Indonesian Watches to Coffee Suddenly Become Hot Commodities in Belgium

Indonesia’s exports to Belgium throughout the first half of 2024 recorded a strong surge. The value of shipments reached US$1.905 billion, growing 20.48% year-on-year. This figure positions Belgium as one of the markets with the fastest expansion for Indonesian products in Europe during that period. According to data from the Ministry of Trade’s satudata, the increase occurred evenly across various commodity groups, with the main impetus coming from manufactured goods and resource-based products. High-value products are still dominated by consumer goods and labour-intensive manufacturing, while the growth surge comes from more specific sectors, including chemicals and pharmaceuticals. This makes export performance to Belgium not reliant on a single sector, thus more adaptive to changes in demand. In terms of value, footwear became the primary commodity with exports reaching US$431.19 million. This performance grew 22.03% compared to the previous year. Second place was occupied by coffee, tea, and spices at US$305.13 million with a surge of 158.11%. Iron and steel followed at US$275.46 million with growth of 121.18%. These three groups form the core of Indonesia’s exports to Belgium, reflecting a combination of processing industries and resource-based commodities. Below them, mineral fuels recorded a value of US$91.10 million with growth of 18.21%. Machinery and electrical equipment reached US$78.02 million with an increase of 95.99%. Leather goods were at US$77.72 million with more limited growth of 5.67%. Non-knitted clothing, furniture, tin, and mechanical machinery also filled the top ten list with values ranging from US$54 million to US$68 million. Most remained positively growing, with variations in expansion rates between sectors. Meanwhile, the growth side shows a different dynamic. The vegetable weaving materials group recorded the highest surge of up to 4,284.68%, although its value is still small at US$0.0347 million. Pharmaceutical products followed with an increase of 4,035.97% and a value of US$1.30 million. Animal and vegetable fats and oils grew 1,069.70% with a value of US$14.21 million. These figures illustrate a sharp expansion from a previously relatively low base. Significant increases also occurred in certain textile products such as poplin fabric and non-wovens, which grew 778.67%. Various chemical products increased 515.73% with a value of US$19.41 million. Metal ores rose 393.51%, while watches and clocks surged 328.02%. Other animal products, toys, and fruits also recorded growth above 200%. This pattern indicates an expansion in the types of goods accepted by the Belgian market. Low-value products are starting to enter and develop rapidly, opening up space for export diversification. With high growth in low-value commodities, there is an indication of the formation of new demand that has the potential to move up in class in the coming years. Meanwhile, high-value commodities remain the main pillar of foreign exchange flows.