Indonesia Trade Trends July 2024

According to data released by Statistics Indonesia, the country’s exports rose by 6.5 per cent on a yearly basis to USD 22 billion in July 2024, while imports grew by 11.1 per cent to USD 21 billion.

In the first seven months of 2024, Indonesian exports reached USD 147 billion, down 1.5 per cent from the same period in the previous year, while imports amounted USD 138 billion in the same period, down 1.8 per cent.

China was the main supplier of commodities to Indonesia, reaching USD 6.5 billion dollars, followed by Japan at USD 1.4 billion and Australia at USD 1.1 billion.

In its latest outlook, the International Monetary Fund estimated Indonesia GDP growth rate to be 5 per cent in 2024 and 5.1 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.