In the first 11 months of 2024, total bilateral trade turnover between Vietnam and Indonesia reached $15.15 billion, a nearly 20% increase compared to the same period last year.

Of this, Vietnam's exports to Indonesia amounted to $5.69 billion, a rise of 21.7%,  according to the Vietnam Customs.

The total bilateral trade turnover for 2024 is estimated to reach at least $16 billion, with Vietnam's exports to Indonesia expected to exceed $6 billion – the highest level ever recorded.

According to the Vietnam Trade Office in Indonesia, the bilateral trade turnover has experienced rapid growth over the last four years, from $8.07 billion in 2020 to $16 billion in 2024. Notably, the growth rate of Vietnam's export value has surpassed that of imports, gradually contributing to a reduction in Vietnam's trade deficit.

From 2021 to 2024, the trade deficit has narrowed significantly due to higher export growth compared to import growth, particularly in 2023 and 2024. The deficit decreased from $5.12 billion in 2022 to approximately $3.76 billion in the first 11 months of 2024.

Statistics indicate that the total export value of Vietnam's main agricultural products to Indonesia reached $917.69 million during in the 11-month period, an increase of 20.4%, accounting for 17.1% of its total export turnover to Indonesia.

Among these agricultural products, rice had the highest export value. In the first 11 months of 2024, Vietnam exported 1,130,339 tons of rice to Indonesia, valued at $679 million, marking a 6.2% increase in volume and a 10.4% increase in value.