Balance of Payments: Sinidaftakan?

May 2017
SinidaftaKan?
kang
BALANCE OF PAYMENTS
REPORT
Second 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
August 2017
BALANCE OF PAYMENTS
REPORT
Second Quarter 2017
3
This Page is Intentionally Left Blank
4
LIST OF CONTENTS
SUMMARY 1
Transaksi
Q2/2017
Berjalan 3
CURRENT ACCOUNT 4
Goods Trade Balance 4
Non-oil & Gas Trade Balance 4
Oil & Gas Trade Balance 10
Services Trade Balance 11
Primary Income Balance 12
Secondary Income Balance 12
CAPITAL AND FINANCIAL ACCOUNT 13
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 Q1/2017 PUBLICATION 23
APPENDICES 25
5
LIST OF TABLES
Page Page
Table 1 Non-Oil and Gas Exports by Commodity Group 5 Table 6 Non-Oil and Gas Imports (c.i.f) by Major Country 10
(based on SITC) of Origin
Table 2 Non-Oil and Gas Exports by Major Destination 6 Table 7 Oil Exports 10
Countries
Table 3 Exports of Major Non-Oil and Gas Commodities 7 Table 8 Oil Imports (f.o.b) 11
(based on HS)
Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity 8 Table 9 Gas Exports 11
Group
Table 5 Imports (c.i.f) of Major Non-Oil and Gas 9 Table 10 External Sustainability Indicators 19
Commodities
LIST OF CHARTS
Page Page
Chart 1 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 15
Origin
Chart 4 Non-oil and Gas Export Growth 5 Chart 17 Portfolio Investment 15
Chart 5 Oil and Gas Trade Balance 10 Chart 18 Foreign Holdings Positions of SBI and Government 16
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 11 Chart 20 ASEAN Stock Index Developments 16
Chart 8 Freight Services Payments 11 Chart 21 Portfolio Investment by Institutional Sectors 17
Chart 9 Travel Services 12 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 Q2/2017 13 Chart 25 Public Sector Foreign Loans 18
Chart 13 Capital and Financial Account 13
6
SUMMARY
supported by a capital and financial account surplus that exceeded the current account deficit. The BOP surplus
T
fed through to reserve assets, the position of which increased from USD121.8 billion at the end of the first quarter
of 2017 to USD123.1 billion at the end of the second quarter of 2017, equivalent to 8.6 months of imports and
r government external debt, which is well above the international reserve adequacy standard.
servicing
a The capital and financial account surplus was bolstered by solid investor confidence in
n after international rating agencies affirmed investment grade status for Indonesia. The capital and
economy
s
financial account recorded a USD5.9 billion surplus in the second quarter of 2017, supported by wider direct
investment and portfolio investment surpluses. Nonetheless, the capital and financial account surplus narrowed
a USD8.0 billion and USD6.9 billion positions recorded in the first quarter of 2017 and second quarter of
on the
k
2016 respectively. The narrower capital and financial account surplus was attributable to a growing other
investment deficit, particularly due to service external debt, as well as bank anticipation to meet the temporary
si for foreign currency liquidity during the approach to the Eid-ul-Fitr holidays.
demand
B The current account deficit increased on the back of a narrower non-oil and gas trade surplus, coupled
withe larger deficits for the services trade account and primary income balance. The current account deficit stood
rj
at USD5.0 billion (1.96% of GDP) in the second quarter of 2017, up from USD2.4 billion (0.98% of GDP) in the
first quarter of 2017 but down from USD5.2 billion (2.25% of GDP) in the second quarter of 2016. A decline of
al and gas exports against a backdrop of high non-oil and gas imports to meet the seasonal spike in domestic
non-oil
a
demand during Ramadan and Eid-ul-Fitr, including raw materials and consumption goods, contributed to the
reduced non-oil and gas trade surplus. Meanwhile, the larger services trade deficit stemmed from a narrower
nservices trade surplus together with a growing primary income account deficit due to seasonal dividend
travel
payments. Further increases in the current account deficit were offset by a narrower oil and gas trade deficit in
line with lower oil prices and import volume.
1
2
2/2017
increasing from USD2.4 (0.98% of GDP) in the

USD0.7 billion surplus in the second quarter of 2017, previous period. The decline in the non-oil and gas
underpinned by a capital and financial account surplus trade surplus was explained by a decrease in non-oil
adequate to offset the current account deficit. and gas exports, while non-oil and gas imports
Congruent with the BOP surplus in the reporting continued to expand on the back of strong domestic
period, the position of reserve assets increased from demand during Ramadan and Eid-ul-Fitr. Meanwhile,
USD121.8 billion at the end of the first quarter of 2017 seasonal decline in travel services trade surplus and
to USD123.1 billion at the end of the second. The increase in dividend payments in the reporting period
overall BOP development revealed a maintained precipitated larger services account and primary
external sector balance, thereby supporting ongoing income account deficits. Further increases in the
macroeconomic stability (Chart 1). current account deficit were offset by a reduced oil and
billion USD billion USD gas trade deficit in line with lower global oil prices and
20 150
import volume. Despite the quarterly increase, the
15
120 current account deficit was lower than the USD5.2
10
5 90 billion (2.25% of GDP) reported in the same period one

0 60 year ago due to a significant increase in the non-oil and
-5
30
gas trade surplus.
-10
On the other hand, the capital and financial
-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
Q2**
account surplus stood at USD5.9 billion (2.32% of

2010 2011 2012 2013 2014 2015 2016* 2017
GDP) in the second quarter of 2017, supported by
* provisional figures Cap & Fin Account Curr. Account
** very provisional figures
Overall Balance Reserve Assets (RHS) larger direct investment and portfolio investment
Chart 1
surpluses consistent with solid investor confidence in
domestic economy, combined with the achievement of
The second quarter of 2017 BOP surplus investment grade status for Indonesia. Nonetheless,
moderated on the previous quarter due to a larger further capital and financial account gains were stifled
current account deficit along with narrower capital and by a larger deficit of other investments, triggered by
financial account surplus. The current account deficit anticipatory measures taken in the banking industry to
increased in line with a smaller non-oil and gas trade meet demand for foreign currency liquidity during the
surplus as well as larger services account and primary approach to the long Eid-ul-Fitr holidays this year.
income account deficits. Meanwhile, a larger deficit of Accordingly, the capital and financial account surplus
other investments squeezed capital and financial was observed to decline on the positions recorded in
account surplus. the first quarter of 2017 at USD8.0 billion (3.30% of
The current account deficit stood at USD5.0 GDP) and the second quarter of 2016 at USD6.9 billion
billion (1.96% of GDP) in the second quarter of 2017, (2.99% of GDP).
3
CURRENT ACCOUNT quarter of 2017. Goods trade performance was
undermined by a narrower non-oil and gas trade
The current account deficit increased during the
surplus, which exceeded the improvement in the oil
second quarter of 2017 against the propitious
and gas trade deficit. Notwithstanding, the goods
backdrop of a promising domestic economic outlook.
trade surplus registered in the reporting period was
The wider current account deficit was caused by a
27.6% larger than that achieved in the same period
narrower non-oil and gas trade surplus, together with
one year earlier at USD3.8 billion, which was boosted
larger deficits in the services trade account and primary
by non-oil and gas trade performance.
income balance. The second quarter of 2017 current
account deficit stood at USD5.0 billion (1.96% of Non-Oil and Gas Trade Balance
GDP), up from USD2.4 billion (0.98% of GDP) in the The non-oil and gas trade balance recorded a
first quarter of 2017 but decreasing from USD5.2 USD6.3 billion surplus in the second quarter of 2017,
billion (2.25% of GDP) in the same period one year ago down from USD7.8 billion in the previous period but
(Chart 2). up from USD5.2 billion in the second quarter of 2016.
billion USD A non-oil and gas export contraction of 2.9% (qtq),
15
due to fewer working days in the reporting period
10
5
because of Eid-ul-Fitr holidays in June 2017, against a
0 1.5% (qtq) surge in non-oil and gas imports to meet
-5
seasonally high demand during Ramadan and Eid-ul-
-10
Fitr, prompted the narrower non-oil and gas trade
-15
-20 surplus. On the other hand, the increase in the non-oil
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
Q2**
and gas trade surplus from USD5.2 billion surplus in

2010 2011 2012 2013 2014 2015 2016* 2017
Secondary Inc. Primary Inc.

the second quarter of 2016 () stemmed from 8.1%
* provisional figures
Services OG Trade Balance
** very provisional figures
NOG Trade Balance Curr. Account (yoy) growth of non-oil and gas exports, which
Chart 2
exceeded the 5.4% (yoy) for non-oil and gas imports
Current Account
(Chart 3).
In the second quarter of 2017, the non-oil and gas billion USD billion USD
trade surplus declined compared to conditions in the 50 12
Thousands
40
previous period as non-oil and gas exports fell 2.9% 30 10
20 8
(qtq) and non-oil and gas imports surged 1.5% (qtq). 10
0 6
A narrower travel services trade surplus exacerbated -10
-20 4
the services trade deficit, while larger dividend -30 2
payments edged up the primary income account -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
Q2**
deficit. In contrast, the oil and gas trade balance

2010 2011 2012 2013 2014 2015 2016* 2017
improved on lower oil import prices and volume,
Imports Exports NOG Trade Balance (RHS)
therefore successfully offset further increases in the * provisional figures ** very provisional figures
current account deficit. The oil and gas trade deficit Chart 3
Non-oil and Gas Trade Balance
improved.
Non-Oil and Gas Exports
Goods Trade Balance
The goods trade balance recorded a USD4.8 Non-oil and gas exports stood at USD35.7 billion
billion surplus in the second quarter of 2017, down in the second quarter of 2017, with growth
15.2% on the USD5.6 billion surplus posted in the first decelerating from 21.9% (yoy) in the previous quarter
4
to 8.1% (yoy). The quarterly data pointed to a 2.9% (%)
21.9
(qtq) decline of non-oil and gas exports on the 25.0
20.0 18.1
9.5
previous period (USD36.8 billion) due to low export 15.0 16.0
realisation in June 2017 after the extended Eid-ul-Fitr 10.0
-2.8 8.1
5.0 -2.4
-4.1
holiday (Chart 4). 0.0 -7.5
-5.0 -4.3
The moderation of non-oil and gas export annual 0.3
-2.9
-10.0
growth was prompted by a real export decline, in -15.0 -9.7 -5.7
-10.9
-20.0
particular a deeper contraction experienced by Q1 Q2 Q3
-15.7
Q4 Q1 Q2 Q3 Q4 Q1* Q2**
manufacturing products, accompanied by more limited 2015 2016* 2017
y.o.y q.t.q
export price growth, especially in terms of primary
Chart 4
products as presented in Table 1.
Non-oil and Gas Export Growth
Table 1
Non-Oil and Gas Exports by Commodity Group (based on SITC)
Shares (%) Growth (% yoy)

2016 2017
Description
2016* 2017**
Q1 Q2 Q3 Q4 TOTAL Q1* Q2**
A. Primary Product
Nominal 47.3 51.6 -17.6 -15.9 -3.4 27.2 -3.1 41.8 27.4
Real 52.2 54.4 -5.5 -11.2 -5.0 7.3 -3.0 10.7 8.0
Price Index - - -12.8 -5.3 1.7 18.5 -0.1 28.1 18.0
Agricultural Products
Nominal 29.7 32.5 -11.4 -13.5 -5.2 23.4 -1.9 45.2 21.2
Real 31.1 35.1 -3.3 -16.0 -11.9 5.0 -6.1 19.0 17.4
Price Index - - -8.4 3.0 7.6 17.5 4.5 22.0 3.2
Foods
Nominal 23.6 24.9 -11.1 -14.2 -3.2 26.3 -0.6 42.7 17.8
Real 24.1 27.2 -4.1 -19.2 -14.6 3.4 -8.1 18.6 20.3
Price Index - - -7.3 6.2 13.3 22.2 8.1 20.3 -2.1
Raw Materials
Nominal 6.1 7.6 -12.4 -10.6 -12.0 11.5 -6.3 54.4 33.3
Real 7.0 7.9 -0.8 -4.0 -3.0 9.5 0.4 21.4 9.6
Price Index - - -11.7 -6.9 -9.3 1.9 -6.7 27.1 21.7
Fuels & Mining Products
Nominal 17.6 19.1 -26.6 -19.8 -0.3 34.2 -5.1 35.7 38.3
Real 21.0 19.5 -9.2 -2.8 6.6 11.7 1.8 -1.8 -4.2
Price Index - - -19.2 -17.5 -6.5 20.2 -6.8 38.3 44.4
B. Manufacture Products
Nominal 51.2 47.1 -2.0 4.2 -1.3 9.2 2.4 6.2 -7.3
Real 46.8 44.4 -2.2 0.6 -5.7 1.3 -1.5 -3.6 -16.5
Price Index - - 0.2 3.5 4.7 7.8 4.0 10.2 11.1
Total
Nominal 100.0 100.0 -9.7 -5.7 -2.4 18.1 -0.3 21.9 8.1
Real 100.0 100.0 -4.2 -5.7 -5.6 4.9 -2.6 3.7 -4.7
Price Index - - -5.8 0.0 3.4 12.6 2.4 17.6 13.4
*) provisional figures
**) very provisional figures
5
Non-Oil and Gas Exports by Major Destination electrical equipment, machinery and mechanical
Country appliances as well as articles of basic metals posted
declines, accounting for 37.9% of exports to
Non-
Singapore. In addition, slower export growth of
trading partners achieved 13.3% (yoy) growth in the
vegetable oil also contributed to the export slump to
second quarter of 2017, decelerating from 28.7%
Singapore.
(yoy) in the first quarter. Slower export growth affected
Weaker growth of coal and vegetable oil exports
all 10 major destination countries, with shipments to
as well as declining exports of processed foods
the United States and Singapore contracting (Table 2).
undermined shipments to Malaysia in the second
Table 2
Non-Oil and Gas Exports by Major Destination Countries quarter of 2017. Nevertheless, further export declines
Shares (%) Growth (%, yoy)

were prevented by an uptick of articles of basic metal
2016 2017
Description
2016* 2017** exports.
Q1 Q2 Q3 Q4 TOTAL Q1* Q2**
1 China 11.5 12.6 -9.4 -6.9 11.7 61.9 14.4 66.6 35.0 The export slowdown to South Korea in the
2 US A 11.9 11.5 -4.0 4.4 -1.8 10.7 2.3 18.1 -4.0
3 India 7.6 9.4 -28.5 -32.4 3.4 7.8 -14.3 60.7 47.7 reporting period was attributed to weaker growth of
4 Japan 10.0 9.2 -6.0 -2.2 -2.0 15.7 1.2 4.3 3.6
5 Singapore
6 Malaysia
6.6
4.5
5.8
4.6
-3.3
-12.9
5.4
-15.4
-4.6
-4.5
1.6
17.2
-0.3
-4.5
-5.0
24.0
-8.1
11.9 coal, article of basic metals, and processed natural
7 South Korea 4.0 4.3 -12.5 -7.5 -4.5 15.0 -3.0 28.6 14.8
8 Philipines 4.0 4.0 7.6 34.6 30.8 63.8 33.9 46.5 11.8 rubber exports (44.5% share of total exports to South
9 Thailand 3.5 3.6 -12.3 0.1 -0.7 16.5 0.4 18.3 11.1
10 Netherlands 2.4 2.7 -25.6 -18.6 7.5 20.3 -5.6 52.0 23.1
Korea) as well as decline in textile exports (9.3% share).
Total 10 Countries 65.9 67.7 -10.5 -5.9 2.5 22.2 1.7 28.7 13.3
Slower export growth to the Philippines affected
shipments of vehicles and copper ore, accounting for a
Weaker growth of exports to China was triggered
34.7% share of total Indonesian exports to the
by a decline of vegetable oil exports and slower export
Philippines. Nevertheless, an increase of coal and
growth of coal, articles of basic metals, and chemicals,
processed food exports, accounting for 28.6% of the
accounting for a 40.5% share of total exports to China.
total, curbed further declines.
The export contraction to the United States
An export decline of vehicles and component
primarily affected textiles and electrical equipment,
parts, as the leading exports to Thailand with a 17.0%
accounting for 32.1% of total exports, along with
share, sparked slower export growth to Thailand, with
slower export growth of processed rubber and
further declines offset by exports of coal, articles of
vegetable oil.
basic metals, and electrical equipment, accounting for
Export growth to India slowed on the back of
34.5% of total exports to Thailand.
vegetable oil, coal, copper ore, and articles of basic
Slower export growth to the Netherlands
metals, contributing an 81.3% share of total exports
stemmed from vegetable oil and fatty acids, as the two
to India.
major export commodities to the Netherlands,
Slower growth of exports to Japan affected
contrasting shipments of chemicals and electrical
electrical equipment and processed natural rubber as
equipment, which accelerated.
well as textiles, with a 26.7% share of the total.
Nonetheless, further export declines were halted by a Exports of Major Non-Oil and Gas Commodities
surge of coal exports, as the main non-oil and gas The non-oil and gas export downswing reported
export commodity to Japan (16.7% share), after in the second quarter of 2017 was also reflected in the
shutdowns occurred at several nuclear power stations, export value of the ten major commodities, with
which stoked demand for coal. growth halving from 35.1% (yoy) to 15.1% (yoy). The
Exports to Singapore experienced a deeper slump was caused by a real export decline and more
contraction in the reporting period as exports of limited commodity price gains. The real export decline
6
affected textiles and textile products, electrical Bucking the downward trend, coal exports
equipment, articles of basic metals, processed foods, accelerated to 48.7% (yoy) in the second quarter of
vehicles and component parts, as well as machinery 2017, supported by rising export prices while real
and mechanical appliances. Vegetable oil was primarily exports moderated. Slower coal exports affected all
blamed for slower rising export prices (Table 3). major destination countries, excluding Japan.
Vegetable oil exports, mainly (84.9%) in the form In terms of prices, coal exports expanded by
of crude palm oil (CPO), posted slower growth (29.3% 45.6% (yoy) in the reporting period, accelerating from
yoy) in the second quarter of 2017 due to more limited 39.2% (yoy) in the previous period in line with global
price gains as real export demand continued to coal price gains. Declining coal production in
increase. Indonesia, Australia, and South Africa due to inclement
The second quarter deceleration in vegetable oil weather, reduced supply against a backdrop of
exports primarily affected shipments to India, Pakistan increasing demand, in particular from China.
and the Netherlands, accounting for 36.1% of total Textile exports fell 11.1% (yoy) in the second
vegetable oil exports. Besides, declining exports to quarter of 2017 due to a 20.7% (yoy) contraction of
China also contributed to the overall vegetable oil real exports and despite slight price gains. The decline
export slump in the reporting period. affected exports to the United States, Japan, and South
In terms of prices, vegetable oil exports grew Korea, accounting for 49.8% of total textile exports.
2.3% (yoy) in the second quarter of 2017, down The Indonesian Textile Association (API) cited more
considerably from the 39.9% (yoy) posted in the first expensive utility costs than in competing countries,
quarter after Indonesia and Malaysia ramped up infrastructure inefficiencies, and import duties in
production in the wake of declines attributed to El- destination countries as the most binding constraints
Nino. In addition, the US increased soybean to textile export expansion, thus making Indonesia less
production, as a viable substitute for palm oil, thus competitive than other countries, including Vietnam
exacerbating downside pressures on CPO prices. and Bangladesh.
Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)
Pertumbuhan (%, yoy)

Shares (%)
Nominal Real Price Index
Description 2016* 2017 2016* 2017 2016* 2017
2016* 2017**
Q1 Q2 Q3 Q4 Total Q1* Q2** Q1 Q2 Q3 Q4 Total Q1* Q2** Q1 Q2 Q3 Q4 Total Q1* Q2**
1. Vegetable Oils 13.3 15.2 -16.3 -22.6 -3.6 33.1 -3.0 62.5 29.3 -3.7 -29.9 -19.3 -3.8 -13.6 16.2 26.4 -13.2 10.4 19.4 38.4 12.3 39.9 2.3
2. Coal 11.1 13.1 -28.4 -21.6 -5.9 26.9 -9.0 45.0 48.7 -11.9 -3.1 4.2 5.0 -1.4 4.2 2.2 -18.8 -19.1 -9.6 20.8 -7.7 39.2 45.6
3. Textile & Textile Products 9.0 8.3 -4.7 1.1 -8.6 -2.9 -3.7 4.1 -11.1 -5.6 -2.3 -10.7 -9.3 -6.9 -6.7 -20.7 1.0 3.4 2.4 7.1 3.5 11.6 12.1
4. Electrical Apparatus, Etc 6.4 5.9 -8.6 -3.8 -5.5 0.2 -4.5 5.8 -1.1 -9.3 -7.3 -11.4 -10.7 -9.7 -6.1 -16.1 0.7 3.8 6.6 12.2 5.9 12.6 17.9
5. Articles Of Basic Metals 5.7 5.6 -24.4 -12.5 7.3 27.6 -1.9 32.0 13.6 -18.9 -12.5 0.0 10.7 -5.5 6.4 -5.7 -6.8 -0.1 7.3 15.2 3.8 24.0 20.4
6. Processed Rubber 4.2 5.4 -13.0 -10.4 -10.8 16.1 -5.2 67.3 29.3 3.5 -3.8 -1.0 11.1 2.3 17.9 4.2 -15.9 -6.8 -9.8 4.5 -7.3 41.8 24.1
7. Processed Food 5.0 4.5 1.7 -0.8 7.6 8.7 4.4 9.6 0.6 9.4 5.2 8.8 4.7 7.2 5.1 -3.6 -7.0 -5.7 -1.1 3.9 -2.6 4.3 4.4
8. Vehicles & Parts 4.5 4.5 -14.1 14.8 2.7 34.7 8.5 37.1 -0.1 -16.4 11.7 -3.7 27.9 4.0 30.1 -6.8 2.7 2.7 6.7 5.3 4.3 5.3 7.2
9. Machinery & Mechanics 4.1 3.7 -9.3 13.4 6.6 9.4 5.1 19.8 -7.8 -7.3 12.2 2.7 1.6 2.4 9.6 -16.3 -2.1 1.1 3.8 7.6 2.6 9.2 10.2
10. Chemicals Products 2.5
0.0 3.1
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 40.1
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 18.5
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 18.2
0.0
Total 10 Commodities 65.6 69.3 -15.1 -9.1 -1.9 19.5 -2.1 35.1 15.1 -9.0 -7.3 -3.9 7.2 -3.1 12.8 -0.2 -6.7 -1.9 2.0 11.5 1.1 19.7 15.3
*) provisional figures **) very provisional figures
7
Exports of electrical equipment experienced a prices. The contraction affected the major export
1.1% (yoy) decline in the second quarter of 2017, destinations, namely Singapore, the United States,
prompted by a deeper contraction (-16.1% yoy) of real Japan, and Thailand, which contributed 45.9% to the
exports, while export prices continued to rise. The total.
decline primarily affected exports to Singapore and Slower growth of chemical exports was down to
United States, contrasting positive export growth to lower growth of real exports and prices, with the
Thailand. declines affecting all major export destinations, namely
Exports of articles of basic metals decelerated to China, Thailand, Japan, and Singapore.
13.6% (yoy) in the reporting period due to declining
real exports and more limited price gains. China and Non-Oil and Gas Imports
Japan were hardest hit by the slowdown, along with Non-oil and gas imports (cif) increased 1.5% (qtq)
Singapore, where export growth contracted. in the second quarter of 2017 as seasonal demand
Meanwhile, shipment to Malaysia returned to positive spiked during the holy fasting month and Eid-ul-Fitr.
growth after contracting in the previous period. Annually, however, non-oil and gas imports slowed in
Slower processed rubber export growth in the the reporting period to 5.3% (yoy) from 8.2% (yoy)
reporting period was influenced by real exports and posted in the first quarter of 2017 due to declining real
prices. Export growth slowed to all major export exports, while import prices continued to rise.
destinations, namely the United States, Japan, China, Persistently strong import growth during Eid-ul-Fitr was
and India, accounting for 58.3% of total processed consistent with robust second quarter domestic
rubber exports from Indonesia. economic growth, as reflected in GDP.
Export growth of processed foods decelerated to Non-oil and gas imports of consumption goods
0.6% (yoy) in the second quarter of 2017, primarily and raw materials surged, contrasting the import
due to declining real exports, while export prices contraction of capital goods. Imports of consumption
continued to rise moderately. The slowdown was goods increased in terms of volume and prices, while
prompted by declining exports to the United States and prices edged up imports of raw materials
Malaysia along with slower export growth to China. In (Table 4).

Table 4
contrast, processed food exports to the Philippines
Non-Oil and Gas Imports (c.i.f) by Commodity Group
returned to positive territory after contracting in the
Shares (%) Growth (% yoy)
previous period. Furthermore, an agreement between
Description 2016* 2017
member states of the Indian Ocean Rim Association 2016* 2017**
Q1 Q2 Q3 Q4 Total Q1* Q2**
(IORA) is expected to boost processed food exports
Consumption Goods
further. Nominal 10.2 10.8 27.3 6.5 13.0 16.7 15.6 1.0 21.8
Real 9.3 9.8 25.9 6.9 12.7 11.4 14.0 -6.7 10.3
Exports of vehicles and component parts dropped Price Index - - 1.1 -0.4 0.3 4.7 1.4 8.3 10.4
Raw Materials
0.1% (yoy) in the second quarter of 2017 due to real Nominal 69.8 70.8 -9.5 -2.6 1.7 9.2 -0.6 9.0 5.5
Real 72.3 73.5 0.0 6.4 6.2 8.0 5.1 2.2 -2.9
exports and despite rising export prices. The decline Price Index - - -9.5 -8.5 -4.2 1.1 -5.4 6.7 8.7
affected most destination countries, namely the Capital Goods

Nominal 19.1 17.7 -19.0 -12.2 -7.7 -1.6 -10.2 6.7 -4.4
Philippines, Thailand, and Saudi Arabia, accounting for Real 17.7 16.4 -18.5 -12.0 -8.4 -3.5 -10.7 -2.9 -10.7
Price Index - - -0.6 -0.2 0.7 1.9 0.5 9.9 7.1
45.5% of the total. Total
Nominal 100.0 100.0 -8.6 -3.4 0.3 8.1 -1.0 8.2 5.3
The export contraction of machinery and Real 100.0 100.0 -2.1 2.8 3.2 6.5 2.6 0.6 -3.0
Price Index - - -6.6 -6.0 -2.8 1.6 -3.5 7.5 8.6
mechanical appliances in the reporting period (-7.8% *) provisional figures
yoy) was also caused by real exports despite rising
8
Imports of consumption goods accelerated import decline. Nonetheless, import growth of raw
significantly in the second quarter of 2017 from 1.0% materials was boosted by telecommunications
(yoy) to 21.8% (yoy), driven by rising prices and real equipment, motor vehicle components and
imports after experiencing a contraction in the previous accessories, animal feeds, as well as unmilled wheat
period. Imports of consumption goods primarily and meslin (Table 5).
accelerated on fresh fruits, fresh vegetables, marine Imports of capital goods declined 4.4% (yoy) as
transportation equipment, and medicaments (Table 5). price gains lost momentum and real imports
Imports of raw materials experienced a 5.5% (yoy) decreased, primarily affecting telecommunications
bump in the second quarter of 2017 on higher prices. equipment and other machinery and equipment
Further growth, however, was squeezed by a real specialised for particularly industries (Table 5).
Table 5
Imports (c.i.f) of Major Non-Oil and Gas Commodities
Growth (y.o.y, %)
Pangsa (%)
Nominal Real Price Index
Description
2016* 2017 2016* 2017 2016* 2017**
(by BEC & SITC 3 DG)
2016* 2017**
Q1 Q2 Q3 Q4 Total Q1* Q2** Q1 Q2 Q3 Q4 Total Q1* Q2** Q1 Q2 Q3 Q4 Total Q1* Q2**
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 5.3
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 -3.00.0 -6.6
0.0 -6.0
0.0 -2.8
0.0 1.6
0.0 -3.5
0.0 7.5
0.0 8.6
0.0
I. Consumption Goods, o/w: 10.2 10.8 27.3 6.5 13.0 16.7 15.6 1.0 21.8 25.9 6.9 12.7 11.4 14.0 -6.7 10.3 1.1 -0.4 0.3 4.7 1.4 8.3 10.4
Fruit And Nut,Fresh or Dried 0.7 0.9 39.3 -10.9 52.7 38.5 27.4 42.8 78.9 24.0 -10.8 60.5 38.0 25.4 42.6 82.1 12.3 -0.2 -4.8 0.4 -0.3 0.1 -1.8
Vegetables,Fresh Chilled,Frozenor Simply Preserved 0.6 0.7 7.6 3.1 47.8 44.4 24.9 26.8 62.2 1.7 -3.7 38.8 30.2 16.1 16.4 52.8 5.8 7.0 6.5 10.9 5.6 8.9 6.2
Ships, Boats and Floating Structures 0.1 0.6 -12.2 -93.4 -86.2 -17.7 -59.4 292.5 4396.5 -16.8 -94.9 -88.3 -35.5 -66.1 159.1 3,383.0 5.5 28.7 17.9 27.6 32.4 51.5 29.1
Medicaments Incl.Veterinari Med. 0.5 0.5 12.1 -11.9 18.4 5.8 5.2 5.7 6.8 -0.3 -7.6 31.7 10.3 7.3 17.9 15.6 12.4 -4.6 -10.1 -4.1 -7.3 -10.3 -7.6
Edible Product and Preparations 0.5
0.0 0.5
0.0 2.3
0.0 4.4
0.0 -13.4
0.0 -1.5
0.0 -2.2
0.0 2.4
0.0 -7.1
0.0 -11.7
0.0 -27.2
0.0 -34.8
0.0 -25.2
0.0 -25.2
0.0 -18.4
0.0 -18.1
0.0 15.8
0.0 43.5
0.0 32.9
0.0 31.7
0.0 14.2
0.0 25.5
0.0 13.3
0.0
II. Raw Materials & Auxiliary Goods, o/w: 69.8 70.8 -9.5 -2.6 1.7 9.2 -0.6 9.0 5.5 0.0 6.4 6.2 8.0 5.1 2.2 -2.9 -9.5 -8.5 -4.2 1.1 -5.4 6.7 8.7
Telecomunication Equipment N.E.S And Parts 2.8 3.3 71.8 40.3 57.0 117.7 72.8 54.3 43.5 84.3 49.0 65.2 108.7 78.8 24.6 16.3 -6.8 -5.9 -5.0 4.3 18.8 23.8 23.4
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 0.8 -9.4 1.8 -3.8 20.3 1.3 9.9 3.6 0.3 6.0 7.8 5.9 0.6 6.8 -2.7
Feeding Stuff For Animals 2.1 2.0 -24.1 -20.6 20.1 -9.1 -9.7 2.0 19.2 -31.3 -28.4 4.5 -21.4 -20.2 -21.2 1.1 10.4 11.0 14.9 15.7 17.3 29.4 17.9
Wheat And Meslin,Unmilled 2.1 2.0 31.3 11.6 18.1 1.6 15.6 -22.6 10.8 30.7 15.7 23.3 0.1 17.3 -14.4 14.1 0.5 -3.5 -4.2 1.5 -4.0 -9.5 -2.9
Other Plastics In Primary Forms 1.9
0.0 1.9
0.0 -13.1
0.0 1.5
0.0 9.2
0.0 14.6
0.0 2.6
0.0 18.8
0.0 -0.6
0.0 -4.7
0.0 15.3
0.0 11.2
0.0 13.4
0.0 8.8
0.0 32.3
0.0 17.40.0 -8.8
0.0 -12.0
0.0 -1.8
0.0 1.1
0.0 -12.2
0.0 -10.2
0.0 -15.3
0.0
III. Capital Goods, o/w: 19.1 17.7 -19.0 -12.2 -7.7 -1.6 -10.2 6.7 -4.4 -18.5 -12.0 -8.4 -3.5 -10.7 -2.9 -10.7 -0.6 -0.2 0.7 1.9 0.5 9.9 7.1
Automatic data processing machines & units there of 1.7 1.7 -20.5 -4.9 -6.7 -10.9 -11.6 3.4 12.3 -16.6 6.0 3.3 -14.3 -6.8 -10.0 -14.7 -4.7 -10.3 -9.7 4.0 17.4 14.9 31.6
Motor vehicle for the Transport of goods 0.7 1.3 -33.2 -33.6 -5.6 7.7 -17.7 82.2 207.5 -27.0 -29.2 -0.5 1.0 -14.5 73.0 171.9 -8.6 -6.2 -5.2 6.6 10.8 5.3 13.1
Telecomunication equipment N.E.S and parts 1.3 1.2 -52.9 -49.6 -47.2 -50.5 -50.3 -18.9 -2.4 -49.4 -46.4 -44.4 -52.6 -48.6 -34.5 -20.8 -6.8 -5.9 -5.0 4.3 18.8 23.8 23.4
Other machine & equip't specialized for part industry 1.4 1.0 -7.8 -22.7 -31.8 -5.9 -17.6 -23.3 -30.7 -12.2 -17.8 -29.3 -2.5 -15.9 -20.4 -31.0 4.9 -5.9 -3.6 -3.5 -1.5 -3.7 0.4
Civil eng. & contractor plant & equip't and parts 0.5 0.9 -22.5 -7.6 -32.6 16.7 -11.6 128.2 94.0 -25.8 -16.2 -41.3 2.4 -19.5 93.4 67.8 4.4 10.3 14.7 13.9 10.8 18.0 15.6
9
Non-Oil and Gas Imports by Country of Origin the previous period (Table 7). Oil exports dwindled due
Based on country of origin, positive non-oil and to a 25.2% (qtq) drop in crude oil exports and 10.7%
gas import growth affected most countries importing (qtq) decrease of refined products as export volume
to Indonesia, although several countries experienced declined. In addition, the oil export price moderated in
slower import growth. Conversely, imports from China the reporting period compared to conditions in the
and Malaysia posted a contraction (Table 6). previous quarter.
Table 6 Oil export volume declined despite a 3.5% (qtq)
Non-Oil and Gas Imports (c.i.f)
by Major Country of Origin gain in crude oil lifting from 0.788 million barrels per
day to 0.816 million barrels per day in the second
Shares (%) Growth (%, yoy)
Description 2016* 2017** quarter of 2017, which is indicative of a growing
2016* 2017**
Q1 Q2 Q3 Q4 Total Q1* Q2**
1 China 26.1 25.2 -4.5 7.8 3.1 12.0 4.7 7.6 -0.4
portion of lifted oil used for domestic purposes.
2 Japan 11.0 11.2 -19.1 -6.7 6.5 14.8 -2.3 13.8 4.8
3 Thailand 7.3 7.0 11.7 5.1 9.1 2.2 7.1 -11.0 2.2 Table 7
4 Singapore 6.6 6.9 -6.4 -20.4 -23.0 -5.3 -14.0 14.4 15.5
5 South Korea 5.0 6.0 -18.8 -7.8 -1.2 5.9 -6.2 34.6 16.2 Oil Exports
6 US A 6.2 6.0 -10.6 -19.7 23.3 -3.6 -4.2 13.1 4.7
7 Australia & Oceania 4.5 4.7 -11.1 -9.2 -4.5 18.3 -2.2 14.6 7.5 2017
8 Malaysia 4.1 3.9 -12.0 -2.5 -7.0 1.3 -5.0 10.8 -9.4 Q1* Q2**
9 India 2.4 2.9 -10.7 -10.9 16.3 37.2 6.1 29.3 42.8
Description
Value Volume Price¹ Value Volume Price¹
10 Germany 2.7 2.6 -26.0 -13.4 0.8 8.1 -8.6 2.9 11.0
(mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel)
Total 10 Countries 75.9 76.4 -9.0 -4.1 1.8 8.2 -0.9 10.3 5.0
*) provisional figures Exports 1,962.2 37.8 1,548.4 33.0
**) very provisional figures Crude 1,401.5 27.7 50.5 1,047.8 23.1 45.4
Refinery Products 560.7 10.1 55.5 500.6 9.9 50.6
¹⁾ export value divided by export volume
Oil and Gas Trade Balance Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures
The oil and gas trade deficit narrowed in the
reporting period but exceeded the position recorded in
In terms of prices, the lower oil export price in
the same quarter last year. The oil and gas trade deficit
Indonesia was linked to global oil price developments
stood at USD1.5 billion in the second quarter of 2017,
in the second quarter of 2017. The average price of
compared to USD2.2 billion in the first quarter of 2017
SLC, WTI, Brent, and OPEC decreased respectively from
and USD1.4 billion in the second quarter of 2016. The
USD52.0/barrel, USD51.8/barrel, USD54.1/barrel and
quarterly improvement was due to a decline in oil and
USD52.0/barrel in the first quarter to USD47.8/barrel,
gas imports that surpassed the corresponding decline
USD48.3/barrel, USD50.3/barrel, and USD48.6/barrel
in oil and gas exports (Chart 5).
in the second quarter of 2017 (Chart 5). Global oil
billion USD billion USD
prices dipped in reaction to increased crude oil
15 12
Thousands
10
10 production in the United States and Nigeria against a
8
5
6
backdrop of limited global demand.
0 4 USD/barel
2 140
-5
0 130
-10 120
-2
-15 -4 110
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
Q2**
100
90
2010 2011 2012 2013 2014 2015 2016* 2017
80
70
Gas Imports Gas Exports
* provisional figures 60 SLC
** very provisional figures Oil Imports Oil Exports
50 Unit Price
OG Trade Balance (RHS)
40 WTI
Chart 5 30 OPEC
Oil and Gas Trade Balance 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 A
2010 2011 2012 2013 2014 2015 2016 2017
Oil Exports
Source: Ditjen Migas, BOP, Bloomberg
In the second quarter of 2017, oil exports fell
Chart 6
21.1% (qtq) to USD1.5 billion from USD2.0 billion in International Oil Prices
10
Oil Imports
Oil imports declined 18.3% (yoy) in the second
quarter of 2017 to USD4.4 billion from USD5.4 billion
in the previous period. The decline stemmed from a
deeper decline in import volume than the
corresponding increase in crude oil imports. In addition
to lower volume, the import price of oil was also noted
to decline (Table 8).
Table 8
Oil Imports (f.o.b)
2017 Chart 7
Description
Q1* Q2** Services Trade Balance
Value Volume Price¹ Value Volume Price¹
(mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel) In the second quarter of 2017, the travel services trade
Imports 5,448.3 89.8 4,450.1 79.7 surplus narrowed from USD1.4 billion to USD0.8 billion after
Crude 1,502.7 28.4 52.9 1,538.5 31.3 49.1
Refinery Products 3,945.6 61.4 64.2 2,911.6 48.4 60.2 travel services receipts declined -10.0% (qtq) and travel
¹⁾ import value divided by import volume services payments increased 15.2% (qtq) (Chart 8).
Sources: SKK Migas and Pertamina (processed)
billion USD
4
Gas Exports 3
2
Gas exports contracted by 5.9% (qtq) to a total of
1
USD1.9 billion in the second quarter of 2017, triggered 0
by a 6.9% (qtq) drop in LNG exports and a 1.4% (qtq) -1
-2
dip in natural gas exports. A decline in LNG export
-3
volume was the main contributor to the slowdown,
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
Q2**
contrasting the moderate gains in terms of natural gas 2010 2011 2012 2013 2014 2015 2016* 2017
export volume (Table 9). Imports Exports Travel (net)

* provisional figures; ** very provisional figures
Table 9
Gas Exports Chart 8
Freight Services Payments
2017
Q1* Q2**
Description
Value Value
(mill USD)
Volume¹ Price²
(mill USD)
Volume¹ Price²
Travel services payments soared from USD1.7
Exports 1,993.5 - 1,876.4 -
LNG 1,371.4 207.0 6.6 1,277.2 184.1 6.9 billion to USD2.0 billion in the reporting period,
Natural Gas 595.4 71.4 8.3 587.3 74.0 7.9
LPG 0.3 0.4 0.8 0.3 0.4 0.7 primarily due to an uptick in the number of Indonesian
Other Gas 26.4 1.6 16.2 11.6 0.9 12.8
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
travellers visiting aboard. Consistent with seasonal
trends, Indonesian travellers visiting abroad in the
Source: SKK Migas
reporting period were less inclined to spend, however,

Services Trade Balance which impaired further increases in travel services
The services trade balance recorded a USD2.3 payments.
billion deficit in the second quarter of 2017, up from On the other hand, travel services receipts
USD1.3 billion deficit in the previous period, primarily reduced in the reporting period, decreasing from
due to seasonal declines in the travel services trade USD3.1 billion to USD2.8 billion, because international
surplus (Chart 7). travellers visiting Indonesia were also less disposed to
11
spend. Nevertheless, the number of international private sector foreign loans also contributed to the
travellers visiting the Indonesian archipelago increased larger primary income account deficit in the reporting
from 2.8 million to 3.1 million over the same period. period (Chart 10).
Annually, the number of international travellers visiting billion USD
Indonesia climbed 16.4% (yoy) on the previous year in 0

-1
line with government efforts to promote tourism -2
-3
-4
-5
Most international travellers visiting Indonesia -6
-7
during the second quarter of 2017 originated from -8
-9
China, Singapore, and Malaysia, with Bali, Jakarta and -10
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
Batam recognised as the preferred destinations. 2010 2011 2012 2013 2014 2015 2016* 2017
Freight services, as the dominant contributor Direct Inv. Income Other Inv. Income
Portfolio Inv. Income Primary Income (net)
to the services trade deficit, remained * provisional figures; ** very provisional figures
comparatively stable. Net freight services payments Chart 10

Primary Income Account
stood at USD1.3 billion in the second quarter of 2017,
relatively stable on the previous period because the Secondary Income Balance
2.2% (qtq) increase recorded for non-oil and gas The secondary income account recorded a
import freight services was fully offset by the -19.0% USD1.1 billion surplus in the second quarter of 2017,
(qtq) contraction of oil and gas import freight relatively stable on the USD1.0 billion recorded last
payments (Chart 9). period, supported by a stable position of net personal
billion USD billion USD
0 0.0
(Chart 11).
Thousands
-5 Import Freight Import (RHS)

-0.5
-10 billion USD
-15 3.0
-1.0
-20 2.5
-25 -1.5
2.0
-30
-2.0 1.5
-35
1.0
-40
-2.5 0.5
-45
-50 -3.0 0.0
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
Q2**
-0.5
2010 2011 2012 2013 2014 2015 2016* 2017

-1.0
-1.5
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
Q2**
* provisional figures **very provisional figures
Chart 9 2010 2011 2012 2013 2014 2015 2016* 2017
Travel Services Payments Receipts Personal Transfers (net)
Primary Income Balance Chart 11

Personal Transfers
The primary income account recorded a USD8.5
billion deficit in the second quarter of 2017, up from In the reporting quarter, remittances received
USD7.8 billion in the previous period due to an increase from Indonesian migrant workers (TKI) totalled USD2.2
in payments on portfolio investment income in line billion. By country of origin, TKI located in the Asia-
with the bump in dividend payments. In addition, Pacific region were the main contributors to
increased payments on other investment income in line remittances, totalling USD1.3 billion, followed by the
with scheduled interest payments on government and Middle East and Africa at USD0.8 million.
12
At the end of the second quarter of 2017, a total surplus from USD8.0 billion in the first quarter of 2017.
of 3.5 million Indonesian residents were employed as An increase of domestic private asset placements
migrant workers abroad. Data from the National Board offshore contributed to the wider other investment
for the Placement and Protection of Overseas Workers deficit, as the banking industry anticipated a temporary
(BNP2TKI) indicated that 67.8% of Indonesian migrant spike in demand for foreign currency liquidity during
workers were placed in Asia-Pacific, dominated by the approach to Eid-ul-Fitr (Chart 13).
Malaysia, Taiwan, Hong Kong, and Singapore. billion USD
On the other hand, 31.6% of Indonesian migrant 20
15
workers were employed in the Middle East and Africa,
10
primarily in Saudi Arabia, United Arab Emirates, 5
Jordan, and Kuwait (Chart 12). 0
-5
Europe -10
America 0.2%
0.3% -15
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
Q1*
2010 2011 2012 2013 2014 2015 2016* 2017
Malaysia Other Invesment Portfolio Investment Direct Investment Cap & Financial Account
53.5%
Middle East & * provisional figures; ** very provisional figures
Africa Asia Pacific,
67.8%
31.6% Chart 13
Capital and Financial Account
Singapore
Other
Taiwan,
5.0%
3.0% Direct Investment
1.2% Brunei,
0.9%
South Korea
0.6%
Hongkong, Non-resident investors were attracted to direct
Source: BNP2TKI 3.8%
investment in Indonesia by the promising domestic
Chart 12
economic outlook and more conducive investment
Stock of Indonesian Migrant Workers in Q2/2017
climate. In the second quarter of 2017, direct
investment recorded a net inflow (surplus) totalling
CAPITAL AND FINANCIAL ACCOUNT
USD4.6 billion, up from USD2.8 billion in the first
The markets remained upbeat after Indonesia quarter of 2017 and USD3.3 billion in the second
achieved investment grade status from prime quarter of 2016. The increase primarily stemmed from
international rating agency, which triggered an influx the liability side (Chart 14).
of foreign capital flows into the country. In the second billion USD
15
quarter of 2017, the capital and financial account
10
recorded a USD5.9 billion surplus, supported by capital
5
inflows in the form of direct investment and portfolio
0
investment. Direct investment recorded a surplus
-5
totalling USD4.6 billion, up from USD2.8 billion in the
-10
previous quarter, while portfolio investment registered
-15
a USD7.4 billion surplus, increasing from USD6.6
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
Q1*
billion. On the other hand, the deficit of other 2010 2011 2012 2013 2014 2015 2016* 2017
Liabilities Asset Direct Investment (net)
investments soared from USD1.3 billion to USD6.2 * provisional figures; ** very provisional figures
billion, which eroded the capital and financial account Chart 14

Direct Investment 1
1
Direct investment in the fourth quarter of 2016 was dominated by the banking sector was originated from domestic funds (round-tripping
crossing transactions on banking sector shares on the domestic stock FDI), thus when foreign divestment occurred (outflow on the liability
exchange. The foreign direct investment (FDI) previously recorded in side), at the same time domestic investors also followed suit, divesting
13
On the asset side, however, the net outflow of Based on investment direction, the net inflow
direct investment from Indonesian residents abroad of foreign direct investment (FDI) to Indonesia
was relatively stable in the reporting period at USD0.3 increased significantly from USD3.0 billion in the first
billion but down from USD1.2 billion in the same quarter of 2017 and from USD3.6 billion one year ago
period one year earlier. to a level of USD5.8 billion in the second quarter of
On the liability side, direct investment recorded 2017.
a net inflow (surplus) of foreign capital totalling By sector, the manufacturing industry, trade
USD4.9 billion, up from USD3.1 billion in the previous sector, the agricultural, fisheries and forestry sector as
period. The non-oil and gas sector absorbed most of well as the financial sector attracted the most FDI
the inflow through several acquisitions of domestic inflow (Chart 15). Those four sectors absorbed 96.3%
firms by non-resident investors along with several of total FDI, amounting to USD5.6 billion. FDI to the
global bond issuances using offshore Special Purpose manufacturing industry was driven by inter-affiliate
Vehicles (SPV). Meanwhile, direct investment in the oil loans, while inflows to the trade and financial sectors
and gas sector maintained a net outflow, indicative of were attracted to stock acquisition activity of
subdued investment in the sector in line with the low Indonesian firms operating in those sectors during the
global oil price. reporting period.
Annually, direct investment inflow on the liability billion USD
side expanded at 9.8% (yoy) in the reporting period as 4,000 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16* Q2-16* Q3-16* Q4-16** Q1-17* Q2-17**
2,000
domestic investment activity accelerated, reflected by 0
5.35% (yoy) growth of Gross Fixed Capital Formation -2,000
(GFCF). -4,000
-6,000
The performance of direct investment liabilities in -8,000
the reporting period was corroborated by the Business -10,000
-12,000
Survey conducted by Bank Indonesia, which revealed
-14,000
Agriculture, Mining & Manufacturing Construction Financial Trade/Commerce Others (incl.
an upswing in business activity in the second quarter Fishery&Forestry Quarrying Intermediaries
(incl. Insurance)
Services,
Properties)
of 2017. Such developments were also confirmed by * angka sementara; ** angka sangat sementara
the results of the United Nations Conference on Trade Chart 15

FDI by Economic Sector 3
and Development (UNCTAD)2, which placed Indonesia
fourth as a prospective investment destination in 2017- Based on country of origin, ASEAN countries
2019, below the US, China, and India, improving from continued to dominate FDI inflows to Indonesia,
eighth place last year. The raising of Indonesia credit followed by Japan and countries in Europe,
rating to accounting for USD4.0 billion, USD1.0 billion and
international rating agency in May 2017 also buoyed USD0.7 billion respectively, totalling USD5.7 billion
the domestic investment climate. (Chart 16).
offshore entity owner of the bank stock (inflow on the asset side) of the 2
Published in the World Investment Report 2017 – UNCTAD, dated 7th
same value (Bank Indonesia, Balance of Payments Report, Q4-2016, June 2017.
page 15). 3
Bank Indonesia, op. cit.
14
billion USD
Portfolio Investment
5,000
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16* Q2-16* Q3-16* Q4-16** Q1-17** Q2-17**
3,000 Maintained economic growth and investor

1,000 confidence in the domestic economic outlook,
-1,000
on redit
-3,000
rating, attracted an influx of non-resident capital in the
-5,000
form of portfolio investment (on the liability side) to
-7,000
Indonesia, totalling USD7.7 billion in the second

-9,000
-11,000
quarter of 2017, rising slightly from USD7.6 billion in
-13,000 the previous quarter. Such developments were
Japan USA Europe Emerging Markets ASEAN Other
of Asia (incl. China)
explained by an increase in issuances of global bonds
Chart 16
FDI by Country of Origin 4 in the corporate sector for expansion and refinancing
purposes by exploiting lower interest rates.
FDI performance in the second quarter of 2017 Furthermore, the increase was also supported by a
was substantiated by FDI realisation data released surge of foreign capital inflows to long-term public
by the Indonesia Investment Coordinating Board sector debt instruments denominated in rupiah as well
(BKPM)5. BKPM data pointed to FDI realisation totalling as issuances of samurai bonds by the Government in
Rp109.9 trillion (equivalent to USD8.3 billion) in the May 2017.
second quarter of 2017, up 10.6% (yoy) on the Rp99.4 On the asset side, Indonesian residents booked
trillion (equivalent to USD7.5 billion) posted in the another net buy of foreign securities, with the outflow
same period one year earlier and up 13.3% (yoy) on decreasing, however, from USD1.0 billion last period
the Rp97.0 trillion (USD7.3 billion) registered in the to USD0.3 billion. Consequently, portfolio investment
first quarter of 2017. in the second quarter of 2017 recorded a net surplus
By sector, BKPM noted that FDI realisation in the of USD7.4 billion, up from USD6.6 billion in the
second quarter of 2017 was concentrated in the base previous period (Chart 17).
metals, metal products, machinery and electronics bilion USD
10
industry to the tune of USD1.1 billion (13.7% share of
8
total FDI), followed by the mining sector worth USD1.0 6
billion (12.2% share), the utilities sector (electricity, 4
2
gas, and water) with USD1.0 billion (12.0% share), and
0
the basic chemicals, chemical products, and -2
pharmaceutical industry with USD0.8 billion (9.7% -4
-6
share). By country of origin, however, FDI realisation
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
was dominated by Singapore, Japan, China, Hong 2010 2011 2012 2013 2014 2015 2016* 2017
Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net)

Kong, and South Korea, contributing USD1.6 billion, * provisional figures; ** very provisional figures
USD1.4 billion, USD1.3 billion, USD0.6 billion, and Chart 17

Portfolio Investment
USD0.5 billion respectively and accounting for 66.7%
of total foreign direct investment (FDI).
4
Bank Indonesia, op. cit. payments (BOP) covers data on capital flows received directly by FDI
5
FDI realisation data from BKPM includes the total value of realised companies from direct investors as well as offshore companies within
projects in one period but excludes investment in the oil and gas sector, the same group over a defined period and includes direct investment in
banking industry and other financial institutions as well as home all economic sectors.
industries. Meanwhile, FDI data recorded in the Indonesian balance of
15
During the second quarter of 2017, foreign (point-to-point). Congruently, non-resident investors
capital inflows to government debt instruments booked a net buy of stocks worth USD0.7 billion in the
primarily registered in rupiah-denominated reporting period, up slightly from USD0.6 billion
government debt securities (SUN) that increased from previously (Chart 19).
USD2.2 billion to USD3.4 billion. Congruently, the billion Rp JCI
25,000 6,000
position of foreign SUN holdings increased to around
20,000 5,500
USD54.7 billion (46.1% of the total) at the end of the 15,000 5,000
10,000 4,500
reporting period, climbing from USD51.3 billion 5,000 4,000
0 3,500
(44.5% of the total).
(5,000) 3,000
In the second quarter of 2017, non-resident (10,000) 2,500
(15,000) 2,000
investors also booked a net buy of Bank Indonesia (20,000) 1,500
Foreign Net Buy/Sell JCI (RHS)
Certificates (SBI) totaling USD0.1 billion, reducing (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
from USD0.4 billion in the previous quarter. 2010 2011 2012 2013 2014 2015 2016 2017
Consequently, the position of foreign SBI holdings Source: IDX
swelled to USD0.6 billion (20.4% of the total) at the Chart 19

Foreign Transactions on the IDX and JCI Developments
end of the second quarter of 2017 from USD0.5 billion
(9.1% share) last period (Chart 18). The Jakarta Composite Index (JCI) mirrored other
billion USD billion USD regional stock price indexes in Southeast Asia, which
60 1.8
1.6 also tracked an upward trend on the previous quarter.

50
1.4 Furthermore, stock prices on regional burses closed at
40 1.2
a higher level than at the end of the previous period
1.0
30
0.8 (Chart 20).
20 0.6 2010 = 100
0.4 290
10 Indonesia Malaysia Philippines Singapore Thailand
0.2 270
0 0.0 250
JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJ 230
2012 2013 2014 2015 2016 2017
210
SUN SBI (rhs) 190
Chart 18 170
Foreign Holdings of SBI and 150
Government Debt Securities (SUN) 130

110
In general, the net foreign capital inflow to public 90

J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ
sector debt instruments totalled USD4.5 billion in the 2012 2013 2014 2015 2016 2017
second quarter of 2017, down from USD6.4 billion in Source: CEIC (processed)
Chart 20
the previous period as non-resident investors released ASEAN Stock Index Developments
short-term debt instruments.
Meanwhile, the domestic stock market rally Stock market activity on the Indonesia Stock
persisted in the reporting period against a backdrop of Exchange was bolstered in the reporting period by 17
negative global sentiment linked to the US Federal additional new issuers of IPOs totalling Rp3.4 trillion
(equivalent to USD254.9 million), which bested
several regions. Accordingly, the Jakarta Composite realisation in the previous quarter, when just one new
Index (JCI) posted gains from 5,568.1 at the end of the issuer was active worth Rp0.3 trillion (equivalent to
first quarter of 2017 to close at a level of 5,829.7 USD23.1 million).
16
Consequently, the net inflow of portfolio placements in offshore deposits as the banking sector
investment (surplus) originated from the public and anticipated a temporary spike in demand for foreign
private sectors. The public sector recorded a net inflow currency during the approach to the Eid-ul-Fitr holidays
totalling USD4.5 billion, down from USD6.3 billion, (Chart 23).
while the private sector recorded a net inflow of billion USD
8
USD2.9 billion, up significantly from USD0.3 billion in
6
the previous period (Chart 21). 4
2
billion USD 0
10 -2
-4
8
-6
6 -8
4 -10
-12
2
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
Q1*
0
2010 2011 2012 2013 2014 2015 2016* 2017
-2 Other Assets Currency & Deposits Loans Other Investment - Assets
-4 * provisional figures; ** very provisional figures
-6 Chart 23
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
Q1*
Other Investment Assets of the Private Sector

2010 2011 2012 2013 2014 2015 2016* 2017
Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
* provisional figures; ** very provisional figures On the liability side, other investment
Chart 21 transactions in the private recorded a net inflow
Portfolio Investment by Institutional Sector
totalling USD1.2 billion in the second quarter of
Other Investments 2017, increasing significantly from USD0.4 billion on
the back of a net withdrawal of foreign loans. The
Other investment transactions in the second
private sector was more inclined to borrow, however,
quarter of 2017 registered a USD6.2 billion deficit,
commencing in the first quarter of 2017, after several
increasing from USD1.3 billion in the previous period
periods of net payments. The offshore loans originated
and from USD4.7 billion in the same period one year
primarily from creditors in Singapore, Hong Kong,
earlier. The wider deficit stemmed from domestic
Japan, the US, and the UK. In addition to the foreign
private placements in offshore deposits (Chart 22).
loans, liabilities in the form of trade credit and non-
billion USD
10 resident deposits held at domestic banks also recorded
8
6 surpluses (Chart 24).
4
2 billion USD
6
0
-2 5
-4 4
-6 3
-8 2
-10 1
-12 0
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
-1
2010 2011 2012 2013 2014 2015 2016* 2017 -2
Other Inv. - Liabilities Other. Inv - Assets Other Investment (net) -3
* provisional figures; ** very provisional figures -4
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
Q1*
Chart 22
2010 2011 2012 2013 2014 2015 2016* 2017
Other Investments Trade Credit Other liabilities Currency & Deposits
Loans Other Inv. - Liabilities
On the asset side, other investment transactions * provisional figures; ** very provisional figures
Chart 24
in the private sector posted a USD5.9 billion deficit in Other Investment Liabilities of the Private Sector
the reporting period, up from USD1.6 billion due to
17
Other investment liabilities in the public sector bilion USD
3
recorded a USD1.4 billion deficit in the second quarter
2
of 2017, up significantly on the previous period after
1
the government serviced foreign loan repayments as
0
scheduled (Chart 25).
-1
In the second quarter of 2017, government
-2
drawings on foreign loans reached USD0.3 billion,
-3
most of which (52%) was in the form of program loans
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
Q1*
and the remainder as project loans. Majority of the 2010 2011 2012 2013 2014 2015 2016* 2017
Repayments Drawings Loans (net)

government foreign loans were disbursed from the * provisional figures; ** very provisional figures
Governments of France, South Korea, China, and Chart 25

Public Sector Foreign Loans
Japan as well as international institutions, namely the
International Bank for Reconstruction and
Development (IBRD).
18
EXTERNAL SUSTAINABILITY INDICATORS
domestic economy, although the degree of economic

economy was well maintained throughout the second openness (ratio of accumulated exports and imports of
quarter of 2017, with most external sustainability goods and services to GDP) decreased relatively on the
indicators posting gains. The current account deficit to previous period because the economic gains exceeded
GDP ratio improved on the position one year earlier the corresponding increase in total international trade
after the current account deficit narrowed as the activity.
economy growing. Nevertheless, the ratio deteriorated Furthermore, all annual external debt ratios
on the previous period in line with seasonal trends. improved in the reporting period, evidencing greater
The ratio of net exports of goods and services to repayment capacity, particularly the ratio of external
GDP, on an annual basis, also demonstrated the debt to reserve assets.
e
Table 10
External Sustainability Indicators
2015 2016* 2017

INDICATORS
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1** Q2**
1)
Current Account / GDP (%) -2.02 -1.96 -1.96 -2.20 -2.03 -2.17 -2.25 -2.04 -0.79 -1.80 -0.98 -1.96
Exports - Imports of Goods and Services / GDP (%)1) 0.6 0.7 0.9 0.2 0.6 0.7 0.6 1.0 1.3 0.9 1.8 1.0
Exports + Imports of Goods and Services / GDP (%)1) 40.2 40.5 37.6 38.4 39.2 35.1 35.4 32.4 37.4 35.1 36.8 34.4
Total Foreign Debt Position / GDP (%)2) 33.5 34.5 34.9 36.1 36.1 36.7 37.2 36.2 34.1 34.1 34.2 34.2
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 5.8 5.9
Total Foreign Debt Position / Reserve Assets (%) 268.1 282.6 297.5 293.3 293.3 295.3 296.9 283.1 273.1 273.1 269.0 272.4
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 45.7 46.8
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
20
ALANCE OF PAYMENTS OUTLOOK
The balance of payments is expected to maintain Concerning the capital and financial account,
a significant surplus in 2017, supported by the global foreign capital inflows to domestic financial markets
economic recovery and promising domestic economic will be maintained as investors remain upbeat on the
outlook after international rating agency raised domestic economic outlook, which is expected to spur
Indonesia credit rating to investment grade. a significant capital and financial account surplus that
Regarding the current account, increasing world surpasses the current account deficit. Nonetheless,
trade volume in line with global economic recovery several global economic risks shall continue to demand
momentum and persistently high commodity prices are vigilance, particularly in the United States, including
expected to drive export performance. On the other
hand, ongoing government infrastructure projects will sheet, and fiscal policy uncertainty.
edge up goods imports, while exacerbating the Moving forward, Bank Indonesia will continue to
transportation services trade deficit. Nevertheless, this monitor the external and domestic risks that could
will be offset by a larger travel services trade surplus as affect BOP performance. Furthermore, Bank Indonesia
the number of international travellers visiting Indonesia believes that a prudent monetary and macroprudential
policy mix, together with tight policy coordination with
the Government to accelerate structural reforms and,
slower rising oil prices due to abundant supply and thus, improve the investment climate and create
relatively limited demand should curb further increases sustainable economic growth, will maintain BOP
in the oil and gas trade deficit. In general, the current performance.
account deficit is predicted to increase in 2017 but
remain within safe bounds.
21
22
Box 1
Changes in BOP Data from Q1/2017 Publication
There are several changes in this edition of the BOP Report to the data released in the first 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*
Old New Old New Old New Old New Old New Old New Old New
Current Account -17,519 -17,519 -4,659 -4,708 -5,147 -5,189 -5,003 -4,974 -2,099 -1,897 -16,909 -16,769 -2,397 -2,363
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 5,648 5,646
Services -8,697 -8,697 -1,122 -1,122 -2,384 -2,384 -1,530 -1,530 -2,007 -1,928 -7,043 -6,964 -1,349 -1,257
Primary Income -28,379 -28,379 -7,446 -7,439 -7,727 -7,755 -8,383 -8,343 -6,137 -6,148 -29,693 -29,685 -7,474 -7,769
Secondary Income 5,508 5,508 1,260 1,205 1,210 1,196 987 976 933 1,067 4,390 4,444 778 1,016
Capital & Financial Account 16,860 16,860 4,211 4,099 6,770 6,915 9,780 9,862 7,608 7,886 28,369 28,762 7,855 7,969
Direct Investment 10,704 10,704 2,871 2,786 3,262 3,331 6,549 6,519 3,338 3,308 16,020 15,943 2,501 2,755
Portfolio Investment 16,183 16,183 4,438 4,438 8,277 8,304 6,544 6,563 -313 -309 18,946 18,995 6,473 6,571
Financial Derivative 20 20 -22 -22 -25 -25 -28 -28 66 66 -9 -9 -72 -72
Other Investment -10,064 -10,064 -3,077 -3,104 -4,749 -4,700 -3,290 -3,198 4,506 4,793 -6,610 -6,209 -1,048 -1,285
* provisional figures
Services Transactions the changes in the fourth quarter of 2016 and first quarter of 2017 stem from
updates to the Foreign Exchange Flow Report (LLD).
Primary Income Transactions the changes to primary income transaction data since 2016 are the result of
a refined estimation method for direct investment income data.
Secondary Income Transactions the changes to secondary income transaction data in 2016 and the first
quarter of 2017 stem from updated information in the estimation of Indo
remittances, specifically professional TKI.
Direct Investment Transactions - the changes to direct investment data in 2016 and the first quarter of
2017 relate to a refined estimation method for direct investment income data as well as updates to external
debt data and the Foreign Exchange Flow Report (LLD).
Portfolio Investment Transactions - the changes to portfolio investment data from the second to fourth
quarters of 2016 and first quarter of 2017 stem from updates to external debt data and the Foreign Exchange
Flow Report (LLD).
Other Investment Transactions - the changes to other investment data in 2016 and the first quarter of 2017
stem from updates to external debt data and the Foreign Exchange Flow Report (LLD).
23
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
26
TABLE 1
SUMMARY
(millions of USD)
August, 2017
ITEMS 2015 2016* 2017

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1* Q2**
I. Current Account -4,314 -4,279 -4,224 -4,703 -17,519 -4,708 -5,189 -4,974 -1,897 -16,769 -2,363 -4,963
A. Goods 3,198 4,371 4,248 2,232 14,049 2,648 3,753 3,923 5,112 15,437 5,646 4,788
- Exports 37,962 39,931 36,192 35,038 149,124 33,039 36,285 34,891 40,229 144,445 40,760 39,157
- Imports -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,533 -30,967 -35,117 -129,008 -35,114 -34,369
1. General Merchandise 2,826 4,056 4,154 2,283 13,319 2,340 3,521 3,706 5,282 14,849 5,481 4,528
- Exports 37,586 39,612 35,835 34,692 147,725 32,687 35,980 34,554 39,843 143,064 40,436 38,801
- Imports -34,760 -35,557 -31,680 -32,409 -134,406 -30,347 -32,460 -30,848 -34,561 -128,215 -34,954 -34,273
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 7,662 6,068
- Exports 33,068 34,722 32,038 30,713 130,541 29,836 32,752 31,292 36,293 130,173 36,480 35,376
- Imports -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,793 -26,250 -29,892 -110,527 -28,817 -29,309
b. Oil and Gas -1,121 -1,876 -2,004 -702 -5,703 -904 -1,438 -1,336 -1,119 -4,797 -2,181 -1,539
- Exports 4,518 4,890 3,797 3,979 17,184 2,851 3,228 3,262 3,550 12,891 3,956 3,425
- Imports -5,638 -6,767 -5,801 -4,681 -22,887 -3,755 -4,667 -4,597 -4,669 -17,688 -6,137 -4,964
2. Other Goods 372 315 94 -51 730 308 232 217 -170 588 165 260
- Exports 376 319 358 346 1,400 352 305 337 387 1,381 324 356
- Imports -4 -4 -264 -398 -670 -44 -73 -120 -556 -793 -159 -96
B. Services -1,823 -2,829 -2,293 -1,752 -8,697 -1,122 -2,384 -1,530 -1,928 -6,964 -1,257 -2,309
- Exports 5,574 5,087 5,408 6,152 22,221 5,775 5,324 5,864 6,405 23,367 5,893 5,648
- Imports -7,397 -7,915 -7,701 -7,904 -30,918 -6,897 -7,708 -7,394 -8,333 -30,331 -7,150 -7,956
C. Primary Income -7,116 -7,246 -7,452 -6,565 -28,379 -7,439 -7,755 -8,343 -6,148 -29,685 -7,769 -8,538
- Receipts 468 722 705 926 2,822 711 826 1,203 1,268 4,008 1,344 1,446
- Payments -7,584 -7,969 -8,157 -7,491 -31,201 -8,150 -8,581 -9,546 -7,416 -33,694 -9,113 -9,984
D. Secondary Income 1,428 1,426 1,273 1,382 5,508 1,205 1,196 976 1,067 4,444 1,016 1,095
- Receipts 2,521 2,645 2,540 2,655 10,362 2,444 2,536 2,368 2,467 9,815 2,344 2,472
- Payments -1,094 -1,220 -1,267 -1,273 -4,853 -1,240 -1,340 -1,392 -1,400 -5,371 -1,328 -1,377
II. Capital Account 1 0 2 14 17 1 5 6 29 41 0 5
- Receipts 1 0 2 14 17 1 5 6 29 41 0 5
- Payments 0 0 0 0 0 0 0 0 0 0 0 0
III. Financial Account 5,611 1,998 60 9,174 16,843 4,098 6,909 9,856 7,858 28,721 7,969 5,857
- Assets -8,294 -9,155 -3,708 -332 -21,489 -831 -4,550 3,078 19,718 17,415 -2,828 -6,462
- Liabilities 13,905 11,154 3,768 9,506 38,332 4,929 11,459 6,778 -11,861 11,306 10,797 12,319
1. Direct Investment 2,319 3,982 1,608 2,795 10,704 2,786 3,331 6,519 3,308 15,943 2,755 4,575
a. Assets -3,392 -3,276 -1,266 -1,141 -9,075 -370 -1,155 457 12,869 11,801 -394 -348
b. Liabilities 5,712 7,258 2,873 3,936 19,779 3,156 4,486 6,062 -9,562 4,142 3,149 4,923
2. Portfolio Investment 8,509 5,528 -2,188 4,333 16,183 4,438 8,304 6,563 -309 18,995 6,571 7,422
a. Assets 24 -737 -683 127 -1,268 -167 402 1,938 46 2,218 -983 -313
b. Liabilities 8,484 6,266 -1,505 4,206 17,451 4,605 7,902 4,625 -355 16,777 7,554 7,735
- Public Sector 2) 6,942 3,808 908 5,728 17,386 4,919 7,213 3,211 1,492 16,835 6,437 4,525
- Private Sector 3) 1,542 2,457 -2,413 -1,522 65 -314 689 1,414 -1,847 -57 1,118 3,210
3. Financial Derivatives 93 -3 231 -301 20 -22 -25 -28 66 -9 -72 25
4. Other Investment -5,310 -7,510 409 2,346 -10,064 -3,104 -4,700 -3,198 4,793 -6,209 -1,285 -6,164
a. Assets -5,131 -5,371 -1,955 645 -11,812 -570 -3,967 523 6,802 2,788 -1,636 -5,924
b. Liabilities -179 -2,138 2,364 1,702 1,748 -2,534 -733 -3,721 -2,009 -8,996 351 -240
- Public Sector 2) -1,144 -1,366 1,665 656 -190 -119 -1,599 -1,242 -319 -3,279 -52 -1,413
3)
- Private Sector 964 -772 700 1,046 1,938 -2,414 866 -2,479 -1,690 -5,718 403 1,173
IV. Total (I + II + III) 1,298 -2,280 -4,162 4,485 -659 -610 1,725 4,888 5,989 11,993 5,606 899
V. Net Error and Omissions 5 -645 -404 605 -439 323 437 820 -1,484 96 -1,092 -161
VI. Overall Balance (IV + V) 1,303 -2,925 -4,565 5,089 -1,098 -287 2,162 5,708 4,505 12,089 4,514 739
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 -739
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 -739
B. Credit and Loans with IMF 0 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 0
Memorandum:
- Reserve Assets Position 111,554 108,030 101,720 105,931 105,931 107,543 109,789 115,671 116,362 116,362 121,806 123,094
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 8.6
- Current Account (% GDP) -2.02 -1.96 -1.96 -2.20 -2.03 -2.17 -2.25 -2.04 -0.79 -1.80 -0.98 -1.96
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)
August, 2017
ITEMS 2015 2016* 2017

1)
Goods 3,198 4,371 4,248 2,232 14,049 2,648 3,753 3,923 5,112 15,437 5,646 4,788
- Exports 37,962 39,931 36,192 35,038 149,124 33,039 36,285 34,891 40,229 144,445 40,760 39,157
- Imports -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,533 -30,967 -35,117 -129,008 -35,114 -34,369
A. General merchandise 2,826 4,056 4,154 2,283 13,319 2,340 3,521 3,706 5,282 14,849 5,481 4,528
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 7,662 6,068
a. Exports 33,068 34,722 32,038 30,713 130,541 29,836 32,752 31,292 36,293 130,173 36,480 35,376
b. Imports -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,793 -26,250 -29,892 -110,527 -28,817 -29,309
2. Oil -3,184 -3,658 -3,521 -2,743 -13,106 -2,030 -2,463 -2,621 -2,566 -9,680 -3,486 -2,902
a. Exports 1,927 2,611 1,786 1,510 7,833 1,221 1,816 1,631 1,600 6,267 1,962 1,548
b. Imports -5,111 -6,268 -5,307 -4,253 -20,938 -3,250 -4,279 -4,252 -4,166 -15,947 -5,448 -4,450
3. Gas 2,063 1,781 1,517 2,041 7,402 1,126 1,025 1,286 1,447 4,883 1,305 1,363
a. Exports 2,591 2,280 2,011 2,469 9,351 1,631 1,413 1,631 1,950 6,624 1,994 1,876
b. Imports -528 -498 -494 -429 -1,949 -505 -388 -345 -503 -1,741 -689 -514
B. Other goods 372 315 94 -51 730 308 232 217 -170 588 165 260
o/w Nonmonetary gold 372 315 94 -51 730 308 232 217 -170 588 165 260
a. Exports 376 319 358 346 1,400 352 305 337 387 1,381 324 356
b. Imports -4 -4 -264 -398 -670 -44 -73 -120 -556 -793 -159 -96
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 40,760 39,157
- Non-oil and gas 33,445 35,041 32,395 31,059 131,941 30,188 33,057 31,629 36,680 131,554 36,804 35,732
- Oil and gas 4,518 4,890 3,797 3,979 17,184 2,851 3,228 3,262 3,550 12,891 3,956 3,425
b. Total imports (fob) -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,533 -30,967 -35,117 -129,008 -35,114 -34,369
- Non-oil and gas -29,126 -28,794 -26,144 -28,125 -112,189 -26,636 -27,866 -26,370 -30,448 -111,320 -28,977 -29,405
- 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 -4,964
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 7.9
- 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 8.1
- Oil and gas -40.5 -34.9 -47.7 -37.7 -40.2 -36.9 -34.0 -14.1 -10.8 -25.0 38.7 6.1
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 5.6
- 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 5.5
- 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 6.4
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 45.8
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 0.803
Notes:
1)
In terms of free on board (fob)
28
TABLE 3
CURRENT ACCOUNT
SERVICES
(millions of USD)
August, 2017
2015 2016* 2017

ITEMS
Services -1,823 -2,829 -2,293 -1,752 -8,697 -1,122 -2,384 -1,530 -1,928 -6,964 -1,257 -2,309
- Exports 5,574 5,087 5,408 6,152 22,221 5,775 5,324 5,864 6,405 23,367 5,893 5,648
- Imports -7,397 -7,915 -7,701 -7,904 -30,918 -6,897 -7,708 -7,394 -8,333 -30,331 -7,150 -7,956
A. Manufacturing services 80 95 101 79 356 83 89 94 84 351 90 86
- Exports 80 95 101 79 356 83 89 94 84 351 90 86
- Imports 0 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 -82 -53
- Exports 43 87 76 77 284 91 88 99 133 411 101 93
- Imports -131 -159 -166 -168 -624 -204 -158 -207 -194 -763 -183 -146
C. Transport -1,520 -1,638 -1,612 -1,375 -6,146 -1,210 -1,375 -1,355 -1,724 -5,665 -1,384 -1,543
- Exports 814 838 785 1,019 3,456 887 947 917 821 3,573 832 846
- Imports -2,335 -2,476 -2,396 -2,395 -9,602 -2,098 -2,323 -2,272 -2,545 -9,238 -2,217 -2,389
a. Passenger -141 -294 -373 -406 -1,215 -141 -251 -313 -427 -1,133 -108 -224
- Exports 334 323 325 311 1,293 333 317 387 324 1,361 381 443
- Imports -476 -618 -698 -717 -2,508 -474 -568 -701 -752 -2,494 -489 -667
b. Freight -1,367 -1,371 -1,299 -1,168 -5,204 -1,087 -1,034 -984 -1,276 -4,381 -1,254 -1,283
- Exports 354 364 289 398 1,406 412 496 402 366 1,676 330 267
- Imports -1,721 -1,734 -1,588 -1,566 -6,610 -1,499 -1,531 -1,386 -1,642 -6,057 -1,584 -1,551
c. Other -12 27 60 198 273 18 -90 -58 -21 -151 -23 -35
- Exports 126 151 171 310 758 143 134 128 131 536 121 136
- Imports -138 -124 -111 -112 -484 -125 -224 -186 -152 -687 -144 -172
D. Travel 1,059 609 827 974 3,469 1,089 595 1,013 991 3,688 1,405 828
- Exports 2,756 2,292 2,796 2,916 10,761 2,722 2,364 3,082 3,070 11,238 3,138 2,823
- Imports -1,698 -1,683 -1,969 -1,942 -7,292 -1,633 -1,769 -2,068 -2,079 -7,549 -1,732 -1,995
E. Construction -5 -29 -78 38 -74 38 16 12 43 110 14 34
- Exports 117 84 101 77 379 70 55 43 75 243 51 128
- Imports -122 -113 -178 -39 -453 -31 -39 -31 -33 -133 -36 -94
F. Insurance and pension services -213 -312 -200 -164 -888 -145 -186 -153 -205 -689 -157 -129
- Exports 5 9 12 29 54 5 9 11 28 53 5 8
- Imports -218 -321 -212 -193 -942 -150 -195 -164 -233 -741 -162 -137
G. Financial services -121 -157 -87 -132 -497 -185 -110 -111 -178 -584 -148 -64
- Exports 45 53 83 67 248 71 94 89 78 332 110 113
- Imports -166 -210 -170 -199 -744 -257 -203 -200 -256 -916 -257 -177
H. Charges for the use of intellectual property -328 -463 -292 -518 -1,601 -358 -635 -319 -374 -1,686 -389 -619
- Exports 13 17 7 15 52 13 10 8 15 47 9 18
- Imports -340 -479 -299 -534 -1,653 -371 -645 -327 -389 -1,732 -399 -638
I. Telecommunications, computer, and information services -193 -233 -212 -182 -820 -205 -467 -200 -302 -1,173 -366 -470
- Exports 281 204 180 306 971 194 226 224 327 971 167 187
- Imports -474 -437 -392 -488 -1,791 -398 -693 -424 -629 -2,144 -533 -657
J. Other business services -617 -734 -775 -544 -2,670 -275 -423 -600 -333 -1,631 -410 -560
- Exports 1,230 1,200 1,099 1,388 4,917 1,454 1,236 1,089 1,604 5,382 1,191 1,130
- Imports -1,847 -1,934 -1,874 -1,932 -7,587 -1,729 -1,658 -1,689 -1,937 -7,013 -1,601 -1,690
K. Personal, cultural, and recreational services -12 22 15 20 45 0 11 15 10 37 11 11
- Exports 26 32 22 31 111 16 25 26 23 90 25 27
- Imports -38 -11 -7 -11 -67 -16 -14 -11 -12 -53 -14 -16
L. Government goods and services 135 83 109 142 469 158 172 180 119 630 159 169
- Exports 163 176 146 147 632 169 182 182 146 678 174 188
- Imports -28 -93 -37 -5 -163 -11 -9 -2 -26 -48 -15 -19
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 2,829 2,969
- Outbound 2,040 2,051 2,228 2,026 8,345 2,068 2,075 2,184 2,182 8,509 2,195 2,304
29
TABLE 4
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
August, 2017
2015 2016* 2017

ITEMS
Primary Income -7,116 -7,246 -7,452 -6,565 -28,379 -7,439 -7,755 -8,343 -6,148 -29,685 -7,769 -8,538
- Receipts 468 722 705 926 2,822 711 826 1,203 1,268 4,008 1,344 1,446
- Payments -7,584 -7,969 -8,157 -7,491 -31,201 -8,150 -8,581 -9,546 -7,416 -33,694 -9,113 -9,984
A. Compensation of employees -316 -322 -356 -367 -1,361 -360 -367 -407 -419 -1,553 -366 -334
- Receipts 53 61 49 50 213 55 63 50 51 219 57 65
- Payments -370 -383 -405 -416 -1,574 -415 -430 -457 -470 -1,772 -423 -399
B. Investment income -6,800 -6,924 -7,095 -6,198 -27,018 -7,079 -7,387 -7,936 -5,730 -28,132 -7,403 -8,203
- Receipts 414 661 657 877 2,609 656 763 1,153 1,217 3,789 1,287 1,381
- Payments -7,214 -7,586 -7,752 -7,075 -29,627 -7,735 -8,150 -9,089 -6,947 -31,921 -8,690 -9,585
a. Direct investment income -4,430 -4,570 -4,888 -4,616 -18,504 -4,441 -4,302 -4,974 -3,908 -17,626 -4,949 -4,904
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 -4,654 -4,668
- Receipts 23 23 9 17 72 196 199 403 302 1,101 453 516
- Payments -4,153 -4,331 -4,442 -4,227 -17,153 -4,322 -4,287 -5,045 -4,003 -17,658 -5,107 -5,184
2) Income on debt (interest) -300 -263 -455 -406 -1,423 -315 -214 -332 -208 -1,068 -296 -236
- Receipts 8 2 4 2 16 2 0 33 5 40 1 1
- Payments -308 -265 -458 -409 -1,440 -317 -214 -364 -213 -1,108 -297 -237
b. Portfolio investment income -1,925 -1,757 -1,856 -922 -6,460 -2,203 -2,405 -2,587 -1,129 -8,324 -2,108 -2,625
1) Income on equity capital -217 -977 -367 -375 -1,936 -200 -1,362 -206 -150 -1,919 -181 -1,557
- Receipts 58 88 38 98 283 56 147 306 319 828 115 99
- Payments -275 -1,065 -405 -474 -2,219 -256 -1,510 -512 -469 -2,747 -296 -1,656
2) Income on debt (interest) -1,709 -780 -1,489 -547 -4,525 -2,003 -1,043 -2,381 -979 -6,406 -1,927 -1,068
- Receipts 212 432 517 651 1,812 245 249 241 392 1,126 528 544
- Payments -1,921 -1,212 -2,006 -1,198 -6,337 -2,248 -1,292 -2,622 -1,370 -7,532 -2,456 -1,611
c. Other investment income -445 -597 -352 -660 -2,053 -435 -680 -375 -692 -2,182 -346 -674
- Receipts 113 115 89 108 426 157 167 171 199 694 189 222
- Payments -558 -712 -441 -768 -2,479 -592 -847 -546 -892 -2,877 -535 -896
30
TABLE 5
CURRENT ACCOUNT
SECONDARY INCOME
(millions of USD)
August, 2017
2015 2016* 2017

ITEMS
Secondary Income 1,428 1,426 1,273 1,382 5,508 1,205 1,196 976 1,067 4,444 1,016 1,095
- Receipts 2,521 2,645 2,540 2,655 10,362 2,444 2,536 2,368 2,467 9,815 2,344 2,472
- Payments -1,094 -1,220 -1,267 -1,273 -4,853 -1,240 -1,340 -1,392 -1,400 -5,371 -1,328 -1,377
A. General government 8 2 15 124 149 6 49 52 258 365 -1 42
- Receipts 8 3 15 124 150 6 49 53 258 366 1 43
- Payments 0 -1 0 0 -1 0 0 -1 0 -1 -2 0
B. Other sectors 1,419 1,424 1,258 1,258 5,360 1,199 1,147 925 809 4,079 1,017 1,053
1. Personal transfers 1,614 1,642 1,605 1,553 6,415 1,491 1,386 1,295 1,121 5,294 1,340 1,325
- Receipts 2,336 2,390 2,356 2,366 9,447 2,267 2,226 2,142 2,038 8,672 2,165 2,161
- Payments -721 -747 -750 -812 -3,031 -775 -840 -847 -916 -3,378 -825 -835
2. Other current transfers -195 -218 -347 -295 -1,056 -292 -239 -370 -313 -1,214 -323 -273
- Receipts 177 253 169 166 765 172 261 174 171 778 178 269
- Payments -372 -471 -516 -461 -1,821 -464 -500 -544 -484 -1,992 -501 -541
Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3,893 3,837 3,755 3,686 3,686 3,678 3,630 3,553 3,509 3,509 3,482 3,459
- Number of foreign migrant worker/TKA (thousands of people) 77 79 83 86 86 83 89 93 97 97 80 91
TABLE 6
FINANCIAL ACCOUNT
DIRECT INVESTMENT
(millions of USD)
August, 2017
2015 2016* 2017

ITEMS
Direct Investment 2,319 3,982 1,608 2,795 10,704 2,786 3,331 6,519 3,308 15,943 2,755 4,575
A. Assets -3,392 -3,276 -1,266 -1,141 -9,075 -370 -1,155 457 12,869 11,801 -394 -348
1. Equity capital -2,648 -2,368 -1,525 -1,457 -7,998 -659 -1,528 -53 13,134 10,894 -455 -494
2. Debt instuments -744 -908 260 316 -1,076 289 373 511 -265 907 61 146
B. Liabilities 5,712 7,258 2,873 3,936 19,779 3,156 4,486 6,062 -9,562 4,142 3,149 4,923
1. Equity capital 4,941 4,802 4,184 4,895 18,822 3,533 5,247 4,428 -8,640 4,568 3,040 4,489
2. Debt instuments 770 2,456 -1,310 -959 957 -376 -761 1,633 -922 -426 109 434
a. Inflow 21,195 22,515 18,139 13,739 75,588 12,034 13,177 13,134 11,970 50,315 11,222 10,861
b. Outflow -20,425 -20,059 -19,449 -14,698 -74,631 -12,410 -13,939 -11,501 -12,892 -50,742 -11,113 -10,426
Memorandum:
Direct investment based on directional principle 2,319 3,982 1,608 2,795 10,704 2,786 3,331 6,519 3,308 15,943 2,755 4,575
A. Direct investment abroad -2,098 -1,122 -2,178 -539 -5,937 56 -263 1,578 11,052 12,423 -276 -1,211
1. Equity capital -1,534 -1,431 -766 -506 -4,237 -192 -601 -60 13,129 12,277 -463 -512
2. Debt instruments -564 308 -1,411 -33 -1,700 248 338 1,638 -2,077 146 188 -699
B. Direct investment in Indonesia 4,417 5,105 3,785 3,334 16,641 2,730 3,593 4,941 -7,744 3,521 3,030 5,786
1. Equity capital 3,828 3,864 3,424 3,944 15,060 3,065 4,320 4,435 -8,634 3,186 3,048 4,506
2. Debt instruments 589 1,240 361 -610 1,581 -335 -726 506 890 335 -18 1,280
31
TABLE 7
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)
August, 2017
2015 2016* 2017

ITEMS
Portfolio Investment 8,509 5,528 -2,188 4,333 16,183 4,438 8,304 6,563 -309 18,995 6,571 7,422
A. Assets 24 -737 -683 127 -1,268 -167 402 1,938 46 2,218 -983 -313
1. Public Sector 713 -13 -180 -128 392 174 -53 1,579 96 1,795 -123 18
a. Equity capital 0 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 18
2. Private Sector -689 -724 -503 255 -1,660 -341 455 359 -50 423 -860 -331
a. Equity capital -258 -317 -180 -2 -758 -146 -118 269 -215 -210 -370 -226
b. Debt securities -431 -406 -323 257 -903 -195 573 90 164 633 -490 -105
B. Liabilities 8,484 6,266 -1,505 4,206 17,451 4,605 7,902 4,625 -355 16,777 7,554 7,735
1. Public Sector 6,942 3,808 908 5,728 17,386 4,919 7,213 3,211 1,492 16,835 6,437 4,525
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 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 4,525
1) Central bank -125 182 -194 2 -135 68 248 86 -287 114 396 66
2) Government 7,067 3,627 1,102 5,725 17,521 4,851 6,965 3,125 1,779 16,720 6,040 4,459
a) Short term 296 51 -417 32 -38 -172 176 124 -572 -444 1,731 2
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 4,458
2. Private Sector 1,542 2,457 -2,413 -1,522 65 -314 689 1,414 -1,847 -57 1,118 3,210
a. Equity capital 437 -88 -1,200 -696 -1,547 314 667 1,637 -1,299 1,319 626 677
b. Debt securities 1,105 2,546 -1,213 -826 1,612 -628 23 -223 -548 -1,376 492 2,533
1) Short term -217 271 -1,154 -1,235 -2,335 -480 35 -89 242 -291 -29 583
2) Long term 1,322 2,275 -59 409 3,947 -148 -12 -135 -790 -1,085 521 1,950
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 4,459
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 3,558
2. Denominated in foreign currency 3,660 1,100 2,093 3,150 10,003 1,350 4,103 0 3,221 8,673 1,735 901
Notes:
N/A : Not Applicable
32
TABLE 8
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)
August, 2017
2015 2016* 2017

ITEMS
Other Investment -5,310 -7,510 409 2,346 -10,064 -3,104 -4,700 -3,198 4,793 -6,209 -1,285 -6,164
A. Assets -5,131 -5,371 -1,955 645 -11,812 -570 -3,967 523 6,802 2,788 -1,636 -5,924
1. Public Sector 0 0 0 0 0 0 -269 0 0 -269 0 0
2. Private Sector -5,131 -5,371 -1,955 645 -11,812 -570 -3,698 523 6,802 3,056 -1,636 -5,924
a. Currency and deposits -4,237 -3,073 -646 544 -7,411 -1,372 -1,912 836 6,724 4,276 -393 -2,807
b. Loans -168 -443 -325 -99 -1,034 329 -719 -320 233 -477 -833 -1,242
c. Trade credit and advances -573 -1,433 -436 210 -2,232 118 -723 73 -194 -726 -237 -57
d. Other assets -153 -422 -549 -10 -1,134 355 -344 -66 38 -17 -173 -1,817
B. Liabilities -179 -2,138 2,364 1,702 1,748 -2,534 -733 -3,721 -2,009 -8,996 351 -240
1. Public Sector -1,144 -1,366 1,665 656 -190 -119 -1,599 -1,242 -319 -3,279 -52 -1,413
a. Currency and deposits 0 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 -1,395
1) Central bank 1) 0 -9 0 -24 -33 0 -24 0 -24 -48 0 0
a) Drawings 0 0 0 0 0 0 0 0 0 0 0 0
b) Repayments 0 -9 0 -24 -33 0 -24 0 -24 -48 0 0
2) Government -431 -1,371 1,485 552 235 54 -1,628 337 -199 -1,436 -175 -1,395
a) Drawings 237 382 2,134 2,386 5,139 778 412 1,046 1,473 3,709 531 320
(1) Program 0 74 2,000 1,817 3,891 529 148 900 1,070 2,648 400 168
(2) Project 237 308 134 569 1,248 249 264 146 403 1,061 131 153
(3) Other 0 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 -1,715
c. Other liabilities -713 13 180 128 -392 -174 53 -1,579 -96 -1,795 123 -18
2. Private Sector 964 -772 700 1,046 1,938 -2,414 866 -2,479 -1,690 -5,718 403 1,173
a. Currency and deposits -70 120 531 187 768 -820 1,056 -34 -673 -471 -137 86
b. Loans 963 -823 -589 1,332 883 -1,775 -701 -2,691 -895 -6,061 87 718
1) Drawings 7,973 7,381 5,608 9,410 30,372 3,545 5,574 4,108 6,423 19,651 5,231 4,909
2) Repayments -7,010 -8,204 -6,197 -8,077 -29,489 -5,320 -6,275 -6,799 -7,318 -25,712 -5,144 -4,191
c. Trade credit and advances -36 3 655 -220 401 148 559 275 27 1,008 254 361
d. Other liabilities 108 -72 104 -253 -114 33 -49 -29 -148 -193 198 9
Notes:
1)
Excludes credit and loans with IMF
33

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May 2017

Goods Trade Balance 4

Non-oil & Gas Trade Balance 4

Oil & Gas Trade Balance 10

Services Trade Balance 11

Primary Income Balance 12

Secondary Income Balance 12

CAPITAL AND FINANCIAL ACCOUNT 13

EXTERNAL SUSTAINABILITY INDICATORS 19

ALANCE OF PAYMENTS OUTLOOK 21

BOX 1: CHANGES IN BOP FIGURES

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

Chart 4 Non-oil and Gas Export Growth 5 Chart 17 Portfolio Investment 15

Chart 7 Services Trade Balance 11 Chart 20 ASEAN Stock Index Developments 16

Chart 8 Freight Services Payments 11 Chart 21 Portfolio Investment by Institutional Sectors 17

Chart 9 Travel Services 12 Chart 22 Other Investments 17

Chart 13 Capital and Financial Account 13

increasing from USD2.4 (0.98% of GDP) in the

5 90 billion (2.25% of GDP) reported in the same period one

account surplus stood at USD5.9 billion (2.32% of

and gas trade surplus from USD5.2 billion surplus in

Secondary Inc. Primary Inc.

trade surplus declined compared to conditions in the 50 12

deficit. In contrast, the oil and gas trade balance

manufacturing products, accompanied by more limited 2015 2016* 2017

Shares (%) Growth (% yoy)

Shares (%) Growth (%, yoy)

Pertumbuhan (%, yoy)

Malaysia along with slower export growth to China. In (Table 4).

affected most destination countries, namely the Capital Goods

TOTAL IMPORTS 100.0

by a 6.9% (qtq) drop in LNG exports and a 1.4% (qtq) -1

export volume (Table 9). Imports Exports Travel (net)

reporting period were less inclined to spend, however,

Indonesia climbed 16.4% (yoy) on the previous year in 0

comparatively stable. Net freight services payments Chart 10

-5 Import Freight Import (RHS)

2010 2011 2012 2013 2014 2015 2016* 2017

* provisional figures **very provisional figures

Chart 9 2010 2011 2012 2013 2014 2015 2016* 2017

Travel Services Payments Receipts Personal Transfers (net)

* provisional figures; ** very provisional figures

Primary Income Balance Chart 11

On the other hand, 31.6% of Indonesian migrant 20

Jordan, and Kuwait (Chart 12). 0

billion, which eroded the capital and financial account Chart 14

domestic investment activity accelerated, reflected by 0

5.35% (yoy) growth of Gross Fixed Capital Formation -2,000

The performance of direct investment liabilities in -8,000

the reporting period was corroborated by the Business -10,000

the results of the United Nations Conference on Trade Chart 15

3,000 Maintained economic growth and investor

Indonesia, totalling USD7.7 billion in the second

billion (12.2% share), the utilities sector (electricity, 4

pharmaceutical industry with USD0.8 billion (9.7% -4

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

USD1.4 billion, USD1.3 billion, USD0.6 billion, and Chart 17

Consequently, the position of foreign SBI holdings Source: IDX

swelled to USD0.6 billion (20.4% of the total) at the Chart 19

1.6 also tracked an upward trend on the previous quarter.

Foreign Holdings of SBI and 150

Government Debt Securities (SUN) 130