BOP Q1 2017 Final

May 2017
SinidaftaKan?
kang
BALANCE OF PAYMENTS
REPORT
First 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
May 2017
BALANCE OF PAYMENTS
REPORT
First Quarter 2017
3
This Page is Intentionally Left Blank
4
LIST OF CONTENTS
SUMMARY 1
Transaksi
Q1/2017
Berjalan 3
CURRENT ACCOUNT 4
Goods Trade Balance 4
Non-oil & Gas Trade Balance 5
Oil & Gas Trade Balance 11
Services Trade Balance 12
Primary Income Balance 13
Secondary Income Balance 13
CAPITAL AND FINANCIAL ACCOUNT 14
Direct Investment 15
Portfolio Investment 17
Other Investment 18
EXTERNAL SUSTAINABILITY INDICATORS 21
ALANCE OF PAYMENTS OUTLOOK 23
BOX 1: CHANGES IN BOP FIGURES

FROM Q4/2016 PUBLICATION 25
APPENDICES 27
5
LIST OF TABLES
Page Page
Table 1 Non-Oil and Gas Exports by Commodity Group 6 Table 6 Non-Oil and Gas Imports (c.i.f) by Major Country 11
(based on SITC) of Origin
Table 2 Non-Oil and Gas Exports by Major Destination 7 Table 7 Oil Exports 11
Countries
Table 3 Exports of Major Non-Oil and Gas Commodities 9 Table 8 Oil Imports (f.o.b) 12
(based on HS)
Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity 10 Table 9 Gas Exports 12
Group
Table 5 Imports (c.i.f) of Major Non-Oil and Gas 10 Table 10 External Sustainability Indicators 21
Commodities
LIST OF CHARTS
Page Page
Chart 1 3 Chart 14 Direct Investment 15
Chart 2 Current Account 4 Chart 15 Foreign Direct Investment (FDI) by Economic 16

Sector
Chart 3 Non-oil and Gas Trade Balance 5 Chart 16 Foreign Direct Investment (FDI) by Country of 16
Origin
Chart 4 Non-oil and Gas Export Growth 5 Chart 17 Portfolio Investment 17
Chart 5 Oil and Gas Trade Balance 11 Chart 18 Foreign Holdings Positions of SBI and Government 17
Debt Securities (SUN)
Chart 6 International Oil Prices 12 Chart 19 Foreign Transactions on the IDX and JCI 18
Developments
Chart 7 Services Trade Balance 12 Chart 20 ASEAN Stock Index Developments 18
Chart 8 Freight Services Payments 12 Chart 21 Portfolio Investment by Institutional Sectors 18
Chart 9 Travel Services 13 Chart 22 Other Investments 19
Chart 10 Primary Income Account 13 Chart 23 Other Investment Assets of the Private Sector 19
Chart 11 Personal Transfers 14 Chart 24 Other Investment Liabilities of the Private Sector 19
Chart 12 Stock of Indonesian Migrant Workers in Q4/2016 14 Chart 25 Public Sector Foreign Loans 20
Chart 13 Capital and Financial Account 14
6
SUMMARY
The Indonesian balance of payments (BOP) surplus persisted into the first quarter of 2017 on the back of
a significant capital and financial account surplus that offset the current account deficit. The BOP surplus stood at
T
USD4.5 billion, relatively unchanged from the previous period but reversing the USD0.3 billion deficit posted one
r
year earlier. The BOP surplus, in turn, precipitated an increase in the position of official reserve assets from
USD116.4 billion at the end of the fourth quarter of 2016 to USD121.8 billion at the end of the reporting period,
a to 8.6 months of imports and servicing government external debt, which is well above the international
equivalent
n of reserve adequacy.
standard
s The wider capital and financial account surplus was recorded in line with stronger economic growth and
a
the positive perceptions of the economic outlook. The capital and financial account surplus stood at USD7.9 billion
in the reporting period, up from USD7.6 billion in the fourth quarter of 2016 and from USD4.2 billion in the first
k of 2016. The increase was mainly driven by an influx of portfolio investment to rupiah-denominated
quarter
si
instruments (SUN, Treasury Bills, and stocks) together with government issuances of global sukuk. A larger capital
and financial account surplus was detained by narrower direct investment surplus, primarily due to an outflow of
Binvestment from the oil and gas sector, and other investment deficit mainly due to private sector placements
direct
e assets.
in foreign
rj The current account deficit increased due to larger deficits in terms of the oil and gas trade balance and
primary income account. The current account deficit was recorded at USD2.4 billion (1.0% of GDP) in the first
al
quarter of 2017, up from USD2.1 billion (0.9% of GDP) in the previous period but much narrower than the USD4.7
a(2.1% of GDP) deficit posted in the first quarter of 2016. The current account deficit increased in the first
billion
n
quarter of 2017 on the larger oil and gas trade and primary income account deficits. Rising oil prices, against a
backdrop of less lifting, drove the oil and gas trade deficit, while the larger primary income account deficit was
attributed to higher interest payments scheduled on government debt securities, coupled with an increase of direct
investment income payment. A larger current account deficit was stifled by a wider non-oil and gas trade surplus,
supported by a surge of non-oil and gas exports as international commodity prices continued to rise, combined
with a narrower services account deficit after the travel services trade surplus posted gains.
1
2
BALANCE OF PAYMENTS IN Q1/2017
non-oil and gas exports as international commodity

another surplus in the first quarter of 2017, totalling prices continued to rise, combined with a narrower
USD4.5 billion, which was comparatively unchanged services account deficit after the travel services trade
from the surplus registered last period but reversed the surplus posted gains. Despite the quarterly increase,
USD0.3 billion deficit in the same quarter of 2016. The the current account deficit was considerably narrower
BOP surplus was supported by a wider capital and than that registeredone year earlier, totalling USD4.7
financial account surplus in the reporting period, which billion (2.0% of GDP), due to a significant increase
was adequate to offset the larger current account recorded in the non-oil and gas trade surplus.
deficit. Such developments were indicative of On the other hand, the capital and financial
maintained external balance and also helped to account surplus also expanded, consistent with
support macroeconomic stability (Chart 1). improving economic growth and the promising
billion USD billion USD domestic economic outlook in Indonesia. The capital
20 150 and financial account surplus stood at USD7.9 billion
15
120 in the first quarter of 2017, increasing from USD7.6
10
5 90 billion in the fourth quarter of 2016. The increase was

0 60 driven by a deluge of portfolio investment to rupiah-
-5
30
denominated instruments (SUN, Treasury Bills, and
-10
stocks) together with government issuances of global
-15 0
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
sukuk. A larger capital and financial account surplus

2010 2011 2012 2013 2014 2015 2016* 2017
was detained by a narrower direct investment surplus,
* provisional figures Cap & Fin Account Curr. Account
** very provisional figures
Overall Balance Reserve Assets (RHS) primarily due to an outflow of direct investment from
Chart 1
the oil and gas sector, and the other investment deficit
because of private sector placements in foreign assets.
The current account deficit expanded primarily on The surplus recorded in the reporting period was,
larger deficits in the oil and gas trade balance and however, also much larger than the USD4.2 billion
primary income account. The current account deficit signalled one year earlier.
was recorded at USD2.4 billion (1.0% of GDP) in the

CURRENT ACCOUNT
first quarter of 2017, up from USD2.1 billion (0.9% of
GDP) in the previous period. Rising oil prices, against a Against the auspicious backdrop of stronger
backdrop of less lifting, drove the oil and gas trade domestic economic growth in the first quarter of 2017,
deficit, while the larger primary income account deficit the current account recorded a wider deficit as the
was attributed to higher interest payments scheduled deficits of the oil and gas trade balance and primary
on government debt, coupled with an increase of income account increased. The current account deficit
direct investment income payments. A larger current was recorded at USD2.4 billion (1.0% of GDP) in the
account deficit was squeezed by a wider non-oil and first quarter of 2017, up from USD2.1 billion (0.9% of
gas trade surplus, which was supported by a surge of GDP) in the previous period but significantly narrower
3
than the USD4.7 billion (2.1% of GDP) deficit posted exceeded the increase in the oil and gas trade deficit.
in the first quarter of 2016. The goods trade surplus also increased significantly on
billion USD the USD2.6 billion posted in the same period one year
15
earlier.
10
0 Non-Oil and Gas Trade Balance

-5
The non-oil and gas trade surplus stood at USD7.8
-10
billion in the first quarter of 2017, up from USD6.2
-15
-20 billion in the previous period as non-oil and gas exports
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
grew at 0.3% (qtq), while non-oil and gas imports
2010 2011 2012 2013 2014 2015 2016* 2017
Secondary Inc. Primary Inc.

posted a 4.9% (qtq) contraction. The non-oil and gas
* provisional figures
Services OG Trade Balance
** very provisional figures
NOG Trade Balance Curr. Account trade surplus was also much larger than the USD3.6
Chart 2
billion surplus recorded one year ago, after impressive
Current Account
non-oil and gas export growth of 21.9% (yoy)
The oil and gas trade deficit was observed to outstripped growth of non-oil and gas imports at 8.7%
increase during the first quarter of 2017 as rising oil (yoy) (Chart 3).
prices pushed up the oil trade deficit and lower export billion USD billion USD
volume narrowed gas trade surplus. Meanwhile, the 50 12

40
larger primary income account deficit was attributed to 30 10
20 8
the higher interest payments scheduled on 10
0 6
government debt securities, coupled with an increase -10
-20 4
of direct investment income payments. -30 2
In contrast, the other components of the current -40
-50 0
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
account improved and prevented further increases in
2010 2011 2012 2013 2014 2015 2016* 2017
the current account deficit. The non-oil and gas trade
Imports Exports NOG Trade Balance (RHS)
surplus expanded because non-oil and gas exports * provisional figures ** very provisional figures
grew at 0.3% (qtq), while the corresponding non-oil Chart 3

Non-oil and Gas Trade Balance
and gas imports declined 4.9% (qtq). In addition, the
services account deficit reduced as the travel services
Non-Oil and Gas Exports
account surplus swelled.
The non-oil and gas export recovery persisted in
Goods Trade Balance the first quarter of 2017 on rising commodity prices.
The goods trade balance recorded a USD5.6 Non-oil and gas exports stood at USD36.8 billion in the
billion surplus in the first quarter of 2017, climbing reporting period, with growth accelerating from
10.5% on the USD5.1 billion reported in the fourth 18.1% (yoy) to 21.9% (yoy). On a quarterly basis,
quarter of 2016. The improvement stemmed from an however, more muted non-oil and gas export growth
increase in the non-oil and gas trade surplus that was observed at just 0.3% (qtq).
4
The annual non-oil and gas export gains were (%)
primarily driven by elevated export prices of primary 25,0
21.9
20,0
and manufacturing products. Meanwhile, real export 18.1
15,0 16.0
9.5
growth in the reporting period remained in positive 10,0
5,0
-2.4
territory but decelerated due to contraction on real 0,0 -7.5
-2.8 -4.3 0.3
-5,0
exports of manufacturing products. Meanwhile, real
-10,0 -10.9 -5.7
exports of primary products accelerated on agricultural -15,0
-20,0
produce, for which real export growth exceeded the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1**
decline in real exports of fuels and mining products. 2015 2016* 2017
y.o.y q.t.q
The real export surge of primary products was
Chart 4
congruent with increased global economic
Non-oil and Gas Export Growth
partners (Table 1).
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**
A. Primary Product
Nominal 47,3 51,8 -12,6 -17,6 -15,9 -3,4 27,2 -3,1 41,8
Real 52,0 53,9 3,0 -5,5 -11,2 -5,0 7,3 -3,0 10,7
Price Index - - -15,2 -12,8 -5,3 1,7 18,5 -0,1 28,1
Agricultural Products
Nominal 29,7 33,7 -9,8 -11,4 -13,5 -5,2 23,4 -1,9 45,2
Real 31,0 35,1 5,6 -3,3 -16,0 -11,9 5,0 -6,1 19,0
Price Index - - -14,6 -8,4 3,0 7,6 17,5 4,5 22,0
Foods
Nominal 23,6 26,0 -8,9 -11,1 -14,2 -3,2 26,3 -0,6 42,7
Real 24,0 27,2 7,4 -4,1 -19,2 -14,6 3,4 -8,1 18,6
Price Index - - -15,2 -7,3 6,2 13,3 22,2 8,1 20,3
Raw Materials
Nominal 6,1 7,7 -12,6 -12,4 -10,6 -12,0 11,5 -6,3 54,4
Real 6,9 7,9 -0,3 -0,8 -4,0 -3,0 9,5 0,4 21,4
Price Index - - -12,4 -11,7 -6,9 -9,3 1,9 -6,7 27,1
Fuels & Mining Products
Nominal 17,6 18,1 -17,0 -26,6 -19,8 -0,3 34,2 -5,1 35,8
Real 21,0 18,8 -1,1 -9,2 -2,8 6,6 11,7 1,8 -1,8
Price Index - - -16,1 -19,2 -17,5 -6,5 20,2 -6,8 38,3
B. Manufacture Products
Nominal 51,2 46,9 -6,9 -2,0 4,2 -1,3 9,2 2,4 6,2
Real 46,6 44,8 -5,5 -2,2 0,6 -5,7 1,3 -1,5 -3,6
Price Index - - -1,5 0,2 3,5 4,7 7,8 4,0 10,2
C. Others
Nominal 1,5 1,3 -17,1 -10,8 0,1 -6,3 15,7 -0,7 -2,2
Real 1,4 1,3 -17,1 -10,8 0,1 -6,3 15,7 -0,7 -3,1
Price Index - - 0,0 0,0 0,0 0,0 0,0 0,0 1,0
Total
Nominal 100,0 100,0 -10,0 -9,7 -5,7 -2,4 18,1 -0,3 21,9
Riil 100,0 100,0 -1,4 -4,2 -5,7 -5,6 4,9 -2,6 3,7
Indeks Harga - - -8,7 -5,8 0,0 3,4 12,6 2,4 17,6
*) provisional figures
**) very provisional figures
5
Non-Oil and Gas Exports by Major Destination In general, Indonesian exports to South Korea
Country increased, with coal, textiles, articles of basic metals,
Non- and processed rubber as the main contributors,
major trading partners jumped 28.7% (yoy) in the first accounting for 56.3% of total exports to the country.
quarter of 2017, up from 22.2% (yoy) in the fourth Exports to Thailand improved on shipments of
quarter of 2016. Most exports to the leading trading vehicles and parts, coal, and articles of basic metals,
partners enjoyed gains during the reporting period, with a 41.5% share of total exports to Thailand.
except for exports to Japan and the Philippines, which Further export gains to Thailand were stifled, however,
slowed, and exports to Singapore, which contracted by a decline in consignments of electrical equipment
after posting positive growth towards the end of last (8.8% share).
year (Table 2). In the reporting period, exports to the
Table 2
Non-Oil and Gas Exports by Major Destination Countries
partners, increased on shipments of vegetable oil, fatty
Shares (%) Growth (%, yoy)
Description 2015* 2016 2017 acids, and chemical products, accounting for 53.8% of
2016* 2017**
TOTAL Q1 Q2 Q3 Q4 TOTAL Q1**
total exports to the country. Notwithstanding, further
1 China 11.5 12.8 -19.5 -9.4 -6.9 11.7 61.9 14.4 66.6
2 US A
3 India
11.9
7.6
11.6
9.2
-3.5
-5.0
-4.0
-28.5
4.4
-32.4
-1.8
3.4
10.7
7.8
2.3
-14.3
18.1
60.7
gains were offset by a decline in exports of electrical
4 Japan 10.0 9.1 -11.2 -6.0 -2.2 -2.0 15.7 1.2 4.3
5 Singapore 6.6 5.7 -3.3 -3.3 5.4 -4.6 1.6 -0.3 -5.0 equipment.
6 Malaysia 4.5 4.6 -11.4 -12.9 -15.4 -4.5 17.2 -4.5 24.1
7 South Korea 4.0 4.2 0.8 -12.5 -7.5 -4.5 15.0 -3.0 28.9 Exports to Japan slowed during the reporting
8 Philipines 4.0 3.9 -5.5 7.6 34.6 30.8 63.8 33.9 46.5
9 Thailand
10 Netherlands
3.5
2.4
3.4
2.8
-8.0
-12.8
-12.3
-25.6
0.1
-18.6
-0.7
7.5
16.5
20.3
0.4
-5.6
18.3
52.0
period due to coal, which is a mainstay of Indonesian
Total 10 Countries 65.9 67.5 -9.1 -10.5 -5.9 2.5 22.2 1.7 28.7
*) provisional figures exports to Japan. In contrast, the other major exports
to Japan performed well, including electrical
Exports to China increased on consignments of equipment, textiles, and processed rubber. An increase
coal, vegetable oil, articles of basic metals, and in domestic textile production capacity translated into
processed rubber, accounting for a 52.8% share of more textile exports to Japan.
total exports to China. Article of basic metals and Slower growth of exports to the Philippines was
processed rubber were the main contributors. attributed to slower exports of vehicles and parts, coal,
Exports to the United States were buoyed by rising and copper ore, coupled with negative export growth
exports on textiles, processed rubber, electrical of processed foods, which together account for 62.5%
equipment, and vegetable oil, with a 51.9% share of of total exports to the Philippines.
the total exports to the United States. Textiles, primarily On the other hand, exports to Singapore slipped
as clothing (94.3% share), which are the largest export into negative territory, in part due to electrical
to the United States, posted growth of 11.7% (yoy). equipment as well as machinery and mechanical
Exports to India surged on coal, vegetable oil, appliances (30.6% share).
copper ores, and articles of basic metals, accounting
for 82.3% of the total exports to India. Exports of Major Non-Oil and Gas Commodities
Coal and vegetable oil, with a 33.8% share of Non-oil and gas export growth was also reflected
total exports to Malaysia, drove exports to Malaysia but in the value of the ten major non-oil and gas export
performance was squeezed by export declines of commodities, which accelerated from 19.4% (yoy) last
processed foods and articles of basic metals, period to 35.1% (yoy) in the first quarter of 2017 on
accounting for a 17.5% share of the total exports to increasing real exports and prices of most major export
Malaysia. commodities.
6
Real exports of most leading commodities enjoyed Exports of processed rubber increased
gains in the reporting period, except for textiles and significantly by 67.3% (yoy) in the first quarter of 2017,
electrical equipment, for which negative growth was driven by a 41.8% (yoy) gain in export price and 17.9%
still recorded, albeit not as deep (Table 3). (yoy) growth of real exports. The United States, China,
Exports of vegetable oil, most (82.3%) of which Japan, and India were the main export destinations for
were in the form of crude palm oil (CPO), accelerated processed rubber in the reporting period, accounting
to 62.5% (yoy) in the first quarter of 2017. The for a 59.2% share.
increase was driven by real exports in the reporting Exports of articles of basic metals grew at 32.0%
period after experiencing a prolonged contraction (yoy) in the reporting period on rising prices (24.0%
throughout 2016. In addition, rising export prices also yoy) and positive real export growth (6.4% yoy). The
edged up the price of vegetable oil in the first quarter main export destinations for articles of basic metals
of 2017. The export price of vegetable oil soared included China, Japan, Singapore, and India,
39.9% (yoy) in the first quarter of 2017, in line with accounting for 49.3% of the total.
higher international commodity prices. The increase of Exports of processed foods expanded at 9.7%
vegetable oil exports in the reporting period primarily (yoy) in the first quarter of 2017, primarily driven by
affected consignments to India, China, Pakistan, and shipments to the United States and Singapore,
the Netherlands, which together account for a 47.4% accounting for 23.3% of the total. Furthermore, 5.1%
share of the total. (yoy) growth of real exports and 4.3% (yoy) growth of
Coal export growth accelerated to 45.1% (yoy) in export prices edged up the value of processed food
the first quarter of 2017 due to rising prices, while real exports.
export growth decelerated. The export price of coal Exports of vehicles and parts rallied 37.1% (yoy)
jumped 39.2% (yoy) during the reporting period in line in the first three months of the year, particularly
with rising international coal prices and influenced by affecting exports to the Philippines, Thailand, Saudi
the upward global oil price trend. Coal exports Arabia, and Japan, with a 54.1% share of the total.
increased to India, China, Japan, and South Korea, Impressive growth of real exports was observed at
accounting for a 71.3% share of total coal exports. 65.0% (yoy), easily surpassing the 16.9% (yoy) decline
Textile exports increased 4.1% (yoy) in the first in export prices, which drove overall export growth in
quarter of 2017, after two consecutive periods of the period.
decline, driven by exports to the United States, Japan, Exports of machinery and mechanical
South Korea, and China, with a 55.6% share of the appliances recorded growth of 19.8% (yoy) in the
total. The increase was supported by an 11.6% (yoy) reporting period, buoyed by real export growth of
bump in textile export prices, which exceeded the 9.6% (yoy) and rising commodity prices (9.3% yoy).
-6.7% (yoy) contraction of real exports, although the The increase in exports of machinery and mechanical
decline did ease. appliances primarily affected shipments to the United
Exports of electrical equipment were observed to States.
increase 5.8% (yoy) in the first quarter of 2017, driven Chemical product exports skyrocketed 97.5%
by a 12.6% (yoy) gain in terms of prices. On the other (yoy) on the back of real export value (55.2% yoy) and
hand, real exports of electrical equipment continued to export prices (27.3% yoy). Chemical product exports
decline, falling 6.1% (yoy) in the reporting period. The to all major trading partners surged, most significantly
main export destinations for electrical equipment to China and Thailand.
included Singapore, Japan, the US, and Thailand,
accounting for 54.2% of the total.
7
Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)
Growth (%, yoy)

Share (%)
Nominal Real Price Index
Items 2015 2016* 2017 2015 2016* 2017 2015 2016* 2017
2016* 2017**
TOTAL Q1 Q2 Q3 Q4 TOTAL Q1** TOTAL Q1 Q2 Q3 Q4 TOTAL Q1** TOTAL Q1 Q2 Q3 Q4 TOTAL Q1**
1. Vegetable Oil 13.3 16.3 -10.7 -16.3 -22.6 -3.6 33.1 -3.0 62.5 17.3 -3.7 -29.9 -19.3 -3.8 -13.6 16.2 -23.9 -13.2 10.4 19.4 38.4 12.3 39.9
2. Coal 11.1 12.9 -23.1 -28.4 -21.6 -5.9 26.9 -9.0 45.1 -9.0 -11.9 -3.1 4.2 5.0 -1.4 4.2 -15.6 -18.8 -19.1 -9.6 20.8 -7.7 39.2
3. Textile & Textile Products 9.0 8.4 -4.0 -4.7 1.1 -8.6 -2.9 -3.7 4.1 -3.3 -5.6 -2.3 -10.7 -9.3 -6.9 -6.7 -0.7 1.0 3.4 2.4 7.1 3.5 11.6
4. Electrical Aparatus, etc 6.4 5.8 -13.2 -8.6 -3.8 -5.5 0.2 -4.5 5.8 -12.5 -9.3 -7.3 -11.4 -10.7 -9.7 -6.1 -0.8 0.7 3.8 6.6 12.2 5.9 12.6
5. Processed Rubber 4.2 5.5 -16.8 -13.0 -10.4 -10.8 16.1 -5.2 67.3 2.5 3.5 -3.8 -1.0 11.1 2.3 17.9 -18.9 -15.9 -6.8 -9.8 4.5 -7.3 41.8
6. Articles of Basic Metals 5.7 5.2 -16.6 -24.4 -12.5 7.3 27.6 -1.9 32.0 -5.5 -18.9 -12.5 0.0 10.7 -5.5 6.4 -11.7 -6.8 -0.1 7.3 15.2 3.8 24.0
7. Processed Foods 5.0 4.5 -0.7 1.7 -0.8 7.6 8.7 4.4 9.7 2.9 9.4 5.2 8.8 4.7 7.2 5.1 -3.4 -7.0 -5.7 -1.1 3.9 -2.6 4.3
8. Vehicles & Parts 4.5 4.5 3.3 -14.1 14.8 2.7 34.7 8.5 37.1 3.1 -16.4 11.7 -3.7 27.9 4.0 30.5 0.2 2.7 2.7 6.7 5.3 4.3 5.0
9. Machinery & Mechanical Appl. 4.1 3.7 -15.5 -9.3 13.4 6.6 9.4 5.1 19.8 -12.4 -7.3 12.2 2.7 1.6 2.4 9.6 -3.5 -2.1 1.1 3.8 7.6 2.6 9.3
10. Chemical Products 2.5
0.0 3.2
0.0 -27.2
0.0 -13.0
0.0 3.2
0.0 17.0
0.0 58.7
0.0 15.4
0.0 97.5
0.0 -16.8
0.0 -1.7
0.0 13.9
0.0 22.9
0.0 46.9
0.0 21.1
0.0 55.2
0.0 -12.4
0.0 -11.5
0.0 -9.4
0.0 -4.8
0.0 8.0
0.0 -4.7
0.0 27.3
0.0
Total 10 Commodities 65.6 70.1 -13.1 -15.1 -9.1 -1.9 19.5 -2.1 35.1 -4.5 -9.0 -7.3 -3.9 7.2 -3.1 12.9 -9.1 -6.7 -1.9 2.0 11.5 1.1 19.7
*) provisional figures **) very provisional figures
Non-Oil and Gas Imports Imports of all commodity groups were reported to
accelerate in the reporting period. The influx of
Non-oil and gas imports (cif) recorded a 5.1%
consumption goods and capital goods was attributed
(qtq) decline in the first quarter of 2017. Annually,
to higher prices, while raw materials were affected by
however, non-oil and gas imports posted an 8.2%
rising prices and stronger demand (Table 4).
(yoy) gain as real imports increased and prices
Imports of consumption goods increased 1.1%
improved. The current rate of import growth was in
(yoy), as rising prices outpaced dwindling demand.
line with the escalation of domestic economic activities
Increased consumption goods imports were driven
in the first quarter of 2017, as reflected by GDP in the
predominantly by fresh fruit, marine transportation
reporting period.
equipment, medication, vegetables, and home
Table 4
Non-Oil and Gas Imports (c.i.f) by Commodity Group appliances.
Shares (%) Growth (% yoy)

Imports of raw materials increased 8.9% (yoy) in
Description 2015 2016* 2017 the first quarter of 2017 on rising import prices and
2016* 2017**
Total Q1 Q2 Q3 Q4 Total Q1** real imports. The main contributors were
Consumption Goods telecommunications equipment and parts thereof,
Nominal 10,2 10,2 -9,9 27,3 6,5 13,0 16,7 15,6 1,1
Real 9,3 9,2 -8,3 25,9 6,9 12,7 11,4 14,0 -6,7 parts and accessories of motor vehicles, other plastic
Price Index - - -1,7 1,1 -0,4 0,3 4,7 1,4 8,3
Raw Materials materials, and hydrocarbons. Further import growth
Nominal 69,8 70,4 -12,3 -9,5 -2,6 1,7 9,2 -0,6 8,9
Real 72,3 73,2 -6,1 0,0 6,4 6,2 8,0 5,1 2,1 was curbed by declining shipments of electrical
Price Index - - -6,6 -9,5 -8,5 -4,2 1,1 -5,4 6,7
apparatus for making and breaking electrical circuits
Capital Goods
Nominal 19,1 18,6 -15,6 -19,0 -12,2 -7,7 -1,6 -10,2 6,7 (Table 5).
Real 17,7 17,2 -14,3 -18,5 -12,0 -8,4 -3,5 -10,7 -2,9
Price Index - - -1,6 -0,6 -0,2 0,7 1,9 0,5 9,9 Imports of capital goods increased 6.7% (yoy) due
Total
Nominal 100,0 100,0 -12,4 -8,6 -3,4 0,3 8,1 -1,0 8,2 to rising prices and despite negative real import
Real 100,0 100,0 -7,7 -2,1 2,8 3,2 6,5 2,6 0,6
Price Index - - -5,1 -6,6 -6,0 -2,8 1,6 -3,5 7,5 growth. Imports were driven by automatic data
**) very provisional figures processing machines and units thereof, motor vehicle
for the transport of goods, as well as civil engineering
& contractor plant and equipment (Table 5).
8
Table 5
Imports (c.i.f) of Major Non-Oil and Gas Commodities
Growth (y.o.y, %)
Shares (%)
Nominal Real Price Index
Imports Group
2016* 2017 2016* 2017 2016* 2017
(by BEC & SITC 3 DG)
2016* 2017**
Q1 Q2 Q3 Q4 Total Q1** Q1 Q2 Q3 Q4 Total Q1** Q1 Q2 Q3 Q4 Total Q1**
TOTAL IMPORTS 100,0

0,0 100,0
0,0 -8,6
0,0 -3,4
0,0 0,3
0,0 8,1
0,0 -1,0
0,0 8,2
0,0 -2,1
0,0 2,8
0,0 3,2
0,0 6,5
0,0 2,6
0,0 0,6
0,0 -6,6
0,0 -6,0
0,0 -2,8
0,0 1,6
0,0 -3,5
0,0 7,5
0,0
I. Consumption Goods, o/w: 10,2 10,2 27,3 6,5 13,0 16,7 15,6 1,1 25,9 6,9 12,7 11,4 14,0 -6,7 1,1 -0,4 0,3 4,7 1,4 8,3
Fruit & Nut,Fresh or Dried 0,7 0,9 39,3 -10,9 52,7 38,5 27,4 42,8 19,2 -20,8 30,6 42,2 15,2 62,8 16,8 12,5 16,9 -2,6 -8,0 -12,3
Ships, Boats and Floating Structures 0,4 0,7 -12,2 -93,4 -86,2 -17,7 -59,4 292,5 -26,1 -94,0 -88,5 -51,9 -68,6 151,3 18,8 10,1 20,8 71,0 36,6 56,2
Medicaments Incl.Veterinari Med. 0,5 0,5 12,1 -11,9 18,4 5,8 5,2 5,7 13,5 -9,9 19,8 3,1 5,7 0,7 -1,2 -2,1 -1,2 2,5 0,2 5,0
Vegetables,Fresh Chilled,Frozenor Simply Preserved 0,6 0,5 7,6 3,1 47,8 44,4 24,9 26,8 7,5 4,2 46,6 29,7 21,6 20,6 0,1 -1,1 0,8 11,3 3,9 5,1
Household Type,Electrical & Non-Elect. Equipment, N.E.S 0,4
0,0 0,5
0,0 -15,0
0,0 29,2
0,0 20,1
0,0 21,1
0,0 13,3
0,0 114,8
0,0 -12,7
0,0 19,8
0,0 4,9
0,0 0,9
0,0 3,2
0,0 82,5
0,0 -2,7
0,0 7,8
0,0 14,4
0,0 20,0
0,0 6,7
0,0 17,7
0,0
II. Raw Materials & Auxiliary Goods, o/w: 69,8 70,4 -9,5 -2,6 1,7 9,2 -0,6 8,9 0,0 6,4 6,2 8,0 5,1 2,1 -9,5 -8,5 -4,2 1,1 -5,4 6,7
Telecomunication Equipment N.E.S and Parts 2,8 3,2 71,8 40,3 57,0 117,7 72,8 54,3 76,1 33,8 78,9 104,4 74,7 33,3 -2,4 4,9 -12,3 6,5 18,2 15,7
Parts & Accessories, N.E.S of the Motor Vehicles 2,2 2,3 -9,1 7,8 3,7 27,4 6,4 17,3 -12,5 9,3 5,1 24,1 5,5 18,4 3,8 -1,3 -1,4 2,6 -0,6 -0,9
Other Plastics in Primary Forms 1,9 2,0 -13,1 1,5 9,2 14,6 2,6 18,9 1,0 17,0 20,1 15,1 13,2 9,1 -14,0 -13,2 -9,1 -0,4 7,4 8,9
Hydrocarbon,N.E.S & their Halogenated,Nitrated Derivatives 1,4 1,8 -13,3 -28,0 -37,6 -34,6 -28,9 20,7 -5,4 -18,8 -33,1 -39,2 -25,1 -7,3 -8,3 -11,2 -6,9 7,6 19,9 30,2
Electrical Apparatus for Making & Breaking Elect.Circuit 2,1
0,0 1,8
0,0 -1,7
0,0 -4,1
0,0 -7,2
0,0 -6,5
0,0 -5,0
0,0 -5,8
0,0 -5,0
0,0 -6,2
0,0 -18,6
0,0 -19,9
0,0 -12,9
0,0 -15,4
0,0 3,5
0,0 2,2
0,0 14,0
0,0 16,8
0,0 3,1
0,0 11,4
0,0
III. Capital Goods, o/w: 19,1 18,6 -19,0 -12,2 -7,7 -1,6 -10,2 6,7 -18,5 -12,0 -8,4 -3,5 -10,7 -2,9 -0,6 -0,2 0,7 1,9 0,5 9,9
Automatic Data Processing Machines and Units there of 1,7 1,8 -20,5 -4,9 -6,7 -10,9 -11,6 3,4 -20,5 -12,7 -14,6 -27,8 -19,9 -19,7 -0,1 8,9 9,1 23,5 14,9 28,8
Oth. Machine & Equipment Specialized for Particular Industry 1,4 1,2 -7,8 -22,7 -31,8 -5,9 -17,6 -23,3 -9,9 -13,6 -23,6 1,3 -11,7 -22,1 2,3 -10,5 -10,7 -7,1 -0,3 -1,6
Telecomunication Equipment N.E.S and Parts 0,7 1,1 -52,9 -49,6 -47,2 -50,5 -50,3 -18,9 -51,7 -51,9 -39,8 -53,5 -49,8 -30,0 -2,4 4,9 -12,3 6,5 18,2 15,7
Motor Vehiclefor the Transport Of Goods 1,1 1,1 -33,2 -33,6 -5,6 7,7 -17,7 82,2 -27,6 -32,6 -11,6 -6,1 -19,9 46,3 -7,7 -1,6 6,8 14,6 17,0 24,6
Civil Engineering& Contractor Plant And Equipment & Parts 1,3 1,0 -22,5 -7,6 -32,6 16,7 -11,6 128,2 -36,7 -10,6 -40,3 2,0 -19,7 71,2 22,3 3,4 12,8 14,4 26,2 33,3
Non-Oil and Gas Imports by Country of Origin billion USD billion USD
Based on country of origin, imports increased in 15 12

10
10
the reporting period from Singapore, South Korea, the 8
5
6
United States, and Malaysia. In addition, imports from 0 4
China, Japan, Australia and Oceania as well as India -5
2
0
slowed but remained in positive territory, while imports -10
-2
from Thailand and Vietnam experienced contractions -15 -4
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
(Table 6). 2010 2011 2012 2013 2014 2015 2016* 2017
Table 6 Gas Imports Gas Exports

Non-Oil and Gas Imports (c.i.f) * provisional figures
** very provisional figures Oil Imports Oil Exports
by Major Country of Origin OG Trade Balance (RHS)
Chart 5
Shares (%) Growth (%, yoy) Oil and Gas Trade Balance
Description 2015 2016* 2017
2016* 2017**
TOTAL Q1 Q2 Q3 Q4 Total Q1**
1 China 26.1 25.2 -4.2 -4.5 7.8 3.1 12.0 4.7 7.6
Oil Exports
2 Japan 11.0 11.3 -21.3 -19.1 -6.7 6.5 14.8 -2.3 13.8
3 Thailand 7.3 7.0 -17.3 11.7 5.1 9.1 2.2 7.1 -11.0 Oil exports increased 22.6% (qtq) from USD1.6
4 Singapore 6.6 6.9 -9.2 -6.4 -20.4 -23.0 -5.3 -14.0 14.4
5 South Korea 5.0 6.4 -21.6 -18.8 -7.8 -1.2 5.9 -6.2 34.6 billion to USD2.0 billion in the first quarter of 2017
6 USA 6.2 6.0 -6.3 -10.6 -19.7 23.3 -3.6 -4.2 13.1
7 Australia & Oceania
8 Malaysia
4.5
4.1
4.3
4.0
-16.2
-13.2
-11.1
-12.0
-9.2
-2.5
-4.5
-7.0
18.3
1.3
-2.2
-5.0
14.6
9.3 (Table 7). Growth of crude oil exports (15.3% qtq) and
9 India 2.4 2.9 -25.1 -10.7 -10.9 16.3 37.2 6.1 29.3
10 Vietnam 2.7 2.7 -1.9 -6.5 -7.9 15.3 6.2 0.8 -6.1 refined products (45.9% qtq) were the main
Total 10 Countries 75.9 76.7 -12.4 -8.2 -3.9 2.3 8.2 -0.6 9.8
*) provisional figures contributors on the back of rising export volumes and
prices.
Oil and Gas Trade Balance Crude oil export volume increased in the reporting
In the first quarter of 2017, the oil and gas trade period amids decline in oil lifting by 7.9% (qtq) from
balance recorded a larger deficit on both annual and 0.855 million barrels per day previously to 0.788 million
quarterly basis. Accordingly, the oil and gas trade barrels per day, which is indicative of a greater portion
deficit stood at USD2.2 billion in the reporting period, of lifted crude used to meet the export requirement.
up from USD1.1 billion in the fourth quarter of 2016
and from USD0.9 billion in the same period one year
earlier.
9
Table 7 Gas Exports
Oil Exports
Gas exports expanded 1.8% (qtq) in the first
2016 2017
Description
Q4* Q1** quarter of 2017 to USD2.0 billion, bolstered by 0.5%
Value Volume Price¹ Value Volume Price¹
(mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel)
(qtq) growth of LNG exports and 6.8% (qtq) growth of
Exports 1,600.2 33.3 1,962.2 37.8
Crude 1,215.9 26.0 46.7 1,401.5 27.7 50.5 natural gas exports. Exports of gas increased on rising
Refinery Products 384.2 7.2 53.1 560.7 10.1 55.5
¹⁾ export value divided by export volume
Sources: SKK Migas and Pertamina (processed) prices, while export volume decreased (Table 9).
* provisional figures ** very provisional figures
Table 9
Gas Exports
In terms of prices, the elevated export price of oil 2016 2017
Q4* Q1**
from Indonesia in the reporting period mirrored the Description
Value Value
Volume¹ Price² Volume¹ Price²
(mill USD) (mill USD)
uptick in the global oil price. The average prices of SLC, Exports 1,949.6 - 1,987.6 -
LNG 1,364.4 227.4 6.0 1,371.4 207.0 6.6
WTI, Brent, and OPEC oil increased respectively from Natural Gas 550.7 74.5 7.4 588.0 71.4 8.2
LPG 0.0 0.0 0.0 0.0 0.0 0.0
USD48.2/barrel, USD49.2/barrel, USD50.1/barrel, and Other Gas 34.5 2.8 37.8 28.3 29.9 31.5
¹⁾ LNG, natural gas & other gas vol. are in million mmbtu, LPG vol. are in thousand m/t, total vol. are in mmbtu
USD47.6/barrel to USD52.0/barrel, USD51.8/barrel, ²⁾ LNG & natural gas prices are in USD/million mmbtu, LPG prices are in USD/thousand metric ton
Source: SKK Migas
USD54.1/barrel, and USD52.0/barrel in the first quarter * provisional figures ** very provisional figures
of 2017 (Chart 6). Impl

Services Trade Balance
commitment to cut crude oil production during the first
half of the year pushed up oil prices in the reporting The services trade balance improved in the first
period. quarter of 2017 and, therefore, stifled further increases
USD/barel
in the current account deficit. The services trade
140 balance recorded a deficit totalling USD1.3 billion in
130
120 the reporting period, down from USD2.0 billion in the
110
100 previous period. A larger travel services trade surplus
90
80 contributed to the decline, after Indonesian travellers
70
60 SLC
were less inclined to spend compared to the previous
50 Unit Price
period (Chart 7).
40 WTI
30 OPEC billion USD
20
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 2
2010 2011 2012 2013 2014 2015 2016 2017
1
Source: Ditjen Migas, BOP, Bloomberg
0
Chart 6 -1
International Oil Prices
-2
Oil Imports -3
Oil imports increased 30.8% (qtq) in the first -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
Q4
Q1**
quarter of 2017 from USD4.2 billion to USD5.4 billion,

2010 2011 2012 2013 2014 2015 2016* 2017
on rising volume and prices. The import volume of Other Services Travel Transportation Services (net)
refined products increased, while crude oil imports * provisional figures ** very provisional figures
were noted to decline (Table 8). Chart 7

Services Trade Balance
Table 8
Oil Imports (f.o.b)
Freight services payments declined slightly in the
2016 2017
Description
Q4* Q1** reporting period from USD1.64 billion to USD1.58
Value Volume Price¹ Value Volume Price¹
(mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel) billion, mirroring the import decline (Chart 8). In
Imports 4,166.0 79.9 5,448.3 89.8
Crude 1,599.7 33.4 47.9 1,502.7 28.4 52.9 addition to the decline of freight services imports, a
Refinery Products 2,566.3 46.5 55.2 3,945.6 61.4 64.2
¹⁾ import value divided by import volume decrease of passenger services imports also
Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures
contributed to the narrower transportation services
10
deficit, which, in turn, precipitated a reduced services visiting abroad despite the number of Indonesia
account deficit. travellers increasing from 2.0 million to 2.2 million.
billion USD billion USD On the other hand, travel services receipts
0 0,0
declined to USD3.1 billion from USD3.2 billion as the
Thousands
-5 Import Freight Import (RHS)
-10
-0,5
number of international travellers visiting Indonesia
-15
-1,0
-20 fell, which was further exacerbated by a lower
-25 -1,5
propensity to spend. In the first quarter of 2017, a total
-30
-2,0
-35 of 2.8 million international travellers visited Indonesia,
-40
-2,5
-45 down from 3.0 million in the previous period but up
-50 -3,0
from 2.4 million one year ago.
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
2010 2011 2012 2013 2014 2015 2016* 2017 Most international travellers visiting Indonesia in
* provisional figures **very provisional figures the first quarter of 2017 originated from Singapore,
Chart 8 China, and Malaysia, while the most popular
Freight Services Payments
Indonesian destinations were Bali, Jakarta, and Batam.
The travel services surplus stood at USD1.4 billion Primary Income Balance
in the first quarter of 2017, up from USD0.9 billion
The primary income account recorded a USD7.5
previously. The larger surplus stemmed from a -23.6%
billion deficit in the first quarter of 2017, up from
(qtq) contraction of travel services payments,
USD6.1 billion due to an increase of revenue payments
which outpaced the 1.4% (qtq) decline of travel
on portfolio investment, following the scheduled
services receipts (Chart 9) in the reporting period.
increase of interest payments of government debt
billion USD
4 securities. In addition, an increase of direct investment
3 income payments contributed to a wider primary
2
income account deficit in the reporting period. Further
1
0 deficit increases were offset by a decline in net

-1 payments on other investment income (Chart 10).
-2
billion USD
-3
0
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
-1
2010 2011 2012 2013 2014 2015 2016* 2017
-2
-3
Imports Exports Travel (net)
-4
* provisional figures; ** very provisional figures
-5
Chart 9 -6
Travel Services -7
-8
-9
Travel services payments fell to USD1.7 billion in
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
the reporting period, down from USD2.3 billion in the 2010 2011 2012 2013 2014 2015 2016* 2017
fourth quarter of 2016, primarily due to Indonesian Direct Inv. Income

Portfolio Inv. Income
Other Inv. Income
Primary Income (net)
travellers, who were less inclined to spend when * provisional figures; ** very provisional figures
Chart 10
Primary Income Account
11
Secondary Income Balance Europe
America 0.2%
The secondary income account recorded a surplus 0,3%
totalling USD0.8 billion in the first quarter of 2017,

Malaysia
down from USD0.9 billion in the previous period. Such 53,3%
Middle East &
developments were explained by a decline of Africa Asia Pacific,
31,6% 67.8%
government grant receipts, while net personal transfer
receipts were stable due to a decrease of Indonesian
Taiwan, Singapore
migrant workers (TKI) remittances, accompanied by a Other 5.0% 3,0%
1,2%
Brunei,
corresponding decline of foreign worker remittance South Korea
0,6%
Hongkong, 0.9%
Source: BNP2TKI 3.8%
payments. In the reporting period, remittance receipts
Chart 12
from Indonesian migrant workers (TKI) amounted to Stock of Indonesian Migrant Workers in Q1/2017
USD1.9 billion, down from USD2.1 billion. On the
CAPITAL AND FINANCIAL ACCOUNT
other hand, remittance payments by foreign workers in
Indonesia moderated slightly from USD0.9 billion to Stronger economic growth, coupled with positive
USD0.8 billion (Chart 11). sentiment concerning the domestic economic outlook,
billion USD attracted a deluge of non-resident capital inflows. In
3,0
2,5
the first quarter of 2017, the capital and financial
2,0 account recorded a surplus totalling USD7.9 billion, up
1,5
1,0 from USD7.6 billion in the fourth quarter of 2016 and
0,5
0,0
increasing significantly from the USD4.2 billion surplus
-0,5 posted in the same period one year ago. Portfolio
-1,0
-1,5 investment reversed the previous deficit of USD0.3
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
billion to record a significant USD6.5 billion surplus,

2010 2011 2012 2013 2014 2015 2016* 2017
Payments Receipts Personal Transfers (net) which contributed to the wider capital and financial
* provisional figures; ** very provisional figures account surplus. On the other hand, direct investment
Chart 11
Personal Transfers also recorded a surplus, despite reducing from USD3.3
billion to USD2.5 billion, while other investment
By country of origin, most personal transfers
transactions experienced a deficit of USD1.0 billion as
the private sector once again placed assets offshore
from the Asia-Pacific region, totalling USD1.1 billion,
(Chart 13).
followed by the Middle East and Africa at USD0.8
billion USD
billion. 20
At the end of the first quarter of 2017, a total of 15
3.4 million Indonesians were employed as migrant 10
5
workers abroad. BNP2TKI data indicated that 67.8% of 0
Indonesian migrant workers (TKI) were placed in Asia- -5
Pacific, dominated by Malaysia, Taiwan, Hong Kong, -10
-15
and Singapore. Meanwhile, around 31.6% were
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**
located in the Middle East and Africa, mostly in Saudi 2010 2011 2012 2013 2014 2015 2016* 2017
Other Invesment Portfolio Investment Direct Investment Cap & Financial Account
Arabia, the United Arab Emirates, Jordan, and Oman * provisional figures; ** very provisional figures
(Chart 12). Chart 13

Capital and Financial Account
12
Direct Investment corporate acquisition in the plantation sector and
Non-resident investors were attracted to long- supported by issuances of global bonds by several
term investments in Indonesia by solid macroeconomic companies through their international special purpose
fundamentals and the promising domestic economic vehicles (SPV).
outlook. Consequently, direct investment in the first billion USD
15
quarter of 2017 recorded a net inflow (surplus)
totalling USD2.5 billion. Nonetheless, the direct 10
investment surplus was narrower than conditions in 5
the previous period and one year earlier, when USD3.3 0
billion and USD2.9 billion were recorded respectively,

-5
due primarily to an outflow of direct investment from
-10
the oil and gas sector (Chart 14).
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**
On the asset side, a net outflow of direct 2010 2011 2012 2013 2014 2015 2016* 2017
Direct Inv. in Indonesia Direct Inv. Abroad Direct Inv (net)
investment by Indonesian residents was recorded * provisional figures; ** very provisional figures
totalling USD0.37 billion in the reporting period, Chart 14

Direct Investment
reversing the USD12.9 billion inflow reported in the
previous period. The net outflow of direct investment Based on investment direction, foreign direct
on the asset side was, however, relatively unchanged investment (FDI) in Indonesia recorded a net inflow
on the position recorded one year earlier. The outflow totalling USD2.8 billion in the reporting period, as
was predominantly in the form of equity capital, domestic economic dynamics continued to improve.
stemming from the tender offer of an international oil The net inflow contrasts conditions in the previous
and gas firm by a state-owned subsidiary. period, when a net outflow of USD7.7 billion was
On the liability side, direct investment recorded a recorded, but were fairly consistent with conditions
net inflow of non-resident capital totalling USD2.9 observed in the same period one year ago.
billion, contrasting the previous USD9.5 billion outflow By sector, the agricultural, fisheries and forestry
primarily due to banking sector divestment. On an sector; manufacturing industry; the financial sector
annual basis, the direct investment inflow on the (including insurance), and the mining sector dominated
liability side was lower than the USD3.2 billion FDI inflow during the first quarter of 2017 (Chart 15).
recorded in the first quarter of 2016 due to an uptick FDI to those four sectors accounted for 85.2% of total
in outflow from the oil and gas sector in line with rising FDI, equivalent to USD2.4 billion. The surge of FDI to
global oil prices. Meanwhile, direct investment the agricultural, fisheries and forestry sector was driven
liabilities in the non-oil and gas sector posted growth by acquisition activity. Increased FDI inflows in the
of 24.2% (yoy) as domestic investment activity picked mining sector was attributable to a net withdrawal of
up, reflected in Gross Fixed Capital Formation (GFCF) inter-affiliate loans, after reporting a large net payment
growth of 4.81% (yoy) in the reporting period. The in the previous quarter. Meanwhile, the financial sector
increase of direct investment liabilities in the non-oil also managed to attract FDI after posting a significant
and gas sector was driven among other by a outflow in the previous period due to divestment in the
banking sector.
13
billion USD Such FDI developments are also in line with FDI
4.000 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16* Q2-16* Q3-16* Q4-16** Q1-17** realisation, as published by the Indonesia Investment
2.000
Coordinating Board (BKPM) . According to the BKPM
0
-2.000 report, FDI realisation reached Rp97.0 trillion

-4.000
(equivalent to USD7.3 billion) in the reporting period,
-6.000
-8.000
up around 0.9% on the Rp96.1 trillion (USD6.9 billion)
-10.000 posted one year earlier but down 4.2% on the previous
-12.000
quarter.
-14.000
Agriculture, Mining & Manufacturing Construction Financial Trade/Commerce Others (incl.
Fishery&Forestry Quarrying Intermediaries Services, By sector, BKPM reported that FDI realisation
(incl. Insurance) Properties)

tended to concentrate in the mining sector, totalling
Chart 15 USD1.2 billion (16.0% share of total FDI), followed by
FDI by Economic Sector
the base metals, metal products, machinery and
Based on country of origin, European countries electronics industry at USD0.8 billion (11.5% share),
dominated FDI inflows to Indonesia during the first residential, industrial and office zones at USD0.8 billion
quarter of 2017, followed by investors from ASEAN (10.7% share), the utilities sector at USD0.7 billion
and other emerging market economies (EME) in Asia (9.7% share), and commercial transportation
(including China), contributing USD2.7 billion, USD1.9 equipment and other transportation equipment at
billion, and USD0.4 billion respectively to total USD5.0 USD0.5 billion (6.9% share). By country of origin,
billion (Chart 16). however, most FDI realisation originated from
The influx of FDI from Europe was linked to the Singapore (USD2.1 billion), followed by Japan (USD1.4
purchase by a joint venture consortium of Indonesian, billion), China (USD0.6 billion), the United States
Philippine, and Thailand companies located in the (USD0.6 billion), and South Korea (USD0.4 billion),
Netherlands of two geothermal power stations, accounting for 69.6% of total FDI.
previously owned by the US investor. On the other
hand, the acquisition process prompted a net outflow Portfolio Investment
of direct investment from the United States totalling Stronger economic growth and the favourable
USD2.4 billion in the reporting period. In net terms, domestic economic outlook attracted significant non-
however, the acquisition was neutral in its effect on resident capital flows back to Indonesia in the form of
total direct investment capital inflows on the liability portfolio investment (liability side), totalling USD7.4
side. billion, after recording an outflow of USD0.3 billion in
billion USD the previous period. The influx was explained by the
5.000
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16* Q2-16* Q3-16* Q4-16** Q1-17**
propensity of non-resident investors to augment their
3.000
1.000
holdings of rupiah-denominated portfolio instruments,
-1.000 namely stocks or government debt securities. In
-3.000 addition, inflow during the reporting period was also
-5.000
supported by government issuances of global sukuk,
-7.000
worth a significant USD3.0 billion, in March 2017 and
-9.000
corporate issuances of global bonds.
-11.000
-13.000
On the asset side, Indonesian residents booked a
Japan USA Europe Emerging Markets ASEAN Other

of Asia (incl. China)
net buy (deficit) of foreign securities totalling USD1.0
Chart 16 billion, contrasting conditions in the previous quarter
FDI by Country of Origin
when residents opted to release foreign securities
14
(surplus) to the tune of USD0.05 billion. Consequently, billion USD billion USD
60 1,8
net portfolio investment recorded a USD6.5 billion 1,6
50
surplus in the first quarter of 2017, reversing the 1,4
USD0.3 billion deficit recorded in the previous period 40 1,2
1,0
(Chart 17). 30
0,8
bilion USD 20 0,6
10 0,4
10
8 0,2
6 0 0,0
JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFM
4
2012 2013 2014 2015 2016 2017
2
SUN SBI (rhs)
0
-2
Chart 18
Foreign Holdings of SBI and
-4
Government Debt Securities (SUN)
-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
Q4
Q1**
In general, the net foreign capital inflow to public
2010 2011 2012 2013 2014 2015 2016* 2017
Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net) sector debt instruments was recorded at USD6.4 billion
in the first quarter of 2017, up significantly from the
Chart 17
Portfolio Investment USD1.5 billion posted in the fourth quarter of 2016
and USD4.9 billion one year ago.
In the first quarter of 2017, non-resident capital
On the domestic stock market, despite ongoing
inflow to rupiah government debt securities (SUN)
global risks that demand vigilance, including the
stood at USD2.2 billion, after recording a net outflow
totalling USD0.6 billion in the previous period.
with geopolitical tensions in various regions, the
Congruently, non-resident rupiah SUN holdings
Indonesia Stock Exchange continued to rally in the first
increased from USD48.6 billion (43.8% of the total) to
quarter of 2017. Non-resident investors booked a net
USD51.3 billion (44.5% of total rupiah SUN) in the
buy totalling USD0.6 billion, reversing the net sell of
reporting period.
USD1.3 billion posted last quarter.
In addition, non-resident investors booked a net
billion Rp JCI
buy of short-term debt instruments worth USD1.7 25.000 6.000
billion, compared to a net sell of USD0.6 billion in the 20.000 5.500
15.000 5.000
previous period. Meanwhile, a net foreign capital 10.000 4.500
5.000 4.000
inflow of USD1.7 billion to issuances of government 0 3.500
debt securities on the global market was recorded, (5.000) 3.000
(10.000) 2.500
originating from around USD2.7 billion of global sukuk (15.000) 2.000
(20.000) 1.500
(of a total of USD3.0 billion) and mature global Foreign Net Buy/Sell JCI (RHS)
(25.000) 1.000
bond payments in March 2017 of USD1.0 billion. J A JO J A JO J A JO J A JO J A JO J A J O J A J O J
2010 2011 2012 2013 2014 2015 2016 2017
In the first quarter of 2017, non-resident investors
Source: IDX
also booked a net buy of Bank Indonesia Certificates
Chart 19
(SBI) amounting to USD0.4 billion, reversing the net sell Foreign Transactions on the IDX and JCI Developments
of USD0.3 billion booked in the previous period.

Furthermore, the Jakarta Composite Index (JCI)
Consequently, the first-quarter of 2017 position of
was observed to rally (ptp) in the first quarter of 2017
non-resident SBI holdings increased to USD0.5 billion
to close at 5,568.1, up from 5,296.7 in the previous
(9.1% of total SBI) from USD0.1 billion (1.5% of the
period.
total) (Chart 18).
15
In the first quarter of 2017, the Jakarta Composite billion USD
10
Index (JCI) mirrored the upward trends reported by
8
other regional bourses in Southeast Asia. 6
Consequently, stock prices on regional bourses 4
2
rallied on conditions reported at the end of 2016
0
(Chart 20). -2
2010 = 100 -4
290 -6
Indonesia Malaysia Philippines Singapore Thailand
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**
270
250 2010 2011 2012 2013 2014 2015 2016* 2017
230 Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
210
190 Chart 21
170 Portfolio Investment by Institutional Sector
150
130
Other Investment
110
90
J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FM
In the first quarter of 2017, other investment
2012 2013 2014 2015 2016 2017 transactions experienced a deficit totalling USD1.0
Source: CEIC (processed)
billion, reversing the previous USD4.5 billion surplus
Chart 20
ASEAN Stock Index Developments but down on the USD3.1 deficit posted one year
earlier. Private sector placements in foreign assets were
Stock market activities on the Indonesia Stock the main contributor to the deficit in the reporting
Exchange were supported in the first quarter of 2017 period (Chart 22).
by one additional IPO issuer, namely Nusantara billion USD
Pelabuhan Handal Tbk. (PORT), with a total value of 10

8
Rp0.3 trillion, equivalent to USD23.1 million. The value 6
4
was down on the previous period, when Rp1.4 trillion 2
0
(USD105.4 million) was recorded from two issuers. -2
-4
Consequently, the public sector, with a net inflow -6
-8
(surplus) of USD6.3 billion, was the main contributor to -10
-12
the net portfolio investment surplus in the first quarter
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**
of 2017, increasing notably from the USD1.6 billion 2010 2011 2012 2013 2014 2015 2016* 2017
Other Inv. - Liabilities Other. Inv - Assets Other Investment (net)
posted previously. Meanwhile, private sector portfolio * provisional figures; ** very provisional figures
investment also recorded a net inflow (surplus), Chart 22

Other Investment
totalling USD0.2 billion, contrasting the USD1.9 billion
outflow (deficit) registered in the previous period On the asset side, private sector other investment
(Chart 21). transactions recorded a USD1.5 billion deficit (net
outflow) in the first quarter of 2017, contrasting the
USD6.8 billion surplus in the previous period. The
deficit stemmed from the private sector, which
resumed placements in foreign assets (Chart 23).
16
billion USD Public sector other investment transactions on the
8
liability side posted another deficit in the reporting
6
4 period after four consecutive periods. The USD52
2
0 million deficit was attributed to net loan payments that
-2
-4 exceeded the surplus of other investment liabilities.
-6
bilion USD
-8
3
-10
-12 2
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**
1
2010 2011 2012 2013 2014 2015 2016* 2017
Other Assets Currency & Deposits Loans Other Investment - Assets
0
-1
Chart 23
Other Investment Assets of the Private Sector -2
-3
On the liability side, private sector other
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**
2010 2011 2012 2013 2014 2015 2016* 2017
investment transactions recorded an inflow in the first
Repayments Drawings Loans (net)
quarter of 2017 totalling USD0.5 billion, reversing the * provisional figures; ** very provisional figures
USD2.6 billion outflow posted in the previous period, Chart 25

Public Sector Foreign Loans
due to withdrawals of foreign loans. After several
periods of net payments of foreign loans, the corporate In the first quarter of 2017, the public sector
sector and nonbank financial institutions were recorded a narrower net payment of foreign loans
observed to begin borrowing again from foreign because although payments were lower, loan
creditors, primarily located in Singapore, Thailand, and withdrawals were also down on the previous period.
Japan. In addition, trade credit liabilities also recorded The government withdrew offshore loans amounting
a surplus, while liabilities in the form of non-resident to USD0.5 billion, of which USD0.4 billion was in the
deposits at domestic banks continued to post a net form of program loans and the remainder consisted of
outflow (Chart 24). project loans. The Government borrowed from
Singapore, Japan, France, and China as well as from
billion USD international organisations, including the International
6
5 Bank for Reconstruction and Development (IBRD),
4
3 Asian Development Bank (ADB), and Islamic
2
1
Development Bank (IDB).
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
Q4
Q1**
2010 2011 2012 2013 2014 2015 2016* 2017

Trade Credit Other liabilities Currency & Deposits
Loans Other Inv. - Liabilities
Chart 24
Other Investment Liabilities of the Private Sector
17
18
EXTERNAL SUSTAINABILITY INDICATORS
External dynamics in the Indonesian economy, goods and services to GDP (representing the degree of
reflected by several external sustainability indicators, economic openness in Indonesia) fell from 37.5% to
improved during the first quarter of 2017. Nearly all 36.7% over the same period. On an annual basis, the
ratios pointed to a robust external balance. The current performance of the two ratios was indicative of a
account deficit to GDP ratio decreased markedly on the stronger external sector in Indonesia.
position recorded one year ago, in line with the Furthermore, all ratios linked to external debt
narrower current account deficit, despite increasing were relatively well maintained or even improved,
slightly on the previous period. showing that the capacity to meet short-term liabilities
Similarly, the ratio of net exports of goods and was maintained in line with the lower position of short-
term external debt to reserve assets as the increase of
economic contribution) was observed to increase from external debt was offset by the further accumulation
1.3% in the fourth quarter of 2016 to 1.8% in the of reserve assets.
reporting period, while the ratio of net exports of
Table 10
External Sustainability Indicators
2015 2016* 2017

INDICATORS
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1**
Current Account / GDP (%)1) -2,0 -2,0 -2,0 -2,2 -2,0 -2,1 -2,2 -2,0 -0,9 -1,8 -1,0
Exports - Imports of Goods and Services / GDP (%)1) 0,6 0,6 0,9 0,2 0,6 0,7 0,6 1,0 1,3 0,9 1,8
Exports + Imports of Goods and Services / GDP (%)1) 40,2 40,6 37,7 38,4 39,2 35,1 35,4 32,4 37,5 35,1 36,7
Total Foreign Debt Position / GDP (%)2) 33,5 34,5 34,9 36,1 36,1 36,7 37,1 36,1 34,0 34,0 33,7
Short-Term Foreign Debt Position3 ) / GDP (%)2) 6,4 6,4 6,5 6,4 6,4 6,6 6,7 6,4 5,9 5,9 6,0
Total Foreign Debt Position / Reserve Assets (%) 268,1 282,6 297,5 293,3 293,3 295,0 296,5 282,6 272,5 272,5 264,7
Short Term Foreign Debt Position 3) /Reserve Assets(%) 51,4 52,7 55,3 52,4 52,4 53,4 53,7 50,4 47,0 47,0 47,0
Notes :
1) 2)
Using quarterly GDP at current price Using annualized GDP at current price (sum of GDP for four quarters backw ards)
3)
by remaining maturity
*) Prov isional figures **) Very prov isional figures
19
20
ALANCE OF PAYMENTS OUTLOOK
uncertain global economy, primarily the risks

projected to maintain a surplus, supported by an associated with the monetary and fiscal policy direction
increasingly solid domestic economic outlook despite of the US Administration. The capital and financial
being overshadowed by various global economic risks. account surplus will be supported, however, by positive
The projected economic gains in several major trading investor sentiment concerning the persistently
partners of Indonesia, coupled with rising international favourable domestic economic outlook. Consequently,
commodity prices, are expected to drive exports. On the capital and financial account surplus is expected to
the other hand, stronger domestic demand and the adequately offset the current account deficit.
elevated global oil price will drive imports. The Moving forward, Bank Indonesia will remain
transportation services deficit is expected to widen on vigilant of various external and domestic risks that
the predicted increase of goods imports, but the travel could affect the balance of payments (BOP). Bank
services surplus is expected to surge as the number of Indonesia predicts sound BOP performance in 2017,
foreign travellers visiting Indonesia increases. supported by a prudent monetary and macroprudential
Meanwhile, the income account deficit is projected to policy mix, bolstered by strong policy coordination
increase. In general, the current account deficit is between Bank Indonesia and the Government to
expected to increase in 2017 but remain within a safe accelerate structural reforms and, hence, improving
threshold. the investment climate and competitiveness of the
The capital and financial account is projected to domestic economy.
maintain a more moderate surplus due to the highly
21
22
Box 1
Changes in BOP Data from Q4/2016 Publication
There are several changes in this edition of the BOP Report to the data released in the fourth quarter of 2016.
The changes are due to updates from various data sources as follows:
Table 1.1
Comparison of BOP Publications
million USD
2015 2016*
Items TOTAL Q1 Q2 Q3 Q4 TOTAL
Old New Old New Old New Old New Old New Old New
Current Account -17,519 -17,519 -4,651 -4,659 -5,203 -5,147 -4,680 -5,003 -1,812 -2,099 -16,347 -16,909
Goods 14,049 14,049 2,648 2,648 3,749 3,753 3,923 3,923 5,070 5,112 15,390 15,437
Services -8,697 -8,697 -1,041 -1,122 -2,273 -2,384 -1,614 -1,530 -1,558 -2,007 -6,486 -7,043
Primary Income -28,379 -28,379 -7,493 -7,446 -7,903 -7,727 -8,013 -8,383 -6,272 -6,137 -29,681 -29,693
Secondary Income 5,508 5,508 1,235 1,260 1,223 1,210 1,024 987 949 933 4,430 4,390
Capital & Financial Account 16,860 16,860 4,379 4,211 7,506 6,770 10,556 9,780 6,757 7,608 29,198 28,369
Direct Investment 10,704 10,704 3,082 2,871 3,272 3,262 6,533 6,549 2,234 3,338 15,121 16,020
Portfolio Investment 16,183 16,183 4,439 4,438 8,277 8,277 6,541 6,544 -385 -313 18,872 18,946
Financial Derivative 20 20 -22 -22 -25 -25 -28 -28 66 66 -9 -9
Other Investment -10,064 -10,064 -3,121 -3,077 -4,022 -4,749 -2,495 -3,290 4,842 4,506 -4,796 -6,610
* provisional figures
Goods Transactions the changes in the second quarter of 2016 stem from an update to oil and gas export
data, while the changes in the fourth quarter of 2016 were due to the change from open file to closed file
data.
Services Transactions the changes reflect an update to the spending data of international travelers based
on a 2016 survey.
Primary Income Transactions the changes in 2016 stem from a refinement to the recording methodology
for equity income in direct investment on an accrual basis.
Direct Investment Transactions - the changes are the result of updates to External Debt data and the Foreign
Exchange Flow Report (LLD).
Portfolio Investment Transactions - the changes are the result of updates to External Debt data and the
Foreign Exchange Flow Report (LLD).
Other Investment Transactions - the changes are the result of updates to External Debt data and the Foreign
Exchange Flow Report (LLD).
23
24
APPENDICES
INDONESIA'S BALANCE OF PAYMENTS
Table
T 1 INDONESIA'S BALANCE OF PAYMENTS: SUMMARY ...................... 27
Table r 2 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, GOODS ...................... 28
Table 3 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SERVICES ...................... 29
Tablea 4 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, PRIMARY INCOME ...................... 30
Tablen
Table 5 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SECONDARY INCOME ...................... 31
6 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, DIRECT INVESTMENT ...................... 31
Table
Table
s 7
8
INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, PORTFOLIO INVESTMENT
INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, OTHER INVESTMENT
......................
......................
32
33
a
k
si
B
e
rj
al
a
n
25
26
TABLE 1
SUMMARY
(millions of USD)
May, 2017
ITEMS 2015 2016* 2017

I. Current Account -4.314 -4.279 -4.224 -4.703 -17.519 -4.659 -5.147 -5.003 -2.099 -16.909 -2.397
A. Goods 3.198 4.371 4.248 2.232 14.049 2.648 3.753 3.923 5.112 15.437 5.648
- Exports 37.962 39.931 36.192 35.038 149.124 33.039 36.285 34.891 40.229 144.445 40.755
- Imports -34.764 -35.561 -31.945 -32.806 -135.076 -30.391 -32.533 -30.967 -35.117 -129.008 -35.107
1. General Merchandise 2.826 4.056 4.154 2.283 13.319 2.340 3.521 3.706 5.282 14.849 5.483
- Exports 37.586 39.612 35.835 34.692 147.725 32.687 35.980 34.554 39.843 143.064 40.430
- Imports -34.760 -35.557 -31.680 -32.409 -134.406 -30.347 -32.460 -30.848 -34.561 -128.215 -34.947
a. Non-Oil and Gas 3.947 5.932 6.158 2.986 19.023 3.244 4.959 5.042 6.401 19.645 7.671
- Exports 33.068 34.722 32.038 30.713 130.541 29.836 32.752 31.292 36.293 130.173 36.482
- Imports -29.122 -28.790 -25.880 -27.727 -111.518 -26.592 -27.793 -26.250 -29.892 -110.527 -28.810
b. Oil and Gas -1.121 -1.876 -2.004 -702 -5.703 -904 -1.438 -1.336 -1.119 -4.797 -2.189
- Exports 4.518 4.890 3.797 3.979 17.184 2.851 3.228 3.262 3.550 12.891 3.948
- Imports -5.638 -6.767 -5.801 -4.681 -22.887 -3.755 -4.667 -4.597 -4.669 -17.688 -6.137
2. Other Goods 372 315 94 -51 730 308 232 217 -170 588 166
- Exports 376 319 358 346 1.400 352 305 337 387 1.381 325
- Imports -4 -4 -264 -398 -670 -44 -73 -120 -556 -793 -159
B. Services -1.823 -2.829 -2.293 -1.752 -8.697 -1.122 -2.384 -1.530 -2.007 -7.043 -1.349
- Exports 5.574 5.087 5.408 6.152 22.221 5.775 5.324 5.864 6.516 23.478 5.806
- Imports -7.397 -7.915 -7.701 -7.904 -30.918 -6.897 -7.708 -7.394 -8.523 -30.521 -7.155
C. Primary Income -7.116 -7.246 -7.452 -6.565 -28.379 -7.446 -7.727 -8.383 -6.137 -29.693 -7.474
- Receipts 468 722 705 926 2.822 705 853 1.168 1.290 4.016 1.221
- Payments -7.584 -7.969 -8.157 -7.491 -31.201 -8.150 -8.580 -9.551 -7.427 -33.709 -8.695
D. Secondary Income 1.428 1.426 1.273 1.382 5.508 1.260 1.210 987 933 4.390 778
- Receipts 2.521 2.645 2.540 2.655 10.362 2.505 2.550 2.379 2.333 9.767 2.109
- Payments -1.094 -1.220 -1.267 -1.273 -4.853 -1.245 -1.340 -1.392 -1.400 -5.376 -1.331
II. Capital Account 1 0 2 14 17 0 4 5 11 21 0
- Receipts 1 0 2 14 17 0 4 5 11 21 0
- Payments 0 0 0 0 0 0 0 0 0 0 0
III. Financial Account 5.611 1.998 60 9.174 16.843 4.211 6.766 9.775 7.596 28.348 7.855
- Assets -8.294 -9.155 -3.708 -332 -21.489 -790 -4.602 3.078 19.717 17.404 -2.639
- Liabilities 13.905 11.154 3.768 9.506 38.332 5.001 11.367 6.698 -12.121 10.944 10.494
1. Direct Investment 2.319 3.982 1.608 2.795 10.704 2.871 3.262 6.549 3.338 16.020 2.501
a. Assets -3.392 -3.276 -1.266 -1.141 -9.075 -370 -1.206 457 12.869 11.751 -368
b. Liabilities 5.712 7.258 2.873 3.936 19.779 3.242 4.468 6.091 -9.532 4.269 2.869
2. Portfolio Investment 8.509 5.528 -2.188 4.333 16.183 4.438 8.277 6.544 -313 18.946 6.473
a. Assets 24 -737 -683 127 -1.268 -167 402 1.938 46 2.218 -971
b. Liabilities 8.484 6.266 -1.505 4.206 17.451 4.605 7.875 4.607 -358 16.728 7.444
- Public Sector 2) 6.942 3.808 908 5.728 17.386 4.919 7.213 3.211 1.492 16.835 6.437
- Private Sector 3) 1.542 2.457 -2.413 -1.522 65 -314 663 1.396 -1.850 -106 1.008
3. Financial Derivatives 93 -3 231 -301 20 -22 -25 -28 66 -9 -72
4. Other Investment -5.310 -7.510 409 2.346 -10.064 -3.077 -4.749 -3.290 4.506 -6.610 -1.048
a. Assets -5.131 -5.371 -1.955 645 -11.812 -529 -3.968 522 6.801 2.826 -1.486
b. Liabilities -179 -2.138 2.364 1.702 1.748 -2.547 -781 -3.812 -2.295 -9.436 438
- Public Sector 2) -1.144 -1.366 1.665 656 -190 -119 -1.599 -1.242 -319 -3.279 -52
- Private Sector 3) 964 -772 700 1.046 1.938 -2.428 819 -2.571 -1.977 -6.157 490
IV. Total (I + II + III) 1.298 -2.280 -4.162 4.485 -659 -448 1.622 4.777 5.509 11.460 5.458
V. Net Error and Omissions 5 -645 -404 605 -439 161 540 931 -1.003 629 -944
VI. Overall Balance (IV + V) 1.303 -2.925 -4.565 5.089 -1.098 -287 2.162 5.708 4.505 12.089 4.514
VII. Reserves and Related Items 4) -1.303 2.925 4.565 -5.089 1.098 287 -2.162 -5.708 -4.505 -12.089 -4.514
A. Reserve Asset Transactions -1.303 2.925 4.565 -5.089 1.098 287 -2.162 -5.708 -4.505 -12.089 -4.514
B. Credit and Loans with IMF 0 0 0 0 0 0 0 0 0 0 0
C. Exceptional Financing 0 0 0 0 0 0 0 0 0 0 0
Memorandum:
- Reserve Assets Position 111.554 108.030 101.720 105.931 105.931 107.543 109.789 115.671 116.362 116.362 121.806
In Months of Imports & Official Debt Repayment 6,6 6,8 6,8 7,4 7,4 7,7 8,0 8,5 8,4 8,4 8,6
- Current Account (% GDP) -2,02 -1,96 -1,96 -2,20 -2,03 -2,15 -2,23 -2,05 -0,87 -1,81 -0,99
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
CURRENT ACCOUNT
GOODS
(millions of USD)
May, 2017
ITEMS 2015 2016* 2017

Goods 1) 3.198 4.371 4.248 2.232 14.049 2.648 3.753 3.923 5.112 15.437 5.648
- Exports 37.962 39.931 36.192 35.038 149.124 33.039 36.285 34.891 40.229 144.445 40.755
- Imports -34.764 -35.561 -31.945 -32.806 -135.076 -30.391 -32.533 -30.967 -35.117 -129.008 -35.107
A. General merchandise 2.826 4.056 4.154 2.283 13.319 2.340 3.521 3.706 5.282 14.849 5.483
1. Non-oil and gas 3.947 5.932 6.158 2.986 19.023 3.244 4.959 5.042 6.401 19.645 7.671
a. Exports 33.068 34.722 32.038 30.713 130.541 29.836 32.752 31.292 36.293 130.173 36.482
b. Imports -29.122 -28.790 -25.880 -27.727 -111.518 -26.592 -27.793 -26.250 -29.892 -110.527 -28.810
2. Oil -3.184 -3.658 -3.521 -2.743 -13.106 -2.030 -2.463 -2.621 -2.566 -9.680 -3.486
a. Exports 1.927 2.611 1.786 1.510 7.833 1.221 1.816 1.631 1.600 6.267 1.962
b. Imports -5.111 -6.268 -5.307 -4.253 -20.938 -3.250 -4.279 -4.252 -4.166 -15.947 -5.448
3. Gas 2.063 1.781 1.517 2.041 7.402 1.126 1.025 1.286 1.447 4.883 1.297
a. Exports 2.591 2.280 2.011 2.469 9.351 1.631 1.413 1.631 1.950 6.624 1.986
b. Imports -528 -498 -494 -429 -1.949 -505 -388 -345 -503 -1.741 -689
B. Other goods 372 315 94 -51 730 308 232 217 -170 588 166
o/w Nonmonetary gold 372 315 94 -51 730 308 232 217 -170 588 166
a. Exports 376 319 358 346 1.400 352 305 337 387 1.381 325
b. Imports -4 -4 -264 -398 -670 -44 -73 -120 -556 -793 -159
Memorandum:
1. Nominal
a. Total exports (fob) 37.962 39.931 36.192 35.038 149.124 33.039 36.285 34.891 40.229 144.445 40.755
- Non-oil and gas 33.445 35.041 32.395 31.059 131.941 30.188 33.057 31.629 36.680 131.554 36.807
- Oil and gas 4.518 4.890 3.797 3.979 17.184 2.851 3.228 3.262 3.550 12.891 3.948
b. Total imports (fob) -34.764 -35.561 -31.945 -32.806 -135.076 -30.391 -32.533 -30.967 -35.117 -129.008 -35.107
- Non-oil and gas -29.126 -28.794 -26.144 -28.125 -112.189 -26.636 -27.866 -26.370 -30.448 -111.320 -28.970
- Oil and gas -5.638 -6.767 -5.801 -4.681 -22.887 -3.755 -4.667 -4.597 -4.669 -17.688 -6.137
2. Growth (% , yoy)
a. Total exports (fob) -13,6 -10,3 -17,0 -19,0 -14,9 -13,0 -9,1 -3,6 14,8 -3,1 23,4
- Non-oil and gas -8,0 -5,3 -10,9 -15,7 -10,0 -9,7 -5,7 -2,4 18,1 -0,3 21,9
- Oil and gas -40,5 -34,9 -47,7 -37,7 -40,2 -36,9 -34,0 -14,1 -10,8 -25,0 38,5
b. Total imports (fob) -14,3 -20,8 -24,0 -19,6 -19,7 -12,6 -8,5 -3,1 7,0 -4,5 15,5
- Non-oil and gas -3,7 -15,8 -17,4 -11,1 -12,2 -8,5 -3,2 0,9 8,3 -0,8 8,8
- Oil and gas -45,5 -36,7 -44,2 -48,9 -43,6 -33,4 -31,0 -20,7 -0,3 -22,7 63,4
3. Crude oil unit prices (USD/barrel) 50,7 59,1 45,8 39,6 48,8 28,7 41,3 40,6 46,5 39,3 50,8
4. Crude oil production (million barrels per day) 0,766 0,793 0,794 0,794 0,787 0,836 0,834 0,833 0,823 0,831 0,815
Notes:
1)
In terms of free on board (fob)
28
TABLE 3
CURRENT ACCOUNT
SERVICES
(millions of USD)
May, 2017
2015 2016* 2017

ITEMS
Services -1.823 -2.829 -2.293 -1.752 -8.697 -1.122 -2.384 -1.530 -2.007 -7.043 -1.349
- Exports 5.574 5.087 5.408 6.152 22.221 5.775 5.324 5.864 6.516 23.478 5.806
- Imports -7.397 -7.915 -7.701 -7.904 -30.918 -6.897 -7.708 -7.394 -8.523 -30.521 -7.155
A. Manufacturing services 80 95 101 79 356 83 89 94 84 351 90
- Exports 80 95 101 79 356 83 89 94 84 351 90
- Imports 0 0 0 0 0 0 0 0 0 0 0
B. Maintenance and repair services -88 -72 -90 -90 -340 -113 -70 -108 -61 -352 -83
- Exports 43 87 76 77 284 91 88 99 133 411 100
- Imports -131 -159 -166 -168 -624 -204 -158 -207 -194 -763 -182
C. Transport -1.520 -1.638 -1.612 -1.375 -6.146 -1.210 -1.375 -1.355 -1.724 -5.665 -1.388
- Exports 814 838 785 1.019 3.456 887 947 917 821 3.573 827
- Imports -2.335 -2.476 -2.396 -2.395 -9.602 -2.098 -2.323 -2.272 -2.545 -9.238 -2.216
a. Passenger -141 -294 -373 -406 -1.215 -141 -251 -313 -427 -1.133 -108
- Exports 334 323 325 311 1.293 333 317 387 324 1.361 381
- Imports -476 -618 -698 -717 -2.508 -474 -568 -701 -752 -2.494 -489
b. Freight -1.367 -1.371 -1.299 -1.168 -5.204 -1.087 -1.034 -984 -1.276 -4.381 -1.258
- Exports 354 364 289 398 1.406 412 496 402 366 1.676 325
- Imports -1.721 -1.734 -1.588 -1.566 -6.610 -1.499 -1.531 -1.386 -1.642 -6.057 -1.583
c. Other -12 27 60 198 273 18 -90 -58 -21 -151 -23
- Exports 126 151 171 310 758 143 134 128 131 536 120
- Imports -138 -124 -111 -112 -484 -125 -224 -186 -152 -687 -143
D. Travel 1.059 609 827 974 3.469 1.089 595 1.013 912 3.609 1.404
- Exports 2.756 2.292 2.796 2.916 10.761 2.722 2.364 3.082 3.181 11.349 3.137
- Imports -1.698 -1.683 -1.969 -1.942 -7.292 -1.633 -1.769 -2.068 -2.269 -7.739 -1.732
E. Construction -5 -29 -78 38 -74 38 16 12 43 110 14
- Exports 117 84 101 77 379 70 55 43 75 243 51
- Imports -122 -113 -178 -39 -453 -31 -39 -31 -33 -133 -36
F. Insurance and pension services -213 -312 -200 -164 -888 -145 -186 -153 -205 -689 -159
- Exports 5 9 12 29 54 5 9 11 28 53 5
- Imports -218 -321 -212 -193 -942 -150 -195 -164 -233 -741 -164
G. Financial services -121 -157 -87 -132 -497 -185 -110 -111 -178 -584 -197
- Exports 45 53 83 67 248 71 94 89 78 332 101
- Imports -166 -210 -170 -199 -744 -257 -203 -200 -256 -916 -298
H. Charges for the use of intellectual property -328 -463 -292 -518 -1.601 -358 -635 -319 -374 -1.686 -388
- Exports 13 17 7 15 52 13 10 8 15 47 9
- Imports -340 -479 -299 -534 -1.653 -371 -645 -327 -389 -1.732 -398
I. Telecommunications, computer, and information services -193 -233 -212 -182 -820 -205 -467 -200 -302 -1.173 -360
- Exports 281 204 180 306 971 194 226 224 327 971 167
- Imports -474 -437 -392 -488 -1.791 -398 -693 -424 -629 -2.144 -527
J. Other business services -617 -734 -775 -544 -2.670 -275 -423 -600 -333 -1.631 -459
- Exports 1.230 1.200 1.099 1.388 4.917 1.454 1.236 1.089 1.604 5.382 1.118
- Imports -1.847 -1.934 -1.874 -1.932 -7.587 -1.729 -1.658 -1.689 -1.937 -7.013 -1.577
K. Personal, cultural, and recreational services -12 22 15 20 45 0 11 15 10 37 13
- Exports 26 32 22 31 111 16 25 26 23 90 26
- Imports -38 -11 -7 -11 -67 -16 -14 -11 -12 -53 -13
L. Government goods and services 135 83 109 142 469 158 172 180 119 630 165
- Exports 163 176 146 147 632 169 182 182 146 678 174
- Imports -28 -93 -37 -5 -163 -11 -9 -2 -26 -48 -10
Memorandum:
Number of traveler (thousands of people)
- Inbound 2.328 2.377 2.555 2.535 9.794 2.427 2.551 2.921 2.960 10.860 2.826
- Outbound 2.040 2.051 2.228 2.026 8.345 2.068 2.075 2.184 1.978 8.306 2.195
29
TABLE 4
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
May, 2017
2015 2016* 2017

ITEMS
Primary Income -7.116 -7.246 -7.452 -6.565 -28.379 -7.446 -7.727 -8.383 -6.137 -29.693 -7.474
- Receipts 468 722 705 926 2.822 705 853 1.168 1.290 4.016 1.221
- Payments -7.584 -7.969 -8.157 -7.491 -31.201 -8.150 -8.580 -9.551 -7.427 -33.709 -8.695
A. Compensation of employees -316 -322 -356 -367 -1.361 -360 -367 -407 -419 -1.553 -366
- Receipts 53 61 49 50 213 55 63 50 51 219 57
- Payments -370 -383 -405 -416 -1.574 -415 -430 -457 -470 -1.772 -423
B. Investment income -6.800 -6.924 -7.095 -6.198 -27.018 -7.085 -7.359 -7.976 -5.719 -28.140 -7.109
- Receipts 414 661 657 877 2.609 649 790 1.118 1.239 3.796 1.164
- Payments -7.214 -7.586 -7.752 -7.075 -29.627 -7.735 -8.149 -9.095 -6.958 -31.936 -8.273
a. Direct investment income -4.430 -4.570 -4.888 -4.616 -18.504 -4.441 -4.268 -5.000 -3.877 -17.586 -4.675
1) Income on equity capital -4.130 -4.307 -4.434 -4.210 -17.081 -4.126 -4.088 -4.642 -3.701 -16.557 -4.383
- Receipts 23 23 9 17 72 196 199 403 302 1.101 311
- Payments -4.153 -4.331 -4.442 -4.227 -17.153 -4.322 -4.287 -5.045 -4.003 -17.658 -4.694
2) Income on debt (interest) -300 -263 -455 -406 -1.423 -315 -180 -358 -176 -1.029 -292
- Receipts 8 2 4 2 16 2 33 5 34 73 1
- Payments -308 -265 -458 -409 -1.440 -317 -213 -363 -210 -1.103 -293
b. Portfolio investment income -1.925 -1.757 -1.856 -922 -6.460 -2.203 -2.405 -2.594 -1.144 -8.346 -2.131
1) Income on equity capital -217 -977 -367 -375 -1.936 -200 -1.362 -206 -150 -1.919 -181
- Receipts 58 88 38 98 283 56 147 306 319 828 118
- Payments -275 -1.065 -405 -474 -2.219 -256 -1.510 -512 -469 -2.747 -299
2) Income on debt (interest) -1.709 -780 -1.489 -547 -4.525 -2.003 -1.043 -2.388 -993 -6.427 -1.950
- Receipts 212 432 517 651 1.812 245 249 241 392 1.126 528
- Payments -1.921 -1.212 -2.006 -1.198 -6.337 -2.248 -1.292 -2.629 -1.385 -7.553 -2.478
c. Other investment income -445 -597 -352 -660 -2.053 -442 -686 -382 -698 -2.208 -303
- Receipts 113 115 89 108 426 151 161 164 193 668 205
- Payments -558 -712 -441 -768 -2.479 -592 -847 -546 -891 -2.876 -508
30
TABLE 5
CURRENT ACCOUNT
SECONDARY INCOME
(millions of USD)
May, 2017
2015 2016* 2017

ITEMS
Secondary Income 1.428 1.426 1.273 1.382 5.508 1.260 1.210 987 933 4.390 778
- Receipts 2.521 2.645 2.540 2.655 10.362 2.505 2.550 2.379 2.333 9.767 2.109
- Payments -1.094 -1.220 -1.267 -1.273 -4.853 -1.245 -1.340 -1.392 -1.400 -5.376 -1.331
A. General government 8 2 15 124 149 2 43 38 143 226 0
- Receipts 8 3 15 124 150 7 43 39 143 232 2
- Payments 0 -1 0 0 -1 -5 0 -1 0 -6 -2
B. Other sectors 1.419 1.424 1.258 1.258 5.360 1.258 1.167 950 790 4.165 778
1. Personal transfers 1.614 1.642 1.605 1.553 6.415 1.550 1.406 1.320 1.103 5.379 1.105
- Receipts 2.336 2.390 2.356 2.366 9.447 2.326 2.246 2.167 2.019 8.757 1.930
- Payments -721 -747 -750 -812 -3.031 -775 -840 -847 -916 -3.378 -825
2. Other current transfers -195 -218 -347 -295 -1.056 -292 -239 -370 -313 -1.214 -327
- Receipts 177 253 169 166 765 172 261 174 171 778 178
- Payments -372 -471 -516 -461 -1.821 -464 -500 -544 -484 -1.992 -504
Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3.893 3.837 3.755 3.686 3.686 3.639 3.591 3.515 3.471 3.471 3.445
- Number of foreign migrant worker/TKA (thousands of people) 77 79 83 86 86 83 89 93 97 97 80
TABLE 6
FINANCIAL ACCOUNT
DIRECT INVESTMENT
(millions of USD)
May, 2017
2015 2016* 2017

ITEMS
Direct Investment 2.319 3.982 1.608 2.795 10.704 2.871 3.262 6.549 3.338 16.020 2.501
A. Assets -3.392 -3.276 -1.266 -1.141 -9.075 -370 -1.206 457 12.869 11.751 -368
1. Equity capital -2.648 -2.368 -1.525 -1.457 -7.998 -659 -1.579 -53 13.134 10.843 -447
2. Debt instuments -744 -908 260 316 -1.076 289 373 511 -265 907 79
B. Liabilities 5.712 7.258 2.873 3.936 19.779 3.242 4.468 6.091 -9.532 4.269 2.869
1. Equity capital 4.941 4.802 4.184 4.895 18.822 3.623 5.323 4.523 -8.609 4.860 2.753
2. Debt instuments 770 2.456 -1.310 -959 957 -382 -855 1.569 -923 -591 116
a. Inflow 21.195 22.515 18.139 13.739 75.588 12.027 13.081 13.066 11.941 50.116 11.184
b. Outflow -20.425 -20.059 -19.449 -14.698 -74.631 -12.409 -13.936 -11.497 -12.864 -50.706 -11.068
Memorandum:
Direct investment based on directional principle 2.319 3.982 1.608 2.795 10.704 2.871 3.262 6.549 3.338 16.020 2.501
A. Direct investment abroad -2.098 -1.122 -2.178 -539 -5.937 56 -313 1.578 11.051 12.372 -261
1. Equity capital -1.534 -1.431 -766 -506 -4.237 -192 -651 -60 13.129 12.226 -455
2. Debt instruments -564 308 -1.411 -33 -1.700 248 338 1.638 -2.078 145 194
B. Direct investment in Indonesia 4.417 5.105 3.785 3.334 16.641 2.815 3.576 4.971 -7.713 3.649 2.761
1. Equity capital 3.828 3.864 3.424 3.944 15.060 3.156 4.395 4.530 -8.604 3.477 2.761
2. Debt instruments 589 1.240 361 -610 1.581 -341 -820 442 890 171 1
31
TABLE 7
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)
May, 2017
2015 2016* 2017

ITEMS
Portfolio Investment 8.509 5.528 -2.188 4.333 16.183 4.438 8.277 6.544 -313 18.946 6.473
A. Assets 24 -737 -683 127 -1.268 -167 402 1.938 46 2.218 -971
1. Public Sector 713 -13 -180 -128 392 174 -53 1.579 96 1.795 -123
a. Equity capital 0 0 0 0 0 0 0 0 0 0 0
b. Debt securities 713 -13 -180 -128 392 174 -53 1.579 96 1.795 -123
2. Private Sector -689 -724 -503 255 -1.660 -341 455 359 -50 423 -848
a. Equity capital -258 -317 -180 -2 -758 -146 -118 269 -215 -210 -358
b. Debt securities -431 -406 -323 257 -903 -195 573 90 164 633 -490
B. Liabilities 8.484 6.266 -1.505 4.206 17.451 4.605 7.875 4.607 -358 16.728 7.444
1. Public Sector 6.942 3.808 908 5.728 17.386 4.919 7.213 3.211 1.492 16.835 6.437
a. Equity capital N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
b. Debt securities 6.942 3.808 908 5.728 17.386 4.919 7.213 3.211 1.492 16.835 6.437
1) Central bank -125 182 -194 2 -135 68 248 86 -287 114 396
2) Government 7.067 3.627 1.102 5.725 17.521 4.851 6.965 3.125 1.779 16.720 6.040
a) Short term 296 51 -417 32 -38 -172 176 124 -572 -444 1.731
b) Long term 6.771 3.576 1.519 5.694 17.559 5.022 6.789 3.001 2.351 17.164 4.310
2. Private Sector 1.542 2.457 -2.413 -1.522 65 -314 663 1.396 -1.850 -106 1.008
a. Equity capital 437 -88 -1.200 -696 -1.547 314 667 1.637 -1.299 1.319 626
b. Debt securities 1.105 2.546 -1.213 -826 1.612 -628 -4 -242 -551 -1.425 382
1) Short term -217 271 -1.154 -1.235 -2.335 -480 35 -107 239 -313 -142
2) Long term 1.322 2.275 -59 409 3.947 -148 -39 -135 -790 -1.112 523
Memorandum:
Government's debt securities, liabilities 7.067 3.627 1.102 5.725 17.521 4.851 6.965 3.125 1.779 16.720 6.040
1. Denominated in Rupiah 3.407 2.527 -992 2.575 7.518 3.501 2.862 3.125 -1.441 8.047 4.305
2. Denominated in foreign currency 3.660 1.100 2.093 3.150 10.003 1.350 4.103 0 3.221 8.673 1.735
Notes:
N/A : Not Applicable
32
TABLE 8
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)
May, 2017
2015 2016* 2017

ITEMS
Other Investment -5.310 -7.510 409 2.346 -10.064 -3.077 -4.749 -3.290 4.506 -6.610 -1.048
A. Assets -5.131 -5.371 -1.955 645 -11.812 -529 -3.968 522 6.801 2.826 -1.486
1. Public Sector 0 0 0 0 0 0 -269 0 0 -269 0
2. Private Sector -5.131 -5.371 -1.955 645 -11.812 -529 -3.699 522 6.801 3.095 -1.486
a. Currency and deposits -4.237 -3.073 -646 544 -7.411 -1.330 -1.912 836 6.724 4.318 -318
b. Loans -168 -443 -325 -99 -1.034 329 -719 -320 233 -477 -800
c. Trade credit and advances -573 -1.433 -436 210 -2.232 117 -724 72 -194 -729 -195
d. Other assets -153 -422 -549 -10 -1.134 355 -344 -66 38 -17 -173
B. Liabilities -179 -2.138 2.364 1.702 1.748 -2.547 -781 -3.812 -2.295 -9.436 438
1. Public Sector -1.144 -1.366 1.665 656 -190 -119 -1.599 -1.242 -319 -3.279 -52
a. Currency and deposits 0 0 0 0 0 0 0 0 0 0 0
b. Loans -431 -1.380 1.485 528 202 54 -1.653 337 -223 -1.484 -175
1) Central bank 1) 0 -9 0 -24 -33 0 -24 0 -24 -48 0
a) Drawings 0 0 0 0 0 0 0 0 0 0 0
b) Repayments 0 -9 0 -24 -33 0 -24 0 -24 -48 0
2) Government -431 -1.371 1.485 552 235 54 -1.628 337 -199 -1.436 -175
a) Drawings 237 382 2.134 2.386 5.139 778 412 1.046 1.473 3.709 531
(1) Program 0 74 2.000 1.817 3.891 529 148 900 1.070 2.648 400
(2) Project 237 308 134 569 1.248 249 264 146 403 1.061 131
(3) Other 0 0 0 0 0 0 0 0 0 0 0
b) Repayments -668 -1.753 -649 -1.835 -4.904 -724 -2.040 -709 -1.672 -5.144 -706
c. Other liabilities -713 13 180 128 -392 -174 53 -1.579 -96 -1.795 123
2. Private Sector 964 -772 700 1.046 1.938 -2.428 819 -2.571 -1.977 -6.157 490
a. Currency and deposits -70 120 531 187 768 -820 1.056 -34 -673 -471 -137
b. Loans 963 -823 -589 1.332 883 -1.788 -748 -2.782 -1.160 -6.478 179
1) Drawings 7.973 7.381 5.608 9.410 30.372 3.532 5.527 4.013 6.157 19.228 5.208
2) Repayments -7.010 -8.204 -6.197 -8.077 -29.489 -5.320 -6.275 -6.795 -7.317 -25.706 -5.028
c. Trade credit and advances -36 3 655 -220 401 147 559 272 -1 978 246
d. Other liabilities 108 -72 104 -253 -114 33 -49 -27 -143 -186 201
Notes:
1)
Excludes credit and loans with IMF
33

BOP Q1 2017 Final

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BOP Q1 2017 Final

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May 2017

Goods Trade Balance 4

Non-oil & Gas Trade Balance 5

Oil & Gas Trade Balance 11

Services Trade Balance 12

Primary Income Balance 13

Secondary Income Balance 13

CAPITAL AND FINANCIAL ACCOUNT 14

EXTERNAL SUSTAINABILITY INDICATORS 21

ALANCE OF PAYMENTS OUTLOOK 23

BOX 1: CHANGES IN BOP FIGURES

Chart 2 Current Account 4 Chart 15 Foreign Direct Investment (FDI) by Economic 16

Chart 4 Non-oil and Gas Export Growth 5 Chart 17 Portfolio Investment 17

Chart 7 Services Trade Balance 12 Chart 20 ASEAN Stock Index Developments 18

Chart 8 Freight Services Payments 12 Chart 21 Portfolio Investment by Institutional Sectors 18

Chart 9 Travel Services 13 Chart 22 Other Investments 19

Chart 13 Capital and Financial Account 14

non-oil and gas exports as international commodity

5 90 billion in the fourth quarter of 2016. The increase was

sukuk. A larger capital and financial account surplus

was recorded at USD2.4 billion (1.0% of GDP) in the

0 Non-Oil and Gas Trade Balance

-20 billion in the previous period as non-oil and gas exports

Secondary Inc. Primary Inc.

volume narrowed gas trade surplus. Meanwhile, the 50 12

grew at 0.3% (qtq), while the corresponding non-oil Chart 3

partners (Table 1).

Shares (%) Growth (% yoy)

Growth (%, yoy)

Shares (%) Growth (% yoy)

TOTAL IMPORTS 100,0

Based on country of origin, imports increased in 15 12

from Thailand and Vietnam experienced contractions -15 -4

Table 6 Gas Imports Gas Exports

of 2017 (Chart 6). Impl

period. quarter of 2017 and, therefore, stifled further increases

quarter of 2017 from USD4.2 billion to USD5.4 billion,

were noted to decline (Table 8). Chart 7

0 deficit increases were offset by a decline in net

fourth quarter of 2016, primarily due to Indonesian Direct Inv. Income

totalling USD0.8 billion in the first quarter of 2017,

billion to record a significant USD6.5 billion surplus,

At the end of the first quarter of 2017, a total of 15

3.4 million Indonesians were employed as migrant 10

Indonesian migrant workers (TKI) were placed in Asia- -5

Pacific, dominated by Malaysia, Taiwan, Hong Kong, -10

(Chart 12). Chart 13

investment surplus was narrower than conditions in 5

the previous period and one year earlier, when USD3.3 0

billion and USD2.9 billion were recorded respectively,

totalling USD0.37 billion in the reporting period, Chart 14

-2.000 report, FDI realisation reached Rp97.0 trillion

* provisional figures; ** very provisional figures

* provisional figures; ** very provisional figures

USD0.3 billion deficit recorded in the previous period 40 1,2

bilion USD 20 0,6

of USD0.3 billion booked in the previous period.

Consequently, stock prices on regional bourses 4

Pelabuhan Handal Tbk. (PORT), with a total value of 10

investment also recorded a net inflow (surplus), Chart 22

USD2.6 billion outflow posted in the previous period, Chart 25

2010 2011 2012 2013 2014 2015 2016* 2017

2015 2016* 2017

uncertain global economy, primarily the risks