Indonesia is an island nation in Southeast Asia, known for its rich natural resources and favorable geographic location, with a thriving and diversified economy. Driven by a growing export industry and rich natural resources, Indonesia has become the largest economy in Southeast Asia. in 2023, the total value of Indonesia's exports reached $236.41 billion, a figure that reflects the country's importance in global trade. So what products are driving Indonesia's economic growth? Let's explore them in detail.

1. Palm Oil

Palm oil is Indonesia's largest export. Due to its wide range of uses, including the culinary, cosmetic and biofuel industries, palm oil is highly sought after in the global market. Indonesia's tropical climate and vast plantations make it the world's largest producer of palm oil, exporting more than 46 million tons of palm oil annually.

2. Textiles

Textiles are one of Indonesia's growing industrial exports and include a wide range of products such as fabrics, garments, handbags and shoes. Indonesia's textile industry is well developed and produces a wide range of garments, textiles and yarns that are competitive in the global market.

3. Coffee

Indonesia is one of the world's leading coffee producers, producing approximately 9.4 million bags of coffee annually, accounting for 6.6% of the global market. Indonesia's diverse coffee growing regions, including Java, Sumatra and Sulawesi, make its coffee highly sought after globally. China, Thailand, Japan and the United States are the main importers of Indonesian coffee.

4. Cocoa

Cocoa is the main ingredient in chocolate, and Indonesia is the world's third largest cocoa producer. With an annual production of 480,000 tons, the country accounts for 12.2% of global cocoa production and is crucial to the global chocolate market.

5. Paper Products

Indonesia produces and exports a wide range of paper products, including pulp, paper, and paperboard.In 2023, paper exports totaled about US$4.22 billion, mainly to China, Japan, Vietnam, Malaysia, and the Philippines. Pulp exports amounted to US$3.28 billion, mainly to Bangladesh, Vietnam, China, South Korea and India.

6. Shrimp

Shrimp is an important export commodity for Indonesia, especially in the fisheries sector. Indonesian shrimps are exported to countries such as Singapore, Hong Kong, China, Japan and the United Kingdom and are popular for their high quality. Shrimp is an important export product for Indonesia's booming aquaculture industry.

7. Footwear

Footwear is one of Indonesia's major exports with a wide range of industrial uses. Indonesian footwear is favored by global customers for its affordable price and high quality. With an annual export value of approximately US$6.17 billion, the main export products include sports shoes and delicate sandals.

8. Electronics

Electronics is an export product of considerable industrial value for Indonesia. Indonesia is emerging as a major exporter of electronic products (especially consumer electronics and components), and its electronics industry, which produces a wide range of electronic components and electrical equipment, has a significant presence in the global market.

Impact of slowing global economic expansion

Despite Indonesia's strong performance in export markets, the slowdown in global economic expansion has had a negative impact on its key commodity prices. For example, prices of commodities such as palm oil, nickel and coal have fallen. This situation is a reminder that Indonesia's economy is still subject to volatility in the global market despite its rich natural resources and strong manufacturing capabilities.

Conclusion

Indonesia's wide range of exports, from palm oil and textiles to coffee, cocoa and electronics, demonstrate the economic diversity and competitiveness of Southeast Asia's largest economy. Despite the challenges of global market volatility, Indonesia's abundant natural resources and growing manufacturing sector have made it an important player in global trade. In the future, Indonesia's export industries are expected to continue to drive its economic growth as global markets recover and technology advances.

Customs data contains a vast amount of information, and extracting relevant customer contact information can be time-consuming, with results not always meeting expectations. Is it truly the case, or is it because customs data is being used incorrectly, resulting in wasted effort and time?

Utilizing customs data for customer development can be achieved by precisely characterizing all buyers and their procurement systems in the target market. This allows for the quick identification of the most compatible customers, discerning their credit systems and procurement information, determining high-quality customers and profit margins, enhancing development efficiency, and improving overall effectiveness.

In customs data, one can observe the suppliers of buyers. Some of these suppliers are trade companies and also potential customers. In-depth analysis can be conducted on these trade companies, and key customers can be selected for focused development. Information such as buyer contacts, trade partners, procurement cycles, and purchase volumes can be obtained. While customs data may lack contact information due to being derived from bill of lading information, Tendata iTrader provides not only customs data but also business and internet data. This allows for the direct extraction of contact information and positions based on buyer names, making customer development through customs data seamless. (>>> Click To Get Free Demo for Customs Data From 90+ Countries) For new customer development using customs data, three strategies are available for consideration. 

1. Establishing a Customer Database by Country: 

Building a customer database is akin to maintaining a work record. Start by using trade tracking features to compile a list of all customers in a country. Analyze each buyer's purchase volume, procurement cycle, product specifications, and supplier system. Finally, filter out 30% of the potential high-quality customers from this country and record them in your customer database, allowing flexible settings by country, time, customer name, follow-up steps, contact phone, email, contact person, etc. (>>> Click For Free Customer Development)

2. Establishing a Customer Database by Peer Companies: 

Have a clear understanding of the names of peer companies (including full names, abbreviations, etc.). Use the global supplier network feature to gather all customers of these peers in the system. Analyze these customers based on purchase volume, procurement cycle, and product models. Finally, filter out key customers from your targeted peers and record them in your customer database. (>>> Click For Free Trial Application)

3. Identifying Newly Appeared Customers in Each Country: 

Utilize the trade search function to select a country, set date ranges, limit product names or customs codes, and check "latest." The search results will display high-quality customers that have recently appeared in that country during the specified time period. Since these customers are newly emerging, they may have unstable supplier relationships, requiring focused follow-up. Record these new potential buyers in your customer database. (>>> Click For Free Demo Application)

These three approaches for customer development using customs data can be implemented based on the actual needs of the company. Considering market conditions, industry characteristics, strategic requirements, etc., find a method that suits your preferences. The ultimate goal is to establish and organize a categorized archive of high-quality customers. Once suitable customers are identified, the next step is to make precise contact through various channels such as phone calls, email communication, online chat, etc.