BRICS – new key export market of Indonesia

Indonesia’s non-oil and gas exports to the five major BRICS nations reached $84.37 billion in 2024, accounting for nearly 34% of the country’s total non-oil and gas export value, according to the country’s Central Statistics Agency (BPS).

According to acting head of BPS Amalia Adininggar Widyasanti, Indonesia's expanding trade relations with BRICS nations present a significant economic opportunity following its recent entry into the bloc.

Exports to the five BRICS nations including China, India, South Africa, Brazil and Russia contributed 33.9% to Indonesia’s overall non-oil and gas exports in 2024.

China remains the top destination for Indonesian exports, with 24.2% of the total, mainly driven by iron and steel exports. India follows as the second-largest market, accounting for 8.17% with key exports including coal and crude palm oil.

Indonesia’s main exports to Brazil, Russia, and South Africa include animal and vegetable fats and oils.

The country sees potential for increasing exports to South Africa, where it currently has the smallest share of trade among the BRICS nations. Exports to South Africa amounted to $0.78 billion in 2024.

Meanwhile, exports to Brazil and Russia stood at $1.7 billion and $1.31 billion, respectively.

According to BPS, Indonesia’s trade balance for 2024 showed a surplus of $31.04 billion, down $5.84 billion from 2023. The non-oil and gas trade balance posted a surplus of $51.44 billion, while the oil and gas sector recorded a $20.4 billion deficit, though this was a slight improvement from the previous year.

Experts forecast that the BRICS nations will continue to strategic partners in supporting the growth of Indonesia's non-oil and gas exports this year.