A US Tariff Announcement Doesn't Hit Every Indonesian Export the Same Way. Here's Which IDX Sectors Are Actually Exposed
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5 min read
In 2025, Indonesia sold about US$30.96 billion of non-oil-and-gas goods to the United States. That is 11.47% of all its non-oil-and-gas exports, according to BPS data reported by Bisnis.com.
So when a US tariff on Indonesia hits the news, about one rupiah in nine of non-oil-and-gas exports is in the line of fire. But the other eight are not. And the one in nine is not spread evenly.
This post shows which products depend most on the US, which listed sectors that touches, and a simple way to check any IDX stock yourself. It does not tell you what to buy or sell.
A tariff is a tax a country charges on imports. If the US adds a 19% tariff to a shirt made in Indonesia, the US importer pays 19% more at the border.
Someone then has to absorb that cost. Either the buyer pays more, the Indonesian factory cuts its price, or both share it. In every case, the factory's margin (the share of each sale it keeps as profit) is the thing under pressure.
That is why exposure matters more than the headline rate.
Do not memorize one number. The rate has moved a lot:
After that ruling, the US moved to other legal tools, and Indonesian media kept reporting new rates and exemptions. We could not confirm one current, final rate from a primary source at the time of writing (1 October 2026). Check the latest from the Indonesian trade ministry or the US Trade Representative before relying on any number.
The exposure map below does not depend on the rate. It depends on what Indonesia sells.
BPS data for the first quarter of 2025 shows what Indonesia shipped to the US, as reported by Tempo and others. Total exports to the US that quarter were US$7.30 billion.
| Product group | Value (Q1 2025) | Share of exports to the US |
|---|---|---|
| Electrical machinery and equipment | US$1.22 billion | 16.71% |
| Footwear | US$657.9 million | 9.01% |
| Knitted clothing and accessories | US$629.2 million | 8.61% |
| Woven (non-knitted) clothing and accessories | US$568.46 million | 7.78% |
Clothing and footwear together make up about 25% of what Indonesia sends to the US. That sum is our own addition of the three rows above.
Notice what is missing. Coal, palm oil and nickel are Indonesia's famous exports, but they mostly go to Asia. They are not the big line in the US column.
Think of three groups.
Direct exposure. These are factories that sell a large share of output to US buyers. Garments and footwear are the clear examples. Furniture and rubber products also sell to the US, per Intellinews.
Relative winners or losers. Exposure is not only about the rate. It is about the rate compared with rivals. When Indonesia's 19% undercut Vietnam and Malaysia, Pan Brothers (PBRX), a garment maker, said the rate could actually favor Indonesian apparel exporters, IDX Channel reported. That is the company's view, not a forecast. If rivals' rates fall below Indonesia's, the edge disappears.
Indirect exposure. Banks that lend to exporters, ports, logistics firms and local suppliers feel it later, through slower orders and weaker loan quality. This channel is real but hard to measure.
Markets do not wait for details. When the 32% rate came out in April 2025, the government said the IHSG fell as much as 8%, per NU Online's report. That drop hit the whole market, including companies with no US sales.
Over time, prices tend to sort themselves by exposure. Broad fear comes first. Then investors look company by company. To see how money moves between sectors, read how to track sector rotation on the IDX. For another outside shock that works through a different channel, see how a China slowdown reaches an Indonesian portfolio.
You do not need a research report. Try this:
If the figure is not disclosed, treat that as a gap in what you know, not as zero exposure.
Open the NetWort market page. The sector heatmap and news feed show which parts of the IDX moved on the day a trade headline landed. Next time a tariff announcement appears, check the heatmap first and see whether the move was broad or concentrated.