This article covers trade between India and Indonesia, the goods traded, investment in each direction, and the business forums and economic working groups between the two countries. It is based on the MEA bilateral brief of June 2026, and each figure is given for the period and from the source that the brief states.

Bilateral trade

According to the MEA brief of June 2026, Indonesia has emerged as the second largest trading partner of India in the ASEAN region. Bilateral trade increased from US$ 4.3 billion in 2005-06 to US$ 38.84 billion in 2022-23, and stood at US$ 28.15 billion in 2024-25.

The brief lists commerce among the fields in which relations have developed rapidly since India adopted its "Look East Policy" in 1991 and upgraded it to "Act East" in 2014.

The brief gives the following annual figures in US$ million, sourced from the Department of Commerce, India:

  • 2020-21: India's exports 5026.21, India's imports 12470.17, total trade 17496.38
  • 2021-22: exports 8471.51, imports 17702.83, total trade 26174.34
  • 2022-23: exports 10024.30, imports 28820.41, total trade 38844.71
  • 2023-24: exports 5988.88, imports 23410.67, total trade 29399.55
  • 2024-25: exports 5380.00, imports 22778.45, total trade 28158.45
  • 2025-26 (April 2025 to February 2026): exports 4112.31, imports 18610.71, total trade 22723.02

Goods traded

India is the second largest buyer of coal and the largest buyer of crude palm oil from Indonesia. India also imports minerals, rubber, pulp and paper, and hydrocarbons from Indonesia.

India's exports to Indonesia include refined petroleum products, commercial vehicles, telecommunication equipment, agriculture commodities, bovine meat, steel products and plastics. The brief lists these goods without giving the value of trade in each of them.

Investment

There are about 100 Indian investments and joint ventures in Indonesia. As per Indonesian authorities, Indian investment in Indonesia amounts to USD 1.56 billion in 7292 projects during 2000-2024.

The brief states that Indonesia's investment in India is limited to about US$ 668.37 million for the period January 2000 to September 2025, citing DPIIT as the source.

About these figures

The trade figures in the table come from India's Department of Commerce and are expressed in US$ million. The figures quoted in the text of the brief, such as US$ 28.15 billion for 2024-25, are the same totals expressed in billions. The 2025-26 figures cover April 2025 to February 2026 only, so they are not a full-year total.

The two investment figures come from different sources and cover different periods. The figure for Indian investment in Indonesia is attributed to Indonesian authorities and covers 2000-2024, while the figure for Indonesian investment in India comes from DPIIT and runs to September 2025. Readers should keep this in mind when setting one against the other.

Business forums

The brief states that a number of important forums exist between the two sides, including:

  • Biennial Trade Ministers' Forum (BTMF)
  • Energy Forum
  • CEOs Forum
  • India Indonesia Pharmaceutical and Health-care Industry Forum
  • India Indonesia Infrastructure Forum
  • India-Indonesia Working Group on Trade and Investment (WGTI)

The brief names these forums without giving the dates or outcomes of their latest meetings.

Economic working groups

The brief also lists a number of Joint Working Groups, consultations and dialogues between the two countries. Those covering economic and connectivity sectors are:

  • Oil and Gas
  • New and Renewable Energy
  • Agriculture
  • Civil aviation
  • Coal
  • Andaman Aceh Connectivity