectronic Devices: Items like smartphones, computers, etc.Luxury GoodsLuxury Products: Luxury items like jewelry, bags, shoes, and other luxury fashion products. List of Import and Export Commodities in Indonesia Import Here are the top 15 key commodities of Indonesia that play a significant role in imports: 1. Wheat Flour USD 45.29 million of wheat flour, weighing approximately 104.21 million kilograms, has been imported into Indonesia from Sri Lanka, India, Turkey, Ukraine, Japan, and other countries. 2. Soybean Imports Soybean imports reached USD 735.437 million, with a total volume of approximately 1.19 billion kilograms. The United States, Argentina, Malaysia, Paraguay, Canada, and others supply soybeans to Indonesia. 3. Vegetables Vegetables are also listed in the import list, primarily from China. The value reached USD 526.8 with a volume of 603.8 million kilograms. 4. Mineral Fuels and Oils Imports of mineral fuels and oils from Iran have a total value of USD 364.6 million. 5. Salt and Sulfur Imports of salt and sulfur worth USD 22 million from Iran. 6. Corn Corn is imported with a total value of USD 544.189 million from several countries, such as India, Argentina, Brazil, Thailand, Paraguay, and others, with a volume reaching 1.8 billion kilograms. 7. Fertilizers Indonesia imports fertilizers worth USD 523.8 million from China, a quantity of about 2.3 million tons. 8. Iron and Steel Pipes Imports of iron and steel pipes worth USD 414.1 million from China are worth about 280.4 thousand tons. Meanwhile, iron and steel worth USD 16.4 million are also imported from Iran. 9. Copper Indonesia has also imported copper worth USD 376.8 million or around from China, weighing 67.1 million kilograms. 10. Granulated Sugar Imports of granulated sugar reached a total value of USD 31.11 million with an import weight of 52.45 million kilograms from several countries such as Thailand, Malaysia, Australia, South Korea, New Zealand, and others. 11. Fruits Indonesia’s imported fruits have a value of USD 741.3 million, with China being the main contributor with around 397.7 million kilograms. 12. Aluminum Indonesia imports aluminum worth USD 881.2 million from China, with a total weight of 311.11 million kilograms. 13. Rice Rice remains one of Indonesia’s imported commodities from countries such as Vietnam, Thailand, Pakistan, India, Myanmar, etc. The total import value reaches USD 156.332 million with an import volume of 302.71 million kilograms. 14. Crude Oil Imports of crude oil from China reached USD 286.7 million with a total weight of about 436.2 thousand tons. 15. Tobacco Indonesia has imported tobacco worth USD 169.2 million from China, weighing 38.5 million kilograms. Export Here are the top 10 key commodities of Indonesia that play a significant role in exports: 1. Shrimp Indonesia exported 5.33 million kilograms of shrimp worth around USD 36.75 million from January to November 2021, with exports growing at an average annual rate of 4.91% over the past five years. Major destinations include Japan, China, Vietnam, and Hong Kong. 2. Coffee In 2021, Indonesia produced 765 thousand tons of coffee beans, including the renowned civet coffee, one of the world’s most expensive. Malaysia, Japan, Vietnam, and others are the main export destinations for Indonesian coffee. 3. Palm Oil Palm oil is one of Indonesia’s most prominent export commodities. The total production of palm oil in 2021 reached 51.3 million tons, with exports to Malaysia, China, India, and several other nations. 4. Cocoa In 2020, Indonesia was the world’s third-largest cocoa producer, yielding approximately 740 thousand tons. Processed cocoa products are exported to countries including Malaysia, Singapore, Japan, and others. 5. Rubber and Rubber Products Indonesia exports rubber products to five continents, with major destinations including Malaysia, Japan, the Philippines, and other countries where rubber is crucial for manufacturing. 6. Textile and Textile Products (TPT) Industry The textile industry produces various products, such as clothing, bedding, and bags, and exports them to Singapore, Japan, and Ethiopia. 7. Footwear Indonesia also manufactures footwear, especially sports shoes, which are popular internationally. These products are exported to Japan, Malaysia, and the USA. 8. Electronics Indonesian electronic products, especially household necessities, are exported to countries such as Japan, Taiwan, and South Korea. 9. Automotive Components Motor vehicle parts are exported to countries such as China, Malaysia, and India. 10. Furniture The Indonesian furniture industry produces products like tables, chairs, and cabinets and exports them to various countries, including Japan, Australia, and the USA. Prospects and Challenges for the Indonesian Economy in 2024 The International Monetary Fund (IMF) predicts that Indonesia’s economy will grow by 5.0% in 2024, while the World Bank’s projection is slightly lower at 4.9%. Robust domestic consumption and government spending will support Indonesia’s economic growth. Additionally, Indonesia faces specific domestic challenges in 2024, including: The 2024 presidential and legislative elections might create political and economic uncertainty, affecting investment decisions and consumer spending. Global increases in food and energy prices might lead to higher inflation in Indonesia, reducing people’s purchasing power and slowing economic growth. Government budget deficits due to higher government spending on election preparation and infrastructure development may increase the country’s debt burden. Weakening rupiah can lead to higher prices for imported goods and increased production costs for companies. [elementor-template id=”229205″] Streamline Your Trade Journey with InCorp Indonesia Navigating Indonesia’s complex export and import regulations can be daunting. InCorp Indonesia is your trusted partner, offering comprehensive services, including: Export from Indonesia: Simplify your export process, ensuring compliance and minimizing delays. 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China’s Investment Prospects in Indonesia’s Leading Exports Posted on 5 February 20245 February 2024 by Indah Ramadhanti Indonesia’s thriving export industry has always attracted foreign investors, particularly China. Driven by increasing demand and strategic partnerships, China’s investment in Indonesia’s main export commodities has significantly impacted the region’s economic development. Indonesia’s Strong Export Relationship with China The Indonesian government has set a new goal of selling more goods to China by increasing its export target to USD 65 billion and USD 70 billion by 2024. To make this happen, the Ministry of Trade has planned various programs, such as organizing exhibitions of Indonesian products in different parts of China, to boost export performance. READ MORE:Indonesian Work Permit For Foreign Employees From China: A Simple GuideHow Can China Manufacturing Companies Benefit From Moving Factories To Indonesia?China Fortune Land Development: A Case Study Indonesia’s 5 Top Export Destinations As of 2023, the latest data reveals five key markets capturing the bulk of Indonesian exports, highlighting strategic partnerships and burgeoning opportunities across the globe. China: $56.2 billion (28.66% of total exports) Singapore: $15.5 billion (7.88% of total exports) Japan: $14.6 billion (7.46% of total exports) United States: $11.3 billion (5.76% of total exports) India: $4.2 billion (2.10% of total exports) China has been Indonesia’s top export destination for several years, accounting for nearly 30% of total exports in 2023. Top 5 Commodities Exported to China Indonesia’s trade with China has grown more robust, and China has remained the country’s top trading partner. In 2023, Indonesia imported goods worth USD 62.18 billion and exported goods worth USD 64.94 billion to China. The top five categories of goods Indonesia exported to China are the most in demand. CategoriesDescriptionsFerronickelFirstly, ferronickel (HS 72026000) is the primary commodity most exported from the homeland to China, contributing 23.02% to the overall exports, equivalent to USD 14.95 billion.LigniteLignite is another commodity that Indonesia exports to China most, making up 12.03% of the total exports.CoalCoal (HS 27011900) accounted for 5.92% of the total exports.Liquid Traction of Palm OilThe liquid fraction of palm oil (HS 15119037) is the following, contributing 4.7% to the total exports.Nickel Oxide SintersNickel oxide sinters (HS 75012000) contributed 4.1% to the exports. Other potential export commodities to China in 2024 Parulian Silalahi, the Deputy Chief of Mission at the Indonesian Embassy in Beijing, talked about the different types of products Indonesia could sell to China in 2024. The products include Swift’s Nest, coconut, durian, and coffee. CategoriesDescriptionsSwift’s NestImporters in China recognize the superior quality of Swift’s Indonesian Nest products compared to those from other countries. China has consistently been the primary destination for Indonesian Swift’s nest exports, with the total value reaching IDR 5.8 trillion (USD 376 million) last year.DurianData from the Export Potential Map indicates a substantial potential for durian exports to China, reaching IDR 2.6 billion (USD 168.5 thousand) per month in 2022.CoffeeIndonesian coffee holds significant market potential in China, aligning with the growing trend of coffee consumption in East Asia since 2018.CoconutIndonesia has a promising opportunity to outperform Thailand and Vietnam in the coconut product sector. The country’s extensive land area, favorable land contours, and strategic geographical location position it advantageously for coconut production.PorangEast Java, the leading porang producer in Indonesia, offers a unique food source that is low in carbohydrates and calories while being protein-free. In January 2023, East Java Governor Khofifah Indar Parawansa proposed exporting porang to China during a meeting with Consul General Xu Yong from the People’s Republic of China.Bird’s NestsParawansa also discussed the export of bird’s nests, noting that 30 percent of the national production comes from East Java. With such significant production, she expressed confidence that East Java’s bird’s nests could fulfill the dietary preferences of toddlers in China, given the commodity’s popularity among them. Risks and Challenges Indonesia faces three potential scenarios regarding its relationship with China under the next president. Continued Strategic Partnership The new president will likely prioritize the economic benefits of the China-Indonesia relationship and strengthen ties across various sectors, including the economy, security, and global governance. Despite potential risks, economic considerations and China’s role in the domestic economic agenda make this scenario the most probable. Cautious Recalibration A recalibration of the Sino-Indonesian relationship is possible, involving a review of existing economic projects, cautiousness in new agreements, and increased collaboration with alternative partners. Growing risks in some Chinese projects in Indonesia make this scenario somewhat likely. Rethinking the Relationship A significant rethink would occur in response to unforeseen shocks or crises in Sino-Indonesian ties, potentially triggered by China’s actions in the South China Sea or economic coercion against Indonesia. Under this scenario, Indonesia would aim to mitigate economic risks with China while accelerating military modernization and diversifying external relations with the U.S. and its allies. Though less probable, cautionary tales from Beijing’s actions with Australia and India highlight potential shifts. [elementor-template id=”229205″] Start Exporting to China with InCorp Indonesia and China have a longstanding and thriving trade partnership. China has consistently been among Indonesian businesses’ top import and export destinations. Recognizing the enduring strength of this economic bond, Indonesia is gearing up to strengthen its ties with China further in the coming years. If you are looking for a reliable partner to help you with your exports to China, InCorp Indonesia is the right choice. We simplify and streamline the export process, empowering businesses of all sizes to tap into the vast potential of the Chinese market. From seamless export logistics to expert product registration guidance, InCorp equips you with the tools and expertise necessary to: Navigate complex regulations and compliance requirements. Secure swift and efficient product entry into China. Maximize market reach and optimize export success. 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