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Indonesian Car Exports Reach US$2.78 Billion
WINDONESIA July 15, 2024
Cars in line for shipment at Patimban Port in Subang Regency, West Java Province on Dec. 17, 2021. (ANTARA/Dedhez Anggara)
Indonesian-made cars are widely sold to several countries such as the Philippines, Vietnam, and Saudi Arabia. However, the export of Indonesian-made cars fell by 6.3 percent year-on-year (yoy) from US$2.97 billion to US$2.78 billion in June 2024.
Despite that trend, export data from the past three years shows an increase. Commodities with Harmonized System (HS) codes 8702 and 8703 have shown export value growth over the past three years that contributed 2.4 percent to non-oil and gas exports from January to June 2024 according to Statistics Indonesia (BPS) data.
BPS Acting Head Amalia Adininggar Widyasanti, stated that the value of Indonesia's car exports has continued to increase annually.
"Historically , the value of car exports from Indonesia has consistently increased, although the growth from January to June 2024 is slightly lower compared to the same period last year," Amalia said in Jakarta on Jun. 15, 2024.
In 2021, Indonesia's car exports reached US$3.39 billion, increased to US$5.57 billion in 2022, and rising again to US$6.12 billion in 2023.
"The Philippines is the main destination country, accounting for 27.64 percent of the total export value of cars from Indonesia, or roughly one in four cars exported from Indonesia is sent to the Philippines. In addition, many cars from Indonesia are also exported to Vietnam and Saudi Arabia," she said.
Vietnam accounted for 16.17 percent of the total export value of cars made in Indonesia, while Saudi Arabia accounted for 15 percent.
Previously, BPS reported that Indonesia's trade balance has continued to experience a surplus for 50 consecutive months since May 2020, with a surplus value of US$2.39 billion in June 2024.
This surplus stems from export transactions amounting to US$20.84 billion and imports amounting to US$18.45 billion. Oil and gas exports reached US$1.23 billion, while non-oil and gas exports reached US$19.06 billion.
Meanwhile,oil and gas imports reached US$3.27 billion during the same period, followed by non-oil and gas imports reaching US$15.2 billion in June 2024.
