November

May2017
2017

SinidaftaKan?
kang

BALANCE OF PAYMENTS
REPORT
Third Quarter 2017

1
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 : BNP@bi.go.id
Website : www.bi.go.id

2
 November 2017

BALANCE OF PAYMENTS
REPORT
Third Quarter 2017

3
 This Page is Intentionally Left Blank

4
LIST OF CONTENTS

SUMMARY 1

Transaksi
Q3/2017
Berjalan 3

CURRENT ACCOUNT 3

Goods Trade Balance 4

Non-oil & Gas Trade Balance 4

Oil & Gas Trade Balance 9

Services Trade Balance 10

Primary Income Balance 11

Secondary Income Balance 12

CAPITAL AND FINANCIAL ACCOUNT 12

Direct Investment 13

Portfolio Investment 15

Other Investment 17

EXTERNAL SUSTAINABILITY INDICATORS 19

ALANCE OF PAYMENTS OUTLOOK 21

BOX 1: CHANGES IN BOP FIGURES

FROM Q2/2017 PUBLICATION 23

APPENDICES 25

5
 LIST OF TABLES
Page Page

Table 1 Non-Oil and Gas Exports by Commodity Group 5 Table 6 Oil Exports 10
(based on SITC)
Table 2 Non-Oil and Gas Exports by Major Destination 5 Table 7 Oil Imports (f.o.b) 10
Countries

Table 3 Exports of Major Non-Oil and Gas Commodities 7 Table 8 Gas Exports 10
(based on HS)

Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity 8 Table 9 External Sustainability Indicators 19
Group
Table 5 Non-Oil and Gas Imports (c.i.f) by Major Country 9
of Origin

LIST OF CHARTS
Page Page
Chart 1 Payments 3 Chart 14 Direct Investment 13

Chart 2 Current Account 4 Chart 15 Foreign Direct Investment (FDI) by Economic 14

Sector
Chart 3 Non-oil and Gas Trade Balance 4 Chart 16 Foreign Direct Investment (FDI) by Country of 14
Origin

Chart 4 Non-oil and Gas Export Growth 4 Chart 17 Portfolio Investment 15

Chart 5 Oil and Gas Trade Balance 9 Chart 18 Foreign Holdings Positions of SBI and Government 15
Debt Securities (SUN)
Chart 6 International Oil Prices 10 Chart 19 Foreign Transactions on the IDX and JCI 16
Developments

Chart 7 Services Trade Balance 10 Chart 20 ASEAN Stock Index Developments 16

Chart 8 Freight Services Payments 11 Chart 21 Portfolio Investment by Institutional Sectors 16

Chart 9 Travel Services 11 Chart 22 Other Investments 17

Chart 10 Primary Income Account 12 Chart 23 Other Investment Assets of the Private Sector 17

Chart 11 Personal Transfers 12 Chart 24 Other Investment Liabilities of the Private Sector 17

Chart 12 Stock of Indonesian Migrant Workers in Q3/2017 12 Chart 25 Public Sector Foreign Loans 17

Chart 13 Capital and Financial Account 13

6
 SUMMARY

by a narrower current account deficit and larger capital and financial account surplus. The BOP surplus stood at

T
USD5.4 billion in the reporting period, up significantly from USD0.7 billion in the second quarter of 2017. The BOP
surplus led to an increase in official reserve assets from USD123.1 billion at the end of the previous period to
r billion in the third quarter of 2017, adequate to finance 8.6 months of imports and servicing
USD129.4
a external debt, which is well above the international reserve adequacy standard.
government

n The current account deficit was recorded at USD4.3 billion (1.65% of GDP), improving from USD4.8 billion
s
(1.91% of GDP) deficit in the previous quarter in line with a wider goods trade surplus and narrower primary
income account deficit. The current account deficit in the reporting period was also lower than the USD5.1 billion
a of GDP) registered in the third quarter of 2016. The goods trade surplus was boosted by a surge of exports,
(2.09%

k
both in terms of value and volume, against a backdrop of rising imports to meet elevated domestic demand.
Meanwhile, the narrower primary income account deficit mainly stemmed from lower dividend payments in line
siseasonal trends.
with

B The capital and financial account surplus increased significantly in the reporting period on the back of an
eof capital flows in the form of direct investment in line with optimism surrounding domestic economic
influx

rj
performance. The capital and financial account surplus stood at USD10.4 billion in the third quarter of 2017, up
significantly from USD5.8 billion in the previous quarter and increasing from USD9.9 billion recorded one year
alThe larger surplus was supported by a larger direct investment surplus, buoyed by domestic investment
ago.

a
realisation, coupled with a narrower other investment deficit due to a decreased outflow of domestic private
placements in offshore deposits. Further gains in the capital and financial account surplus was stifled by a reduced
n investment surplus after non-resident capital flowed out of the domestic stock market.
portfolio

1
 This Page is Intentionally Left Blank

2
 3/2017

The balance of payments (BOP) recorded a
USD5.4 billion surplus in the reporting period, up
significantly from USD0.7 billion in the second quarter
of 2017 in line with a narrower current account deficit
and larger capital and financial account surplus.
Congruent with the BOP surplus in the reporting
period, the position of reserve assets increased from
USD123.1 billion as at end of second quarter of 2017
to USD129.4 billion. The overall BOP developments
have demonstrated that the external balance was
maintained, thereby supporting
macroeconomic stability (Chart 1).
billion USD
20
15
10
prices. Meanwhile, decrease in primary income deficit
was mainly influenced by a seasonal pattern of lower
dividend and foreign loan interest payments that
exceeded an increase in government bond interest
payments.
The third-quarter current account deficit was also
lower than the USD5.1 billion (2.09% of GDP)
recorded in the same period one year ago, mainly
supported by a significant increase in the goods trade
surplus.
the current The capital and financial account recorded a
USD10.4 billion (3.97% of GDP) surplus in the third
billion USD quarter of 2017, up significantly from USD5.8 billion
150
(2.31% of GDP) in the previous period due to a wider
120 direct investment surplus and smaller deficit of other

5 90 investments. A narrower portfolio investment surplus,

0 60 after non-resident investors booked a net sell on the
-5
30
domestic stock market to exploit the new all-time high
-10
recorded on the Jakarta Composite Index (JCI),
-15 0
Q1*
Q2*
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
Q4

Q3**

subdued further capital and financial account

2010 2011 2012 2013 2014 2015 2016* 2017
surplusgains. Besides, the capital and financial account
* provisional figures Cap & Fin Account Curr. Account
** very provisional figures
Overall Balance Reserve Assets (RHS) surplus in the third quarter of 2017 was also larger
Chart 1
than the USD9.9 billion (4.05% of GDP) surplus
recorded in the same period one year ago.
The current account deficit stood at USD4.3
billion (1.65% of GDP) in the third quarter of 2017, CURRENT ACCOUNT

improving from USD4.8 billion (1.91% of GDP) in the
previous period on the back of a larger goods trade
surplus and narrower primary income account deficit.
In terms of the goods trade balance, the non-oil
and gas trade surplus increased on a surge of non-oil
and gas exports, both in value and volume, which
exceeded the corresponding increase of non-oil and
gas imports along with growing domestic demand. On
the other hand, the oil and gas trade deficit narrowed
on the back of rising oil and gas export volume and
The current account deficit narrowed in the reporting
period compared to the previous quarter (Chart 2). The
decline was attributed to gains in the goods trade
balance, oil and gas as well as non-oil and gas,
combined with a smaller primary income account
deficit. A surge of export value and volume to meet
increasing economic momentum in major trading
partners boosted the goods trade surplus, while the
primary income account deficit narrowed on lower
seasonal dividend and interest on foreign loan

3
 payments as interest payments on government debt billion USD billion USD

securities increased. 50 12

Thousands
40
30 10
billion USD
20 8
15
10
10 0 6
5 -10
-20 4
0 -30 2
-5 -40
-50 0
-10

Q1*
Q2*
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
Q4

Q3**
-15 2010 2011 2012 2013 2014 2015 2016* 2017

-20

Q1*
Q2*
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
Q4

Q3**
Imports Exports NOG Trade Balance (RHS)
* provisional figures ** very provisional figures
2010 2011 2012 2013 2014 2015 2016* 2017
Chart 3
* provisional figures
Secondary Inc. Primary Inc. Non-oil and Gas Trade Balance
** very provisional figures Services OG Trade Balance
NOG Trade Balance Curr. Account
Chart 2
Current Account Non-Oil and Gas Exports
Non-oil and gas exports stood at USD39.5 billion
Goods Trade Balance in the third quarter of 2017, with growth accelerating
The goods trade surplus increased in the third from 8.1% (yoy) in the previous period to 25.0% (yoy).
quarter of 2017 on account of On a quarterly basis, non-oil and gas exports expanded
major export destinations economies. Accordingly, the by 10.6% (qtq) from the USD35.7 billion recorded in
goods trade balance recorded a USD5.3 billion surplus the previous period, primarily due to robust post-Eid
in the reporting period, up 9.5% on USD4.8 billion in export performance (Chart 4).
the second quarter of 2017. Goods trade balance The faster pace of annual non-oil and gas export
performance improved due to a larger non-oil and gas growth was underpinned by real export gains in terms
trade surplus combined with a narrower oil and gas of primary and manufacturing products. In addition,
trade deficit. Furthermore, the goods trade surplus also export prices continued to rise, albeit more slowly
jumped 35.0% on the position recorded one year (Table 1).
earlier at USD3.9 billion, supported by non-oil and gas (%)
as well as oil and gas trade balance improvements. 30.0
25.0
25.0
20.0
8.1
Non-Oil and Gas Trade Balance 15.0
10.0 10.6
-2.4
The non-oil and gas trade balance recorded a 5.0
0.0
USD6.6 billion surplus in the third quarter of 2017, up -5.0 -4.3
-10.0 -2.9
from USD6.4 billion in the previous period because the -15.0
-20.0
surge of non-oil and gas exports exceeded the
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2* Q3**
corresponding increase of non-oil and gas imports. 2015 2016* 2017

Furthermore, the non-oil and gas trade surplus also y.o.y q.t.q

surpassed the position recorded one year ago at Chart 4

Non-oil and Gas Export Growth
USD5.3 billion, growing 25.1% (yoy) as export growth
outpaced import growth (Chart 3).

4
 Table 1
Non-Oil and Gas Exports by Commodity Group (based on SITC)

Shares (%) Growth (% yoy)

2015 2016* 2017
Description
2016* 2017**
TOTAL Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3**

A. Primary Product
Nominal 47.3 51.5 -12.6 -17.6 -15.9 -3.4 27.2 -15.9 41.8 27.4 34.6
Real 52.2 54.5 3.0 -5.5 -11.2 -5.0 7.3 -11.2 10.7 8.0 16.5
Price Index - - -15.2 -12.8 -5.3 1.7 18.5 -5.3 28.1 18.0 15.5
Agricultural Products
Nominal 29.7 31.9 -9.8 -11.4 -13.5 -5.2 23.4 -13.5 45.2 21.2 33.0
Real 31.1 35.3 5.6 -3.3 -16.0 -11.9 5.0 -16.0 19.0 17.4 33.0
Price Index - - -14.6 -8.4 3.0 7.6 17.5 3.0 22.0 3.2 0.0
Foods
Nominal 23.6 24.4 -8.9 -11.1 -14.2 -3.2 26.3 -14.2 42.7 17.8 28.6
Real 24.1 27.3 7.4 -4.1 -19.2 -14.6 3.4 -19.2 18.6 20.3 34.3
Price Index - - -15.2 -7.3 6.2 13.3 22.2 6.2 20.3 -2.1 -4.2
Raw Materials
Nominal 6.1 7.5 -12.6 -12.4 -10.6 -12.0 11.5 -10.6 54.4 33.3 49.1
Real 7.0 8.0 -0.3 -0.8 -4.0 -3.0 9.5 -4.0 21.4 9.6 28.8
Price Index - - -12.4 -11.7 -6.9 -9.3 1.9 -6.9 27.1 21.7 15.7
Fuels & Mining Products
Nominal 17.6 19.5 -17.0 -26.6 -19.8 -0.3 34.2 -19.8 35.7 38.3 37.3
Real 21.0 19.6 -1.1 -9.2 -2.8 6.6 11.7 -2.8 -1.8 -4.2 -2.4
Price Index - - -16.1 -19.2 -17.5 -6.5 20.2 -17.5 38.3 44.4 40.6
B. Manufacture Products
Nominal 51.2 47.1 -6.9 -2.0 4.2 -1.3 9.2 4.2 6.2 -7.3 15.2
Real 46.8 44.2 -5.5 -2.2 0.6 -5.7 1.3 0.6 -3.6 -16.5 5.5
Price Index - - -1.5 0.2 3.5 4.7 7.8 3.5 10.2 11.1 9.3
C. Others
Nominal 1.5 1.5 -17.1 -10.8 0.1 -6.3 15.7 0.1 -2.1 15.8 50.3
Real 1.4 1.6 -10.8 -6.5 -1.5 -19.9 4.3 -1.5 -5.6 15.2 53.4
Price Index - - -7.0 -4.6 1.6 17.0 10.9 1.6 3.7 0.6 -2.0
Total
Nominal 100.0 100.0 -10.0 -9.7 -5.7 -2.4 18.1 -5.7 21.9 8.1 25.0
Real 100.0 100.0 -1.4 -4.2 -5.7 -5.6 4.9 -5.7 3.7 -4.7 11.9
Price Index - - -8.7 -5.8 0.0 3.4 12.6 0.0 17.6 13.4 11.7
*) provisional figures
**) very provisional figures

Non-Oil and Gas Exports by Major Destination Table 2

Non-Oil and Gas Exports by Major Destination Countries
Country
Shares (%) Growth (%, yoy)
Description 2015* 2016 2017
Non-oil and gas exports to 2016* 2017**
TOTAL Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3**
trading partners achieved 29.2% (yoy) growth in the 1 China 11.5 13.0 -19.5 -9.4 -6.9 11.7 61.9 14.4 66.6 35.0 48.5
2 US A 11.9 11.4 -3.5 -4.0 4.4 -1.8 10.7 2.3 18.1 -4.0 19.9
third quarter of 2017, more than doubling the 13.3% 3 Japan 10.0 9.4 -5.0 -6.0 -2.2 -2.0 15.7 1.2 4.3 3.6 26.8
4 India 7.6 9.1 -11.2 -28.5 -32.4 3.4 7.8 -14.3 60.7 47.7 33.9
(yoy) posted in the second quarter. Exports to most 5 Singapore 6.6 5.9 -3.3 -3.3 5.4 -4.6 1.6 -0.3 -5.0 -8.1 20.6
6 Malaysia 4.5 4.6 -11.4 -12.9 -15.4 -4.5 17.2 -4.5 24.0 11.9 32.6
major trading partners accelerated in the reporting 7 Philipines 4.0 4.2 0.8 7.6 34.6 30.8 63.8 33.9 46.5 11.8 21.2
8 South Korea 4.0 4.2 -5.5 -12.5 -7.5 -4.5 15.0 -3.0 28.6 14.8 19.7
period, excluding India, to which exports grew more 9 Thailand 3.5 3.6 -8.0 -12.3 0.1 -0.7 16.5 0.4 18.3 11.1 29.0
10 Netherlands 2.4 2.6 -12.8 -25.6 -18.6 7.5 20.3 -5.6 52.0 23.1 26.7
slowly. Moreover, exports to the United States and Total 10 Countries 65.9 68.1 -9.1 -10.5 -5.9 2.5 22.2 1.7 28.7 13.3 29.2
Singapore reversed the previous contractions to post *) provisional figures
**) very provisional figures

solid gains in the third quarter of 2017 (Table 2).

5
 Exports of vegetable oil and articles of basic
metals buoyed export growth to China. In addition,
exports of coal and chemicals also enjoyed positive but
slower growth compared to conditions in the previous
period. Those four main commodities represented
54.3% of total exports to China in the reporting
period.
Exports to the United States rebounded into
positive territory after declining in the second quarter.
The gains were driven by exports of textiles and
footwear, accounting for 33.5% of total exports to the
US. In addition, exports of processed natural rubber
and vegetable oil (18.1% share) also achieved positive
but slower growth.
Exports to Japan surged on the back of coal,
electrical equipment as well as textiles, contributing
35.2% of total exports to Japan, while articles of basic
metals moderated but growth remained robust.
Export performance to India remained strong but
growth decelerated compared to conditions in the
previous period. Slower growth of vegetable oil and
coal exports were the main drag on exports to India,
coupled with a decline in exports of copper ore,
representing 75.1% of total exports to India. India
recently raised the import duty on vegetable oil, which
undermined exports along with increased domestic
oilseed production. Conversely, exports of articles of
basic metals (4.4% share) increased significantly on the
back of iron/steel and copper.
Congruent with exports to the United States,
exports to Singapore, which contracted in the second
quarter of 2017, rebounded strongly in the subsequent
period as exports of electrical equipment returned to
positive territory, accounting for an 18.6% share of
total exports to Singapore. In addition, slower declines
of machinery and mechanical appliances as well as
articles of basic metals (18.5% share) were also
reported compared to conditions in the previous
period.
6
Increasing exports of coal, articles of basic metals,
and processed foods accelerated the growth of exports
destined to Malaysia in the third quarter of 2017.
Furthermore, exports to Malaysia were also bolstered
by persistently strong vegetable oil exports despite
moderating on the previous period.
Exports to the Philippines improved due to
shipments of motor vehicles, copper ore, and
processed foods, accounting for a 47.3% share of total
exports to the Philippines. In addition, exports were
also driven by coal exports, despite a slower pace of
growth reported. Motor vehicle exports to the
Philippines were dominated by complete units of four-
wheeled vehicles.
Exports to South Korea enjoyed stronger growth
in the reporting period, edged up by textiles, which had
previously contracted, as well as coal. Additionally,
exports of articles of basic metals and processed rubber
maintained strong growth despite moderating on the
previous quarter. Those four export commodities
contributed 54.9% of total exports to South Korea.
Export gains to Thailand stemmed from vehicles
and component parts, coal, articles of basic metals, as
well as machinery and mechanical appliances (52.9%
share).
Exports to the Netherlands also posted robust
growth in the third quarter of 2017, supported by
consignments of fatty acids and electrical equipment.
On the other hand, exports of vegetable oil and
chemicals remained in positive territory despite slowing
considerably on the previous period.
Exports of Major Non-Oil and Gas Commodities
The non-oil and gas export gains recorded in the
third quarter of 2017 were also reflected in the export
value of the ten major commodities, accelerating from
12.8% (yoy) last period to 27.8% (yoy). The uptick was
driven by increasing real exports of nearly all major
commodities, except for coal as well as machinery and
mechanical appliances. On the other hand, price gains persistently high export prices, with more muted real
were more subdued, with vegetable oil even sliding export growth. The slowdown was primarily attributed
into negative territory (Table 3). to China and India, contrasting exports to Japan and
Exports of vegetable oil, primarily (86.8%) in the South Korea, which accelerated.
form of crude palm oil (CPO), grew 34.2% (yoy) in the Exports of textiles and textile products expanded
third quarter of 2017, up from 29.3% (yoy) previously. by 23.4% (yoy) in the third quarter of 2017 after
The gains were driven by real exports, while export contracting by 11.1% (yoy) in the previous period,
prices declined in line with the larger global CPO elevated by real exports (9.3% yoy) and export prices
inventory. (12.9% yoy). The increases affected all major export
Vegetable oil export growth originated mainly destinations. Exports to the United States, Japan, and
from more shipments to China and Pakistan (18.6% South Korea, accounting for 50.1% of total textile
share). Furthermore, vegetable oil exports to India, the exports, rebounded in to positive territory after fading
leading export destination for Indonesian vegetable oil in the second quarter of 2017. In addition, exports to
(23.4% share), moderated but remained robust, while China (6.1% share) increased significantly on the
consignments to the Netherlands also slowed on the previous period. The recent upswing of textile exports
previous period. Vegetable oil exports to China surged from Indonesia has been possible due to additional
after the Chinese Government sought to bolster CPO domestic production capacity in Indonesia, coupled
resilience by maintaining a larger domestic inventory, with diversification through new export destinations.
coupled with growing demand for biodiesel. Furthermore, China and Bangladesh have raised
Coal exports maintained strong growth in the
third quarter of 2017 despite decelerating slightly on competitiveness of textile exports from Indonesia.
the previous period. Coal exports were maintained on

Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)

Growth (%,yoy)
Share (%)
Nominal Real Price Index
Description 2016* 2017 2016* 2017 2016* 2017
2016* 2017**
Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3** Q1 Q2 Q3 Q4 Total Q1* Q2* Q3** Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

1. Vegetable Oil 13.3 14.6 -16.3 -22.6 -3.6 33.1 -3.0 62.5 29.3 34.2 -3.7 -29.9 -19.3 -3.8 -13.6 16.2 26.4 36.3 -13.2 10.4 19.4 38.4 12.3 39.9 2.3 -1.5
2. Coal 11.1 13.1 -28.4 -21.6 -5.9 26.9 -9.0 45.0 48.7 45.5 -11.9 -3.1 4.2 5.0 -1.4 4.2 2.2 0.7 -18.8 -19.1 -9.6 20.8 -7.7 39.2 45.6 44.4
3. Textile & Textile Products 9.0 8.4 -4.7 1.1 -8.6 -2.9 -3.7 4.1 -11.1 23.4 -5.6 -2.3 -10.7 -9.3 -6.9 -6.7 -20.7 9.3 1.0 3.4 2.4 7.1 3.5 11.6 12.1 12.9
4. Electrical Aparatus, etc 6.4 5.9 -8.6 -3.8 -5.5 0.2 -4.5 5.8 -1.1 15.8 -9.3 -7.3 -11.4 -10.7 -9.7 -6.1 -16.1 1.2 0.7 3.8 6.6 12.2 5.9 12.6 17.9 14.5
5. Articles of Basic Metals 5.7 5.9 -24.4 -12.5 7.3 27.6 -1.9 32.0 13.6 29.4 -18.9 -12.5 0.0 10.7 -5.5 6.4 -5.6 14.0 -6.8 -0.1 7.3 15.2 3.8 24.0 20.4 13.5
6. Processed Rubber 4.2 5.0 -13.0 -10.4 -10.8 16.1 -5.2 67.3 29.3 28.1 3.5 -3.8 -1.0 11.1 2.3 17.9 4.2 14.6 -15.9 -6.8 -9.8 4.5 -7.3 41.8 24.1 11.8
7. Processed Food 5.0 4.6 1.7 -0.8 7.6 8.7 4.4 9.6 0.6 20.0 9.4 5.2 8.8 4.7 7.2 5.1 -3.6 16.8 -7.0 -5.7 -1.1 3.9 -2.6 4.3 4.4 2.7
8. Vehicles & Parts 4.5 4.5 -14.1 14.8 2.7 34.7 8.5 37.1 -0.1 25.8 -16.4 11.7 -3.7 27.9 4.0 30.1 -6.8 19.0 2.7 2.7 6.7 5.3 4.3 5.3 7.2 5.7
9. Machinery & Mechanic 4.1 3.8 -9.3 13.4 6.6 9.4 5.1 19.8 -7.8 5.0 -7.3 12.2 2.7 1.6 2.4 9.6 -16.3 -1.4 -2.1 1.1 3.8 7.6 2.6 9.2 10.2 6.4
10. Footwear 3.5 3.2 3.3 2.6 1.6 4.0 2.9 8.1 -7.9 21.2 13.4 5.9 -2.2 -8.2 1.9 -2.1 -13.4 19.9 -8.9 -3.2 3.9 13.3 1.0 10.3 6.4 1.1
Total 10 Commodities 66.7 69.0 -14.3 -8.8 -2.4 17.4 -2.4 31.6 12.8 27.8 -8.3 -7.6 -5.1 4.9 -3.9 11.5 -1.1 15.7 -6.5 -1.3 2.9 12.0 1.6 18.1 14.1 10.5
*) provisional figures **) very provisional figures

7
 Exports of electrical equipment recorded 15.8% Philippines, Thailand, Japan, and Saudi Arabia,

(yoy) growth in the third quarter of 2017, driven by accounting for 54.1% of the total.

slower rising export prices and real exports that have
bounced back into positive territory (1.2% yoy). Most
gains originated from exports destined to Singapore,
Japan, and Thailand.
Articles of basic metals achieved stronger export
growth in the reporting period (29.4% yoy) due to real
Exports of machinery and mechanical appliances
(5.0% yoy) were supported by positive export price
growth and a shallower contraction of real exports.
Exports of machinery and mechanical appliances to the
United States, Japan, and Thailand posted gains,
accounting for 30.9% of the total.

exports and more moderate export price gains. Exports Footwear exports bucked the previous contraction

to China and Malaysia accelerated, while export to expand by 21.2% (yoy) in the reporting period. Real
exports increased significantly on the previous period
growth to Japan slowed. The main basic metals
and prices continued to rise, albeit more slowly.
exported included iron/steel (as sheets and alloys) as
Footwear exports increased to the United States,
well as copper (as cathodes).
Belgium, and Japan, contributing 41.8% of the total
Faster growth of real exports edged up the export
footwear exports.
value of processed rubber in the third quarter of 2017.
Nevertheless, further gains were curbed by slower Non-Oil and Gas Imports
growth of export prices. Processed rubber exports to
On a quarterly basis, non-oil and gas imports
the United States, China, and India slowed in the
(cif) increased 12.2% (qtq) in the third quarter of 2017.
reporting period, with the three destinations
Annually, non-oil and gas imports accelerated from
contributing 43.4% of total processed rubber exports
5.2% (yoy) to 25.0% (yoy) to meet rising domestic
from Indonesia. Dwindling global demand for rubber
demand. The annual surge was compounded by real
along with abundant supply were cited as the main
imports, particularly of raw materials and capital
drags on rubber prices.
goods. In addition, relatively stable import prices
Processed food exports accelerated to 20.0% supported import growth in the reporting period.
(yoy) in the third quarter of 2017 after real exports Table 4
Non-Oil and Gas Imports (c.i.f) by Commodity Group
reversed the previous contraction to post solid growth.
Nonetheless, further gains were dampened by slower Shares (%) Growth (% yoy)

Description 2015** 2016* 2017

growth of export prices compared to conditions in the 2016* 2017**

Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

previous period. Exports picked up to the United States, Consumption Goods

Nominal 10.2 10.2 -9.9 27.3 6.5 13.0 16.7 15.6 1.0 19.7 17.4
Real 9.3 9.2 -8.3 25.9 6.9 12.7 11.4 14.0 -6.7 8.4 2.8
Malaysia, Philippines, and China, accounting for Price Index - - -1.7 1.1 -0.4 0.3 4.7 1.4 8.3 10.4 14.2
Raw Materials
41.2% of total processed food exports. The main Nominal 69.8 70.6 -12.3 -9.5 -2.6 1.7 9.2 -0.6 9.0 5.6 25.3
Real 72.3 73.4 -6.1 0.0 6.4 6.2 8.0 5.1 2.2 -2.8 16.2

processed foods exported by Indonesia were processed Price Index - - -6.6 -9.5 -8.5 -4.2 1.1 -5.4 6.7 8.7 7.8
Capital Goods
Nominal 19.1 18.2 -15.6 -19.0 -12.2 -7.7 -1.6 -10.2 6.7 -4.5 24.3
fish, cigarrete and processed tobacco, as well as Real 17.7 16.8 -14.3 -18.5 -12.0 -8.4 -3.5 -10.7 -2.9 -10.8 14.8
Price Index - - -1.6 -0.6 -0.2 0.7 1.9 0.5 9.9 7.1 8.3
processed chocolate. Total
Nominal 100.0 100.0 -12.4 -8.6 -3.4 0.3 8.1 -1.0 8.2 5.2 25.0
Real 100.0 100.0 -7.7 -2.1 2.8 3.2 6.5 2.6 0.6 -3.1 15.2
Exports of vehicles and component parts recorded Price Index - - -5.1 -6.6 -6.0 -2.8 1.6 -3.5 7.5 8.6 8.5
*) provisional figures

25.8% (yoy) growth in the third quarter of 2017 after

**) very provisional figures

experiencing a contraction in the previous period. The Imports of raw materials and capital goods were
increase stemmed from real exports, while rising prices the main drivers of non-oil and gas import growth in
slowed. Exports to all major destination countries the third quarter of 2017, while imports of
enjoyed gains in the reporting period, namely the consumption goods experienced slower growth.

8
 Imports of consumption goods posted 17.4% Oil and Gas Trade Balance
(yoy) growth in the third quarter of 2017, down from
The oil and gas trade deficit narrowed in the third
19.7% (yoy) in the previous period due to slower
quarter of 2017. The oil and gas trade balance
growth of real imports despite rising import prices.
recorded a USD1.3 billion deficit in the reporting
Slower growth of consumption goods imports
period, improving from USD1.5 billion in the previous
stemmed primarily from slower growth of fruit imports
quarter as export growth outpaced import growth
and declining imports of vegetables and medicaments.
(Chart 5).
On the other hand, growth of raw material
billion USD billion USD
imports surged to 25.3% (yoy) in the reporting period 15 12

Thousands
10
on the back of increasing real imports. Further gains 10
8
were stifled, however, by lower growth of import 5
6
0 4
prices. Raw materials imports were boosted by parts 2
-5
and accessories of the motor vehicles, unmilled wheat -10
0
-2
and meslin, as well as plastic in primary forms. -15 -4

Q2*
Q1*
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
Q4

Q3**
After decelerating in the previous period, growth
2010 2011 2012 2013 2014 2015 2016* 2017

of capital goods imports soared to 24.3% (yoy) in the

Gas Imports Gas Exports
* provisional figures
third quarter of 2017 on increasing real imports and ** very provisional figures Oil Imports Oil Exports
OG Trade Balance (RHS)
import prices. The main contributors to growth were Chart 5
Oil and Gas Trade Balance
automatic data processing machines,
telecommunications equipment and parts thereof,
Oil Exports
machinery specialised for particular industries, as well
as civil engineering and contractor plant and In the third quarter of 2017, oil exports

equipment. expanded by 18.9% (yoy) to USD1.8 billion from

USD1.5 billion in the previous period (Table 6). Crude
Non-Oil and Gas Imports by Country of Origin
oil exports grew by 18.5% (yoy) and refined products
Based on country of origin, stronger growth was by 19.8% (yoy). Robust oil export growth was
posted in imports from the most countries importing bolstered by high export volume and prices for both
to Indonesia in the third quarter of 2017, with the crude and refined products. Rising oil export prices
exceptions of the United States and India, for which were in line with international prices, which increased
growth was observed to slow. Despite contracting in as demand picked up against a backdrop of tighter
the previous quarter, imports from China and Malaysia supply.
bounced back to record robust growth in the reporting The volume of crude oil exports increased in the
period (Table 5). third quarter of 2017 despite a 3.6% (qtq) decline of
Table 5 crude oil lifting to 0.787 million barrels per day from
Non-Oil and Gas Imports (c.i.f)
by Major Country of Origin 0.816 million barrels per day in the previous period,
Shares (%) Growth (%, yoy)
which was indicative of an increasing portion of lifted
Description 2016* 2017
2016* 2017**
Q1 Q2 Q3 Q4 Total Q1* Q2* Q3** crude oil used for export purposes.
1 China 26.1 25.0 -4.5 7.8 3.1 12.0 4.7 7.6 -1.1 22.2
2 Japan 11.0 11.5 -19.1 -6.7 6.5 14.8 -2.3 13.8 5.0 29.7
3 Singapore 6.6 7.1 -6.4 -20.4 -23.0 -5.3 -14.0 14.4 16.0 42.3
4 Thailand 7.3 7.0 11.7 5.1 9.1 2.2 7.1 -11.0 2.3 13.4
5 USA 6.2 5.9 -10.6 -19.7 23.3 -3.6 -4.2 13.1 4.8 0.8
6 South Korea 5.0 5.8 -18.8 -7.8 -1.2 5.9 -6.2 34.6 16.3 36.2
7 Australia & Oceania 4.5 4.6 -11.1 -9.2 -4.5 18.3 -2.2 14.6 7.6 36.4
8 Malaysia 4.1 3.9 -12.0 -2.5 -7.0 1.3 -5.0 10.8 -9.2 21.4
9 India 2.4 2.7 -10.7 -10.9 16.3 37.2 6.1 29.3 42.9 23.2
10 Germany 2.7 2.6 -26.0 -13.4 0.8 8.1 -8.6 2.9 11.3 18.2
Total 10 Countries 75.9 76.1 -9.0 -4.1 1.8 8.2 -0.9 10.3 4.8 23.6
*) provisional figures
**) very provisional figures

9
 Table 6 Table 7
Oil Exports Oil Imports (f.o.b)
2017 2017
Q2* Q3** Q2* Q3**
Description Description
Value Volume Price¹ Value Volume Price¹ Value Volume Price¹ Value Volume Price¹
(mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel)
Exports 1,548.4 33.0 1,841.0 35.4 Imports 4,450.1 79.7 4,582.1 84.0
Crude 1,047.8 23.1 45.8 1,241.2 25.1 48.9 Crude 1,538.5 31.3 49.2 1,677.9 34.1 49.1
Refinery Products 500.6 9.9 50.4 599.8 10.3 58.0 Refinery Products 2,911.6 48.4 60.3 2,904.3 49.9 58.2
¹⁾ export value divided by export volume ¹⁾ import value divided by import volume
Sources: SKK Migas and Pertamina (processed) Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures * provisional figures ** very provisional figures

In terms of prices, the higher export price of oil Gas Exports

from Indonesia was consistent with global oil price Gas exports expanded 7.9% (qtq) to USD2.0
developments in the third quarter of 2017. The average billion in the third quarter of 2017, boosted by
price of SLC, Brent, and OPEC increased respectively liquefied natural gas-LNG (11.1%, qtq) and natural gas
from USD47.8/barrel, USD50.2/barrel, and (0.4%, qtq). The gains were attributable to increases in
USD48.6/barrel in the second quarter of 2017 to LNG and natural gas export volume (Table 8).
USD49.6/barrel, USD51.7/barrel, and USD50.0/barrel Table 8
Gas Exports
in the third quarter of 2017 (Chart 6). In contrast, the
2017

WTI price moderated slightly from USD48.3/barrel in Description

Q2* Q3**
Value Value
Volume¹ Price² Volume¹ Price²
(mill USD) (mill USD)
the second quarter of 2017 to USD48.1/barrel in the
Exports 1,876.4 - 2,023.8 -
reporting period. Less supply due to a decline of oil LNG 1,277.2 184.1 6.9 1,418.4 222.7 6.4
Natural Gas 587.3 74.0 7.9 589.8 74.6 7.9
output from OPEC and Russia, coupled with growing LPG 0.3 0.4 0.0 0.0 0.0 0.0
Other Gas 11.6 0.9 12.8 15.7 1.1 13.6
demand for oil, primarily from China and India, edged 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

up the international price of oil. Source: SKK Migas

* provisional figures ** very provisional figures

USD/barel

140
130
Services Trade Balance
120
110 The services trade balance recorded a USD2.2
100
90
billion deficit in the third quarter of 2017, relatively
80
70
stable on conditions in the previous period because the
60 SLC larger transportation services deficit was offset by
50 Unit Price
40 WTI improvements in the travel services and other services
30 OPEC
20 accounts (Chart 7).
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 O J A J
2010 2011 2012 2013 2014 2015 2016 2017 billion USD

Source: Ditjen Migas, BOP, Bloomberg 2

1
Chart 6
International Oil Prices 0

-1
Oil Imports -2
Oil imports increased 3.0% (qtq) to USD4.6 billion -3

in the third quarter of 2017, up from USD4.4 billion on -4

Q1*
Q2*
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
Q4

Q3**

the back of increasing import volume of crude oil and 2010 2011 2012 2013 2014 2015 2016* 2017

products. On the other hand, oil import prices slumped Other Services Travel Transportation Services (net)

compared to conditions in the previous period * provisional figures ** very provisional figures

(Table 7). Chart 7

Services Trade Balance

10
 Transportation services, as the largest contributor The recent surge of travel services receipts was
to the services account deficit, recorded a larger deficit linked to various government efforts to develop
in the third quarter of 2017 due to an increase of
freight services payments in line with the surge of
goods imported (Chart 8). the Wonderful Indonesia branding has been the recent
billion USD billion USD ascent up the tourism competitiveness index, climbing
0 0.0
a further eight places in 2017 to 42 1, after jumping

Thousands
-5 Import Freight Import (RHS)
-0.5
-10
from 70th in 2013 to 50th in 2015.
-15
-1.0
-20 Most international travellers visiting Indonesia
-25 -1.5
-30 during the third quarter of 2017 originated from
-2.0
-35
-40
China, Singapore, and Malaysia, with Bali, Jakarta,
-2.5
-45 and Batam recognised as the preferred
-50 -3.0
destinations.
Q1*
Q2*
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
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Q1
Q2
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Q4
Q1
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Q4
Q1
Q2
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Q4

Q3**

2010 2011 2012 2013 2014 2015 2016* 2017

On the other hand, travel services payments
* provisional figures **very provisional figures increased to USD2.5 billion in the reporting period
Chart 8
Freight Services Payments
from USD2.0 billion, primarily due to the upswing
recorded in terms of spending by Indonesian travellers
The travel services account surplus increased visiting abroad in line with seasonal trends.
slightly from USD0.8 billion to USD0.9 billion in the billion USD
4
third quarter of 2017. The moderate gain stemmed
3
from an increase in travel services receipts that 2

surpassed the corresponding increase in travel services 1

0
payments (Chart 9).
-1
Travel services receipts increased from USD2.8 -2

billion in the second quarter of 2017 to USD3.4 billion -3

Q2*
Q1*
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
Q4

Q3**
in the reporting period in line with an influx of 2010 2011 2012 2013 2014 2015 2016* 2017

international travellers visiting Indonesia. In the

Imports Exports Travel (net)
reporting period, the number of international visitors * provisional figures; ** very provisional figures

to Indonesia jumped from 2.97 million to 3.48 Chart 9

Travel Services
million. Annually, the number of international travellers
visiting Indonesia expanded by 19.1% (yoy) in the third Primary Income Balance

quarter of 2017. As of September 2017, the number The primary income account recorded an USD8.4
of international travellers visiting Indonesia this year billion deficit in the third quarter of 2017, improving
grew by 17.5% (yoy). Consistent with the influx, from USD8.6 billion deficit in the previous quarter. A
spending by international travellers also increased, thus seasonal decline of dividend payments that surpassed
boosting travel services receipts in the reporting the increase in interest payments on government debt
period. securities contributed to the narrower deficit along

1
The Travel and Tourism Competitiveness Index (TTCI) 2017 issued by the
World Economic Forum (WEF) on 6th April 2017.

11
 with declines in the revenue payments on direct contributors to remittances, totalling USD1.3 billion,
investment and interest payments on foreign loans followed by the Middle East and Africa at USD0.8
(Chart 10). billion.
billion USD At the end of the third quarter of 2017, a total of
0
3.5 million Indonesians were employed as migrant
-1
-2 workers (TKI) abroad. Data from the National Board for
-3
-4 the Placement and Protection of Overseas Workers
-5
-6 (BNP2TKI) indicated that 67.8% of Indonesian migrant
-7
-8 workers (TKI) were placed in Asia-Pacific, dominated by
-9
-10 Malaysia, Taiwan, Hong Kong, and Singapore.

Q3**
Q1*
Q2*
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
Q4
2010 2011 2012 2013 2014 2015 2016* 2017
Meanwhile, 31.3% of the total were employed in the
Middle East and Africa, primarily Saudi Arabia, United
Direct Inv. Income Other Inv. Income Portfolio Inv. Income Primary Income (net)

* provisional figures; ** very provisional figures Arab Emirates, Jordan, and Kuwait (Chart 12).
Chart 10
Primary Income Account

Secondary Income Balance

The secondary income account recorded a

USD1.0 billion surplus in the third quarter of 2017,
down slightly from USD1.1 billion in the previous
period. The narrower surplus was caused by an
increase in net private sector payments of other
transfers that surpassed the net increase of
government grant receipts, as the net personal transfer
Chart 12
remittances) remained
Stock of Indonesian Migrant Workers in Q3/2017
comparatively stable (Chart 11).
billion USD
3.0 CAPITAL AND FINANCIAL ACCOUNT
2.5
2.0 The capital and financial account recorded a
1.5
1.0 growing surplus in the third quarter of 2017 after
0.5
optimism surrounding solid domestic economic
0.0
-0.5 performance drew an influx of non-resident capital
-1.0
-1.5
into Indonesia. Consequently, the capital and financial
Q1*
Q2*
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
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Q1
Q2
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Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4

Q3**

account surplus stood at USD10.4 billion in the

2010 2011 2012 2013 2014 2015 2016* 2017
reporting period, nearly doubling the USD5.8 billion
Payments Receipts Personal Transfers (net)

* provisional figures; ** very provisional figures surplus registered in the previous period. Direct
Chart 11 investment and other investment were the main
Personal Transfers
contributors to the larger surplus, while the portfolio
In the reporting quarter, remittances received investment surplus narrowed as non-resident capital
from Indonesian migrant workers (TKI) remained flowed out of the domestic stock market
relatively stable at USD2.2 billion. By country of origin, (Chart 13).
TKI located in the Asia-Pacific region were the main

12
 billion USD climate, as reflected not only by the upgrade to
20

15

10

5 DB)
0
ranking from 91st in 2016 to 72nd in 20173.
-5

-10 Direct investment developments during the

-15 reporting period were also consistent with the results

Q3**
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
Q4
Q1*
Q2*
2010 2011 2012 2013 2014 2015 2016* 2017
of the Business Survey conducted by Bank Indonesia,
Other Invesment Portfolio Investment Direct Investment Cap & Financial Account which pointed to ongoing business expansion in the
* provisional figures; ** very provisional figures
third quarter of 2017, albeit slightly more subdued
Chart 13
Capital and Financial Account than in the previous period.
On the asset side, net outflow of direct
Direct Investment investment by Indonesian residents abroad totalled

The direct investment surplus grew in the third USD0.8 billion in the third quarter of 2017, reversing

quarter of 2017 in line with stronger domestic the net inflow of USD0.1 billion in the previous period

investment. The direct investment surplus stood at and net inflow of USD0.5 billion in the same period one

USD6.8 billion in the reporting period, expanding from year earlier.

USD4.8 billion in the second quarter of 2017 and from On the liability side, direct investment activity by

USD6.6 billion in the third quarter of 2016. The gains non-resident investors in Indonesia recorded a net

originated from a surge of direct investment inflow on inflow (surplus) of USD7.5 billion, up from USD4.7

the liability side (Chart 14). billion in the previous period. The non-oil and gas

billion USD
sector absorbed most of the spike in direct investment
15 after acquisitions of several domestic e-commerce
10 companies by non-resident investors along with global
5 bond issuances by several firms through offshore
0 Special Purpose Vehicles (SPV). Growing investment in
-5 e-commerce in Indonesia is consistent with
-10 government efforts to welcome e-commerce players to
-15 the country in order to accelerate and develop the
Q3**
Q1

Q1*
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
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Q1
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Q3
Q4
Q1
Q2
Q3
Q4

Q2*

2010 2011 2012 2013 2014 2015 2016* 2017

national e-commerce system, start-ups and business
development as well as expedite logistics.4
Liabilities Asset Direct Investment (net)
* provisional figures; ** very provisional figures

Chart 14 In contrast, direct investment in the oil and gas

Direct Investment 2
sector recorded another net outflow during the
Direct investment performance improved on reporting period due to the low global oil price that has
positive sentiment concerning the favourable domestic undermined overall investment in the oil and gas
economic outlook and more conducive investment sector. Based on data published by the Upstream Oil

2
Direct investment in the fourth quarter of 2016 was dominated by crossing 3
Based on a World Bank publication contained in the report “Doing Business 2018:
transactions on banking sector shares on the domestic stock exchange. The foreign Reforming to Create Jobs”, dated 31st October 2017.
direct investment (FDI) previously recorded in the banking sector was originated
4
from domestic funds (round-tripping FDI), thus when foreign divestment occurred Pursuant to Presidential Regulation Number 74 of 2017 concerning the E-
(outflow on the liability side), at the same time domestic investors also followed Commerce Roadmap for 2017-2019, dated 21st July 2017.
suit, divesting offshore entity owner of the bank stock (inflow on the asset side) of
the same value (Bank Indonesia, Balance of Payments Report, Q4-2016, page 15).

13
 and Gas Regulatory Special Taskforce (SKK Migas),
investment realisation in the upstream oil and gas
sector as of the third quarter of 2017 stood at USD6.74
billion, attaining just 54% of the target contained in
the work plan and budget for 2017 at USD12.3 billion.
Annually, direct investment inflow on the liability
side accelerated to 23.2% (yoy) in the reporting period
as domestic investment activity enjoyed an upswing,
reflected by 7.11% (yoy) growth of Gross Fixed Capital
Formation (GFCF).
Based on investment direction, the net inflow of
foreign direct investment (FDI) to Indonesia increased
significantly to USD7.9 billion in the third quarter of
2017 from USD5.9 billion in the previous quarter and
from USD5.0 billion in the same period one year ago.
By sector, the manufacturing industry, trade
sector, agricultural, fisheries and forestry sector as well
as the financial sector (including insurance) attracted
the most FDI inflow (Chart 15). Those four sectors
absorbed 82.6% of total FDI, amounting to USD6.5
billion. Increased FDI inflow to the manufacturing
industry was driven by inter-affiliate loans, while
inflows to the trade and financial sectors were
supported by stock acquisition activity of Indonesian
firms operating in those sectors during the reporting
period.
Chart 15
FDI by Economic Sector 5
5
Bank Indonesia, op. cit.
6
Bank Indonesia, op. cit.
7
FDI realisation data from BKPM includes the total value of realised projects in
one period but excludes investment in the oil and gas sector, banking industry and
other financial institutions as well as home industries. Meanwhile, FDI data
14
Based on country of origin, ASEAN countries
continued to dominate FDI inflows to Indonesia in the
third quarter of 2017, followed by Emerging Asia
(including China) and countries in Europe, accounting
for USD3.9 billion, USD1.7 billion, and USD1.5 billion
respectively, totalling USD7.1 billion (Chart 16).
Chart 16
FDI by Country of Origin 6
The surge of foreign direct investment (FDI) from
ASEAN members was driven by equity capital
investment from Singapore to domestic firms.
Meanwhile, FDI from Emerging Asia was linked to
acquisition activities by several Chinese firms of
domestic e-commerce businesses. Furthermore, FDI
flows from Europe also increased in the form of loans
extended by parent companies originated in the
Netherlands to domestic subsidiaries.
FDI performance in the third quarter of 2017 was
corroborated by FDI realisation data released by the
Indonesia Investment Coordinating Board (BKPM)7.
BKPM data pointed to FDI realisation totalling Rp111.7
trillion (equivalent to USD8.34 billion) in the third
quarter of 2017, up 12.0% (yoy) on the Rp99.7 trillion
(equivalent to USD7.39 billion) posted in the same
period one year earlier and up 1.6% on the Rp109.9
trillion (USD8.26 billion) registered in the second
quarter of 2017. By sector, BKPM noted that FDI
realisation in the third quarter of 2017 was
recorded in the Indonesian balance of payments (BOP) covers data on capital
flows received directly by FDI companies from direct investors as well as offshore
companies within the same group over a defined period and includes direct
investment in all economic sectors.
concentrated in the base metals, metal products,
machinery and electronics industry to the tune of
USD1.2 billion (14.0% share of total FDI), followed by
the mining sector worth USD1.0 billion (12.4% share),
the utilities sector (electricity, gas and water) with
On the asset side, Indonesian residents posted
another net buy of foreign securities, with the outflow
increasing from USD0.2 billion to USD0.7 billion in the
reporting period.
bilion USD

10
USD1.0 billion (11.9% share), as well as the basic
8
chemicals, chemical products and pharmaceutical 6

industry with USD0.9 billion (11.2% share). By country 4

2
of origin, however FDI realisation was dominated by 0

Singapore, Japan, China, United States, and South -2

-4
Korea, contributing USD2.5 billion, USD1.1 billion,
-6
USD0.8 billion, USD0.6 billion, and USD0.5 billion

Q3**
Q1*
Q2*
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
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Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
respectively and accounting for 65.0% of total foreign 2010 2011 2012 2013 2014 2015 2016* 2017

Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net)

direct investment (FDI). * provisional figures; ** very provisional figures

Chart 17
Portfolio Investment
Portfolio Investment

Portfolio investment recorded a USD4.1 billion During the third quarter of 2017, foreign capital

surplus in the third quarter of 2017, primarily inflows to government debt instruments, primarily

supported by an inflow of non-resident capital to rupiah-denominated government debt securities

government debt securities. Nonetheless, the portfolio (SUN), moderated slightly from USD3.4 billion to

investment surplus had reduced from USD8.1 billion USD3.0 billion. Congruently, the position of non-

posted in the previous period due to a net outflow of resident SUN holdings increased to around USD57.0

non-resident capital from the domestic stock market billion (47.3% of the total) at the end of the reporting

(Chart 17). period, climbing from USD54.7 billion (46.1% of the

A net sell booked by non-resident investors on total).

the domestic stock market precipitated a smaller billion USD billion USD
60 1.8

portfolio investment surplus on the liability side in 1.6

50

the third quarter of 2017. In addition, the smaller

1.4

40 1.2
portfolio investment surplus on the liability side was 1.0
30
also affected by a net sell of Bank Indonesia 0.8

20 0.6
Certificates (SBI) by non-resident investors coupled
0.4
with a smaller net buy of rupiah-denominated 10
0.2

government debt securities (SUN). Further declines 0

JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJAS
0.0

were offset, however, by government issuances of 2012 2013 2014 2015 2016 2017

Euro Bonds in July 2017 together with increasing SUN SBI (rhs)

Chart 18
corporate sector global bond issuances for business Foreign Holdings of SBI and Government Debt Securities
(SUN)
expansion and debt refinancing purposes.

15
 On the other hand, non-resident investors booked 2010 = 100
290
a net sell of Bank Indonesia Certificates (SBI) totalling 270
Indonesia Malaysia Philippines Singapore Thailand

USD0.5 billion in the third quarter of 2017, reversing 250

230
the previous net buy of USD0.1 billion. Consequently, 210

the position of foreign SBI holdings narrowed to 190

170
USD0.04 billion (7.4% of the total) at the end of the 150

third quarter of 2017 from USD0.6 billion (20.4% 130

110
share) last period (Chart 18). 90
J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JAS
In the reporting period, non-resident capital
2012 2013 2014 2015 2016 2017
inflows from Euro Bonds issued by the Government in Source: CEIC (processed)

July 2017 totalled USD2.9 billion. In general, net Chart 20

ASEAN Stock Index Developments
foreign capital inflows to public sector debt
instruments during the third quarter of 2017 Activity on the Indonesia Stock Exchange in the
amounted to USD6.1 billion, up from USD4.5 billion in third quarter of 2017 was buoyed by four additional
the previous period. new issuers of IPOs, namely Megapower Makmur Tbk.
On the domestic stock market, non-resident (MPOW), MarK Dynamics Indonesia Tbk. (MARK),
investors booked a net sell of USD0.2 billion in the Ayana Land International Tbk. (NASA), and Emdeki
reporting period after registering a net buy of USD1.0 Utama Tbk. (MDKI) totalling Rp0.6 trillion (equivalent
billion in the previous period. Despite widespread to USD43.5 million). Such developments were down
selling actions by non-resident investors, the domestic considerably on the achievements of the previous
stock market performed soundly in the third quarter of period, when 17 new issuers initiated IPOs totalling
2017. Point-to-point, the Jakarta Composite Index (JCI) Rp3.4 trillion (equivalent to USD254.9 million).
rallied from 5,829.7 at the end of the second quarter Consequently, the public sector was the main
of 2017 to close at a level of 5,900.9 in the reporting contributor to the net portfolio investment surplus
period (Chart 19). posted in the third quarter of 2017. The public sector
billion Rp JCI
recorded a net portfolio investment inflow of USD6.1
25,000 6,000
20,000 5,500 billion, up from USD4.5 billion in the previous period.
15,000 5,000
In contrast, the private sector recorded a net deficit of
10,000 4,500
5,000 4,000 USD2.0 billion, reversing the previous USD3.6 billion
0 3,500
(5,000) 3,000 surplus (Chart 21).
(10,000) 2,500 billion USD
(15,000) 2,000 10
(20,000) 1,500
Foreign Net Buy/Sell JCI (RHS) 8
(25,000) 1,000
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 O J A J 6

2010 2011 2012 2013 2014 2015 2016 2017 4

Source: IDX 2

0
Chart 19
Foreign Transactions on the IDX and JCI Developments -2

-4

The Jakarta Composite Index (JCI) rally mirrored -6

Q3**
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
Q4
Q1*
Q2*

other regional stock price indexes in Southeast Asia, 2010 2011 2012 2013 2014 2015 2016* 2017
Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
including the Philippines and Thailand. In contrast, * provisional figures; ** very provisional figures

stock prices in Malaysia and Singapore experienced a Chart 21

Portfolio Investment by Institutional Sector
correction (Chart 20).

16
Other Investments of foreign loans, primarily by banks and non-financial
state-owned enterprises. Meanwhile, nonbank
Other investment transactions experienced a
financial institutions recorded a net withdrawal of
USD0.4 billion deficit in the third quarter of 2017,
foreign loans (Chart 24).
improving significantly from USD7.1 billion deficit in
the second quarter of 2017 and from USD3.2 billion
deficit in the same period one year earlier. The
narrower deficit stemmed from a smaller outflow on
the asset side in line with fewer domestic private
placements in offshore deposits compared to
conditions in the previous period (Chart 22).

Chart 24
Other Investment Liabilities of the Private Sector

Other investment liabilities in the public sector

recorded a USD22 million surplus in the third quarter
of 2017 after posting a USD1.4 billion deficit in the
previous period. Nevertheless, the net withdrawal of
foreign loans in the reporting period was lower than
Chart 22
Other Investments conditions in the same period one year ago (Chart 25).
In the third quarter of 2017, government
On the asset side, other investment transactions
drawings on foreign loans climbed to USD0.9 billion,
in the private sector posted a USD1.1 billion deficit in
most of which (76%) was in the form of program loans
the reporting period, down significantly from USD7.3
with the remainder as project loans. Creditors of the
billion due to reduced placements in offshore deposits
public sector foreign loans were international
and loans extended abroad (Chart 23).
institutions, namely the Asian Development Bank
billion USD

8 (ADB) and the International Bank for Reconstruction

6
4
and Development (IBRD), as well as the governments
2
of China, France and South Korea.
0
-2 bilion USD
-4 3
-6
-8 2
-10
1
-12
Q3**
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
Q4
Q1*
Q2*

0
2010 2011 2012 2013 2014 2015 2016* 2017
Other Assets Currency & Deposits Loans Other Investment - Assets
-1

* provisional figures; ** very provisional figures

-2

Chart 23 -3
Other Investment Assets of the Private Sector
Q3**
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
Q4
Q1*
Q2*

2010 2011 2012 2013 2014 2015 2016* 2017

On the liability side, other investment transactions Repayments Drawings Loans (net)

in the private sector recorded a surplus of USD0.7 * provisional figures; ** very provisional figures

Chart 25
billion, down from USD1.5 billion due to a net payment Public Sector Foreign Loans

17
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18
 EXTERNAL SUSTAINABILITY INDICATORS

accompanied by a greater degree of economic

well maintained throughout the third quarter of 2017, openness in Indonesia (ratio of accumulated exports
with most external sustainability indicators improving and imports of goods and services to GDP), increasing
on conditions in the previous period. The current from 34.3% in the previous quarter to 36.7% in the
account deficit to GDP ratio declined on the positions reporting period.
recorded last period and one year earlier after the Furthermore, nearly all external debt ratios
current account deficit continued to narrow. improved in the reporting period, evidencing greater
A larger goods trade surplus, coupled with a economic repayment capacity to service the external
relatively stable services trade deficit, increased the debt obligations, particularly the ratio of external debt
stic economy to reserve assets as well as the ratio of short-term
(ratio of net exports of goods and services to GDP) from external debt to GDP, which both declined on the
1.0% in the second quarter of 2017 to 1.2% in the previous period and the same period one year ago.
reporting period. Furthermore, such dynamics were

Table 9
External Sustainability Indicators

2015 2016* 2017

INDICATORS
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
1)
Current Account / GDP (%) -2.03 -2.17 -2.24 -2.09 -0.75 -1.80 -0.96 -1.91 -1.65
Exports - Imports of Goods and Services / GDP (%) 1) 0.6 0.7 0.6 0.9 1.4 0.9 1.8 1.0 1.2
Exports + Imports of Goods and Services / GDP (%) 1) 39.2 35.1 35.4 32.4 37.3 35.1 36.7 34.3 36.7
Total Foreign Debt Position / GDP (%) 2) 36.1 36.8 37.3 36.3 34.2 34.2 34.3 34.4 34.5
Short-Term Foreign Debt Position3 ) / GDP (%)2) 6.4 6.6 6.7 6.4 5.9 5.9 5.8 5.9 5.6
Total Foreign Debt Position / Reserve Assets (%) 293.3 295.7 297.8 283.9 273.9 273.9 269.6 274.0 266.0
Short Term Foreign Debt Position 3) /Reserve Assets(%) 52.4 53.4 53.7 50.4 47.0 47.0 45.7 46.9 42.8

Notes :
1) 2)
Using quarterly GDP at current price Using annualized GDP at current price (sum of GDP for four quarters backw ards)
*) Prov isional figures **) Very prov isional figures

19
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20
 ALANCE OF PAYMENTS OUTLOOK
The balance of payments is predicted
to continue improving. Greater optimism concerning
the promising domestic economic outlook, supported
by consistent fiscal and monetary policy, is expected to
drive investment and domestic demand. Furthermore,
persistently high commodity prices and growing global
economic momentum is expected to edge up exports
from Indonesia. In general, the current account deficit
in 2017 is predicted a little bit lower than that in 2016.
Although still overshadowed by global and domestic
risks, the non-resident capital inflows is expected to
increase. The salient global risks include the
proposed tightening of monetary policy in the United
States along with fiscal reforms, as well as geopolitical
pressures in Europe and the Korean Peninsula.
At home, the risks mainly stem from ongoing
consolidation in the corporate and banking sectors.
The prediction of increasead non-resident capital
inflows is supported by improving domestic economic
fundamentals in line with the current structural
reforms, which will boost the capital and financial
account surplus and is expected to offset the current
account deficit.
Moving forward, Bank Indonesia will continue to
monitor the external and domestic risks that could
affect BOP performance. Furthermore, Bank Indonesia
believes that BOP performance shall remained sound,
supported by a prudent monetary and macroprudential
policy mix, together with tight policy coordination with
the Government to maintain macroeconomic stability,
financial system stability, and strengthen economic
fundamentals in Indonesia.
21
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22
 Box 1
Changes in BOP Data from Q2/2017 Publication

There are several changes in this edition of the BOP Report to the data released in the second quarter of
2017. The changes are due to updates from various data sources as follows:

Table 1.1
Comparison of BOP Publications
million USD
2015 2016* 2017
Items TOTAL Q1 Q2 Q3 Q4 TOTAL Q1* Q2*
Old New Old New Old New Old New Old New Old New Old New Old New

Current Account -17,519 -17,519 -4,708 -4,714 -5,189 -5,179 -4,974 -5,098 -1,897 -1,799 -16,769 -16,790 -2,363 -2,333 -4,963 -4,834
Goods 14,049 14,049 2,648 2,648 3,753 3,753 3,923 3,923 5,112 5,112 15,437 15,437 5,646 5,646 4,788 4,835
Services -8,697 -8,697 -1,122 -1,128 -2,384 -2,405 -1,530 -1,626 -1,928 -1,857 -6,964 -7,015 -1,257 -1,216 -2,309 -2,180
Primary Income -28,379 -28,379 -7,439 -7,439 -7,755 -7,723 -8,343 -8,372 -6,148 -6,121 -29,685 -29,656 -7,769 -7,787 -8,538 -8,603
Secondary Income 5,508 5,508 1,205 1,205 1,196 1,196 976 976 1,067 1,067 4,444 4,444 1,016 1,024 1,095 1,115

Capital & Financial Account 16,860 16,860 4,099 4,310 6,915 6,724 9,862 9,899 7,886 7,684 28,762 28,617 7,969 7,149 5,862 5,852
Direct Investment 10,704 10,704 2,786 2,804 3,331 3,136 6,519 6,585 3,308 3,538 15,943 16,063 2,755 2,792 4,575 4,832
Portfolio Investment 16,183 16,183 4,438 4,438 8,304 8,304 6,563 6,563 -309 -309 18,995 18,996 6,571 6,572 7,422 8,121
Financial Derivative 20 20 -22 -22 -25 -25 -28 -28 66 66 -9 -9 -72 -72 25 25
Other Investment -10,064 -10,064 -3,104 -2,911 -4,700 -4,697 -3,198 -3,226 4,793 4,360 -6,209 -6,473 -1,285 -2,143 -6,164 -7,132
* provisional figures

Goods Transactions - the changes to goods data in the second quarter of 2017 were due to the realisation
of open file data from closed file data previously.
Services Transactions the changes to services transaction data from 2016 until the second quarter of 2017
stemmed from updates to the Foreign Exchange Flow Report (LLD).
Primary Income Transactions the changes to primary income transaction data from the second quarter of
2016 until the second quarter of 2017 stemmed from updates to the Foreign Exchange Flow Report (LLD).
Secondary Income Transactions the changes to secondary income transaction data in the first and second
quarters of 2017 stemmed from updated TKI placement data by the National Board for the Placement and
Protection of Overseas Workers (BNP2TKI).
Direct Investment Transactions - the changes to direct investment data in 2016 until the second quarter of
2017 related to updated external debt (ULN) data as well as updates to the Foreign Exchange Flow Report
(LLD).
Portfolio Investment Transactions - the changes to portfolio investment data in the second quarter of 2017
stemmed from updates to the Foreign Exchange Flow Report (LLD).
Other Investment Transactions - the changes to other investment data in 2016 until the second quarter of
2017 stemmed from updates to external debt (ULN) data and the Foreign Exchange Flow Report (LLD).

23
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24
 APPENDICES

INDONESIA'S BALANCE OF PAYMENTS

T
Table r
Table 1 INDONESIA'S BALANCE OF PAYMENTS: SUMMARY ...................... 27
2 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, GOODS ...................... 28

a
Table
Table
3
4
INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SERVICES
INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, PRIMARY INCOME
......................
......................
29
30

n
Table
Table
5
6
INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SECONDARY INCOME
INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, DIRECT INVESTMENT
......................
......................
31
31
Tables 7 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, PORTFOLIO INVESTMENT ...................... 32

a
Table 8 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, OTHER INVESTMENT ...................... 33

k
si
B
e
rj
al
a
n

25
 This Page is Intentionally Left Blank

26
 TABLE 1
INDONESIA'S BALANCE OF PAYMENTS
SUMMARY
(millions of USD)
November, 2017

ITEMS 2015 2016* 2017

Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

I. Current Account -17,519 -4,714 -5,179 -5,098 -1,799 -16,790 -2,333 -4,834 -4,337
A. Goods 14,049 2,648 3,753 3,923 5,112 15,437 5,646 4,835 5,296
- Exports 149,124 33,039 36,285 34,891 40,229 144,445 40,760 39,171 43,393
- Imports -135,076 -30,391 -32,533 -30,967 -35,117 -129,008 -35,114 -34,336 -38,096
1. General Merchandise 13,319 2,340 3,521 3,706 5,282 14,849 5,481 4,575 5,080
- Exports 147,725 32,687 35,980 34,554 39,843 143,064 40,436 38,815 42,824
- Imports -134,406 -30,347 -32,460 -30,848 -34,561 -128,215 -34,954 -34,241 -37,744
a. Non-Oil and Gas 19,023 3,244 4,959 5,042 6,401 19,645 7,662 6,114 6,362
- Exports 130,541 29,836 32,752 31,292 36,293 130,173 36,480 35,390 38,960
- Imports -111,518 -26,592 -27,793 -26,250 -29,892 -110,527 -28,817 -29,277 -32,598
b. Oil and Gas -5,703 -904 -1,438 -1,336 -1,119 -4,797 -2,181 -1,539 -1,282
- Exports 17,184 2,851 3,228 3,262 3,550 12,891 3,956 3,425 3,865
- Imports -22,887 -3,755 -4,667 -4,597 -4,669 -17,688 -6,137 -4,964 -5,146
2. Other Goods 730 308 232 217 -170 588 165 260 216
- Exports 1,400 352 305 337 387 1,381 324 356 568
- Imports -670 -44 -73 -120 -556 -793 -159 -96 -352
B. Services -8,697 -1,128 -2,405 -1,626 -1,857 -7,015 -1,216 -2,180 -2,201
- Exports 22,221 5,771 5,308 5,854 6,395 23,328 5,839 5,588 6,370
- Imports -30,918 -6,898 -7,713 -7,480 -8,252 -30,343 -7,055 -7,769 -8,571
C. Primary Income -28,379 -7,439 -7,723 -8,372 -6,121 -29,656 -7,787 -8,603 -8,409
- Receipts 2,822 711 859 1,175 1,297 4,041 1,338 1,426 1,303
- Payments -31,201 -8,150 -8,582 -9,547 -7,418 -33,697 -9,125 -10,029 -9,712
D. Secondary Income 5,508 1,205 1,196 976 1,067 4,444 1,024 1,115 977
- Receipts 10,362 2,444 2,536 2,368 2,467 9,815 2,352 2,493 2,468
- Payments -4,853 -1,240 -1,340 -1,392 -1,400 -5,371 -1,328 -1,378 -1,491
II. Capital Account 17 1 5 6 29 41 0 5 11
- Receipts 17 1 5 6 29 41 0 5 11
- Payments 0 0 0 0 0 0 0 0 0
III. Financial Account 16,843 4,309 6,718 9,894 7,655 28,576 7,149 5,848 10,428
- Assets -21,489 -657 -4,766 3,087 19,271 16,935 -3,721 -7,242 -2,468
- Liabilities 38,332 4,967 11,484 6,806 -11,616 11,641 10,871 13,090 12,896
1. Direct Investment 10,704 2,804 3,136 6,585 3,538 16,063 2,793 4,833 6,752
a. Assets -9,075 -370 -1,372 466 12,870 11,594 -395 108 -786
b. Liabilities 19,779 3,175 4,508 6,119 -9,332 4,469 3,188 4,726 7,538
2. Portfolio Investment 16,183 4,438 8,304 6,563 -309 18,996 6,572 8,121 4,071
a. Assets -1,268 -167 402 1,938 46 2,218 -983 -216 -662
b. Liabilities 17,451 4,605 7,902 4,625 -355 16,777 7,555 8,337 4,733
- Public Sector 2) 17,386 4,919 7,213 3,211 1,492 16,835 6,437 4,525 6,107
- Private Sector 3) 65 -314 690 1,414 -1,847 -57 1,118 3,812 -1,374
3. Financial Derivatives 20 -22 -25 -28 66 -9 -72 25 -12
4. Other Investment -10,064 -2,911 -4,697 -3,226 4,360 -6,473 -2,143 -7,132 -384
a. Assets -11,812 -396 -3,967 524 6,354 2,514 -2,528 -7,257 -1,109
b. Liabilities 1,748 -2,515 -730 -3,749 -1,993 -8,987 385 125 725
- Public Sector 2) -190 -119 -1,599 -1,242 -319 -3,279 -66 -1,410 22
- Private Sector 3) 1,938 -2,395 869 -2,508 -1,675 -5,709 451 1,535 703
IV. Total (I + II + III) -659 -404 1,544 4,801 5,885 11,826 4,816 1,019 6,102
V. Net Error and Omissions -439 117 617 907 -1,379 263 -302 -280 -743
VI. Overall Balance (IV + V) -1,098 -287 2,162 5,708 4,505 12,089 4,514 739 5,359
VII. Reserves and Related Items 4) 1,098 287 -2,162 -5,708 -4,505 -12,089 -4,514 -739 -5,359
A. Reserve Asset Transactions 1,098 287 -2,162 -5,708 -4,505 -12,089 -4,514 -739 -5,359
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 105,931 107,543 109,789 115,671 116,362 116,362 121,806 123,094 129,402
In Months of Imports & Official Debt Repayment 7.4 7.7 8.0 8.5 8.4 8.4 8.6 8.6 8.6
- Current Account (% GDP) -2.03 -2.17 -2.24 -2.09 -0.75 -1.80 -0.96 -1.91 -1.65
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

27
 TABLE 2
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
GOODS
(millions of USD)
November, 2017

ITEMS 2015 2016* 2017

Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

Goods 1) 14,049 2,648 3,753 3,923 5,112 15,437 5,646 4,835 5,296
- Exports 149,124 33,039 36,285 34,891 40,229 144,445 40,760 39,171 43,393
- Imports -135,076 -30,391 -32,533 -30,967 -35,117 -129,008 -35,114 -34,336 -38,096
A. General merchandise 13,319 2,340 3,521 3,706 5,282 14,849 5,481 4,575 5,080
1. Non-oil and gas 19,023 3,244 4,959 5,042 6,401 19,645 7,662 6,114 6,362
a. Exports 130,541 29,836 32,752 31,292 36,293 130,173 36,480 35,390 38,960
b. Imports -111,518 -26,592 -27,793 -26,250 -29,892 -110,527 -28,817 -29,277 -32,598
2. Oil -13,106 -2,030 -2,463 -2,621 -2,566 -9,680 -3,486 -2,902 -2,741
a. Exports 7,833 1,221 1,816 1,631 1,600 6,267 1,962 1,548 1,841
b. Imports -20,938 -3,250 -4,279 -4,252 -4,166 -15,947 -5,448 -4,450 -4,582
3. Gas 7,402 1,126 1,025 1,286 1,447 4,883 1,305 1,363 1,460
a. Exports 9,351 1,631 1,413 1,631 1,950 6,624 1,994 1,876 2,024
b. Imports -1,949 -505 -388 -345 -503 -1,741 -689 -514 -564
B. Other goods 730 308 232 217 -170 588 165 260 216
o/w Nonmonetary gold 730 308 232 217 -170 588 165 260 216
a. Exports 1,400 352 305 337 387 1,381 324 356 568
b. Imports -670 -44 -73 -120 -556 -793 -159 -96 -352

Memorandum:
1. Nominal
a. Total exports (fob) 149,124 33,039 36,285 34,891 40,229 144,445 40,760 39,171 43,393
- Non-oil and gas 131,941 30,188 33,057 31,629 36,680 131,554 36,804 35,746 39,528
- Oil and gas 17,184 2,851 3,228 3,262 3,550 12,891 3,956 3,425 3,865
b. Total imports (fob) -135,076 -30,391 -32,533 -30,967 -35,117 -129,008 -35,114 -34,336 -38,096
- Non-oil and gas -112,189 -26,636 -27,866 -26,370 -30,448 -111,320 -28,977 -29,372 -32,950
- Oil and gas -22,887 -3,755 -4,667 -4,597 -4,669 -17,688 -6,137 -4,964 -5,146
2. Growth (% , yoy)
a. Total exports (fob) -14.9 -13.0 -9.1 -3.6 14.8 -3.1 23.4 8.0 24.4
- Non-oil and gas -10.0 -9.7 -5.7 -2.4 18.1 -0.3 21.9 8.1 25.0
- Oil and gas -40.2 -36.9 -34.0 -14.1 -10.8 -25.0 38.7 6.1 18.5
b. Total imports (fob) -19.7 -12.6 -8.5 -3.1 7.0 -4.5 15.5 5.5 23.0
- Non-oil and gas -12.2 -8.5 -3.2 0.9 8.3 -0.8 8.8 5.4 25.0
- Oil and gas -43.6 -33.4 -31.0 -20.7 -0.3 -22.7 63.4 6.4 11.9
3. Crude oil unit prices (USD/barrel) 48.8 28.7 41.3 40.6 46.5 39.3 50.8 45.8 48.9
4. Crude oil production (million barrels per day) 0.787 0.836 0.834 0.833 0.823 0.831 0.815 0.803 0.800

Notes:
1)
In terms of free on board (fob)

28
 TABLE 3
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
SERVICES
(millions of USD)
November, 2017

2015 2016* 2017

ITEMS
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

Services -8,697 -1,128 -2,405 -1,626 -1,857 -7,015 -1,216 -2,180 -2,201
- Exports 22,221 5,771 5,308 5,854 6,395 23,328 5,839 5,588 6,370
- Imports -30,918 -6,898 -7,713 -7,480 -8,252 -30,343 -7,055 -7,769 -8,571
A. Manufacturing services 356 83 89 94 84 351 90 86 86
- Exports 356 83 89 94 84 351 90 86 86
- Imports 0 0 0 0 0 0 0 0 0
B. Maintenance and repair services -340 -113 -71 -108 -61 -353 -53 -25 -52
- Exports 284 91 88 99 133 411 51 43 34
- Imports -624 -204 -159 -207 -194 -764 -104 -68 -86
C. Transport -6,146 -1,212 -1,375 -1,335 -1,616 -5,538 -1,382 -1,542 -1,773
- Exports 3,456 886 948 917 822 3,572 833 842 892
- Imports -9,602 -2,098 -2,323 -2,252 -2,437 -9,110 -2,215 -2,384 -2,665
a. Passenger -1,215 -143 -251 -293 -319 -1,006 -105 -223 -376
- Exports 1,293 331 317 387 324 1,360 381 440 383
- Imports -2,508 -474 -568 -681 -643 -2,366 -487 -663 -759
b. Freight -5,204 -1,088 -1,034 -983 -1,276 -4,381 -1,253 -1,284 -1,395
- Exports 1,406 412 497 402 366 1,676 331 265 318
- Imports -6,610 -1,499 -1,531 -1,386 -1,642 -6,057 -1,584 -1,549 -1,713
c. Other 273 18 -90 -58 -21 -151 -23 -35 -2
- Exports 758 143 134 128 131 536 121 136 191
- Imports -484 -125 -224 -186 -152 -687 -144 -172 -193
D. Travel 3,469 1,089 595 907 962 3,554 1,419 844 869
- Exports 10,761 2,722 2,364 3,082 3,070 11,238 3,138 2,823 3,398
- Imports -7,292 -1,633 -1,769 -2,174 -2,107 -7,684 -1,719 -1,979 -2,529
E. Construction -74 32 5 12 43 93 14 38 43
- Exports 379 63 44 43 75 226 51 131 56
- Imports -453 -31 -39 -31 -33 -133 -36 -94 -13
F. Insurance and pension services -888 -145 -186 -153 -205 -688 -157 -129 -153
- Exports 54 5 9 11 28 53 5 8 11
- Imports -942 -149 -195 -164 -233 -741 -162 -137 -163
G. Financial services -497 -181 -108 -110 -177 -577 -147 -62 -179
- Exports 248 76 93 89 78 336 109 106 110
- Imports -744 -257 -202 -199 -255 -913 -257 -168 -289
H. Charges for the use of intellectual property -1,601 -358 -635 -319 -374 -1,686 -389 -564 -381
- Exports 52 13 10 8 15 47 9 18 10
- Imports -1,653 -371 -645 -327 -389 -1,732 -399 -583 -391
I. Telecommunications, computer, and information services -820 -207 -467 -200 -302 -1,175 -365 -471 -378
- Exports 971 194 226 224 327 970 168 188 285
- Imports -1,791 -400 -693 -424 -629 -2,146 -533 -659 -663
J. Other business services -2,670 -275 -434 -610 -343 -1,661 -416 -535 -474
- Exports 4,917 1,454 1,231 1,078 1,595 5,359 1,185 1,128 1,239
- Imports -7,587 -1,729 -1,665 -1,689 -1,937 -7,020 -1,601 -1,662 -1,712
K. Personal, cultural, and recreational services 45 -1 11 15 10 36 11 11 13
- Exports 111 15 25 26 23 89 25 27 33
- Imports -67 -16 -14 -11 -12 -53 -14 -16 -20
L. Government goods and services 469 158 172 180 119 630 159 169 177
- Exports 632 169 182 182 146 678 174 188 216
- Imports -163 -11 -9 -2 -26 -48 -15 -19 -39

Memorandum:
Number of traveler (thousands of people)
- Inbound 9,794 2,427 2,551 2,921 2,960 10,860 2,828 2,972 3,480
- Outbound 8,345 2,068 2,075 2,184 2,182 8,509 2,178 2,284 2,263

29
 TABLE 4
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
November, 2017

2015 2016* 2017

ITEMS
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

Primary Income -28,379 -7,439 -7,723 -8,372 -6,121 -29,656 -7,787 -8,603 -8,409
- Receipts 2,822 711 859 1,175 1,297 4,041 1,338 1,426 1,303
- Payments -31,201 -8,150 -8,582 -9,547 -7,418 -33,697 -9,125 -10,029 -9,712
A. Compensation of employees -1,361 -360 -367 -407 -419 -1,553 -366 -334 -397
- Receipts 213 55 63 50 51 219 57 65 52
- Payments -1,574 -415 -430 -457 -470 -1,772 -423 -399 -449
B. Investment income -27,018 -7,079 -7,356 -7,965 -5,703 -28,103 -7,421 -8,269 -8,012
- Receipts 2,609 656 796 1,125 1,246 3,822 1,281 1,361 1,252
- Payments -29,627 -7,735 -8,152 -9,090 -6,948 -31,925 -8,703 -9,630 -9,263
a. Direct investment income -18,504 -4,441 -4,269 -5,002 -3,880 -17,593 -4,962 -4,959 -4,954
1) Income on equity capital -17,081 -4,126 -4,088 -4,642 -3,701 -16,557 -4,656 -4,723 -4,587
- Receipts 72 196 199 403 302 1,101 452 508 502
- Payments -17,153 -4,322 -4,287 -5,045 -4,003 -17,658 -5,108 -5,231 -5,089
2) Income on debt (interest) -1,423 -315 -181 -360 -180 -1,035 -306 -237 -367
- Receipts 16 2 33 5 34 74 1 1 8
- Payments -1,440 -317 -214 -364 -214 -1,109 -307 -238 -374
b. Portfolio investment income -6,460 -2,203 -2,406 -2,587 -1,129 -8,325 -2,113 -2,632 -2,634
1) Income on equity capital -1,936 -200 -1,363 -206 -150 -1,920 -185 -1,565 -346
- Receipts 283 56 147 306 319 828 111 88 33
- Payments -2,219 -256 -1,510 -512 -469 -2,748 -296 -1,653 -378
2) Income on debt (interest) -4,525 -2,003 -1,043 -2,381 -979 -6,406 -1,928 -1,068 -2,288
- Receipts 1,812 245 249 241 392 1,126 527 544 502
- Payments -6,337 -2,248 -1,292 -2,622 -1,370 -7,532 -2,456 -1,611 -2,790
c. Other investment income -2,053 -435 -681 -376 -693 -2,185 -346 -677 -424
- Receipts 426 157 167 171 199 694 189 219 207
- Payments -2,479 -592 -848 -546 -892 -2,878 -535 -896 -631

TABLE 5
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
SECONDARY INCOME
(millions of USD)
November, 2017

2015 2016* 2017

ITEMS
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

Secondary Income 5,508 1,205 1,196 976 1,067 4,444 1,024 1,115 977
- Receipts 10,362 2,444 2,536 2,368 2,467 9,815 2,352 2,493 2,468
- Payments -4,853 -1,240 -1,340 -1,392 -1,400 -5,371 -1,328 -1,378 -1,491
A. General government 149 6 49 52 258 365 -1 41 100
- Receipts 150 6 49 53 258 366 1 42 102
- Payments -1 0 0 -1 0 -1 -2 -1 -2
B. Other sectors 5,360 1,199 1,147 925 809 4,079 1,025 1,074 877
1. Personal transfers 6,415 1,491 1,386 1,295 1,121 5,294 1,348 1,347 1,304
- Receipts 9,447 2,267 2,226 2,142 2,038 8,672 2,173 2,182 2,181
- Payments -3,031 -775 -840 -847 -916 -3,378 -825 -835 -876
2. Other current transfers -1,056 -292 -239 -370 -313 -1,214 -323 -272 -427
- Receipts 765 172 261 174 171 778 178 269 186
- Payments -1,821 -464 -500 -544 -484 -1,992 -501 -541 -613

Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3,686 3,678 3,630 3,553 3,509 3,509 3,492 3,480 3,475
- Number of foreign migrant worker/TKA (thousands of people) 86 83 89 93 97 97 80 91 92

30
 TABLE 6
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
DIRECT INVESTMENT
(millions of USD)
November, 2017

2015 2016* 2017

ITEMS
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

Direct Investment 10,704 2,804 3,136 6,585 3,538 16,063 2,793 4,833 6,752
A. Assets -9,075 -370 -1,372 466 12,870 11,594 -395 108 -786
1. Equity capital -7,998 -659 -1,746 -53 13,134 10,676 -457 -39 -971
2. Debt instuments -1,076 289 375 519 -264 918 62 147 186
B. Liabilities 19,779 3,175 4,508 6,119 -9,332 4,469 3,188 4,726 7,538
1. Equity capital 18,822 3,538 5,253 4,446 -8,568 4,670 3,068 4,932 6,224
2. Debt instuments 957 -363 -746 1,673 -765 -201 120 -207 1,314
a. Inflow 75,588 12,048 13,194 13,175 12,139 50,556 11,251 10,634 13,861
b. Outflow -74,631 -12,411 -13,939 -11,503 -12,904 -50,757 -11,131 -10,841 -12,547

Memorandum:
Direct investment based on directional principle 10,704 2,804 3,136 6,585 3,537 16,062 2,792 4,832 6,751
A. Direct investment abroad -5,937 56 -479 1,586 11,052 12,215 -277 -1,082 -1,111
1. Equity capital -4,237 -192 -819 -60 13,129 12,058 -465 -56 -990
2. Debt instruments -1,700 248 340 1,646 -2,077 156 187 -1,026 -121
B. Direct investment in Indonesia 16,641 2,748 3,615 4,999 -7,515 3,847 3,069 5,915 7,861
1. Equity capital 15,060 3,070 4,326 4,453 -8,562 3,287 3,075 4,950 6,242
2. Debt instruments 1,581 -322 -710 546 1,048 560 -6 965 1,619

TABLE 7
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)

November, 2017

2015 2016* 2017

ITEMS
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

Portfolio Investment 16,183 4,438 8,304 6,563 -309 18,996 6,572 8,121 4,071
A. Assets -1,268 -167 402 1,938 46 2,218 -983 -216 -662
1. Public Sector 392 174 -53 1,579 96 1,795 -123 18 6
a. Equity capital 0 0 0 0 0 0 0 0 0
b. Debt securities 392 174 -53 1,579 96 1,795 -123 18 6
2. Private Sector -1,660 -340 455 359 -50 423 -860 -234 -667
a. Equity capital -758 -146 -118 269 -215 -210 -370 -129 -189
b. Debt securities -903 -195 573 90 164 633 -490 -105 -479
B. Liabilities 17,451 4,605 7,902 4,625 -355 16,777 7,555 8,337 4,733
1. Public Sector 17,386 4,919 7,213 3,211 1,492 16,835 6,437 4,525 6,107
a. Equity capital N/A N/A N/A N/A N/A N/A N/A N/A N/A
b. Debt securities 17,386 4,919 7,213 3,211 1,492 16,835 6,437 4,525 6,107
1) Central bank -135 68 248 86 -287 114 396 66 -530
2) Government 17,521 4,851 6,965 3,125 1,779 16,720 6,040 4,459 6,636
a) Short term -38 -172 176 124 -572 -444 1,731 2 336
b) Long term 17,559 5,022 6,789 3,001 2,351 17,164 4,310 4,458 6,300
2. Private Sector 65 -314 690 1,414 -1,847 -57 1,118 3,812 -1,374
a. Equity capital -1,547 314 667 1,637 -1,299 1,319 626 1,029 -2,039
b. Debt securities 1,612 -628 23 -223 -548 -1,376 492 2,783 665
1) Short term -2,335 -480 35 -89 242 -291 -29 105 -57
2) Long term 3,947 -148 -12 -135 -790 -1,085 521 2,678 722

Memorandum:
Government's debt securities, liabilities 17,521 4,851 6,965 3,125 1,779 16,720 6,040 4,459 6,636
1. Denominated in Rupiah 7,518 3,501 2,862 3,125 -1,441 8,047 4,305 3,558 3,755
2. Denominated in foreign currency 10,003 1,350 4,103 0 3,221 8,673 1,735 901 2,882

Notes:
N/A : Not Applicable

31
 TABLE 8
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)

November, 2017

2015 2016* 2017

ITEMS
Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**

Other Investment -10,064 -2,911 -4,697 -3,226 4,360 -6,473 -2,143 -7,132 -384
A. Assets -11,812 -396 -3,967 524 6,354 2,514 -2,528 -7,257 -1,109
1. Public Sector 0 0 -269 0 0 -269 0 0 0
2. Private Sector -11,812 -396 -3,698 524 6,354 2,783 -2,528 -7,257 -1,109
a. Currency and deposits -7,411 -1,250 -1,912 836 6,274 3,948 -1,289 -4,335 -1,166
b. Loans -1,034 331 -720 -319 235 -474 -831 -1,241 -262
c. Trade credit and advances -2,232 118 -722 73 -193 -725 -235 137 -747
d. Other assets -1,134 405 -344 -66 38 33 -173 -1,817 1,066
B. Liabilities 1,748 -2,515 -730 -3,749 -1,993 -8,987 385 125 725
1. Public Sector -190 -119 -1,599 -1,242 -319 -3,279 -66 -1,410 22
a. Currency and deposits 0 0 0 0 0 0 0 0 0
b. Loans 202 54 -1,653 337 -223 -1,484 -189 -1,392 28
1) Central bank 1) -33 0 -24 0 -24 -48 0 -29 -121
a) Drawings 0 0 0 0 0 0 0 0 0
b) Repayments -33 0 -24 0 -24 -48 0 -29 -121
2) Government 235 54 -1,628 337 -199 -1,436 -189 -1,363 148
a) Drawings 5,139 778 412 1,046 1,473 3,709 517 323 879
(1) Program 3,891 529 148 900 1,070 2,648 400 168 667
(2) Project 1,248 249 264 146 403 1,061 117 156 212
(3) Other 0 0 0 0 0 0 0 0 0
b) Repayments -4,904 -724 -2,040 -709 -1,672 -5,144 -706 -1,686 -731
c. Other liabilities -392 -174 53 -1,579 -96 -1,795 123 -18 -6
2. Private Sector 1,938 -2,395 869 -2,508 -1,675 -5,709 451 1,535 703
a. Currency and deposits 768 -820 1,056 -34 -673 -471 -137 86 -86
b. Loans 883 -1,755 -697 -2,718 -864 -6,034 153 962 -115
1) Drawings 30,372 3,566 5,579 4,082 6,420 19,646 5,281 5,135 5,114
2) Repayments -29,489 -5,320 -6,276 -6,800 -7,284 -25,680 -5,128 -4,172 -5,229
c. Trade credit and advances 401 147 557 273 11 988 236 471 638
d. Other liabilities -114 33 -47 -29 -148 -192 198 16 267

Notes:
1)
Excludes credit and loans with IMF

32