1
SinidaftaKan?
kang
BALANCE OF PAYMENTS
REPORT
Third Quarter 2016
November 2016
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Contact Address:
Balance of Payments and Statistics Development Group
Department of Statistics
Bank Indonesia
Sjafruddin Prawiranegara Tower, 15th Floor
Jl. M.H. Thamrin No. 2
Jakarta 10350
Phone : +62 21 29816688
Fax : +62 21 3501935
E-mail : [email protected]
Website : www.bi.go.id
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BALANCE OF PAYMENTS
REPORT
Third Quarter 2016
November 2016
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SUMMARY
Q3/2016
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3
CURRENT ACCOUNT 3
Goods Trade Balance 4
Non-oil & Gas Trade Balance 4
Oil & Gas Trade Balance 9
Services Trade Balance 11
Primary Income Balance 11
Secondary Income Balance 12
CAPITAL AND FINANCIAL ACCOUNT 12
Direct Investment 13
Portfolio Investment 14
Other Investment 16
EXTERNAL SUSTAINABILITY INDICATORS 19
ALANCE OF PAYMENTS OUTLOOK 21
BOX 1: CHANGES IN BOP FIGURES
FROM Q2/2016 PUBLICATION 23
APPENDICES 25
LIST OF CONTENTS
Transaksi Berjalan
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LIST OF TABLES
Page
Page
Table 1 Non-Oil and Gas Exports by Commodity Group
(based on SITC)
5
Table 6 Non-Oil and Gas Imports (c.i.f) by Major Country
of Origin
9
Table 2 Non-Oil and Gas Exports by Major Destination
Country
5
Table 7 Oil Exports 10
Table 3 Exports of Major Non-Oil and Gas Commodities
(based on HS)
8
Table 8 Oil Imports (f.o.b) 10
Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity
Group
8
Table 9 Gas Exports 10
Table 5 Imports (c.i.f) of Major Non-Oil and Gas
Commodities
9
Table 10 External Sustainability Indicators 19
LIST OF CHARTS
Page
Page
Chart 1 3
Chart 14 Direct Investment 13
Chart 2 Current Account 4
Chart 15 FDI by Economic Sector 13
Chart 3 Non-oil and Gas Trade Balance 4
Chart 16 FDI by Country of Origin 14
Chart 4 Non-oil and Gas Export Growth 4
Chart 17 Portfolio Investment 15
Chart 5 Oil & Gas Trade Balance 10
Chart 18 Foreign Holdings of SBI and SUN 15
Chart 6 International Oil Prices 10
Chart 19 Foreign Transactions on the IDX and JCI 15
Chart 7 Services Trade Balance 11
Chart 20 ASEAN Stock Index Developments 15
Chart 8 Travel Services 11
Chart 21 Portfolio Investment by Institutional Sector 16
Chart 9 Freight Services Payments 11 Chart 22 Other Investments 16
Chart 10 Primary Income Account 12 Chart 23 Other Investment Assets of the Private Sector 16
Chart 11 Personal Transfers 12 Chart 24 Other Investment Liabilities of the Private Sector 16
Chart 12 Stock of Indonesian Migrant Workers in Q3/2016 12 Chart 25 Public Sector Foreign Loans 17
Chart 13 Capital and Financial Account 13
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in the third quarter of 2016 recorded a significant increase
in surplus, underpinned by a narrower current account deficit coupled with a growing capital and financial
account surplus. The BOP surplus stood at USD5.7 billion in the reporting period, up significantly from the USD2.2
billion surplus in the previous quarter. Such conditions are indicative of greater balance in the external sector and
further support macroeconomic stability.
The current account deficit narrowed on the back of gains in the goods and services trade balance.
The current account deficit was observed to reduce from USD5.0 billion (2.2% of GDP) in Q2/2016 to USD4.5
billion (1.8% of GDP) in Q3/2016. The smaller deficit was bolstered by a larger non-oil and gas trade surplus as
the prices of leading exports from Indonesia increased, non-oil and gas imports eased and the oil and gas trade
deficit narrowed on elevated gas exports. In addition, the services trade deficit decreased due primarily to an
increase in the travel services account surplus during the reporting period.
The capital and financial account surplus continued to expand on positive sentiment concerning the
promising domestic economic outlook as well as the unwinding of global risks. The capital and financial
account surplus reached USD9.4 billion in the third quarter of 2016, increasing from USD7.6 billion in the second
quarter and USD4.4 billion in the first quarter of 2016. Persistent growth has stemmed from a deluge of direct
investment inflows, which totalled USD5.2 billion, due to a net withdrawal of inter-affiliate loans in the third
quarter of 2016 after posting a net repayment in the previous period. Furthermore, despite a moderate decline,
the portfolio investment surplus remained large due to positive sentiment surrounding the recently enacted and
successful Tax Amnesty. The portfolio investment surplus was mainly due to the increase in net non-resident buying
on government debt securities and domestic stocks as well as the net inflows from net resident selling of foreign
debt securities. In addition, the other investment deficit narrowed on a net withdrawals of government foreign
loans and net withdrawals of private sector deposits abroad.
Recent balance of payment performance has strengthened the position of official reserve assets.
The official reserve assets position increased from USD109.8 billion at the end of the second quarter of 2016 to
USD115.7 in the subsequent period, equivalent to 8.5 months of imports and government external debt
repayment and well above the international standard of reserves adequacy.
SUMMARY
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balance of payments (BOP) surplus
increased significantly in the third quarter of 2016,
underpinned by a narrower current account deficit
coupled with a growing capital and financial account
surplus. The BOP surplus stood at USD5.7 billion in the
reporting period, up markedly from the USD2.2 billion
posted in the second quarter and the USD4.6 billion
deficit registered one year earlier. Such conditions are
indicative of greater balance in the external sector and
further support macroeconomic stability (Chart 1).
Chart 1
The current account deficit narrowed on the back
of gains in the goods and services account. The current
account deficit was observed to reduce from USD5.0
billion (2.2% of GDP) in the second quarter of 2016 to
USD4.5 billion (1.8% of GDP) in the third quarter of
2016. The smaller deficit was bolstered by a larger non-
oil and gas trade surplus as the prices of leading
exports from Indonesia increased, non-oil and gas
imports eased and the oil and gas trade deficit
narrowed on elevated gas exports. In addition, the
services trade deficit decreased due primarily to a
seasonal increase in the travel services account surplus
during the reporting period. Further improvements to
the current account deficit were stifled by a growing
primary income account deficit, after the Government
made scheduled interest repayments, and a narrower
secondary income account surplus due to lower
remittance receipts.
The capital and financial account surplus
continued to expand on positive sentiment concerning
the promising domestic economic outlook as well as
the unwinding of global risks. The capital and financial
account surplus reached USD9.4 billion in the third
quarter of 2016, increasing from USD7.6 billion in the
second quarter of 2016 and USD4.4 billion in the first
quarter of 2016. Persistent growth has stemmed from
a deluge of direct investment inflows, due mainly to a
net withdrawal of inter-company debt. In addition, the
other investment deficit narrowed on a net withdrawal
of foreign loans by the Government and a net
withdrawal of offshore deposits by Indonesian
residents. Notwithstanding a moderate decline, the
portfolio investment surplus remained large due to
positive sentiment surrounding the recently enacted
and successful Tax Amnesty coupled with easing
sentiment on global financial markets linked to the
expected timing of the FFR hike in September 2016.
Recent BOP performance has strengthened the
position of official reserve assets. The position of
foreign exchange reserves increased from USD109.8
billion at the end of the second quarter of 2016 to
USD115.7 at the end of the third quarter of 2016,
equivalent to 8.5 months of imports and government
external debt repayment, which is well above the
international standards of reserves adequacy.
CURRENT ACCOUNT
Current account performance improved as a
reflection of maintained macroeconomic stability. The
current account deficit was observed to reduce from
USD5.0 billion (2.2% of GDP) in the second quarter of
3/2016
4
2016 to USD4.5 billion (1.8% of GDP) in the third
quarter of 2016 on the back of a larger goods trade
surplus together with a narrower services account
deficit. Further current account gains were offset by a
growing primary income account deficit combined
with a narrower secondary income account surplus
(Chart 2).
Chart 2
Current Account
Despite a decline on the previous quarter, the
current account deficit has increased on the USD3.9
billion (1.8% of GDP) recorded one year earlier due to
lower non-oil and gas and secondary income account
surpluses as well as a larger primary income account
deficit.
Goods Trade Balance
The goods trade balance recorded a USD3.9
billion surplus in the third quarter of 2016, increasing
4.4% on the USD3.8 billion posted in the second
quarter of 2016 due to a growing non-oil and gas trade
surplus and a narrower oil and gas trade deficit.
Nonetheless, the current position of the goods trade
balance is 5.1% lower than the USD4.1 billion
recorded one year earlier.
Non-Oil and Gas Trade Balance
The non-oil and gas trade balance recorded a
USD5.3 billion surplus in the reporting period, up from
USD5.2 billion previously, as non-oil and gas imports
contracted more deeply (-5.2%, qtq) than non-oil and
gas exports (-4.2%, qtq).
Chart 3
Non-Oil and Gas Trade Balance
Annually, the current non-oil and gas trade
surplus is lower than the USD6.3 billion posted in the
same period last year due to a 2.2% (yoy) decline in
non-oil and gas exports, while non-oil and gas imports
achieved positive growth at an annualised rate of 1.1%
(yoy) (Chart 3).
Non-Oil and Gas Exports
Consistent with seasonal norms, non-oil and gas
exports tracked a downward trend (-4.2%, qtq) from
USD33.1 billion last quarter to USD31.7 billion in the
third quarter of 2016. Compared to conditions one
year earlier, non-oil and gas exports contracted by
2.2% (yoy), which is evidence of improvements in
terms of annual export growth (Chart 4).
Chart 4
Non-Oil and Gas Export Growth
The annual non-oil and gas decline was more
limited due to rising export prices, mainly of primary
exports. Meanwhile, non-oil and gas export volume
experienced a deeper decline due to fewer shipments
of primary products and manufactured goods (Table 1)
-20
-15
-10
-5
0
5
10
15
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Secondary Inc. Primary Inc.
Services OG Trade Balance
NOG Trade Balance Curr. Account
billion USD
* provisional figures** very provisional figures
0
2
4
6
8
10
12
-50
-40
-30
-20
-10
0
10
20
30
40
50
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Tho
usa
nd
s
Imports Exports NOG Trade Balance (RHS)
billion USD
* provisional figures ** very provisional figures
billion USD
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Table 1
Non-Oil and Gas Exports by Commodity Group (based on SITC)
Non-Oil and Gas Exports by Major Destination
Country
Non-
trading partners bucked the previous trend to achieved
positive growth (1.5%, yoy) in the third quarter of
2016, mainly because a surge of exports to China and
India after contracting previously, together with a
significant increase in exports to the Philippines.
Furthermore, declining exports to Japan, Malaysia,
South Korea as well as Australia and Oceania eased on
the previous period. In contrast, however, exports to
the US, Singapore and Thailand declined, contrasting
the positive growth achieved last quarter (Table 2).
Table 2
Non-Oil and Gas Exports by Major Destination Country
Exports to China surged on consignments of coal
and articles of base metals, accounting for a 31.5%
share of total exports to China. Conversely, exports of
6
vegetable oil, as the second most dominant export
commodity (14.8%), tracked a downward trend.
Exports to India were buoyed by vegetable oil,
copper ore and articles of base metals, accounting for
42.1% of the total. On the other hand, the main export
commodity sold to India, namely coal, with a 35.0%
share of the total, followed a downward trend.
Exports to the Philippines increased significantly
on the back of vehicles and component parts, coal,
copper ore and processed foods, accounting for
66.6% of the total.
Dwindling exports to Japan decelerated in the
reporting period due to more limited coal export
declines, as the leading export to Japan with a 14.5%
share, coupled with a surge of other export
commodities, including paper and articles thereof,
chemicals and processed foods.
An increase in exports of articles of base metals,
accounting for 9.8% of the total, helped to stem the
export decline to Malaysia along with several other
commodities, including fatty acids, electrical
equipment and chemicals. Nevertheless, coal,
processed foods and vegetable oil exports, accounting
for 34.7%, were noted to decline.
Declining overseas sales to South Korea
decelerated due to moderate exports of coal and
copper ore, accounting for 30.5% of the total, along
with a surge of textile exports as well as articles of base
metals (18.6% share).
A slower export decline to Australia and Oceania
was due, amongst others, to a more limited decrease
of articles of base metals (28.1% share) coupled with
higher exports of textiles as well as mechanical
machinery and equipment (13.0% share).
Indonesian exports to the United States declined,
triggered by textiles and processed natural rubber
(35.6% share). The most significant export commodity
to the United States, namely textiles, primarily in the
form of clothing and accounting for 93.1% of total
textile exports to the US, fell at an annualised rate of
13.2% (yoy). In contrast, electrical equipment
continued to record positive growth, which offset
further export declines to the United States.
The majority of export commodities to Singapore
recorded declines in the reporting period but a further
slump was prevented by shipments of mechanical
machinery and equipment, articles of base metals and
vegetable oil (26.7% share).
Finally, exports to Thailand were undermined by
coal (13.2% share) along with slower export growth of
vehicles and component parts as well as mechanical
machinery and equipment (11.8% share).
Exports of Major Non-Oil and Gas Commodities
Annual non-oil and gas export gains were also
evidenced by growth of the ten leading export
commodities from Indonesia, for which the contraction
eased but remained in negative territory at -2.6% (yoy).
The improvements stemmed from rising export prices,
particularly of vegetable oil and coal, while real exports
continued to fall (Table 3).
Export declines in real terms affected vegetable
oil, coal, textiles and textile products, vehicles and
component parts as well as processed rubber. In
contrast, demand increased for electrical equipment,
articles of base metals, processed foods, mechanical
machinery and equipment as well as processed
woods.
Vegetable oil exports, dominated (80.0%) by
crude palm oil (CPO), recorded a more moderate
decline (-3.6%, yoy) in the third quarter of 2016 as
prices increased significantly but volume continued to
decrease on lower CPO productivity in Indonesia due
to El Nino and La Nina. Furthermore, domestic demand
also showed indications of increasing as the national
economy gained momentum and also in line with the
A surge of vegetable oil exports to India and the
Netherlands helped to limit declines in the third quarter
of 2016, contrasting the drop in exports to China and
Pakistan.
7
The export price of vegetable oil skyrocketed
24.3% (yoy) in the third quarter of 2016 as global CPO
production decreased against a backdrop of growing
international demand, primarily from China and
India.
Similarly, the coal export price appreciated 12.6%
(yoy) in the reporting period due to rising international
prices and limited production in several countries, thus
helping to minimise the export decline to just -4.9%
(yoy).
A remarkable 48.2% (yoy) surge in coal exports to
China drove performance during the reporting period.
In addition, export gains were also supported by more
limited export declines destined to India, Japan and
South Korea, with the three countries accounting for
46.4% of total coal exports from Indonesia.
Nonetheless, coal exports from Indonesia declined due
to dwindling demand from China in line with the
application of clean energy policy in the country.
Furthermore, comparatively high operating costs in
Indonesia are undermining domestic competiveness in
terms of coal with a similar calorific value from
Australia and South Africa.
Textile exports were observed to decrease by
8.6% (yoy) in the third quarter of 2016 on dwindling
demand and lower export prices. Exports to the United
States, Japan and China declined, accounting for
47.4% of total textile exports, with exports to the three
aforementioned countries falling by 13.2% (yoy),
5.4% (yoy) and 2.6% (yoy) respectively.
Exports of electrical equipment fell 5.3% (yoy) in
the reporting period due to lower export prices despite
higher export volume. Exports to Singapore (-10.6%,
yoy) and Japan (-5.6%, yoy) recorded the most notable
declines.
Exports of articles of base metals recorded positive
growth in the third quarter of 2016, supported by
higher prices and volume, most notably to China and
Singapore (25.8% share).
Processed food exports increased 7.6% (yoy) in
the reporting period as demand increased but prices
remained relatively stable. The most significant gains
affected exports to the Philippines (44.0%, yoy) and
China (4.6%, yoy), accounting for 14.2% of total
processed food exports.
Rising prices of vehicles and component parts
drove up exports by 2.7% (yoy) in the third quarter of
2016. Conversely, export volume decreased after
recording robust gains in the previous period. Exports
to the Philippines and Thailand increased respectively
by 2.0% (yoy) and 81.3% (yoy).
Exports of mechanical machinery and equipment
recorded growth of 6.6% (yoy), supported by
increased volume, while prices continued to slide.
Exports to Singapore and Thailand grew at 7.7% (yoy)
and 13.0% (yoy) respectively.
Processed rubber exports posted a decline of
10.8% (yoy) in the reporting period due to a 2.9%
(yoy) drop in prices and 8.1% (yoy) decrease in real
exports. The declines affected exports to the United
States, Japan and China, while shipments to India
increased.
Processed wood exports experienced a 7.9% (yoy)
decline due to a 9.7% (yoy) correction to export prices,
while export volume slowed but remained in positive
territory.
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Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)
Non-Oil and Gas Imports
Non-oil and gas imports (CIF) totalled USD27.7
billion in the third quarter of 2016. Despite following
seasonal trends and decreasing on the previous period,
non-oil and gas imports outstripped growth one year
earlier (0.4%, yoy). The annualised growth rate
increased on real imports (1.0%, yoy) after contracting
by -2.8% (yoy) during the previous period, while
imports prices continued to decrease.
Imports of consumer goods and raw materials
accelerated, while the import decline of capital goods
slowed, which contributed to non-oil and gas imports
in the third quarter of 2016 (Table 4).
Table 4
Non-Oil and Gas Imports (c.i.f) by Commodity Group
Imports of consumer goods climbed 13.0%
(yoy) in the reporting period, up from 6.5% (yoy) in the
third quarter of 2016. Real imports accelerated
from 0.8% (yoy) to 5.9% (yoy), while import prices
also increased. Fruits, vegetables and rice bolstered
imports of consumer goods in the third quarter of
2016.
Imports of raw materials reversed the previous
contraction experienced during the first two quarters
of 2016 to record positive growth of 1.7% (yoy).
Import volume increased, while prices continued to
slide. Imports of telecommunications devices NES and
parts (57.0%, yoy), motor vehicle parts and accessories
NES (3.7%, yoy), wheat and meslin, unmilled, (18.1%,
yoy) as well as animal feeds (20.1%, yoy) contributed
to the reversal. On the other hand, further gains were
offset by a 7.2% (yoy) drop in imports of electrical
apparatus for making and breaking electrical circuits
(Table 5).
Meanwhile, imports of capital goods contracted
by -7.8% (yoy) in the third quarter of 2016 due to a
drop in real imports and rising prices. The contraction
primarily affected telecommunications devices NES and
parts (Table 5).
1. Vegetable Oil 13.6 12.2 -16.3 -22.6 -3.6 -12.5 -28.7 -22.4 -4.4 8.5 24.3
2. Coal 12.1 10.6 -28.4 -21.6 -4.9 -24.3 -21.8 -15.5 -5.5 0.3 12.6
3. Textile & Textile Products 9.4 9.5 -4.7 1.1 -8.6 0.0 4.5 -6.2 -4.7 -3.3 -2.5
4. Electrical Aparatus, etc 6.7 6.5 -8.6 -3.8 -5.3 -7.7 1.7 4.0 -0.6 -5.4 -9.0
5. Articles of Basic Metals 5.8 5.6 -24.4 -12.5 7.3 -12.3 -5.6 6.2 -13.8 -7.3 1.0
6. Processed Foods 4.8 4.9 1.7 -0.8 7.6 13.0 6.1 7.6 -9.9 -6.6 0.0
7. Vehicles & Parts 4.1 4.5 -14.1 14.8 2.7 -16.7 10.5 -2.6 3.1 3.8 5.5
8. Machinery & Mechanical Appl. 3.9 4.3 -9.3 13.4 6.6 -7.5 15.7 9.8 -2.0 -2.0 -3.0
9. Processed Rubber 4.4 4.2 -13.0 -10.4 -10.8 14.3 4.7 -8.1 -23.9 -14.4 -2.9
10. Processed Woods 2.9 2.9 -3.1 -5.4 -7.9 31.2 10.4 2.0 -26.1 -14.3 -9.7
Total 10 Commodities 67.6 65.2 -14.6 -9.3 -2.6 -5.6 -5.7 -5.3 -9.5 -3.8 2.9
*) provisional figures **) very provisional figures
Q1* Q2* Q3**
Share (%)Growth (%, yoy)
Nominal Real Price Index
2016**
2016 2016 2016
Q1* Q2* Q3** Q1*
Description
Q2* Q3**2015*
Consumption GoodsNominal 8.7 10.3 -8.8 -9.3 -14.9 -6.3 -9.9 27.3 6.5 13.0
Real 7.4 7.7 -7.7 -7.1 -13.0 -6.1 -8.1 25.4 0.8 5.9
Price Index - - -1.2 -2.4 -2.2 -0.3 -1.9 1.5 5.7 6.8
Raw MaterialsNominal 69.5 70.3 -1.7 -15.2 -17.7 -13.8 -12.3 -9.5 -2.6 1.7
Real 81.2 83.4 5.2 -8.0 -10.3 -6.4 -4.4 -0.8 7.2 12.5
Price Index - - -6.6 -7.9 -8.3 -8.0 -8.3 -8.8 -9.2 -9.6
Capital GoodsNominal 21.0 18.8 -8.7 -21.7 -20.6 -10.9 -15.6 -19.0 -12.2 -7.8
Real 11.5 8.9 -21.5 -32.8 -29.2 -15.7 -26.3 -23.2 -19.7 -16.1
Price Index - - 16.3 16.5 12.2 5.7 14.5 5.5 9.4 9.9
TotalNominal 100.0 100.0 -3.9 -16.3 -17.4 -11.4 -12.4 -8.6 -3.4 0.4
Real 100.0 100.0 -4.7 -16.4 -16.4 -9.1 -11.9 -6.2 -2.8 1.0
Price Index - - 0.8 0.2 -1.1 -2.5 -0.5 -2.5 -0.6 -0.6
*) provisional figures
**) very provisional figures
Total Q1* Q2* Q3**
Description
2015*
Growth (% yoy)
2015* 2016
Q2 Q3 Q4Q12016**
Shares (%)
9
Table 5
Imports (c.i.f) of Major Non-Oil and Gas Commodities
Non-Oil and Gas Imports by Country of Origin
Based on country of origin, non-oil and gas import
growth affected most major trade partners, excluding
Singapore, South Korea, Australia and Oceania as well
as Malaysia (Table 6). Imports from China decelerated
from 7.8% (yoy) last period to 3.1% (yoy) in the third
quarter of 2016, with growth driven by articles of base
metals, textiles and chemicals. Meanwhile, imports
from Japan recorded growth of 6.4% (yoy) in Q3/2016,
contrasting the 6.7% (yoy) decline posted previously
due to articles of base metals, electrical equipment and
textiles. Imports from Thailand accelerated to 9.1%
(yoy) on shipments of processed foods, electrical
equipment and articles of base metals. Imports from
the United States noted a significant spike (23.3%, yoy)
due to grains, animal feed and articles of base metals.
Furthermore, imports from Vietnam also recorded
strong gains (15.3%, yoy) on the back of electrical
equipment, articles of base metals and processed
foods.
Despite remaining in negative territory, the import
declines from South Korea as well as Australia and
Oceania decelerated on the previous period, while the
import contraction from Singapore and Malaysia
deepened as imports of articles of base metals and
chemicals decreased.
Table 6
Non-Oil and Gas Imports (c.i.f)
by Major Country of Origin
Oil and Gas Trade Balance
The oil and gas trade balance improved in the
third quarter of 2016 on a quarterly and annualised
basis. The oil and gas trade deficit narrowed to USD1.3
billion from USD1.4 billion last period and USD2.1
billion in the third quarter of 2015. Declining oil
and gas imports contributed to the improvement
(Chart 5).
TOTAL IMPORTS 100.0 100.0 -8.6 -3.4 0.4 -6.2 -2.8 1.0 -2.5 -0.6 -0.60.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
I. Consumption Goods, o/w: 8.7 10.3 27.3 6.5 13.0 25.4 0.8 5.9 1.5 5.7 6.8
Fruit and Nut,Fresh or Dried 0.6 0.7 39.3 -10.9 52.7 49.4 -8.4 53.5 -6.8 -2.7 -0.5
Arms and Ammunition 0.4 0.6 574.3 218.9 -55.5 560.7 212.9 -56.6 2.1 1.9 2.6
Vegetables,Fresh Chilled,Frozenor Simply Preserved 0.4 0.6 7.6 3.1 47.8 8.6 0.1 44.5 -0.9 3.0 2.3
Rice 0.3 0.5 1,279.1 -33.0 110.7 1180.9 -34.5 106.3 7.7 2.2 2.2
Medicaments Incl.Veterinari Med. 0.5 0.5 12.1 -11.9 18.4 6.1 -14.8 14.6 5.6 3.5 3.3
II. Raw Materials & Auxiliary Goods, o/w: 69.5 70.3 -9.5 -2.6 1.7 -0.8 7.2 12.5 -8.8 -9.2 -9.6
Telecomunication Equipment N.E.S and Parts 1.6 2.5 71.8 40.3 57.0 80.9 47.8 63.0 -5.0 -5.1 -3.7
Parts and Accessories, N.E.S of the Motor Vehicles 2.1 2.3 -9.1 7.8 3.7 -12.7 4.5 1.3 4.1 3.2 2.4
Wheat And Meslin,Unmilled 1.8 2.2 31.3 11.6 18.1 44.4 34.0 52.2 -9.1 -16.7 -22.4
Feeding Stuff for Animals 2.3 2.1 -24.1 -20.6 20.1 -19.7 -14.7 28.2 -5.5 -6.9 -6.3
Electrical Apparatus For Making And Breaking Electrical Circuit 2.2 2.1 -1.7 -4.1 -7.2 6.1 3.1 -0.6 -7.3 -7.0 -6.6
III. Capital Goods, o/w: 21.0 18.8 -19.0 -12.2 -7.8 -23.2 -19.7 -16.1 5.5 9.4 9.9
Automatic Data Processing Machines & Units there of 2.0 1.7 -20.5 -4.9 -6.7 -18.7 -3.6 -6.0 -2.2 -1.4 -0.8
Other Machine & Equip't Specialized for Particular Industry 1.7 1.4 -7.8 -22.7 -31.8 -6.6 -22.0 -30.6 -1.4 -0.8 -1.7
Telecomunication Equipment N.E.S And Parts 2.6 1.3 -52.9 -49.6 -47.2 -50.4 -46.9 -45.1 -5.0 -5.1 -3.7
Heating &Cooling Equipmentand Parts there of,N.E.S 1.2 1.1 -21.1 67.2 -30.4 -22.7 64.3 -31.5 2.1 1.8 1.6
Pumps & Compressors, Fans & Blowers, Centrifuges & Parts 1.1 1.1 14.1 -5.3 -9.4 10.0 -8.6 -12.7 3.7 3.6 3.7
*) provisional figures
**) very provisional figures
Real
2016
Nominal Price Index
2016 2016
Q3**Q1* Q2*Q3**Q1* Q2*Q3**2016**
Shares (%)Growth (y.o.y, %)
Q1* Q2*
Imports Group
2015*
1 China 24.7 25.8 4.3 -9.6 -7.0 -4.1 -4.2 -4.5 7.8 3.1
2 Japan 11.2 11.1 -11.5 -20.9 -30.0 -22.7 -21.3 -19.1 -6.7 6.4
3 Thailand 6.8 7.8 -9.5 -21.9 -20.9 -16.3 -17.3 11.7 5.1 9.1
4 Singapore 7.6 6.4 -13.0 -11.8 -7.9 -4.3 -9.2 -6.4 -20.4 -23.3
5 USA 6.4 6.3 -6.8 -7.5 -14.0 3.3 -6.3 -10.6 -19.7 23.3
6 South Korea 5.3 5.1 -5.6 -30.5 -21.8 -26.3 -21.6 -18.8 -7.8 -1.3
7 Australia & Oceania 4.5 4.4 -7.7 -6.8 -27.3 -22.6 -16.2 -11.1 -9.2 -4.6
8 Malaysia 4.2 4.1 -12.0 -12.8 -15.6 -12.8 -13.2 -12.0 -2.5 -7.1
9 Vietnam 2.7 2.7 25.2 -15.4 -12.0 -2.6 -1.9 -6.5 -7.9 15.3
10 Germany 2.9 2.7 -0.5 -24.2 -21.9 -15.7 -16.0 -26.0 -13.4 0.8
Total 10 Countries 76.3 76.3 -4.2 -15.1 -16.6 -11.3 -12.4 -8.8 -4.1 1.8
*) provisional figures
**) very provisional figures
Q2* Q3**
2016
Q3 Q4 Q1*TOTAL
Description2015* 2016**
Shares (%) Growth (%, yoy)
2015*
Q2Q1
10
Chart 5
Oil and Gas Trade Balance
Oil Exports
Oil exports fell 10.8% (qtq) to USD1.6 billion in
the third quarter of 2016 from USD1.8 billion
previously (Table 7). Declining imports of crude oil
(12.5%) and refined products (2.9%) prompted the
quarterly decline. The export volume and price of crude
decreased, while the export prices of refined products
appreciated.
A 0.7% (qtq) decline of oil lifting from
0.832 million barrels per day to 0.826 million barrels
per day triggered the lower export volume of crude
oil.
Table 7
Oil Exports
The lower export price of crude oil was in line with
cheaper international oil. The average price in the third
quarter of 2016 for SLC, WTI, Brent and OPEC oil
decreased respectively from USD44.1/barrel,
USD45.6/barrel, USD47.0/barrel and USD42.3/barrel to
USD41.9/barrel, USD44.9/barrel, USD45.8/barrel and
USD42.9/barrel previously (Chart 6).
Chart 6
International oil Prices
Oil Imports
Oil imports moderated 0.6% (qtq) in the third
quarter of 2016 to USD4.2 billion from USD4.3 billion,
driven by falling import prices of oil products and lower
import volume of crude. The import volume of crude
increased, while refined products were noted to
moderate (Table 8).
Table 8
Oil Imports (f.o.b)
Gas Exports
Gas exports soared 16.2% (qtq) in the third
quarter of 2016 to USD1.7 billion, primarily due to LNG
(14.9%, qtq) on rising export prices and volume (Table
9).
Table 9
Gas Exports
-4
-2
0
2
4
6
8
10
12
-15
-10
-5
0
5
10
15Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Th
ou
san
ds
Gas Imports Gas Exports
Oil Imports Oil Exports
OG Trade Balance (RHS)
billion USD billion USD
* provisional figures** very provisional figures
Exports 1,793 43.5 1,599 38.8
Crude 1,474 35.5 41.6 1,290 31.8 40.6
Refinery Products 318 8.0 39.6 309 7.0 44.2
¹⁾ export value divided by export volume
Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures
2016
Q2*
Value
(mill USD)
Volume
(mbbl)
Price¹
(USD/barel)
Q3**
Value
(mill USD)
Volume
(mbbl)
Price¹
(USD/barel)
Description
20
30
40
50
60
70
80
90
100
110
120
130
140
J MM J S N J MM J S N J MM J S N J MM J S N J MM J S N J MM J S N J MM J S
2010 2011 2012 2013 2014 2015 2016
USD/barel
SLC
Unit Price
WTI
OPEC
Source: Ditjen Migas, BOP, Bloomberg
Imports 4,279 88.2 4,252 88.7
Crude 1,897 42.4 44.8 1,706 37.8 45.2
Refinery Products 2,382 45.8 52.0 2,546 51.0 50.0
¹⁾ import value divided by import volume
Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures
2016
Q2*
Value
(mill USD)
Volume
(mbbl)
Price¹
(USD/barel)
Q3**
Value
(mill USD)
Description
Volume
(mbbl)
Price¹
(USD/barel)
Exports 1,445 - 1,680 -
LNG 1,038 205.5 5.0 1,193 219.3 5.5
Natural Gas 400 72.2 5.5 481 74.4 6.5
LPG 0 0.1 0.0 1 0.4 0.0
Other Gas 6 0.3 19.2 6 0.3 19.2
¹⁾ LNG, natural gas & other gas vol. are in million mmbtu, LPG vol. are in thousand m/t, total vol. are in mmbtu
²⁾ LNG & natural gas prices are in USD/million mmbtu, LPG prices are in USD/thousand metric ton
Source: SKK Migas
* provisional figures ** very provisional figures
Q2*
Value
(mill USD)Volume¹ Price²
Q3**
Value
(mill USD)Volume¹ Price²
Description
2016
11
Services Trade Balance
The services trade balance recorded a deficit
totalling USD1.5 billion in the third quarter of 2016,
down from USD2.2 billion last quarter. Fewer freight
payments and an increase in travel services receipts
contributed to the narrower deficit (Chart 7).
Chart 7
Services Trade Balance
Freight services payments were recorded at
USD1.4 billion in the third quarter of 2016, down from
USD1.5 billion previously, as a result of a 4.6% (qtq)
drop in imports (Chart 8).
Chart 8
Freight Services Payments
In the reporting period, the travel services surplus
expanded from USD0.8 billion to USD1.3 billion due to
a 30.1% (qtq) increase of travel services receipts
(exports) that outpaced the 18.2% (qtq) bump in travel
services payments (imports) (Chart 9).
More visits to Indonesia by international
travellers increased travel services receipts. During the
third quarter of 2016, a total of 2.92 million
international travellers visited Indonesia, increasing
14.5% on the 2.55 million visitors last quarter. In
addition to the increase of international travellers, the
visiting tourists were also inclined to spend more,
hence elevating travel services receipts from
international travellers to USD3.3 billion from USD2.5
billion last quarter.
Most international travellers visiting Indonesia
during the third quarter of 2016 originated from
Singapore, Malaysia and Australia, with Bali, Jakarta
and Batam recognised as the preferred destinations.
On the other hand, the number of Indonesian
travellers visiting abroad increased 5.3% from 2.07
million to 2.18 million. Similar to international
travellers, Indonesian travellers also showed a greater
propensity to spend, with travel services payments
increasing from USD1.7 billion to USD2.0 billion in the
reporting period due in large part to travel services
payments for the Hajj pilgrimage.
Chart 9
Travel Services
Primary Income Balance
The primary income account recorded a deficit of
USD7.9 billion, up slightly from the USD7.8 billion
posted in the previous quarter, due to a scheduled
increase in interest payments by the Government on
foreign loans.
On the other hand, revenue payments on direct
investments and other investments experienced
declines on the previous quarter due, amongst others,
to lower scheduled interest payments on foreign loans
in the reporting period.
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
-50
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Th
ou
san
ds
Import Freight Import (RHS)
billion USD
* provisional figures **very provisional figures
billion USD
-3
-2
-1
0
1
2
3
4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Imports Exports Travel (net)
billion USD
* provisional figures; ** very provisional figures
12
Chart 10
Primary Income Account
Secondary Income Balance
The secondary income account recorded a surplus
totalling USD1.0 billion in the third quarter of 2016 due
to residual personal transfer receipts. Accordingly, net
personal transfer receipts amounted to USD1.3 billion
in the reporting period, down slightly from USD1.4
billion previously, due to a moratorium on placing
Indonesian migrant workers (TKI) in certain countries
(Chart 11).
Chart 11
Personal Transfers
By country of origin, most personal transfers
from the Asia-Pacific region, totalling USD1.2 billion,
followed by the Middle East and Africa at USD0.8
billion and other regions at USD0.2 billion.
By the end of the third quarter of 2016, a total
of 3.5 million Indonesians were employed as migrant
workers abroad. BNP2TKI data indicated that 67.1% of
Indonesian migrant workers (TKI) were placed in Asia-
Pacific, dominated by Malaysia, Taiwan, Hong Kong
and Singapore. Meanwhile, around 32.0% were
located in the Middle East and Africa, mostly in Saudi
Arabia, the United Arab Emirates and Jordan (Chart
12).
Chart 12
Stock of Indonesian Migrant Workers in Q3-2016
CAPITAL AND FINANCIAL ACCOUNT
Positive sentiment concerning the promising
domestic economic outlook along with the
unwinding of global risks have triggered an influx of
non-resident capital flows. In the third quarter of
2016, the capital and financial account recorded
a surplus of USD9.4 billion, up from the USD7.6
billion posted last period and increasing
significantly from USD0.2 billion one year earlier (Chart
13).
The expanding capital and financial account
surplus in the reporting period was supported by a
deluge of foreign direct investment, reaching USD5.2
billion on withdrawals of inter-affiliate corporate loans.
Meanwhile, the large portfolio investment surplus was
maintained, albeit moderating, on positive domestic
and external sentiment. Furthermore, the other
investment deficit narrowed as the Government
withdrew foreign loans and residents withdrew
offshore deposits.
-9
-8
-7
-6
-5
-4
-3
-2
-1
0Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Direct Inv. Income Other Inv. Income Portfolio Inv. Income Primary Income (net)
billion USD
* provisional figures; ** very provisional figures
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Payments Receipts Personal Transfers (net)
billion USD
* provisional figures; ** very provisional figures
Middle East & Africa32.0%
America0.5%
Europe0.3%
Malaysia52.6%
Singapore3.1%
Brunei,1.0%
Hongkong,3.9%
Taiwan,5.0%
South Korea0.7%
Other1.3%
Asia Pacific, 67.1%
Source: BNP2TKI
13
Chart 13
Capital and Financial Account
Direct Investment
Positive sentiment concerning the promising
domestic economic outlook bolstered the direct
investment surplus from USD3.0 billion to USD5.2
Doing Business (EODB) rating confirmed more
favourable domestic economic and investment
conditions, improving from 106 to 91.
Such favourable conditions were further
confirmed by the Business Survey conducted by Bank
Indonesia that revealed slower but positive business
activity growth in the reporting period. The surplus was
also larger than the USD1.8 billion posted one year
earlier, consistent with stronger domestic economic
growth.
On the liability side, direct investment recorded a
net inflow of USD6.0 billion in the third quarter of
2016, increasing from USD4.2 billion on net
withdrawals of loans from affiliates abroad, which
reversed the previous net debt payments to affiliates
abroad. Meanwhile, capital inflows in the form of
equity were considered moderate but surpassed that
recorded one year earlier.
On the asset side, the net outflow of direct
investment fell 36.4% (qtq) from USD1.3 billion in the
second quarter to USD0.8 billion in the third quarter of
2016. Less capital investment in the form of equity at
affiliates abroad, totalling USD0.3 billion, reduced the
net outflow. On the other hand, fewer claims on
affiliates abroad in the form of debt were reflected by
an increase of net inflow to debt instruments
compared to the previous quarter (Chart 14).
Chart 14
Direct Investment
Based on investment direction, foreign direct
investment (FDI) in Indonesia was noted to increase to
USD4.4 billion from USD3.7 billion in the reporting
period and from USD4.0 billion one year earlier.
By sector, the manufacturing industry, others
sector (including services and property) as well as the
trade sector attracted the most FDI in the reporting
period. The three aforementioned sectors accounted
for 77.8% of total FDI in the third quarter of 2016,
equivalent to USD3.41 billion, which was relatively
stable in comparison to the previous period at USD3.46
billion.
Chart 15
FDI by Economic Sector
-15
-10
-5
0
5
10
15
20Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Other Invesment Portfolio Investment Direct Investment Cap & Financial Account
billion USD
* provisional figures; ** very provisional figures
-6
-4
-2
0
2
4
6
8
10
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Direct Inv. in Indonesia Direct Inv. Abroad Direct Inv (net)
billion USD
* provisional figures; ** very provisional figures
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
Agriculture,Fishery&Forestry
Mining &Quarrying
Manufacturing Construction FinancialIntermediaries
(incl. Insurance)
Trade/Commerce Others (incl.Services,
Properties)
Q1-15* Q2-15* Q3-15* Q4-15* Q1-16* Q2-16* Q3-16**
billion USD
* provisional figures; ** very provisional figures
14
Based on country of origin, ASEAN countries
continued to dominate FDI inflows to Indonesia,
followed by Japan and emerging market economies
(EME) in Asia, including China (Chart 16). During the
third quarter of 2016, the three regions contributed
USD3.8 billion to foreign direct investment (FDI) in
Indonesia, up from USD3.2 billion previously. FDI from
ASEAN member states totalled USD2.0 billion,
accounting for 46.5% of total FDI.
Chart 16
FDI by Country of Origin
Favourable FDI performance in the reporting
period was substantiated by FDI realisation data
published by the Indonesia Investment Coordinating
Board (BKPM)1. According to the BKPM report, FDI
realisation in the third quarter of 2016 reached Rp99.7
trillion (equivalent to USD7.4 billion), up 0.3% on the
Rp99.4 trillion (USD7.1 billion) posted one period
earlier and up 7.8% on the same period one year
earlier.
By sector, BKPM reported that FDI realisation in
the third quarter of 2016 tended to concentrate in the
base metals, metal products, machinery and electronics
industry to the tune of USD1.2 billion (a 16.2% share
of total FDI); the mining sector worth USD0.8 billion
(10.8% share); housing, commercial zones and offices
with USD0.7 billion (9.5% share); the food crop and
1 The FDI realisation data of BKPM encompasses the total value of
realised projects within a period, but excludes investment in the oil and
gas sector, banks and other financial institutions, and home industries. Meanwhile, the FDI data recorded in the Indonesian balance of
payments covers data on capital flows received directly by FDI
planation sector with USD0.7 billion (9.5% share); as
well as the transport and other transportation sector
with USD0.7 billion (9.5% share). Those five economic
sectors accounted for USD4.1 billion or 55.5% of total
FDI.
By country of origin, however, FDI realisation
originated from Singapore, Japan, China, the British
Virgin Islands and the Netherlands, amounted USD2.2
billion, USD1.6 billion, USD0.6 billion, USD0.5 billion
and USD0.5 billion respectively, with the five countries
totaling USD5.4 billion or contributing 73.0% of total
FDI.
Portfolio Investment
Successful implementation of the Tax Amnesty
boosted positive sentiment and, therefore, maintained
the influx of portfolio investment inflows in the third
quarter of 2016, moderating slightly from USD8.3
billion to USD6.5 billion (Chart 17).
Portfolio investment on the liability side in the
third quarter of 2016 was influenced by non-resident
investors, who bolstered their holdings of rupiah
securities, particularly government debt securities
(SUN) and stocks, after the successful implementation
of the tax amnesty. In contrast, growing concerns
over the timing of the expected Federal Funds Rate
(FFR) hike prompted non-resident investors to trim their
shareholdings in September 2016. In general,
however, non-resident portfolio capital inflows totalled
USD4.6 billion in the reporting period, down from
USD7.9 billion, after the Government eschewed issuing
global bonds in the third quarter of 2016.
On the asset side, portfolio investment
transactions increased on the previous period to record
a USD2.0 billion surplus in the third quarter of 2016 as
residents released holdings of foreign debt
instruments.
companies only from their direct investors and offshore companies
within the same group over a defined period, and encompasses direct
investment in all economic sectors.
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Japan USA Europe Emerging Markets ofAsia (incl. China)
ASEAN Other
billion USD
Q1-15* Q2-15* Q3-15* Q4-15* Q1-16* Q2-16* Q3-16**
* provisional figures; ** very provisional figures
15
Chart 17
Portfolio Investment
In the third quarter of 2016, most foreign capital
flowed to rupiah denominated government debt
securities (SUN), reaching USD3.0 billion and up from
USD2.5 billion in the previous period. Consistent with
the net buy booked in the third quarter, the position of
foreign SUN holdings denominated in rupiah increased
to around USD50.8 billion (44.9% of the total) from
USD47.2 billion (44.6% share) in the previous
quarter.
Meanwhile, more limited non-resident
transactions of Bank Indonesia Certificates (SBI) were
reported compared to the previous period, thereby
increasing foreign SBI holdings to USD0.4 billion
(Chart 18).
Chart 18
Foreign Holdings of SBI and SUN
External dynamics and positive investor sentiment
concerning the favourable domestic economic outlook
also underpinned stock market performance during
the third quarter of 2016. Accordingly, non-resident
investors booked a net buy totalling USD1.6 billion, up
from USD0.7 billion in the previous period.
Sound stock market performance was also
reflected in the Jakarta Composite Index (JCI), which
rallied 6.94% (ptp) from 5,016.6 to close at a level of
5,364.8.
Chart 19
Foreign Transactions on the IDX and JCI
The Jakarta Composite Index (JCI) mirrored other
regional stock price indexes in Southeast Asia, which
also rallied to close above the positions recorded at the
end of the second quarter of 2016 (Chart 20).
Chart 20
ASEAN Stock Index Developments
The entry of six new issuers going public (IPO),
namely Capital Financial Indonesia Tbk. (CASA),
Protech Mitra Perkasa Tbk. (OASA), Indo Komoditi
Korpora Tbk. (INCF), Waskita Beton Precast Tbk.
(WSBP), Paramita Bangun Sarana Tbk. (PBSA) and
Aneka Gas Industri Tbk. (AGII), buoyed activity on the
Indonesia Stock Exchange with a total value of Rp7.1
trillion (equivalent to USD547.0 million), which
-6
-4
-2
0
2
4
6
8
10Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net)
bilion USD
* provisional figures; ** very provisional figures
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
0
10
20
30
40
50
60
JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JAS
2012 2013 2014 2015 2016
billion USD
SUN SBI (rhs)
billion USD
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
(25,000)
(20,000)
(15,000)
(10,000)
(5,000)
0
5,000
10,000
15,000
20,000
25,000
J A J O J A J O J A J O J A J O J A J O J A J O J A J
2010 2011 2012 2013 2014 2015 2016
Foreign Net Buy/Sell JCI (RHS)
billion Rp JCI
Source: IDX
90
110
130
150
170
190
210
230
250
270
290
J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J AS
2012 2013 2014 2015 2016
Indonesia Malaysia Philippines Singapore Thailand
Source: CEIC (processed)
2010 = 100
16
surpassed the Rp3.7 trillion or USD277.3 million
recorded last period from five new issuers.
Consequently, the public sector was the main
contributor to the net portfolio investment surplus with
a net inflow of USD4.8 billion, down from the USD7.2
billion registered in the second quarter. In addition, the
private sector also contributed USD1.7 billion, building
on the USD1.1 billion contribution last quarter (Chart
21).
Chart 21
Portfolio Investment by Institutional Sector
Other Investments
Other investment transactions experienced a
deficit of USD2.3 billion, down from USD3.7 billion in
the second quarter of 2016 and reversing the USD0.4
billion surplus posted one year earlier. The narrower
deficit stemmed from net withdrawals of government
foreign loans and resident deposits abroad (Chart 22).
Chart 22
Other Investments
On the asset side, other investment transactions
in the private sector experienced a surplus of USD2.0
billion, reversing the USD3.0 million deficit (net
outflow) recorded in the second quarter of 2016. The
surplus was attributed to an increase of domestic
private sector withdrawals of offshore deposits (Chart
23).
Chart 23
Other Investment Assets of the Private Sector
On the liability side, other investment transactions
in the private sector during the reporting period
recorded a deficit of USD3.0 billion, contrasting the
USD1.2 billion surplus posted in the previous period.
The deficit stemmed from an increase in the net
payment of offshore loans and trade debt as well as a
net withdrawal of non-resident deposits held at
domestic banks (Chart 24).
Chart 24
Other Investment Liabilities of the Private Sector
-6
-4
-2
0
2
4
6
8
10
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
billion USD
* provisional figures; ** very provisional figures
-12
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Other Inv. - Liabilities Other. Inv - Assets Other Investment (net)
billion USD
* provisional figures; ** very provisional figures
-12
-10
-8
-6
-4
-2
0
2
4
6
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Other Assets Currency & Deposits Loans Other Investment - Assets
billion USD
* provisional figures; ** very provisional figures
-4
-3
-2
-1
0
1
2
3
4
5
6
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Trade Credit Other liabilities Currency & Deposits
Loans Other Inv. - Liabilities
billion USD
* provisional figures; ** very provisional figures
17
Other investment liabilities in the public sector
recorded a deficit of USD1.2 billion in the third quarter
of 2016, down from USD1.6 billion previously.
Government withdrawals of foreign loans contributed
to the narrower
net withdrawal of foreign loans was less pronounced
than during the same period one year earlier (Chart
25).
In the third quarter of 2016, the Government
withdrew USD1.0 billion in foreign loans, of which
USD0.9 billion was in the form of program loans and
the remainder in the form of project loans. The
program loans originated from ADB (USD0.5 billion)
and IBRD (USD0.4 billion).
Chart 25
Public Sector Foreign Loans
-3
-2
-1
0
1
2
3
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
*
Q3
**
2010 2011 2012 2013 2014 2015* 2016
Repayments Drawings Loans (net)
bilion USD
* provisional figures; ** very provisional figures
18
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19
during the third quarter of 2016 were reflected in a
number of external sustainability indicators. The
current account deficit to GDP ratio improved from
2.2% to 1.8% in the reporting period as the current
account deficit narrowed. The ratio improved in line
with the set of policy measures taken by Bank
Indonesia and the Government to maintain
macroeconomic and financial system stability, primarily
to manage the current account deficit.
A decline in imports of goods and services that
exceeded the corresponding export decline improved
the exter
economy (ratio of net exports of goods and services to
GDP), while the degree of economic openness in
Indonesia (ratio of accumulated exports and imports of
goods and services to GDP) decreased relatively on the
previous period.
The lower position of short-term external debt,
coupled with the accumulation of official reserve
assets, improved the capacity to meet short-term
liabilities, as evidenced by the smaller ratio of short-
term external debt to reserve assets.
Table 10
External Sustainability Indicators
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Current Account / GDP (%)1) -3.09 -1.96 -2.09 -1.81 -2.31 -2.04 -2.19 -2.16 -1.83
Exports - Imports of Goods and Services / GDP (%)1) -0.34 0.58 0.68 0.94 0.10 0.58 0.72 0.68 0.98
Exports + Imports of Goods and Services / GDP (%)1) 45.0 40.1 40.3 37.5 38.1 39.0 35.0 35.3 32.4
Total Foreign Debt Position / GDP (%)2) 32.9 33.5 34.4 34.8 36.0 36.0 36.6 36.9 35.8
Short-Term Foreign Debt Position3) / GDP (%)2) 6.7 6.4 6.4 6.5 6.4 6.4 6.6 6.7 6.3
Total Foreign Debt Position / Reserve Assets (%) 262.2 267.6 281.9 296.7 292.7 292.7 294.6 295.8 281.2
Short Term Foreign Debt Position3) /Reserve Assets(%) 53.0 51.4 52.6 55.3 52.4 52.4 53.4 53.7 49.8
Notes :1) Using quarterly GDP at current price
2) Using annualized GDP at current price (sum of GDP for four quarters backw ards)
3) by remaining maturity
4) includes the pay ment of principal and interest on long-term debt and interest pay ments on short-term debt
*) Prov isional figures **) Very prov isional figures
2014 2015* 2016INDICATORS
EXTERNAL SUSTAINABILITY INDICATORS
20
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21
predicted to continue improving. An increasingly
optimistic domestic economic outlook after the
successful enforcement of the Tax Amnesty Act is
expected to drive infrastructure development by the
government. Such conditions are expected to increase
domestic demand. Furthermore, the non-oil and gas
trade surplus is forecasted to improve as international
commodity prices rebound. In general, Bank Indonesia
projects the current account deficit to increase
slightly in 2016 but remain below the 3%-of-GDP
threshold.
Although overshadowed by sentiment on global
financial markets, more foreign capital is expected to
flow into Indonesia on the back of improved economic
fundamentals in line with ongoing structural reforms,
including positive sentiment surrounding the successful
implementation of the Tax Amnesty. The expected
influx of foreign capital should bolster the capital and
financial account surplus and therefore exceed the
current account deficit.
Moving forward, Bank Indonesia believes that
sound BOP performance will be maintained due to a
prudent monetary and macroprudential policy mix,
combined with stronger policy coordination with the
Government to accelerate structural reforms in order
to improve the investment climate and boost economic
competitiveness. Furthermore, Bank Indonesia will
remain vigilant of external and domestic risks that
could undermine BOP performance.
ALANCE OF PAYMENTS OUTLOOK
22
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23
Box 1:
Changes in BOP Figures from Q2/2016 Publication
There are a number of changes in this edition of the BOP Report to the data released in the second quarter
of 2016. The changes are due to updates from various data sources as follows:
Table 1
Comparison of BOP Publications
Goods Transactions the changes in the second quarter of 2016 stem from revisions to oil and gas as well as non-
oil and gas data.
Services Transactions the changes in the first and second quarters of 2016 are due to updated Foreign Exchange
Flow Reports (LLD).
Primary Income Transactions the changes to primary income transaction data for 2015 and the second quarter
of 2016 are the result of updates to External Debt data.
Direct Investment Transactions - the changes to direct investment data for 2015 as well as the first and second
quarters of 2016 are the result of updates to External Debt data.
Portfolio Investment Transactions - the changes are the result of updates to External Debt data for 2015 and
Foreign Exchange Flow Report (LLD) data for the first and second quarters of 2016.
Other Investment Transactions - the changes are the result of updates to External Debt data for 2015 and Foreign
Exchange Flow Report (LLD) data for the first and second quarters of 2016.
million USD
Old New Old New Old New Old New Old New Old New Old New
Current Account -4,141 -4,178 -4,286 -4,566 -4,154 -3,904 -5,115 -4,939 -17,697 -17,586 -4,762 -4,766 -4,679 -4,995
Goods 3,063 3,063 4,125 4,125 4,141 4,141 1,961 1,961 13,289 13,289 2,709 2,709 3,718 3,763
Services -1,816 -1,816 -2,634 -2,635 -2,111 -2,111 -1,740 -1,740 -8,301 -8,301 -1,148 -1,136 -1,999 -2,198
Primary Income -6,815 -6,852 -7,202 -7,481 -7,458 -7,207 -6,718 -6,542 -28,194 -28,083 -7,556 -7,573 -7,624 -7,787
Secondary Income 1,428 1,428 1,426 1,426 1,273 1,273 1,382 1,382 5,508 5,508 1,234 1,234 1,227 1,227
Capital & Financial Account 4,956 4,927 2,035 2,054 219 186 9,888 9,622 17,099 16,789 4,591 4,443 7,420 7,554
Direct Investment 1,617 1,636 3,890 4,118 1,833 1,771 3,295 3,278 10,635 10,803 2,679 2,478 2,991 2,953
Portfolio Investment 8,509 8,509 5,571 5,549 -2,202 -2,202 4,857 4,555 16,735 16,411 4,447 4,439 8,382 8,275
Financial Derivative 93 93 -3 -3 231 231 -301 -301 20 20 -22 -22 -25 -25
Other Investment -5,263 -5,311 -7,424 -7,610 356 384 2,024 2,075 -10,308 -10,462 -2,513 -2,452 -3,933 -3,654
* provisional figures
Items Q1 Q2 Q3 TOTAL
2015*
Q2*
2016
Q4 Q1*
24
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25
INDONESIA'S BALANCE OF PAYMENTS
Table 1 INDONESIA'S BALANCE OF PAYMENTS: SUMMARY ...................... 27
Table 2 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, GOODS ...................... 28
Table 3 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SERVICES ...................... 29
Table 4 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, PRIMARY INCOME ...................... 30
Table 5 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SECONDARY INCOME ...................... 31
Table 6 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, DIRECT INVESTMENT ...................... 31
Table 7 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, PORTFOLIO INVESTMENT ...................... 32
Table 8 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, OTHER INVESTMENT ...................... 33
APPENDICES
Tr
an
s
ak
si B
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n
26
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27
TABLE 1
INDONESIA'S BALANCE OF PAYMENTS
SUMMARY
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
I . Current Account -27,510 -4,178 -4,566 -3,904 -4,939 -17,586 -4,766 -4,995 -4,493
A. Goods 6,983 3,063 4,125 4,141 1,961 13,289 2,709 3,763 3,929
- Exports 175,293 37,827 39,685 36,086 34,767 148,365 33,100 36,293 34,951
- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,530 -31,022
1. General Merchandise 5,474 2,690 3,810 4,047 2,012 12,560 2,400 3,531 3,712
- Exports 173,760 37,450 39,366 35,728 34,421 146,965 32,747 35,988 34,613
- Imports -168,286 -34,760 -35,557 -31,680 -32,409 -134,406 -30,347 -32,457 -30,902
a. Non-Oil and Gas 17,304 3,947 5,932 6,158 2,986 19,023 3,244 4,962 5,033
- Exports 145,008 33,068 34,722 32,038 30,713 130,541 29,836 32,752 31,337
- Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,790 -26,304
b. Oil and Gas -11,830 -1,256 -2,122 -2,111 -973 -6,463 -843 -1,431 -1,321
- Exports 28,752 4,382 4,644 3,690 3,708 16,424 2,912 3,236 3,276
- Imports -40,582 -5,638 -6,767 -5,801 -4,681 -22,887 -3,755 -4,667 -4,597
2. Other Goods 1,509 372 315 94 -51 730 308 232 217
- Exports 1,533 376 319 358 346 1,400 352 305 338
- Imports -24 -4 -4 -264 -398 -670 -44 -73 -121
B. Services -10,010 -1,816 -2,635 -2,111 -1,740 -8,301 -1,136 -2,198 -1,527
- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,771 5,426 5,957
- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,623 -7,484
C. Primary Income -29,703 -6,852 -7,481 -7,207 -6,542 -28,083 -7,573 -7,787 -7,914
- Receipts 2,130 468 722 705 930 2,826 515 797 657
- Payments -31,832 -7,320 -8,204 -7,912 -7,473 -30,909 -8,088 -8,585 -8,571
D. Secondary Income 5,220 1,428 1,426 1,273 1,382 5,508 1,234 1,227 1,019
- Receipts 9,374 2,521 2,645 2,540 2,655 10,362 2,478 2,567 2,410
- Payments -4,154 -1,094 -1,220 -1,267 -1,273 -4,853 -1,245 -1,340 -1,391
I I . Capital Account 27 1 0 2 14 17 0 4 5
- Receipts 27 1 0 2 14 17 0 4 5
- Payments 0 0 0 0 0 0 0 0 0
I I I . Financial Account 44,916 4,926 2,054 184 9,608 16,772 4,443 7,549 9,417
- Assets -10,786 -8,352 -9,273 -3,787 -421 -21,833 -911 -3,931 3,268
- Liabilities 55,702 13,278 11,327 3,971 10,029 38,605 5,354 11,480 6,149
1. Direct Investment 14,733 1,636 4,118 1,771 3,278 10,803 2,478 2,953 5,237
a. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,268 -806
b. Liabilities 25,121 5,086 7,511 3,116 4,509 20,222 3,489 4,221 6,043
2. Portfolio Investment 26,067 8,509 5,549 -2,202 4,555 16,411 4,439 8,275 6,490
a. Assets 2,587 24 -737 -683 127 -1,268 -168 402 1,918
b. Liabilities 23,480 8,484 6,287 -1,519 4,428 17,680 4,607 7,874 4,572
- Public Sector2) 15,380 6,942 3,808 891 5,728 17,369 4,919 7,213 3,211
- Private Sector3) 8,100 1,542 2,478 -2,410 -1,300 311 -312 661 1,361
3. Financial Derivatives -156 93 -3 231 -301 20 -22 -25 -28
4. Other Investment 4,272 -5,311 -7,610 384 2,075 -10,462 -2,452 -3,654 -2,283
a. Assets -3,427 -5,131 -5,371 -1,955 645 -11,812 -9 -3,236 1,996
b. Liabilities 7,699 -181 -2,239 2,339 1,430 1,350 -2,443 -419 -4,279
- Public Sector2) -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,595 -1,242
- Private Sector3) 11,907 963 -872 674 1,054 1,819 -2,324 1,176 -3,037
IV. Total (I + I I + I I I ) 17,433 749 -2,511 -3,718 4,683 -798 -323 2,558 4,928
V. Net Error and Omissions -2,184 554 -414 -847 407 -301 36 -396 780
VI. Overall Balance (IV + V) 15,249 1,303 -2,925 -4,565 5,089 -1,098 -287 2,162 5,708
VII. Reserves and Related Items 4) -15,249 -1,303 2,925 4,565 -5,089 1,098 287 -2,162 -5,708
A. Reserve Asset Transactions -15,249 -1,303 2,925 4,565 -5,089 1,098 287 -2,162 -5,708
B. Credit and Loans with IMF 0 0 0 0 0 0 0 0 0
C. Exceptional Financing 0 0 0 0 0 0 0 0 0
Memorandum:
- Reserve Assets Position 111,862 111,554 108,030 101,720 105,931 105,931 107,543 109,789 115,671
In Months of Imports & Official Debt Repayment 6.4 6.6 6.8 6.8 7.4 7.4 7.7 8.0 8.5
- Current Account (% GDP) -3.09 -1.96 -2.09 -1.81 -2.31 -2.04 -2.19 -2.16 -1.83
Notes
1) Based on BPM6, but use of the signs "+" and "-" is in accordance with BPM5
2) Consist of Government and Central Bank
3) Consist of Banks and Non Banks
4) Negative represents surplus and positive represents deficit .
*Provisional figures ** Very provisional figures
November, 2016
20162015*ITEMS
2014
28
TABLE 2
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
GOODS
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Goods 1) 6,983 3,063 4,125 4,141 1,961 13,289 2,709 3,763 3,929
- Exports 175,293 37,827 39,685 36,086 34,767 148,365 33,100 36,293 34,951
- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,530 -31,022
A. General merchandise 5,474 2,690 3,810 4,047 2,012 12,560 2,400 3,531 3,712
1. Non-oil and gas 17,304 3,947 5,932 6,158 2,986 19,023 3,244 4,962 5,033
a. Exports 145,008 33,068 34,722 32,038 30,713 130,541 29,836 32,752 31,337
b. Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,790 -26,304
2. Oil -23,903 -3,184 -3,658 -3,521 -2,743 -13,106 -1,997 -2,486 -2,653
a. Exports 13,806 1,927 2,611 1,786 1,510 7,833 1,253 1,793 1,599
b. Imports -37,709 -5,111 -6,268 -5,307 -4,253 -20,938 -3,250 -4,279 -4,252
3. Gas 12,074 1,927 1,535 1,410 1,770 6,643 1,154 1,055 1,332
a. Exports 14,946 2,455 2,034 1,904 2,198 8,592 1,658 1,443 1,677
b. Imports -2,873 -528 -498 -494 -429 -1,949 -505 -388 -345
B. Other goods 1,509 372 315 94 -51 730 308 232 217
o/w Nonmonetary gold 1,509 372 315 94 -51 730 308 232 217
a. Exports 1,533 376 319 358 346 1,400 352 305 338
b. Imports -24 -4 -4 -264 -398 -670 -44 -73 -121
Memorandum:
1. Nominal
a. Total exports (fob) 175,293 37,827 39,685 36,086 34,767 148,365 33,100 36,293 34,951
- Non-oil and gas 146,541 33,445 35,041 32,395 31,059 131,941 30,188 33,057 31,675
- Oil and gas 28,752 4,382 4,644 3,690 3,708 16,424 2,912 3,236 3,276
b. Total imports (fob) -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,530 -31,022
- Non-oil and gas -127,729 -29,126 -28,794 -26,144 -28,125 -112,189 -26,636 -27,863 -26,425
- Oil and gas -40,582 -5,638 -6,767 -5,801 -4,681 -22,887 -3,755 -4,667 -4,597
2. Growth (% , yoy)
a. Total exports (fob) -3.7 -13.9 -10.8 -17.2 -19.6 -15.4 -12.5 -8.5 -3.1
- Non-oil and gas -1.3 -8.0 -5.3 -10.9 -15.7 -10.0 -9.7 -5.7 -2.2
- Oil and gas -14.4 -42.3 -38.2 -49.2 -41.9 -42.9 -33.5 -30.3 -11.2
b. Total imports (fob) -4.5 -14.3 -20.8 -24.0 -19.6 -19.7 -12.6 -8.5 -2.9
- Non-oil and gas -3.9 -3.7 -15.8 -17.4 -11.1 -12.2 -8.5 -3.2 1.1
- Oil and gas -6.3 -45.5 -36.7 -44.2 -48.9 -43.6 -33.4 -31.0 -20.7
3. Crude oil unit prices (USD/barrel) 95.8 50.7 59.1 45.8 39.6 48.8 28.7 41.3 40.6
4. Crude oil production (million barrels per day) 0.788 0.766 0.793 0.794 0.794 0.787 0.836 0.833 0.835
Notes:1) In terms of free on board (fob)
November, 2016
20162015*ITEMS
2014
29
TABLE 3
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
SERVICES
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Services -10,010 -1,816 -2,635 -2,111 -1,740 -8,301 -1,136 -2,198 -1,527
- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,771 5,426 5,957
- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,623 -7,484
A. Manufacturing services 425 80 95 101 79 356 83 89 94
- Exports 425 80 95 101 79 356 83 89 94
- Imports 0 0 0 0 0 0 0 0 0
B. Maintenance and repair services -376 -78 -41 -61 -61 -241 -83 -40 -76
- Exports 100 26 38 27 28 118 41 39 45
- Imports -476 -105 -79 -87 -89 -359 -125 -79 -121
C. Transport -8,184 -1,520 -1,639 -1,584 -1,378 -6,122 -1,211 -1,376 -1,359
- Exports 3,791 814 837 812 1,016 3,479 887 947 913
- Imports -11,975 -2,335 -2,476 -2,396 -2,395 -9,602 -2,098 -2,323 -2,272
a. Passenger -1,275 -141 -294 -373 -406 -1,215 -141 -251 -317
- Exports 1,306 334 323 325 311 1,293 333 317 384
- Imports -2,581 -476 -618 -698 -717 -2,508 -474 -568 -701
b. Freight -6,707 -1,367 -1,372 -1,271 -1,171 -5,181 -1,088 -1,034 -986
- Exports 1,751 354 362 317 396 1,429 411 496 400
- Imports -8,458 -1,721 -1,734 -1,588 -1,566 -6,610 -1,499 -1,531 -1,386
c. Other -201 -12 27 60 198 273 18 -90 -57
- Exports 735 126 151 171 310 758 143 134 129
- Imports -936 -138 -124 -111 -112 -484 -125 -224 -186
D. Travel 2,579 1,059 609 827 974 3,469 1,171 815 1,265
- Exports 10,261 2,756 2,292 2,796 2,916 10,761 2,894 2,519 3,278
- Imports -7,682 -1,698 -1,683 -1,969 -1,942 -7,292 -1,723 -1,704 -2,013
E. Construction 52 -5 -31 -77 38 -74 38 16 13
- Exports 712 117 82 102 77 378 70 54 43
- Imports -660 -122 -113 -178 -39 -453 -31 -39 -30
F. Insurance and pension services -938 -215 -316 -206 -179 -916 -147 -190 -158
- Exports 26 2 4 6 14 26 2 5 6
- Imports -964 -218 -321 -212 -193 -943 -150 -195 -164
G. Financial services -398 -121 -156 -72 -132 -481 -185 -110 -109
- Exports 223 45 54 98 67 264 71 94 88
- Imports -621 -166 -210 -170 -199 -744 -256 -204 -197
H. Charges for the use of intellectual property -1,802 -328 -463 -290 -518 -1,598 -358 -635 -319
- Exports 60 13 17 10 15 54 13 10 8
- Imports -1,862 -340 -479 -299 -534 -1,653 -371 -645 -327
I . Telecommunications, computer, and information services -481 -193 -233 -137 -183 -746 -205 -467 -204
- Exports 1,140 281 204 255 306 1,046 194 226 217
- Imports -1,621 -474 -437 -392 -488 -1,791 -399 -693 -422
J. Other business services -940 -617 -564 -741 -543 -2,464 -398 -483 -831
- Exports 6,032 1,230 1,271 1,108 1,390 4,999 1,331 1,236 1,094
- Imports -6,972 -1,847 -1,834 -1,849 -1,933 -7,463 -1,729 -1,718 -1,926
K. Personal, cultural, and recreational services -94 -12 22 18 20 48 0 11 8
- Exports 150 26 32 25 31 115 16 25 19
- Imports -244 -38 -11 -7 -11 -67 -16 -14 -11
L. Government goods and services 147 135 83 109 142 469 158 172 149
- Exports 611 163 176 146 147 632 169 182 151
- Imports -464 -28 -93 -37 -5 -163 -11 -9 -1
Memorandum:
Number of traveler (thousands of people)
- Inbound 9,488 2,328 2,377 2,555 2,535 9,794 2,427 2,551 2,921
- Outbound 8,242 2,040 2,051 2,228 2,026 8,345 2,070 2,075 2,185
November, 2016
20162015*2014ITEMS
30
TABLE 4
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Primary Income -29,703 -6,852 -7,481 -7,207 -6,542 -28,083 -7,573 -7,787 -7,914
- Receipts 2,130 468 722 705 930 2,826 515 797 657
- Payments -31,832 -7,320 -8,204 -7,912 -7,473 -30,909 -8,088 -8,585 -8,571
A. Compensation of employees -1,200 -316 -322 -356 -367 -1,361 -360 -367 -407
- Receipts 206 53 61 49 50 213 55 63 50
- Payments -1,406 -370 -383 -405 -416 -1,574 -415 -430 -457
B. Investment income -28,503 -6,536 -7,159 -6,851 -6,175 -26,721 -7,213 -7,420 -7,508
- Receipts 1,924 414 661 657 881 2,614 460 734 607
- Payments -30,426 -6,951 -7,821 -7,507 -7,056 -29,335 -7,672 -8,154 -8,115
a. Direct investment income -19,271 -4,145 -4,674 -4,609 -4,599 -18,027 -4,541 -4,457 -4,372
1) Income on equity capital -17,888 -3,809 -4,496 -4,239 -4,396 -16,940 -4,215 -4,291 -4,012
- Receipts 140 23 23 9 17 72 2 32 36
- Payments -18,028 -3,832 -4,520 -4,247 -4,413 -17,012 -4,217 -4,323 -4,048
2) Income on debt (interest) -1,383 -336 -178 -370 -203 -1,088 -326 -166 -360
- Receipts 50 8 2 4 7 21 2 33 5
- Payments -1,432 -344 -181 -374 -210 -1,108 -328 -199 -365
b. Portfolio investment income -7,106 -1,916 -1,750 -1,859 -879 -6,406 -2,234 -2,285 -2,772
1) Income on equity capital -2,221 -217 -977 -367 -375 -1,936 -218 -1,362 -407
- Receipts 399 58 88 38 98 283 59 147 109
- Payments -2,620 -275 -1,065 -405 -474 -2,219 -277 -1,510 -516
2) Income on debt (interest) -4,885 -1,700 -773 -1,493 -504 -4,470 -2,016 -923 -2,365
- Receipts 608 212 432 517 651 1,812 245 355 269
- Payments -5,492 -1,912 -1,205 -2,010 -1,155 -6,282 -2,261 -1,278 -2,634
c. Other investment income -2,126 -475 -735 -382 -697 -2,288 -437 -678 -363
- Receipts 728 113 115 89 108 426 152 167 188
- Payments -2,853 -588 -850 -471 -805 -2,714 -589 -845 -551
2016
November, 2016
2015*ITEMS
2014
31
TABLE 5
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
SECONDARY INCOME
(millions of USD)
TABLE 6
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
DIRECT INVESTMENT
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Secondary Income 5,220 1,428 1,426 1,273 1,382 5,508 1,234 1,227 1,019
- Receipts 9,374 2,521 2,645 2,540 2,655 10,362 2,478 2,567 2,410
- Payments -4,154 -1,094 -1,220 -1,267 -1,273 -4,853 -1,245 -1,340 -1,391
A. General government 232 8 2 15 124 149 0 38 44
- Receipts 239 8 3 15 124 150 5 38 44
- Payments -7 0 -1 0 0 -1 -5 0 0
B. Other sectors 4,988 1,419 1,424 1,258 1,258 5,360 1,233 1,189 975
1. Personal transfers 5,632 1,614 1,642 1,605 1,553 6,415 1,526 1,428 1,345
- Receipts 8,345 2,336 2,390 2,356 2,366 9,447 2,301 2,268 2,192
- Payments -2,713 -721 -747 -750 -812 -3,031 -775 -840 -847
2. Other current transfers -644 -195 -218 -347 -295 -1,056 -292 -239 -370
- Receipts 789 177 253 169 166 765 172 261 174
- Payments -1,434 -372 -471 -516 -461 -1,821 -464 -500 -544
Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3,944 3,893 3,837 3,755 3,686 3,686 3,639 3,591 3,515
- Number of foreign migrant worker/TKA (thousands of people) 77 77 79 83 86 86 83 89 93
2016
November, 2016
2015*ITEMS
2014
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Direct Investment 14,733 1,636 4,118 1,771 3,278 10,803 2,478 2,953 5,237
A. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,268 -806
1. Equity capital -9,566 -2,706 -2,486 -1,605 -1,546 -8,343 -1,300 -1,640 -1,330
2. Debt instuments -822 -744 -908 260 316 -1,076 289 373 524
B. Liabilities 25,121 5,086 7,511 3,116 4,509 20,222 3,489 4,221 6,043
1. Equity capital 21,895 4,337 5,264 4,474 5,503 19,577 3,316 5,395 4,706
2. Debt instuments 3,225 750 2,247 -1,358 -994 645 173 -1,174 1,337
a. Inflow 80,051 21,162 22,302 18,085 13,674 75,223 12,567 12,096 12,093
b. Outflow -76,826 -20,412 -20,055 -19,443 -14,669 -74,578 -12,394 -13,270 -10,757
Memorandum:
Direct investment based on directional principle 14,733 1,636 4,118 1,771 3,278 10,803 2,478 2,953 5,237
A. Direct investment abroad -7,077 -2,155 -1,240 -2,257 -629 -6,281 -99 -711 860
1. Equity capital -5,408 -1,592 -1,549 -846 -595 -4,581 -347 -713 -372
2. Debt instruments -1,670 -564 308 -1,411 -33 -1,700 248 2 1,232
B. Direct investment in Indonesia 21,811 3,791 5,358 4,028 3,907 17,084 2,576 3,664 4,377
1. Equity capital 17,737 3,223 4,327 3,715 4,552 15,816 2,363 4,467 3,748
2. Debt instruments 4,073 569 1,031 314 -645 1,269 214 -803 629
2016
November, 2016
2015*ITEMS
2014
32
TABLE 7
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Portfolio Investment 26,067 8,509 5,549 -2,202 4,555 16,411 4,439 8,275 6,490
A. Assets 2,587 24 -737 -683 127 -1,268 -168 402 1,918
1. Public Sector 2,965 713 -13 -180 -128 392 174 -53 1,579
a. Equity capital 0 0 0 0 0 0 0 0 0
b. Debt securities 2,965 713 -13 -180 -128 392 174 -53 1,579
2. Private Sector -379 -689 -724 -503 255 -1,660 -341 455 339
a. Equity capital -753 -258 -317 -180 -2 -758 -147 -118 228
b. Debt securities 374 -431 -406 -323 257 -903 -195 573 111
B. Liabilities 23,480 8,484 6,287 -1,519 4,428 17,680 4,607 7,874 4,572
1. Public Sector 15,380 6,942 3,808 891 5,728 17,369 4,919 7,213 3,211
a. Equity capital N/A N/A N/A N/A N/A N/A N/A N/A N/A
b. Debt securities 15,380 6,942 3,808 891 5,728 17,369 4,919 7,213 3,211
1) Central bank -117 -125 182 -194 2 -135 68 248 86
2) Government 15,497 7,067 3,627 1,084 5,725 17,503 4,851 6,965 3,125
a) Short term 118 296 51 -417 32 -38 -172 176 124
b) Long term 15,378 6,771 3,576 1,501 5,694 17,542 5,022 6,789 3,001
2. Private Sector 8,100 1,542 2,478 -2,410 -1,300 311 -312 661 1,361
a. Equity capital 3,259 437 -88 -1,200 -696 -1,547 314 667 1,637
b. Debt securities 4,841 1,105 2,567 -1,210 -604 1,858 -626 -5 -276
1) Short term 1,317 -217 271 -1,154 -1,235 -2,335 -480 35 -141
2) Long term 3,524 1,322 2,296 -56 631 4,193 -146 -41 -135
Memorandum:
Government's debt securities, liabilities 15,497 7,067 3,627 1,084 5,725 17,503 4,851 6,965 3,125
1. Denominated in Rupiah 11,838 3,407 2,527 -992 2,575 7,518 3,501 2,862 3,125
2. Denominated in foreign currency 3,658 3,660 1,100 2,076 3,150 9,986 1,350 4,103 0
Notes:
N/A : Not Applicable
20162014
November, 2016
ITEMS2015*
33
TABLE 8
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Other Investment 4,272 -5,311 -7,610 384 2,075 -10,462 -2,452 -3,654 -2,283
A. Assets -3,427 -5,131 -5,371 -1,955 645 -11,812 -9 -3,236 1,996
1. Public Sector 0 0 0 0 0 0 0 -269 0
2. Private Sector -3,427 -5,131 -5,371 -1,955 645 -11,812 -9 -2,967 1,996
a. Currency and deposits -2,279 -4,237 -3,073 -646 544 -7,411 -766 -1,912 1,290
b. Loans 616 -168 -443 -325 -99 -1,034 299 21 649
c. Trade credit and advances -915 -573 -1,433 -436 210 -2,232 103 -732 121
d. Other assets -849 -153 -422 -549 -10 -1,134 355 -344 -64
B. Liabilities 7,699 -181 -2,239 2,339 1,430 1,350 -2,443 -419 -4,279
1. Public Sector -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,595 -1,242
a. Currency and deposits 0 0 0 0 0 0 0 0 0
b. Loans -1,243 -431 -1,380 1,485 249 -77 54 -1,648 337
1) Central bank 1) -15 0 -9 0 -24 -33 0 -24 0
a) Drawings 0 0 0 0 0 0 0 0 0
b) Repayments -15 0 -9 0 -24 -33 0 -24 0
2) Government -1,228 -431 -1,371 1,485 273 -44 54 -1,624 337
a) Drawings 4,035 237 382 2,134 2,077 4,829 778 417 1,046
(1) Program 1,540 0 74 2,000 1,815 3,889 529 148 900
(2) Project 2,494 237 308 134 262 940 249 268 146
(3) Other 0 0 0 0 0 0 0 0 0
b) Repayments -5,263 -668 -1,753 -649 -1,804 -4,874 -724 -2,040 -709
c. Other liabilities -2,965 -713 13 180 128 -392 -174 53 -1,579
2. Private Sector 11,907 963 -872 674 1,054 1,819 -2,324 1,176 -3,037
a. Currency and deposits 2,381 -70 120 531 187 768 -820 1,056 -34
b. Loans 8,785 962 -922 -617 1,317 740 -1,746 -752 -2,803
1) Drawings 37,494 7,972 7,282 5,580 9,395 30,229 3,527 5,516 3,870
2) Repayments -28,709 -7,010 -8,204 -6,197 -8,078 -29,489 -5,273 -6,268 -6,672
c. Trade credit and advances 209 -37 2 657 -197 425 210 920 -171
d. Other liabilities 532 108 -72 104 -253 -114 33 -49 -29
Notes:1) Excludes credit and loans with IMF
20162015*ITEMS
2014
November, 2016