balance of payments report - bank indonesia · balance of payments (bop) surplus increased...

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SinidaftaKan?

kang

BALANCE OF PAYMENTS

REPORT

Third Quarter 2016

November 2016

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Contact Address:

Balance of Payments and Statistics Development Group

Department of Statistics

Bank Indonesia

Sjafruddin Prawiranegara Tower, 15th Floor

Jl. M.H. Thamrin No. 2

Jakarta 10350

Phone : +62 21 29816688

Fax : +62 21 3501935

E-mail : [email protected]

Website : www.bi.go.id

mailto:[email protected]

http://www.bi.go.id/

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BALANCE OF PAYMENTS

REPORT

Third Quarter 2016

November 2016

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This Page is Intentionally Left Blank

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SUMMARY

Q3/2016

1

3

CURRENT ACCOUNT 3

Goods Trade Balance 4

Non-oil & Gas Trade Balance 4

Oil & Gas Trade Balance 9

Services Trade Balance 11

Primary Income Balance 11

Secondary Income Balance 12

CAPITAL AND FINANCIAL ACCOUNT 12

Direct Investment 13

Portfolio Investment 14

Other Investment 16

EXTERNAL SUSTAINABILITY INDICATORS 19

ALANCE OF PAYMENTS OUTLOOK 21

BOX 1: CHANGES IN BOP FIGURES

FROM Q2/2016 PUBLICATION 23

APPENDICES 25

LIST OF CONTENTS

Transaksi Berjalan

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LIST OF TABLES

Page

Page

Table 1 Non-Oil and Gas Exports by Commodity Group

(based on SITC)

5

Table 6 Non-Oil and Gas Imports (c.i.f) by Major Country

of Origin

9

Table 2 Non-Oil and Gas Exports by Major Destination

Country

5

Table 7 Oil Exports 10

Table 3 Exports of Major Non-Oil and Gas Commodities

(based on HS)

8

Table 8 Oil Imports (f.o.b) 10

Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity

Group

8

Table 9 Gas Exports 10

Table 5 Imports (c.i.f) of Major Non-Oil and Gas

Commodities

9

Table 10 External Sustainability Indicators 19

LIST OF CHARTS

Page

Page

Chart 1 3

Chart 14 Direct Investment 13

Chart 2 Current Account 4

Chart 15 FDI by Economic Sector 13

Chart 3 Non-oil and Gas Trade Balance 4

Chart 16 FDI by Country of Origin 14

Chart 4 Non-oil and Gas Export Growth 4

Chart 17 Portfolio Investment 15

Chart 5 Oil & Gas Trade Balance 10

Chart 18 Foreign Holdings of SBI and SUN 15

Chart 6 International Oil Prices 10

Chart 19 Foreign Transactions on the IDX and JCI 15

Chart 7 Services Trade Balance 11

Chart 20 ASEAN Stock Index Developments 15

Chart 8 Travel Services 11

Chart 21 Portfolio Investment by Institutional Sector 16

Chart 9 Freight Services Payments 11 Chart 22 Other Investments 16

Chart 10 Primary Income Account 12 Chart 23 Other Investment Assets of the Private Sector 16

Chart 11 Personal Transfers 12 Chart 24 Other Investment Liabilities of the Private Sector 16

Chart 12 Stock of Indonesian Migrant Workers in Q3/2016 12 Chart 25 Public Sector Foreign Loans 17

Chart 13 Capital and Financial Account 13

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1

in the third quarter of 2016 recorded a significant increase

in surplus, underpinned by a narrower current account deficit coupled with a growing capital and financial

account surplus. The BOP surplus stood at USD5.7 billion in the reporting period, up significantly from the USD2.2

billion surplus in the previous quarter. Such conditions are indicative of greater balance in the external sector and

further support macroeconomic stability.

The current account deficit narrowed on the back of gains in the goods and services trade balance.

The current account deficit was observed to reduce from USD5.0 billion (2.2% of GDP) in Q2/2016 to USD4.5

billion (1.8% of GDP) in Q3/2016. The smaller deficit was bolstered by a larger non-oil and gas trade surplus as

the prices of leading exports from Indonesia increased, non-oil and gas imports eased and the oil and gas trade

deficit narrowed on elevated gas exports. In addition, the services trade deficit decreased due primarily to an

increase in the travel services account surplus during the reporting period.

The capital and financial account surplus continued to expand on positive sentiment concerning the

promising domestic economic outlook as well as the unwinding of global risks. The capital and financial

account surplus reached USD9.4 billion in the third quarter of 2016, increasing from USD7.6 billion in the second

quarter and USD4.4 billion in the first quarter of 2016. Persistent growth has stemmed from a deluge of direct

investment inflows, which totalled USD5.2 billion, due to a net withdrawal of inter-affiliate loans in the third

quarter of 2016 after posting a net repayment in the previous period. Furthermore, despite a moderate decline,

the portfolio investment surplus remained large due to positive sentiment surrounding the recently enacted and

successful Tax Amnesty. The portfolio investment surplus was mainly due to the increase in net non-resident buying

on government debt securities and domestic stocks as well as the net inflows from net resident selling of foreign

debt securities. In addition, the other investment deficit narrowed on a net withdrawals of government foreign

loans and net withdrawals of private sector deposits abroad.

Recent balance of payment performance has strengthened the position of official reserve assets.

The official reserve assets position increased from USD109.8 billion at the end of the second quarter of 2016 to

USD115.7 in the subsequent period, equivalent to 8.5 months of imports and government external debt

repayment and well above the international standard of reserves adequacy.

SUMMARY

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3

balance of payments (BOP) surplus

increased significantly in the third quarter of 2016,

underpinned by a narrower current account deficit

coupled with a growing capital and financial account

surplus. The BOP surplus stood at USD5.7 billion in the

reporting period, up markedly from the USD2.2 billion

posted in the second quarter and the USD4.6 billion

deficit registered one year earlier. Such conditions are

indicative of greater balance in the external sector and

further support macroeconomic stability (Chart 1).

Chart 1

The current account deficit narrowed on the back

of gains in the goods and services account. The current

account deficit was observed to reduce from USD5.0

billion (2.2% of GDP) in the second quarter of 2016 to

USD4.5 billion (1.8% of GDP) in the third quarter of

2016. The smaller deficit was bolstered by a larger non-

oil and gas trade surplus as the prices of leading

exports from Indonesia increased, non-oil and gas

imports eased and the oil and gas trade deficit

narrowed on elevated gas exports. In addition, the

services trade deficit decreased due primarily to a

seasonal increase in the travel services account surplus

during the reporting period. Further improvements to

the current account deficit were stifled by a growing

primary income account deficit, after the Government

made scheduled interest repayments, and a narrower

secondary income account surplus due to lower

remittance receipts.

The capital and financial account surplus

continued to expand on positive sentiment concerning

the promising domestic economic outlook as well as

the unwinding of global risks. The capital and financial

account surplus reached USD9.4 billion in the third

quarter of 2016, increasing from USD7.6 billion in the

second quarter of 2016 and USD4.4 billion in the first

quarter of 2016. Persistent growth has stemmed from

a deluge of direct investment inflows, due mainly to a

net withdrawal of inter-company debt. In addition, the

other investment deficit narrowed on a net withdrawal

of foreign loans by the Government and a net

withdrawal of offshore deposits by Indonesian

residents. Notwithstanding a moderate decline, the

portfolio investment surplus remained large due to

positive sentiment surrounding the recently enacted

and successful Tax Amnesty coupled with easing

sentiment on global financial markets linked to the

expected timing of the FFR hike in September 2016.

Recent BOP performance has strengthened the

position of official reserve assets. The position of

foreign exchange reserves increased from USD109.8

billion at the end of the second quarter of 2016 to

USD115.7 at the end of the third quarter of 2016,

equivalent to 8.5 months of imports and government

external debt repayment, which is well above the

international standards of reserves adequacy.

CURRENT ACCOUNT

Current account performance improved as a

reflection of maintained macroeconomic stability. The

current account deficit was observed to reduce from

USD5.0 billion (2.2% of GDP) in the second quarter of

3/2016

4

2016 to USD4.5 billion (1.8% of GDP) in the third

quarter of 2016 on the back of a larger goods trade

surplus together with a narrower services account

deficit. Further current account gains were offset by a

growing primary income account deficit combined

with a narrower secondary income account surplus

(Chart 2).

Chart 2

Current Account

Despite a decline on the previous quarter, the

current account deficit has increased on the USD3.9

billion (1.8% of GDP) recorded one year earlier due to

lower non-oil and gas and secondary income account

surpluses as well as a larger primary income account

deficit.

Goods Trade Balance

The goods trade balance recorded a USD3.9

billion surplus in the third quarter of 2016, increasing

4.4% on the USD3.8 billion posted in the second

quarter of 2016 due to a growing non-oil and gas trade

surplus and a narrower oil and gas trade deficit.

Nonetheless, the current position of the goods trade

balance is 5.1% lower than the USD4.1 billion

recorded one year earlier.

Non-Oil and Gas Trade Balance

The non-oil and gas trade balance recorded a

USD5.3 billion surplus in the reporting period, up from

USD5.2 billion previously, as non-oil and gas imports

contracted more deeply (-5.2%, qtq) than non-oil and

gas exports (-4.2%, qtq).

Chart 3

Non-Oil and Gas Trade Balance

Annually, the current non-oil and gas trade

surplus is lower than the USD6.3 billion posted in the

same period last year due to a 2.2% (yoy) decline in

non-oil and gas exports, while non-oil and gas imports

achieved positive growth at an annualised rate of 1.1%

(yoy) (Chart 3).

Non-Oil and Gas Exports

Consistent with seasonal norms, non-oil and gas

exports tracked a downward trend (-4.2%, qtq) from

USD33.1 billion last quarter to USD31.7 billion in the

third quarter of 2016. Compared to conditions one

year earlier, non-oil and gas exports contracted by

2.2% (yoy), which is evidence of improvements in

terms of annual export growth (Chart 4).

Chart 4

Non-Oil and Gas Export Growth

The annual non-oil and gas decline was more

limited due to rising export prices, mainly of primary

exports. Meanwhile, non-oil and gas export volume

experienced a deeper decline due to fewer shipments

of primary products and manufactured goods (Table 1)

-20

-15

-10

-5

0

5

10

15

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Secondary Inc. Primary Inc.

Services OG Trade Balance

NOG Trade Balance Curr. Account

billion USD

* provisional figures** very provisional figures

0

2

4

6

8

10

12

-50

-40

-30

-20

-10

0

10

20

30

40

50

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Tho

usa

nd

s

Imports Exports NOG Trade Balance (RHS)

billion USD

* provisional figures ** very provisional figures

billion USD

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Table 1

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

Non-Oil and Gas Exports by Major Destination

Country

Non-

trading partners bucked the previous trend to achieved

positive growth (1.5%, yoy) in the third quarter of

2016, mainly because a surge of exports to China and

India after contracting previously, together with a

significant increase in exports to the Philippines.

Furthermore, declining exports to Japan, Malaysia,

South Korea as well as Australia and Oceania eased on

the previous period. In contrast, however, exports to

the US, Singapore and Thailand declined, contrasting

the positive growth achieved last quarter (Table 2).

Table 2

Non-Oil and Gas Exports by Major Destination Country

Exports to China surged on consignments of coal

and articles of base metals, accounting for a 31.5%

share of total exports to China. Conversely, exports of

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vegetable oil, as the second most dominant export

commodity (14.8%), tracked a downward trend.

Exports to India were buoyed by vegetable oil,

copper ore and articles of base metals, accounting for

42.1% of the total. On the other hand, the main export

commodity sold to India, namely coal, with a 35.0%

share of the total, followed a downward trend.

Exports to the Philippines increased significantly

on the back of vehicles and component parts, coal,

copper ore and processed foods, accounting for

66.6% of the total.

Dwindling exports to Japan decelerated in the

reporting period due to more limited coal export

declines, as the leading export to Japan with a 14.5%

share, coupled with a surge of other export

commodities, including paper and articles thereof,

chemicals and processed foods.

An increase in exports of articles of base metals,

accounting for 9.8% of the total, helped to stem the

export decline to Malaysia along with several other

commodities, including fatty acids, electrical

equipment and chemicals. Nevertheless, coal,

processed foods and vegetable oil exports, accounting

for 34.7%, were noted to decline.

Declining overseas sales to South Korea

decelerated due to moderate exports of coal and

copper ore, accounting for 30.5% of the total, along

with a surge of textile exports as well as articles of base

metals (18.6% share).

A slower export decline to Australia and Oceania

was due, amongst others, to a more limited decrease

of articles of base metals (28.1% share) coupled with

higher exports of textiles as well as mechanical

machinery and equipment (13.0% share).

Indonesian exports to the United States declined,

triggered by textiles and processed natural rubber

(35.6% share). The most significant export commodity

to the United States, namely textiles, primarily in the

form of clothing and accounting for 93.1% of total

textile exports to the US, fell at an annualised rate of

13.2% (yoy). In contrast, electrical equipment

continued to record positive growth, which offset

further export declines to the United States.

The majority of export commodities to Singapore

recorded declines in the reporting period but a further

slump was prevented by shipments of mechanical

machinery and equipment, articles of base metals and

vegetable oil (26.7% share).

Finally, exports to Thailand were undermined by

coal (13.2% share) along with slower export growth of

vehicles and component parts as well as mechanical

machinery and equipment (11.8% share).

Exports of Major Non-Oil and Gas Commodities

Annual non-oil and gas export gains were also

evidenced by growth of the ten leading export

commodities from Indonesia, for which the contraction

eased but remained in negative territory at -2.6% (yoy).

The improvements stemmed from rising export prices,

particularly of vegetable oil and coal, while real exports

continued to fall (Table 3).

Export declines in real terms affected vegetable

oil, coal, textiles and textile products, vehicles and

component parts as well as processed rubber. In

contrast, demand increased for electrical equipment,

articles of base metals, processed foods, mechanical

machinery and equipment as well as processed

woods.

Vegetable oil exports, dominated (80.0%) by

crude palm oil (CPO), recorded a more moderate

decline (-3.6%, yoy) in the third quarter of 2016 as

prices increased significantly but volume continued to

decrease on lower CPO productivity in Indonesia due

to El Nino and La Nina. Furthermore, domestic demand

also showed indications of increasing as the national

economy gained momentum and also in line with the

A surge of vegetable oil exports to India and the

Netherlands helped to limit declines in the third quarter

of 2016, contrasting the drop in exports to China and

Pakistan.

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The export price of vegetable oil skyrocketed

24.3% (yoy) in the third quarter of 2016 as global CPO

production decreased against a backdrop of growing

international demand, primarily from China and

India.

Similarly, the coal export price appreciated 12.6%

(yoy) in the reporting period due to rising international

prices and limited production in several countries, thus

helping to minimise the export decline to just -4.9%

(yoy).

A remarkable 48.2% (yoy) surge in coal exports to

China drove performance during the reporting period.

In addition, export gains were also supported by more

limited export declines destined to India, Japan and

South Korea, with the three countries accounting for

46.4% of total coal exports from Indonesia.

Nonetheless, coal exports from Indonesia declined due

to dwindling demand from China in line with the

application of clean energy policy in the country.

Furthermore, comparatively high operating costs in

Indonesia are undermining domestic competiveness in

terms of coal with a similar calorific value from

Australia and South Africa.

Textile exports were observed to decrease by

8.6% (yoy) in the third quarter of 2016 on dwindling

demand and lower export prices. Exports to the United

States, Japan and China declined, accounting for

47.4% of total textile exports, with exports to the three

aforementioned countries falling by 13.2% (yoy),

5.4% (yoy) and 2.6% (yoy) respectively.

Exports of electrical equipment fell 5.3% (yoy) in

the reporting period due to lower export prices despite

higher export volume. Exports to Singapore (-10.6%,

yoy) and Japan (-5.6%, yoy) recorded the most notable

declines.

Exports of articles of base metals recorded positive

growth in the third quarter of 2016, supported by

higher prices and volume, most notably to China and

Singapore (25.8% share).

Processed food exports increased 7.6% (yoy) in

the reporting period as demand increased but prices

remained relatively stable. The most significant gains

affected exports to the Philippines (44.0%, yoy) and

China (4.6%, yoy), accounting for 14.2% of total

processed food exports.

Rising prices of vehicles and component parts

drove up exports by 2.7% (yoy) in the third quarter of

2016. Conversely, export volume decreased after

recording robust gains in the previous period. Exports

to the Philippines and Thailand increased respectively

by 2.0% (yoy) and 81.3% (yoy).

Exports of mechanical machinery and equipment

recorded growth of 6.6% (yoy), supported by

increased volume, while prices continued to slide.

Exports to Singapore and Thailand grew at 7.7% (yoy)

and 13.0% (yoy) respectively.

Processed rubber exports posted a decline of

10.8% (yoy) in the reporting period due to a 2.9%

(yoy) drop in prices and 8.1% (yoy) decrease in real

exports. The declines affected exports to the United

States, Japan and China, while shipments to India

increased.

Processed wood exports experienced a 7.9% (yoy)

decline due to a 9.7% (yoy) correction to export prices,

while export volume slowed but remained in positive

territory.

8

Table 3

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

Non-Oil and Gas Imports

Non-oil and gas imports (CIF) totalled USD27.7

billion in the third quarter of 2016. Despite following

seasonal trends and decreasing on the previous period,

non-oil and gas imports outstripped growth one year

earlier (0.4%, yoy). The annualised growth rate

increased on real imports (1.0%, yoy) after contracting

by -2.8% (yoy) during the previous period, while

imports prices continued to decrease.

Imports of consumer goods and raw materials

accelerated, while the import decline of capital goods

slowed, which contributed to non-oil and gas imports

in the third quarter of 2016 (Table 4).

Table 4

Non-Oil and Gas Imports (c.i.f) by Commodity Group

Imports of consumer goods climbed 13.0%

(yoy) in the reporting period, up from 6.5% (yoy) in the

third quarter of 2016. Real imports accelerated

from 0.8% (yoy) to 5.9% (yoy), while import prices

also increased. Fruits, vegetables and rice bolstered

imports of consumer goods in the third quarter of

2016.

Imports of raw materials reversed the previous

contraction experienced during the first two quarters

of 2016 to record positive growth of 1.7% (yoy).

Import volume increased, while prices continued to

slide. Imports of telecommunications devices NES and

parts (57.0%, yoy), motor vehicle parts and accessories

NES (3.7%, yoy), wheat and meslin, unmilled, (18.1%,

yoy) as well as animal feeds (20.1%, yoy) contributed

to the reversal. On the other hand, further gains were

offset by a 7.2% (yoy) drop in imports of electrical

apparatus for making and breaking electrical circuits

(Table 5).

Meanwhile, imports of capital goods contracted

by -7.8% (yoy) in the third quarter of 2016 due to a

drop in real imports and rising prices. The contraction

primarily affected telecommunications devices NES and

parts (Table 5).

1. Vegetable Oil 13.6 12.2 -16.3 -22.6 -3.6 -12.5 -28.7 -22.4 -4.4 8.5 24.3

2. Coal 12.1 10.6 -28.4 -21.6 -4.9 -24.3 -21.8 -15.5 -5.5 0.3 12.6

3. Textile & Textile Products 9.4 9.5 -4.7 1.1 -8.6 0.0 4.5 -6.2 -4.7 -3.3 -2.5

4. Electrical Aparatus, etc 6.7 6.5 -8.6 -3.8 -5.3 -7.7 1.7 4.0 -0.6 -5.4 -9.0

5. Articles of Basic Metals 5.8 5.6 -24.4 -12.5 7.3 -12.3 -5.6 6.2 -13.8 -7.3 1.0

6. Processed Foods 4.8 4.9 1.7 -0.8 7.6 13.0 6.1 7.6 -9.9 -6.6 0.0

7. Vehicles & Parts 4.1 4.5 -14.1 14.8 2.7 -16.7 10.5 -2.6 3.1 3.8 5.5

8. Machinery & Mechanical Appl. 3.9 4.3 -9.3 13.4 6.6 -7.5 15.7 9.8 -2.0 -2.0 -3.0

9. Processed Rubber 4.4 4.2 -13.0 -10.4 -10.8 14.3 4.7 -8.1 -23.9 -14.4 -2.9

10. Processed Woods 2.9 2.9 -3.1 -5.4 -7.9 31.2 10.4 2.0 -26.1 -14.3 -9.7

Total 10 Commodities 67.6 65.2 -14.6 -9.3 -2.6 -5.6 -5.7 -5.3 -9.5 -3.8 2.9

*) provisional figures **) very provisional figures

Q1* Q2* Q3**

Share (%)Growth (%, yoy)

Nominal Real Price Index

2016**

2016 2016 2016

Q1* Q2* Q3** Q1*

Description

Q2* Q3**2015*

Consumption GoodsNominal 8.7 10.3 -8.8 -9.3 -14.9 -6.3 -9.9 27.3 6.5 13.0

Real 7.4 7.7 -7.7 -7.1 -13.0 -6.1 -8.1 25.4 0.8 5.9

Price Index - - -1.2 -2.4 -2.2 -0.3 -1.9 1.5 5.7 6.8

Raw MaterialsNominal 69.5 70.3 -1.7 -15.2 -17.7 -13.8 -12.3 -9.5 -2.6 1.7

Real 81.2 83.4 5.2 -8.0 -10.3 -6.4 -4.4 -0.8 7.2 12.5

Price Index - - -6.6 -7.9 -8.3 -8.0 -8.3 -8.8 -9.2 -9.6

Capital GoodsNominal 21.0 18.8 -8.7 -21.7 -20.6 -10.9 -15.6 -19.0 -12.2 -7.8

Real 11.5 8.9 -21.5 -32.8 -29.2 -15.7 -26.3 -23.2 -19.7 -16.1

Price Index - - 16.3 16.5 12.2 5.7 14.5 5.5 9.4 9.9

TotalNominal 100.0 100.0 -3.9 -16.3 -17.4 -11.4 -12.4 -8.6 -3.4 0.4

Real 100.0 100.0 -4.7 -16.4 -16.4 -9.1 -11.9 -6.2 -2.8 1.0

Price Index - - 0.8 0.2 -1.1 -2.5 -0.5 -2.5 -0.6 -0.6

*) provisional figures

**) very provisional figures

Total Q1* Q2* Q3**

Description

2015*

Growth (% yoy)

2015* 2016

Q2 Q3 Q4Q12016**

Shares (%)

9

Table 5

Imports (c.i.f) of Major Non-Oil and Gas Commodities

Non-Oil and Gas Imports by Country of Origin

Based on country of origin, non-oil and gas import

growth affected most major trade partners, excluding

Singapore, South Korea, Australia and Oceania as well

as Malaysia (Table 6). Imports from China decelerated

from 7.8% (yoy) last period to 3.1% (yoy) in the third

quarter of 2016, with growth driven by articles of base

metals, textiles and chemicals. Meanwhile, imports

from Japan recorded growth of 6.4% (yoy) in Q3/2016,

contrasting the 6.7% (yoy) decline posted previously

due to articles of base metals, electrical equipment and

textiles. Imports from Thailand accelerated to 9.1%

(yoy) on shipments of processed foods, electrical

equipment and articles of base metals. Imports from

the United States noted a significant spike (23.3%, yoy)

due to grains, animal feed and articles of base metals.

Furthermore, imports from Vietnam also recorded

strong gains (15.3%, yoy) on the back of electrical

equipment, articles of base metals and processed

foods.

Despite remaining in negative territory, the import

declines from South Korea as well as Australia and

Oceania decelerated on the previous period, while the

import contraction from Singapore and Malaysia

deepened as imports of articles of base metals and

chemicals decreased.

Table 6

Non-Oil and Gas Imports (c.i.f)

by Major Country of Origin

Oil and Gas Trade Balance

The oil and gas trade balance improved in the

third quarter of 2016 on a quarterly and annualised

basis. The oil and gas trade deficit narrowed to USD1.3

billion from USD1.4 billion last period and USD2.1

billion in the third quarter of 2015. Declining oil

and gas imports contributed to the improvement

(Chart 5).

TOTAL IMPORTS 100.0 100.0 -8.6 -3.4 0.4 -6.2 -2.8 1.0 -2.5 -0.6 -0.60.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

I. Consumption Goods, o/w: 8.7 10.3 27.3 6.5 13.0 25.4 0.8 5.9 1.5 5.7 6.8

Fruit and Nut,Fresh or Dried 0.6 0.7 39.3 -10.9 52.7 49.4 -8.4 53.5 -6.8 -2.7 -0.5

Arms and Ammunition 0.4 0.6 574.3 218.9 -55.5 560.7 212.9 -56.6 2.1 1.9 2.6

Vegetables,Fresh Chilled,Frozenor Simply Preserved 0.4 0.6 7.6 3.1 47.8 8.6 0.1 44.5 -0.9 3.0 2.3

Rice 0.3 0.5 1,279.1 -33.0 110.7 1180.9 -34.5 106.3 7.7 2.2 2.2

Medicaments Incl.Veterinari Med. 0.5 0.5 12.1 -11.9 18.4 6.1 -14.8 14.6 5.6 3.5 3.3

II. Raw Materials & Auxiliary Goods, o/w: 69.5 70.3 -9.5 -2.6 1.7 -0.8 7.2 12.5 -8.8 -9.2 -9.6

Telecomunication Equipment N.E.S and Parts 1.6 2.5 71.8 40.3 57.0 80.9 47.8 63.0 -5.0 -5.1 -3.7

Parts and Accessories, N.E.S of the Motor Vehicles 2.1 2.3 -9.1 7.8 3.7 -12.7 4.5 1.3 4.1 3.2 2.4

Wheat And Meslin,Unmilled 1.8 2.2 31.3 11.6 18.1 44.4 34.0 52.2 -9.1 -16.7 -22.4

Feeding Stuff for Animals 2.3 2.1 -24.1 -20.6 20.1 -19.7 -14.7 28.2 -5.5 -6.9 -6.3

Electrical Apparatus For Making And Breaking Electrical Circuit 2.2 2.1 -1.7 -4.1 -7.2 6.1 3.1 -0.6 -7.3 -7.0 -6.6

III. Capital Goods, o/w: 21.0 18.8 -19.0 -12.2 -7.8 -23.2 -19.7 -16.1 5.5 9.4 9.9

Automatic Data Processing Machines & Units there of 2.0 1.7 -20.5 -4.9 -6.7 -18.7 -3.6 -6.0 -2.2 -1.4 -0.8

Other Machine & Equip't Specialized for Particular Industry 1.7 1.4 -7.8 -22.7 -31.8 -6.6 -22.0 -30.6 -1.4 -0.8 -1.7

Telecomunication Equipment N.E.S And Parts 2.6 1.3 -52.9 -49.6 -47.2 -50.4 -46.9 -45.1 -5.0 -5.1 -3.7

Heating &Cooling Equipmentand Parts there of,N.E.S 1.2 1.1 -21.1 67.2 -30.4 -22.7 64.3 -31.5 2.1 1.8 1.6

Pumps & Compressors, Fans & Blowers, Centrifuges & Parts 1.1 1.1 14.1 -5.3 -9.4 10.0 -8.6 -12.7 3.7 3.6 3.7



Real

2016

Nominal Price Index

2016 2016

Q3**Q1* Q2*Q3**Q1* Q2*Q3**2016**

Shares (%)Growth (y.o.y, %)

Q1* Q2*

Imports Group

2015*

1 China 24.7 25.8 4.3 -9.6 -7.0 -4.1 -4.2 -4.5 7.8 3.1

2 Japan 11.2 11.1 -11.5 -20.9 -30.0 -22.7 -21.3 -19.1 -6.7 6.4

3 Thailand 6.8 7.8 -9.5 -21.9 -20.9 -16.3 -17.3 11.7 5.1 9.1

4 Singapore 7.6 6.4 -13.0 -11.8 -7.9 -4.3 -9.2 -6.4 -20.4 -23.3

5 USA 6.4 6.3 -6.8 -7.5 -14.0 3.3 -6.3 -10.6 -19.7 23.3

6 South Korea 5.3 5.1 -5.6 -30.5 -21.8 -26.3 -21.6 -18.8 -7.8 -1.3

7 Australia & Oceania 4.5 4.4 -7.7 -6.8 -27.3 -22.6 -16.2 -11.1 -9.2 -4.6

8 Malaysia 4.2 4.1 -12.0 -12.8 -15.6 -12.8 -13.2 -12.0 -2.5 -7.1

9 Vietnam 2.7 2.7 25.2 -15.4 -12.0 -2.6 -1.9 -6.5 -7.9 15.3

10 Germany 2.9 2.7 -0.5 -24.2 -21.9 -15.7 -16.0 -26.0 -13.4 0.8

Total 10 Countries 76.3 76.3 -4.2 -15.1 -16.6 -11.3 -12.4 -8.8 -4.1 1.8



Q2* Q3**

2016

Q3 Q4 Q1*TOTAL

Description2015* 2016**

Shares (%) Growth (%, yoy)

2015*

Q2Q1

10

Chart 5

Oil and Gas Trade Balance

Oil Exports

Oil exports fell 10.8% (qtq) to USD1.6 billion in

the third quarter of 2016 from USD1.8 billion

previously (Table 7). Declining imports of crude oil

(12.5%) and refined products (2.9%) prompted the

quarterly decline. The export volume and price of crude

decreased, while the export prices of refined products

appreciated.

A 0.7% (qtq) decline of oil lifting from

0.832 million barrels per day to 0.826 million barrels

per day triggered the lower export volume of crude

oil.

Table 7

Oil Exports

The lower export price of crude oil was in line with

cheaper international oil. The average price in the third

quarter of 2016 for SLC, WTI, Brent and OPEC oil

decreased respectively from USD44.1/barrel,

USD45.6/barrel, USD47.0/barrel and USD42.3/barrel to

USD41.9/barrel, USD44.9/barrel, USD45.8/barrel and

USD42.9/barrel previously (Chart 6).

Chart 6

International oil Prices

Oil Imports

Oil imports moderated 0.6% (qtq) in the third

quarter of 2016 to USD4.2 billion from USD4.3 billion,

driven by falling import prices of oil products and lower

import volume of crude. The import volume of crude

increased, while refined products were noted to

moderate (Table 8).

Table 8

Oil Imports (f.o.b)

Gas Exports

Gas exports soared 16.2% (qtq) in the third

quarter of 2016 to USD1.7 billion, primarily due to LNG

(14.9%, qtq) on rising export prices and volume (Table

9).

Table 9

Gas Exports

-4

-2

0

2

4

6

8

10

12

-15

-10

-5

0

5

10

15Q

1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Th

ou

san

ds

Gas Imports Gas Exports

Oil Imports Oil Exports

OG Trade Balance (RHS)

billion USD billion USD

* provisional figures** very provisional figures

Exports 1,793 43.5 1,599 38.8

Crude 1,474 35.5 41.6 1,290 31.8 40.6

Refinery Products 318 8.0 39.6 309 7.0 44.2

¹⁾ export value divided by export volume

Sources: SKK Migas and Pertamina (processed)


2016

Q2*

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Q3**

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Description

20

30

40

50

60

70

80

90

100

110

120

130

140

J MM J S N J MM J S N J MM J S N J MM J S N J MM J S N J MM J S N J MM J S

2010 2011 2012 2013 2014 2015 2016

USD/barel

SLC

Unit Price

WTI

OPEC

Source: Ditjen Migas, BOP, Bloomberg

Imports 4,279 88.2 4,252 88.7

Crude 1,897 42.4 44.8 1,706 37.8 45.2

Refinery Products 2,382 45.8 52.0 2,546 51.0 50.0

¹⁾ import value divided by import volume

Sources: SKK Migas and Pertamina (processed)


2016

Q2*

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Q3**

Value

(mill USD)

Description

Volume

(mbbl)

Price¹

(USD/barel)

Exports 1,445 - 1,680 -

LNG 1,038 205.5 5.0 1,193 219.3 5.5

Natural Gas 400 72.2 5.5 481 74.4 6.5

LPG 0 0.1 0.0 1 0.4 0.0

Other Gas 6 0.3 19.2 6 0.3 19.2

¹⁾ LNG, natural gas & other gas vol. are in million mmbtu, LPG vol. are in thousand m/t, total vol. are in mmbtu

²⁾ LNG & natural gas prices are in USD/million mmbtu, LPG prices are in USD/thousand metric ton

Source: SKK Migas


Q2*

Value

(mill USD)Volume¹ Price²

Q3**

Value

(mill USD)Volume¹ Price²

Description

2016

11

Services Trade Balance

The services trade balance recorded a deficit

totalling USD1.5 billion in the third quarter of 2016,

down from USD2.2 billion last quarter. Fewer freight

payments and an increase in travel services receipts

contributed to the narrower deficit (Chart 7).

Chart 7

Services Trade Balance

Freight services payments were recorded at

USD1.4 billion in the third quarter of 2016, down from

USD1.5 billion previously, as a result of a 4.6% (qtq)

drop in imports (Chart 8).

Chart 8

Freight Services Payments

In the reporting period, the travel services surplus

expanded from USD0.8 billion to USD1.3 billion due to

a 30.1% (qtq) increase of travel services receipts

(exports) that outpaced the 18.2% (qtq) bump in travel

services payments (imports) (Chart 9).

More visits to Indonesia by international

travellers increased travel services receipts. During the

third quarter of 2016, a total of 2.92 million

international travellers visited Indonesia, increasing

14.5% on the 2.55 million visitors last quarter. In

addition to the increase of international travellers, the

visiting tourists were also inclined to spend more,

hence elevating travel services receipts from

international travellers to USD3.3 billion from USD2.5

billion last quarter.

Most international travellers visiting Indonesia

during the third quarter of 2016 originated from

Singapore, Malaysia and Australia, with Bali, Jakarta

and Batam recognised as the preferred destinations.

On the other hand, the number of Indonesian

travellers visiting abroad increased 5.3% from 2.07

million to 2.18 million. Similar to international

travellers, Indonesian travellers also showed a greater

propensity to spend, with travel services payments

increasing from USD1.7 billion to USD2.0 billion in the

reporting period due in large part to travel services

payments for the Hajj pilgrimage.

Chart 9

Travel Services

Primary Income Balance

The primary income account recorded a deficit of

USD7.9 billion, up slightly from the USD7.8 billion

posted in the previous quarter, due to a scheduled

increase in interest payments by the Government on

foreign loans.

On the other hand, revenue payments on direct

investments and other investments experienced

declines on the previous quarter due, amongst others,

to lower scheduled interest payments on foreign loans

in the reporting period.

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

Q1

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Q3

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Q4

Q1

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Q3

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Q1

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Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Th

ou

san

ds

Import Freight Import (RHS)

billion USD

* provisional figures **very provisional figures

billion USD

-3

-2

-1

0

1

2

3

4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Imports Exports Travel (net)

billion USD

* provisional figures; ** very provisional figures

12

Chart 10

Primary Income Account

Secondary Income Balance

The secondary income account recorded a surplus

totalling USD1.0 billion in the third quarter of 2016 due

to residual personal transfer receipts. Accordingly, net

personal transfer receipts amounted to USD1.3 billion

in the reporting period, down slightly from USD1.4

billion previously, due to a moratorium on placing

Indonesian migrant workers (TKI) in certain countries

(Chart 11).

Chart 11

Personal Transfers

By country of origin, most personal transfers

from the Asia-Pacific region, totalling USD1.2 billion,

followed by the Middle East and Africa at USD0.8

billion and other regions at USD0.2 billion.

By the end of the third quarter of 2016, a total

of 3.5 million Indonesians were employed as migrant

workers abroad. BNP2TKI data indicated that 67.1% of

Indonesian migrant workers (TKI) were placed in Asia-

Pacific, dominated by Malaysia, Taiwan, Hong Kong

and Singapore. Meanwhile, around 32.0% were

located in the Middle East and Africa, mostly in Saudi

Arabia, the United Arab Emirates and Jordan (Chart

12).

Chart 12

Stock of Indonesian Migrant Workers in Q3-2016

CAPITAL AND FINANCIAL ACCOUNT

Positive sentiment concerning the promising

domestic economic outlook along with the

unwinding of global risks have triggered an influx of

non-resident capital flows. In the third quarter of

2016, the capital and financial account recorded

a surplus of USD9.4 billion, up from the USD7.6

billion posted last period and increasing

significantly from USD0.2 billion one year earlier (Chart

13).

The expanding capital and financial account

surplus in the reporting period was supported by a

deluge of foreign direct investment, reaching USD5.2

billion on withdrawals of inter-affiliate corporate loans.

Meanwhile, the large portfolio investment surplus was

maintained, albeit moderating, on positive domestic

and external sentiment. Furthermore, the other

investment deficit narrowed as the Government

withdrew foreign loans and residents withdrew

offshore deposits.

-9

-8

-7

-6

-5

-4

-3

-2

-1

0Q

1

Q2

Q3

Q4

Q1

Q2

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Q1

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Q3

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Q1

Q2

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Q1

Q2

Q3

Q4

Q1

Q2

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Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Direct Inv. Income Other Inv. Income Portfolio Inv. Income Primary Income (net)

billion USD


-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Payments Receipts Personal Transfers (net)

billion USD


Middle East & Africa32.0%

America0.5%

Europe0.3%

Malaysia52.6%

Singapore3.1%

Brunei,1.0%

Hongkong,3.9%

Taiwan,5.0%

South Korea0.7%

Other1.3%

Asia Pacific, 67.1%

Source: BNP2TKI

13

Chart 13

Capital and Financial Account

Direct Investment

Positive sentiment concerning the promising

domestic economic outlook bolstered the direct

investment surplus from USD3.0 billion to USD5.2

Doing Business (EODB) rating confirmed more

favourable domestic economic and investment

conditions, improving from 106 to 91.

Such favourable conditions were further

confirmed by the Business Survey conducted by Bank

Indonesia that revealed slower but positive business

activity growth in the reporting period. The surplus was

also larger than the USD1.8 billion posted one year

earlier, consistent with stronger domestic economic

growth.

On the liability side, direct investment recorded a

net inflow of USD6.0 billion in the third quarter of

2016, increasing from USD4.2 billion on net

withdrawals of loans from affiliates abroad, which

reversed the previous net debt payments to affiliates

abroad. Meanwhile, capital inflows in the form of

equity were considered moderate but surpassed that

recorded one year earlier.

On the asset side, the net outflow of direct

investment fell 36.4% (qtq) from USD1.3 billion in the

second quarter to USD0.8 billion in the third quarter of

2016. Less capital investment in the form of equity at

affiliates abroad, totalling USD0.3 billion, reduced the

net outflow. On the other hand, fewer claims on

affiliates abroad in the form of debt were reflected by

an increase of net inflow to debt instruments

compared to the previous quarter (Chart 14).

Chart 14

Direct Investment

Based on investment direction, foreign direct

investment (FDI) in Indonesia was noted to increase to

USD4.4 billion from USD3.7 billion in the reporting

period and from USD4.0 billion one year earlier.

By sector, the manufacturing industry, others

sector (including services and property) as well as the

trade sector attracted the most FDI in the reporting

period. The three aforementioned sectors accounted

for 77.8% of total FDI in the third quarter of 2016,

equivalent to USD3.41 billion, which was relatively

stable in comparison to the previous period at USD3.46

billion.

Chart 15

FDI by Economic Sector

-15

-10

-5

0

5

10

15

20Q

1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

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Q3

Q4

Q1

Q2

Q3

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Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Other Invesment Portfolio Investment Direct Investment Cap & Financial Account

billion USD


-6

-4

-2

0

2

4

6

8

10

Q1

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*

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*

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**

2010 2011 2012 2013 2014 2015* 2016

Direct Inv. in Indonesia Direct Inv. Abroad Direct Inv (net)

billion USD


-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

Agriculture,Fishery&Forestry

Mining &Quarrying

Manufacturing Construction FinancialIntermediaries

(incl. Insurance)

Trade/Commerce Others (incl.Services,

Properties)

Q1-15* Q2-15* Q3-15* Q4-15* Q1-16* Q2-16* Q3-16**

billion USD


14

Based on country of origin, ASEAN countries

continued to dominate FDI inflows to Indonesia,

followed by Japan and emerging market economies

(EME) in Asia, including China (Chart 16). During the

third quarter of 2016, the three regions contributed

USD3.8 billion to foreign direct investment (FDI) in

Indonesia, up from USD3.2 billion previously. FDI from

ASEAN member states totalled USD2.0 billion,

accounting for 46.5% of total FDI.

Chart 16

FDI by Country of Origin

Favourable FDI performance in the reporting

period was substantiated by FDI realisation data

published by the Indonesia Investment Coordinating

Board (BKPM)1. According to the BKPM report, FDI

realisation in the third quarter of 2016 reached Rp99.7

trillion (equivalent to USD7.4 billion), up 0.3% on the

Rp99.4 trillion (USD7.1 billion) posted one period

earlier and up 7.8% on the same period one year

earlier.

By sector, BKPM reported that FDI realisation in

the third quarter of 2016 tended to concentrate in the

base metals, metal products, machinery and electronics

industry to the tune of USD1.2 billion (a 16.2% share

of total FDI); the mining sector worth USD0.8 billion

(10.8% share); housing, commercial zones and offices

with USD0.7 billion (9.5% share); the food crop and

1 The FDI realisation data of BKPM encompasses the total value of

realised projects within a period, but excludes investment in the oil and

gas sector, banks and other financial institutions, and home industries. Meanwhile, the FDI data recorded in the Indonesian balance of

payments covers data on capital flows received directly by FDI

planation sector with USD0.7 billion (9.5% share); as

well as the transport and other transportation sector

with USD0.7 billion (9.5% share). Those five economic

sectors accounted for USD4.1 billion or 55.5% of total

FDI.

By country of origin, however, FDI realisation

originated from Singapore, Japan, China, the British

Virgin Islands and the Netherlands, amounted USD2.2

billion, USD1.6 billion, USD0.6 billion, USD0.5 billion

and USD0.5 billion respectively, with the five countries

totaling USD5.4 billion or contributing 73.0% of total

FDI.

Portfolio Investment

Successful implementation of the Tax Amnesty

boosted positive sentiment and, therefore, maintained

the influx of portfolio investment inflows in the third

quarter of 2016, moderating slightly from USD8.3

billion to USD6.5 billion (Chart 17).

Portfolio investment on the liability side in the

third quarter of 2016 was influenced by non-resident

investors, who bolstered their holdings of rupiah

securities, particularly government debt securities

(SUN) and stocks, after the successful implementation

of the tax amnesty. In contrast, growing concerns

over the timing of the expected Federal Funds Rate

(FFR) hike prompted non-resident investors to trim their

shareholdings in September 2016. In general,

however, non-resident portfolio capital inflows totalled

USD4.6 billion in the reporting period, down from

USD7.9 billion, after the Government eschewed issuing

global bonds in the third quarter of 2016.

On the asset side, portfolio investment

transactions increased on the previous period to record

a USD2.0 billion surplus in the third quarter of 2016 as

residents released holdings of foreign debt

instruments.

companies only from their direct investors and offshore companies

within the same group over a defined period, and encompasses direct

investment in all economic sectors.

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Japan USA Europe Emerging Markets ofAsia (incl. China)

ASEAN Other

billion USD

Q1-15* Q2-15* Q3-15* Q4-15* Q1-16* Q2-16* Q3-16**


15

Chart 17

Portfolio Investment

In the third quarter of 2016, most foreign capital

flowed to rupiah denominated government debt

securities (SUN), reaching USD3.0 billion and up from

USD2.5 billion in the previous period. Consistent with

the net buy booked in the third quarter, the position of

foreign SUN holdings denominated in rupiah increased

to around USD50.8 billion (44.9% of the total) from

USD47.2 billion (44.6% share) in the previous

quarter.

Meanwhile, more limited non-resident

transactions of Bank Indonesia Certificates (SBI) were

reported compared to the previous period, thereby

increasing foreign SBI holdings to USD0.4 billion

(Chart 18).

Chart 18

Foreign Holdings of SBI and SUN

External dynamics and positive investor sentiment

concerning the favourable domestic economic outlook

also underpinned stock market performance during

the third quarter of 2016. Accordingly, non-resident

investors booked a net buy totalling USD1.6 billion, up

from USD0.7 billion in the previous period.

Sound stock market performance was also

reflected in the Jakarta Composite Index (JCI), which

rallied 6.94% (ptp) from 5,016.6 to close at a level of

5,364.8.

Chart 19

Foreign Transactions on the IDX and JCI

The Jakarta Composite Index (JCI) mirrored other

regional stock price indexes in Southeast Asia, which

also rallied to close above the positions recorded at the

end of the second quarter of 2016 (Chart 20).

Chart 20

ASEAN Stock Index Developments

The entry of six new issuers going public (IPO),

namely Capital Financial Indonesia Tbk. (CASA),

Protech Mitra Perkasa Tbk. (OASA), Indo Komoditi

Korpora Tbk. (INCF), Waskita Beton Precast Tbk.

(WSBP), Paramita Bangun Sarana Tbk. (PBSA) and

Aneka Gas Industri Tbk. (AGII), buoyed activity on the

Indonesia Stock Exchange with a total value of Rp7.1

trillion (equivalent to USD547.0 million), which

-6

-4

-2

0

2

4

6

8

10Q

1

Q2

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Q1

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Q2

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Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

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

bilion USD


0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

0

10

20

30

40

50

60

JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JAS

2012 2013 2014 2015 2016

billion USD

SUN SBI (rhs)

billion USD

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

(25,000)

(20,000)

(15,000)

(10,000)

(5,000)

0

5,000

10,000

15,000

20,000

25,000

J A J O J A J O J A J O J A J O J A J O J A J O J A J

2010 2011 2012 2013 2014 2015 2016

Foreign Net Buy/Sell JCI (RHS)

billion Rp JCI

Source: IDX

90

110

130

150

170

190

210

230

250

270

290

J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J AS

2012 2013 2014 2015 2016

Indonesia Malaysia Philippines Singapore Thailand

Source: CEIC (processed)

2010 = 100

16

surpassed the Rp3.7 trillion or USD277.3 million

recorded last period from five new issuers.

Consequently, the public sector was the main

contributor to the net portfolio investment surplus with

a net inflow of USD4.8 billion, down from the USD7.2

billion registered in the second quarter. In addition, the

private sector also contributed USD1.7 billion, building

on the USD1.1 billion contribution last quarter (Chart

21).

Chart 21

Portfolio Investment by Institutional Sector

Other Investments

Other investment transactions experienced a

deficit of USD2.3 billion, down from USD3.7 billion in

the second quarter of 2016 and reversing the USD0.4

billion surplus posted one year earlier. The narrower

deficit stemmed from net withdrawals of government

foreign loans and resident deposits abroad (Chart 22).

Chart 22

Other Investments

On the asset side, other investment transactions

in the private sector experienced a surplus of USD2.0

billion, reversing the USD3.0 million deficit (net

outflow) recorded in the second quarter of 2016. The

surplus was attributed to an increase of domestic

private sector withdrawals of offshore deposits (Chart

23).

Chart 23

Other Investment Assets of the Private Sector

On the liability side, other investment transactions

in the private sector during the reporting period

recorded a deficit of USD3.0 billion, contrasting the

USD1.2 billion surplus posted in the previous period.

The deficit stemmed from an increase in the net

payment of offshore loans and trade debt as well as a

net withdrawal of non-resident deposits held at

domestic banks (Chart 24).

Chart 24

Other Investment Liabilities of the Private Sector

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0

2

4

6

8

10

Q1

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Q1

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Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)

billion USD


-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

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

billion USD


-12

-10

-8

-6

-4

-2

0

2

4

6

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Other Assets Currency & Deposits Loans Other Investment - Assets

billion USD


-4

-3

-2

-1

0

1

2

3

4

5

6

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Trade Credit Other liabilities Currency & Deposits

Loans Other Inv. - Liabilities

billion USD


17

Other investment liabilities in the public sector

recorded a deficit of USD1.2 billion in the third quarter

of 2016, down from USD1.6 billion previously.

Government withdrawals of foreign loans contributed

to the narrower

net withdrawal of foreign loans was less pronounced

than during the same period one year earlier (Chart

25).

In the third quarter of 2016, the Government

withdrew USD1.0 billion in foreign loans, of which

USD0.9 billion was in the form of program loans and

the remainder in the form of project loans. The

program loans originated from ADB (USD0.5 billion)

and IBRD (USD0.4 billion).

Chart 25

Public Sector Foreign Loans

-3

-2

-1

0

1

2

3

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014 2015* 2016

Repayments Drawings Loans (net)

bilion USD


18


19

during the third quarter of 2016 were reflected in a

number of external sustainability indicators. The

current account deficit to GDP ratio improved from

2.2% to 1.8% in the reporting period as the current

account deficit narrowed. The ratio improved in line

with the set of policy measures taken by Bank

Indonesia and the Government to maintain

macroeconomic and financial system stability, primarily

to manage the current account deficit.

A decline in imports of goods and services that

exceeded the corresponding export decline improved

the exter

economy (ratio of net exports of goods and services to

GDP), while the degree of economic openness in

Indonesia (ratio of accumulated exports and imports of

goods and services to GDP) decreased relatively on the

previous period.

The lower position of short-term external debt,

coupled with the accumulation of official reserve

assets, improved the capacity to meet short-term

liabilities, as evidenced by the smaller ratio of short-

term external debt to reserve assets.

Table 10

External Sustainability Indicators

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

Current Account / GDP (%)1) -3.09 -1.96 -2.09 -1.81 -2.31 -2.04 -2.19 -2.16 -1.83

Exports - Imports of Goods and Services / GDP (%)1) -0.34 0.58 0.68 0.94 0.10 0.58 0.72 0.68 0.98

Exports + Imports of Goods and Services / GDP (%)1) 45.0 40.1 40.3 37.5 38.1 39.0 35.0 35.3 32.4

Total Foreign Debt Position / GDP (%)2) 32.9 33.5 34.4 34.8 36.0 36.0 36.6 36.9 35.8

Short-Term Foreign Debt Position3) / GDP (%)2) 6.7 6.4 6.4 6.5 6.4 6.4 6.6 6.7 6.3

Total Foreign Debt Position / Reserve Assets (%) 262.2 267.6 281.9 296.7 292.7 292.7 294.6 295.8 281.2

Short Term Foreign Debt Position3) /Reserve Assets(%) 53.0 51.4 52.6 55.3 52.4 52.4 53.4 53.7 49.8

Notes :1) Using quarterly GDP at current price

2) Using annualized GDP at current price (sum of GDP for four quarters backw ards)

3) by remaining maturity

4) includes the pay ment of principal and interest on long-term debt and interest pay ments on short-term debt

*) Prov isional figures **) Very prov isional figures

2014 2015* 2016INDICATORS

EXTERNAL SUSTAINABILITY INDICATORS

20


21

predicted to continue improving. An increasingly

optimistic domestic economic outlook after the

successful enforcement of the Tax Amnesty Act is

expected to drive infrastructure development by the

government. Such conditions are expected to increase

domestic demand. Furthermore, the non-oil and gas

trade surplus is forecasted to improve as international

commodity prices rebound. In general, Bank Indonesia

projects the current account deficit to increase

slightly in 2016 but remain below the 3%-of-GDP

threshold.

Although overshadowed by sentiment on global

financial markets, more foreign capital is expected to

flow into Indonesia on the back of improved economic

fundamentals in line with ongoing structural reforms,

including positive sentiment surrounding the successful

implementation of the Tax Amnesty. The expected

influx of foreign capital should bolster the capital and

financial account surplus and therefore exceed the

current account deficit.

Moving forward, Bank Indonesia believes that

sound BOP performance will be maintained due to a

prudent monetary and macroprudential policy mix,

combined with stronger policy coordination with the

Government to accelerate structural reforms in order

to improve the investment climate and boost economic

competitiveness. Furthermore, Bank Indonesia will

remain vigilant of external and domestic risks that

could undermine BOP performance.

ALANCE OF PAYMENTS OUTLOOK

22


23

Box 1:

Changes in BOP Figures from Q2/2016 Publication

There are a number of changes in this edition of the BOP Report to the data released in the second quarter

of 2016. The changes are due to updates from various data sources as follows:

Table 1

Comparison of BOP Publications

Goods Transactions the changes in the second quarter of 2016 stem from revisions to oil and gas as well as non-

oil and gas data.

Services Transactions the changes in the first and second quarters of 2016 are due to updated Foreign Exchange

Flow Reports (LLD).

Primary Income Transactions the changes to primary income transaction data for 2015 and the second quarter

of 2016 are the result of updates to External Debt data.

Direct Investment Transactions - the changes to direct investment data for 2015 as well as the first and second

quarters of 2016 are the result of updates to External Debt data.

Portfolio Investment Transactions - the changes are the result of updates to External Debt data for 2015 and

Foreign Exchange Flow Report (LLD) data for the first and second quarters of 2016.

Other Investment Transactions - the changes are the result of updates to External Debt data for 2015 and Foreign

Exchange Flow Report (LLD) data for the first and second quarters of 2016.

million USD

Old New Old New Old New Old New Old New Old New Old New

Current Account -4,141 -4,178 -4,286 -4,566 -4,154 -3,904 -5,115 -4,939 -17,697 -17,586 -4,762 -4,766 -4,679 -4,995

Goods 3,063 3,063 4,125 4,125 4,141 4,141 1,961 1,961 13,289 13,289 2,709 2,709 3,718 3,763

Services -1,816 -1,816 -2,634 -2,635 -2,111 -2,111 -1,740 -1,740 -8,301 -8,301 -1,148 -1,136 -1,999 -2,198

Primary Income -6,815 -6,852 -7,202 -7,481 -7,458 -7,207 -6,718 -6,542 -28,194 -28,083 -7,556 -7,573 -7,624 -7,787

Secondary Income 1,428 1,428 1,426 1,426 1,273 1,273 1,382 1,382 5,508 5,508 1,234 1,234 1,227 1,227

Capital & Financial Account 4,956 4,927 2,035 2,054 219 186 9,888 9,622 17,099 16,789 4,591 4,443 7,420 7,554

Direct Investment 1,617 1,636 3,890 4,118 1,833 1,771 3,295 3,278 10,635 10,803 2,679 2,478 2,991 2,953

Portfolio Investment 8,509 8,509 5,571 5,549 -2,202 -2,202 4,857 4,555 16,735 16,411 4,447 4,439 8,382 8,275

Financial Derivative 93 93 -3 -3 231 231 -301 -301 20 20 -22 -22 -25 -25

Other Investment -5,263 -5,311 -7,424 -7,610 356 384 2,024 2,075 -10,308 -10,462 -2,513 -2,452 -3,933 -3,654

* provisional figures

Items Q1 Q2 Q3 TOTAL

2015*

Q2*

2016

Q4 Q1*

24


25

INDONESIA'S BALANCE OF PAYMENTS

Table 1 INDONESIA'S BALANCE OF PAYMENTS: SUMMARY ...................... 27

Table 2 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, GOODS ...................... 28

Table 3 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SERVICES ...................... 29

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

Table 5 INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SECONDARY INCOME ...................... 31

Table 6 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, DIRECT INVESTMENT ...................... 31

Table 7 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, PORTFOLIO INVESTMENT ...................... 32

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

APPENDICES

Tr

an

s

ak

si B

erj

ala

n

26


27

TABLE 1


SUMMARY

(millions of USD)


I . Current Account -27,510 -4,178 -4,566 -3,904 -4,939 -17,586 -4,766 -4,995 -4,493

A. Goods 6,983 3,063 4,125 4,141 1,961 13,289 2,709 3,763 3,929

- Exports 175,293 37,827 39,685 36,086 34,767 148,365 33,100 36,293 34,951

- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,530 -31,022

1. General Merchandise 5,474 2,690 3,810 4,047 2,012 12,560 2,400 3,531 3,712

- Exports 173,760 37,450 39,366 35,728 34,421 146,965 32,747 35,988 34,613

- Imports -168,286 -34,760 -35,557 -31,680 -32,409 -134,406 -30,347 -32,457 -30,902

a. Non-Oil and Gas 17,304 3,947 5,932 6,158 2,986 19,023 3,244 4,962 5,033

- Exports 145,008 33,068 34,722 32,038 30,713 130,541 29,836 32,752 31,337

- Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,790 -26,304

b. Oil and Gas -11,830 -1,256 -2,122 -2,111 -973 -6,463 -843 -1,431 -1,321

- Exports 28,752 4,382 4,644 3,690 3,708 16,424 2,912 3,236 3,276

- Imports -40,582 -5,638 -6,767 -5,801 -4,681 -22,887 -3,755 -4,667 -4,597

2. Other Goods 1,509 372 315 94 -51 730 308 232 217

- Exports 1,533 376 319 358 346 1,400 352 305 338

- Imports -24 -4 -4 -264 -398 -670 -44 -73 -121

B. Services -10,010 -1,816 -2,635 -2,111 -1,740 -8,301 -1,136 -2,198 -1,527

- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,771 5,426 5,957

- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,623 -7,484

C. Primary Income -29,703 -6,852 -7,481 -7,207 -6,542 -28,083 -7,573 -7,787 -7,914

- Receipts 2,130 468 722 705 930 2,826 515 797 657

- Payments -31,832 -7,320 -8,204 -7,912 -7,473 -30,909 -8,088 -8,585 -8,571

D. Secondary Income 5,220 1,428 1,426 1,273 1,382 5,508 1,234 1,227 1,019

- Receipts 9,374 2,521 2,645 2,540 2,655 10,362 2,478 2,567 2,410

- Payments -4,154 -1,094 -1,220 -1,267 -1,273 -4,853 -1,245 -1,340 -1,391

I I . Capital Account 27 1 0 2 14 17 0 4 5

- Receipts 27 1 0 2 14 17 0 4 5

- Payments 0 0 0 0 0 0 0 0 0

I I I . Financial Account 44,916 4,926 2,054 184 9,608 16,772 4,443 7,549 9,417

- Assets -10,786 -8,352 -9,273 -3,787 -421 -21,833 -911 -3,931 3,268

- Liabilities 55,702 13,278 11,327 3,971 10,029 38,605 5,354 11,480 6,149

1. Direct Investment 14,733 1,636 4,118 1,771 3,278 10,803 2,478 2,953 5,237

a. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,268 -806

b. Liabilities 25,121 5,086 7,511 3,116 4,509 20,222 3,489 4,221 6,043

2. Portfolio Investment 26,067 8,509 5,549 -2,202 4,555 16,411 4,439 8,275 6,490

a. Assets 2,587 24 -737 -683 127 -1,268 -168 402 1,918

b. Liabilities 23,480 8,484 6,287 -1,519 4,428 17,680 4,607 7,874 4,572

- Public Sector2) 15,380 6,942 3,808 891 5,728 17,369 4,919 7,213 3,211

- Private Sector3) 8,100 1,542 2,478 -2,410 -1,300 311 -312 661 1,361

3. Financial Derivatives -156 93 -3 231 -301 20 -22 -25 -28

4. Other Investment 4,272 -5,311 -7,610 384 2,075 -10,462 -2,452 -3,654 -2,283

a. Assets -3,427 -5,131 -5,371 -1,955 645 -11,812 -9 -3,236 1,996

b. Liabilities 7,699 -181 -2,239 2,339 1,430 1,350 -2,443 -419 -4,279

- Public Sector2) -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,595 -1,242

- Private Sector3) 11,907 963 -872 674 1,054 1,819 -2,324 1,176 -3,037

IV. Total (I + I I + I I I ) 17,433 749 -2,511 -3,718 4,683 -798 -323 2,558 4,928

V. Net Error and Omissions -2,184 554 -414 -847 407 -301 36 -396 780

VI. Overall Balance (IV + V) 15,249 1,303 -2,925 -4,565 5,089 -1,098 -287 2,162 5,708

VII. Reserves and Related Items 4) -15,249 -1,303 2,925 4,565 -5,089 1,098 287 -2,162 -5,708

A. Reserve Asset Transactions -15,249 -1,303 2,925 4,565 -5,089 1,098 287 -2,162 -5,708

B. Credit and Loans with IMF 0 0 0 0 0 0 0 0 0

C. Exceptional Financing 0 0 0 0 0 0 0 0 0

Memorandum:

- Reserve Assets Position 111,862 111,554 108,030 101,720 105,931 105,931 107,543 109,789 115,671

In Months of Imports & Official Debt Repayment 6.4 6.6 6.8 6.8 7.4 7.4 7.7 8.0 8.5

- Current Account (% GDP) -3.09 -1.96 -2.09 -1.81 -2.31 -2.04 -2.19 -2.16 -1.83

Notes

1) Based on BPM6, but use of the signs "+" and "-" is in accordance with BPM5

2) Consist of Government and Central Bank

3) Consist of Banks and Non Banks

4) Negative represents surplus and positive represents deficit .

*Provisional figures ** Very provisional figures

November, 2016

20162015*ITEMS

2014

28

TABLE 2


CURRENT ACCOUNT

GOODS

(millions of USD)


Goods 1) 6,983 3,063 4,125 4,141 1,961 13,289 2,709 3,763 3,929

- Exports 175,293 37,827 39,685 36,086 34,767 148,365 33,100 36,293 34,951

- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,530 -31,022

A. General merchandise 5,474 2,690 3,810 4,047 2,012 12,560 2,400 3,531 3,712

1. Non-oil and gas 17,304 3,947 5,932 6,158 2,986 19,023 3,244 4,962 5,033

a. Exports 145,008 33,068 34,722 32,038 30,713 130,541 29,836 32,752 31,337

b. Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,790 -26,304

2. Oil -23,903 -3,184 -3,658 -3,521 -2,743 -13,106 -1,997 -2,486 -2,653

a. Exports 13,806 1,927 2,611 1,786 1,510 7,833 1,253 1,793 1,599

b. Imports -37,709 -5,111 -6,268 -5,307 -4,253 -20,938 -3,250 -4,279 -4,252

3. Gas 12,074 1,927 1,535 1,410 1,770 6,643 1,154 1,055 1,332

a. Exports 14,946 2,455 2,034 1,904 2,198 8,592 1,658 1,443 1,677

b. Imports -2,873 -528 -498 -494 -429 -1,949 -505 -388 -345

B. Other goods 1,509 372 315 94 -51 730 308 232 217

o/w Nonmonetary gold 1,509 372 315 94 -51 730 308 232 217

a. Exports 1,533 376 319 358 346 1,400 352 305 338

b. Imports -24 -4 -4 -264 -398 -670 -44 -73 -121

Memorandum:

1. Nominal

a. Total exports (fob) 175,293 37,827 39,685 36,086 34,767 148,365 33,100 36,293 34,951

- Non-oil and gas 146,541 33,445 35,041 32,395 31,059 131,941 30,188 33,057 31,675

- Oil and gas 28,752 4,382 4,644 3,690 3,708 16,424 2,912 3,236 3,276

b. Total imports (fob) -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,530 -31,022

- Non-oil and gas -127,729 -29,126 -28,794 -26,144 -28,125 -112,189 -26,636 -27,863 -26,425

- Oil and gas -40,582 -5,638 -6,767 -5,801 -4,681 -22,887 -3,755 -4,667 -4,597

2. Growth (% , yoy)

a. Total exports (fob) -3.7 -13.9 -10.8 -17.2 -19.6 -15.4 -12.5 -8.5 -3.1

- Non-oil and gas -1.3 -8.0 -5.3 -10.9 -15.7 -10.0 -9.7 -5.7 -2.2

- Oil and gas -14.4 -42.3 -38.2 -49.2 -41.9 -42.9 -33.5 -30.3 -11.2

b. Total imports (fob) -4.5 -14.3 -20.8 -24.0 -19.6 -19.7 -12.6 -8.5 -2.9

- Non-oil and gas -3.9 -3.7 -15.8 -17.4 -11.1 -12.2 -8.5 -3.2 1.1

- Oil and gas -6.3 -45.5 -36.7 -44.2 -48.9 -43.6 -33.4 -31.0 -20.7

3. Crude oil unit prices (USD/barrel) 95.8 50.7 59.1 45.8 39.6 48.8 28.7 41.3 40.6

4. Crude oil production (million barrels per day) 0.788 0.766 0.793 0.794 0.794 0.787 0.836 0.833 0.835

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

November, 2016

20162015*ITEMS

2014

29

TABLE 3


CURRENT ACCOUNT

SERVICES

(millions of USD)


Services -10,010 -1,816 -2,635 -2,111 -1,740 -8,301 -1,136 -2,198 -1,527

- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,771 5,426 5,957

- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,623 -7,484

A. Manufacturing services 425 80 95 101 79 356 83 89 94

- Exports 425 80 95 101 79 356 83 89 94

- Imports 0 0 0 0 0 0 0 0 0

B. Maintenance and repair services -376 -78 -41 -61 -61 -241 -83 -40 -76

- Exports 100 26 38 27 28 118 41 39 45

- Imports -476 -105 -79 -87 -89 -359 -125 -79 -121

C. Transport -8,184 -1,520 -1,639 -1,584 -1,378 -6,122 -1,211 -1,376 -1,359

- Exports 3,791 814 837 812 1,016 3,479 887 947 913

- Imports -11,975 -2,335 -2,476 -2,396 -2,395 -9,602 -2,098 -2,323 -2,272

a. Passenger -1,275 -141 -294 -373 -406 -1,215 -141 -251 -317

- Exports 1,306 334 323 325 311 1,293 333 317 384

- Imports -2,581 -476 -618 -698 -717 -2,508 -474 -568 -701

b. Freight -6,707 -1,367 -1,372 -1,271 -1,171 -5,181 -1,088 -1,034 -986

- Exports 1,751 354 362 317 396 1,429 411 496 400

- Imports -8,458 -1,721 -1,734 -1,588 -1,566 -6,610 -1,499 -1,531 -1,386

c. Other -201 -12 27 60 198 273 18 -90 -57

- Exports 735 126 151 171 310 758 143 134 129

- Imports -936 -138 -124 -111 -112 -484 -125 -224 -186

D. Travel 2,579 1,059 609 827 974 3,469 1,171 815 1,265

- Exports 10,261 2,756 2,292 2,796 2,916 10,761 2,894 2,519 3,278

- Imports -7,682 -1,698 -1,683 -1,969 -1,942 -7,292 -1,723 -1,704 -2,013

E. Construction 52 -5 -31 -77 38 -74 38 16 13

- Exports 712 117 82 102 77 378 70 54 43

- Imports -660 -122 -113 -178 -39 -453 -31 -39 -30

F. Insurance and pension services -938 -215 -316 -206 -179 -916 -147 -190 -158

- Exports 26 2 4 6 14 26 2 5 6

- Imports -964 -218 -321 -212 -193 -943 -150 -195 -164

G. Financial services -398 -121 -156 -72 -132 -481 -185 -110 -109

- Exports 223 45 54 98 67 264 71 94 88

- Imports -621 -166 -210 -170 -199 -744 -256 -204 -197

H. Charges for the use of intellectual property -1,802 -328 -463 -290 -518 -1,598 -358 -635 -319

- Exports 60 13 17 10 15 54 13 10 8

- Imports -1,862 -340 -479 -299 -534 -1,653 -371 -645 -327

I . Telecommunications, computer, and information services -481 -193 -233 -137 -183 -746 -205 -467 -204

- Exports 1,140 281 204 255 306 1,046 194 226 217

- Imports -1,621 -474 -437 -392 -488 -1,791 -399 -693 -422

J. Other business services -940 -617 -564 -741 -543 -2,464 -398 -483 -831

- Exports 6,032 1,230 1,271 1,108 1,390 4,999 1,331 1,236 1,094

- Imports -6,972 -1,847 -1,834 -1,849 -1,933 -7,463 -1,729 -1,718 -1,926

K. Personal, cultural, and recreational services -94 -12 22 18 20 48 0 11 8

- Exports 150 26 32 25 31 115 16 25 19

- Imports -244 -38 -11 -7 -11 -67 -16 -14 -11

L. Government goods and services 147 135 83 109 142 469 158 172 149

- Exports 611 163 176 146 147 632 169 182 151

- Imports -464 -28 -93 -37 -5 -163 -11 -9 -1

Memorandum:

Number of traveler (thousands of people)

- Inbound 9,488 2,328 2,377 2,555 2,535 9,794 2,427 2,551 2,921

- Outbound 8,242 2,040 2,051 2,228 2,026 8,345 2,070 2,075 2,185

November, 2016

20162015*2014ITEMS

30

TABLE 4


CURRENT ACCOUNT

PRIMARY INCOME

(millions of USD)


Primary Income -29,703 -6,852 -7,481 -7,207 -6,542 -28,083 -7,573 -7,787 -7,914

- Receipts 2,130 468 722 705 930 2,826 515 797 657

- Payments -31,832 -7,320 -8,204 -7,912 -7,473 -30,909 -8,088 -8,585 -8,571

A. Compensation of employees -1,200 -316 -322 -356 -367 -1,361 -360 -367 -407

- Receipts 206 53 61 49 50 213 55 63 50

- Payments -1,406 -370 -383 -405 -416 -1,574 -415 -430 -457

B. Investment income -28,503 -6,536 -7,159 -6,851 -6,175 -26,721 -7,213 -7,420 -7,508

- Receipts 1,924 414 661 657 881 2,614 460 734 607

- Payments -30,426 -6,951 -7,821 -7,507 -7,056 -29,335 -7,672 -8,154 -8,115

a. Direct investment income -19,271 -4,145 -4,674 -4,609 -4,599 -18,027 -4,541 -4,457 -4,372

1) Income on equity capital -17,888 -3,809 -4,496 -4,239 -4,396 -16,940 -4,215 -4,291 -4,012

- Receipts 140 23 23 9 17 72 2 32 36

- Payments -18,028 -3,832 -4,520 -4,247 -4,413 -17,012 -4,217 -4,323 -4,048

2) Income on debt (interest) -1,383 -336 -178 -370 -203 -1,088 -326 -166 -360

- Receipts 50 8 2 4 7 21 2 33 5

- Payments -1,432 -344 -181 -374 -210 -1,108 -328 -199 -365

b. Portfolio investment income -7,106 -1,916 -1,750 -1,859 -879 -6,406 -2,234 -2,285 -2,772

1) Income on equity capital -2,221 -217 -977 -367 -375 -1,936 -218 -1,362 -407

- Receipts 399 58 88 38 98 283 59 147 109

- Payments -2,620 -275 -1,065 -405 -474 -2,219 -277 -1,510 -516

2) Income on debt (interest) -4,885 -1,700 -773 -1,493 -504 -4,470 -2,016 -923 -2,365

- Receipts 608 212 432 517 651 1,812 245 355 269

- Payments -5,492 -1,912 -1,205 -2,010 -1,155 -6,282 -2,261 -1,278 -2,634

c. Other investment income -2,126 -475 -735 -382 -697 -2,288 -437 -678 -363

- Receipts 728 113 115 89 108 426 152 167 188

- Payments -2,853 -588 -850 -471 -805 -2,714 -589 -845 -551

2016

November, 2016

2015*ITEMS

2014

31

TABLE 5


CURRENT ACCOUNT

SECONDARY INCOME

(millions of USD)

TABLE 6


FINANCIAL ACCOUNT

DIRECT INVESTMENT

(millions of USD)


Secondary Income 5,220 1,428 1,426 1,273 1,382 5,508 1,234 1,227 1,019

- Receipts 9,374 2,521 2,645 2,540 2,655 10,362 2,478 2,567 2,410

- Payments -4,154 -1,094 -1,220 -1,267 -1,273 -4,853 -1,245 -1,340 -1,391

A. General government 232 8 2 15 124 149 0 38 44

- Receipts 239 8 3 15 124 150 5 38 44

- Payments -7 0 -1 0 0 -1 -5 0 0

B. Other sectors 4,988 1,419 1,424 1,258 1,258 5,360 1,233 1,189 975

1. Personal transfers 5,632 1,614 1,642 1,605 1,553 6,415 1,526 1,428 1,345

- Receipts 8,345 2,336 2,390 2,356 2,366 9,447 2,301 2,268 2,192

- Payments -2,713 -721 -747 -750 -812 -3,031 -775 -840 -847

2. Other current transfers -644 -195 -218 -347 -295 -1,056 -292 -239 -370

- Receipts 789 177 253 169 166 765 172 261 174

- Payments -1,434 -372 -471 -516 -461 -1,821 -464 -500 -544

Memorandum:

- Number of Indonesian migrant worker/TKI (thousands of people) 3,944 3,893 3,837 3,755 3,686 3,686 3,639 3,591 3,515

- Number of foreign migrant worker/TKA (thousands of people) 77 77 79 83 86 86 83 89 93

2016

November, 2016

2015*ITEMS

2014


Direct Investment 14,733 1,636 4,118 1,771 3,278 10,803 2,478 2,953 5,237

A. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,268 -806

1. Equity capital -9,566 -2,706 -2,486 -1,605 -1,546 -8,343 -1,300 -1,640 -1,330

2. Debt instuments -822 -744 -908 260 316 -1,076 289 373 524

B. Liabilities 25,121 5,086 7,511 3,116 4,509 20,222 3,489 4,221 6,043

1. Equity capital 21,895 4,337 5,264 4,474 5,503 19,577 3,316 5,395 4,706

2. Debt instuments 3,225 750 2,247 -1,358 -994 645 173 -1,174 1,337

a. Inflow 80,051 21,162 22,302 18,085 13,674 75,223 12,567 12,096 12,093

b. Outflow -76,826 -20,412 -20,055 -19,443 -14,669 -74,578 -12,394 -13,270 -10,757

Memorandum:

Direct investment based on directional principle 14,733 1,636 4,118 1,771 3,278 10,803 2,478 2,953 5,237

A. Direct investment abroad -7,077 -2,155 -1,240 -2,257 -629 -6,281 -99 -711 860

1. Equity capital -5,408 -1,592 -1,549 -846 -595 -4,581 -347 -713 -372

2. Debt instruments -1,670 -564 308 -1,411 -33 -1,700 248 2 1,232

B. Direct investment in Indonesia 21,811 3,791 5,358 4,028 3,907 17,084 2,576 3,664 4,377

1. Equity capital 17,737 3,223 4,327 3,715 4,552 15,816 2,363 4,467 3,748

2. Debt instruments 4,073 569 1,031 314 -645 1,269 214 -803 629

2016

November, 2016

2015*ITEMS

2014

32

TABLE 7


FINANCIAL ACCOUNT

PORTFOLIO INVESTMENT

(millions of USD)


Portfolio Investment 26,067 8,509 5,549 -2,202 4,555 16,411 4,439 8,275 6,490

A. Assets 2,587 24 -737 -683 127 -1,268 -168 402 1,918

1. Public Sector 2,965 713 -13 -180 -128 392 174 -53 1,579

a. Equity capital 0 0 0 0 0 0 0 0 0

b. Debt securities 2,965 713 -13 -180 -128 392 174 -53 1,579

2. Private Sector -379 -689 -724 -503 255 -1,660 -341 455 339

a. Equity capital -753 -258 -317 -180 -2 -758 -147 -118 228

b. Debt securities 374 -431 -406 -323 257 -903 -195 573 111

B. Liabilities 23,480 8,484 6,287 -1,519 4,428 17,680 4,607 7,874 4,572

1. Public Sector 15,380 6,942 3,808 891 5,728 17,369 4,919 7,213 3,211

a. Equity capital N/A N/A N/A N/A N/A N/A N/A N/A N/A

b. Debt securities 15,380 6,942 3,808 891 5,728 17,369 4,919 7,213 3,211

1) Central bank -117 -125 182 -194 2 -135 68 248 86

2) Government 15,497 7,067 3,627 1,084 5,725 17,503 4,851 6,965 3,125

a) Short term 118 296 51 -417 32 -38 -172 176 124

b) Long term 15,378 6,771 3,576 1,501 5,694 17,542 5,022 6,789 3,001

2. Private Sector 8,100 1,542 2,478 -2,410 -1,300 311 -312 661 1,361

a. Equity capital 3,259 437 -88 -1,200 -696 -1,547 314 667 1,637

b. Debt securities 4,841 1,105 2,567 -1,210 -604 1,858 -626 -5 -276

1) Short term 1,317 -217 271 -1,154 -1,235 -2,335 -480 35 -141

2) Long term 3,524 1,322 2,296 -56 631 4,193 -146 -41 -135

Memorandum:

Government's debt securities, liabilities 15,497 7,067 3,627 1,084 5,725 17,503 4,851 6,965 3,125

1. Denominated in Rupiah 11,838 3,407 2,527 -992 2,575 7,518 3,501 2,862 3,125

2. Denominated in foreign currency 3,658 3,660 1,100 2,076 3,150 9,986 1,350 4,103 0

Notes:

N/A : Not Applicable

20162014

November, 2016

ITEMS2015*

33

TABLE 8


FINANCIAL ACCOUNT

OTHER INVESTMENT

(millions of USD)


Other Investment 4,272 -5,311 -7,610 384 2,075 -10,462 -2,452 -3,654 -2,283

A. Assets -3,427 -5,131 -5,371 -1,955 645 -11,812 -9 -3,236 1,996

1. Public Sector 0 0 0 0 0 0 0 -269 0

2. Private Sector -3,427 -5,131 -5,371 -1,955 645 -11,812 -9 -2,967 1,996

a. Currency and deposits -2,279 -4,237 -3,073 -646 544 -7,411 -766 -1,912 1,290

b. Loans 616 -168 -443 -325 -99 -1,034 299 21 649

c. Trade credit and advances -915 -573 -1,433 -436 210 -2,232 103 -732 121

d. Other assets -849 -153 -422 -549 -10 -1,134 355 -344 -64

B. Liabilities 7,699 -181 -2,239 2,339 1,430 1,350 -2,443 -419 -4,279

1. Public Sector -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,595 -1,242

a. Currency and deposits 0 0 0 0 0 0 0 0 0

b. Loans -1,243 -431 -1,380 1,485 249 -77 54 -1,648 337

1) Central bank 1) -15 0 -9 0 -24 -33 0 -24 0

a) Drawings 0 0 0 0 0 0 0 0 0

b) Repayments -15 0 -9 0 -24 -33 0 -24 0

2) Government -1,228 -431 -1,371 1,485 273 -44 54 -1,624 337

a) Drawings 4,035 237 382 2,134 2,077 4,829 778 417 1,046

(1) Program 1,540 0 74 2,000 1,815 3,889 529 148 900

(2) Project 2,494 237 308 134 262 940 249 268 146

(3) Other 0 0 0 0 0 0 0 0 0

b) Repayments -5,263 -668 -1,753 -649 -1,804 -4,874 -724 -2,040 -709

c. Other liabilities -2,965 -713 13 180 128 -392 -174 53 -1,579

2. Private Sector 11,907 963 -872 674 1,054 1,819 -2,324 1,176 -3,037

a. Currency and deposits 2,381 -70 120 531 187 768 -820 1,056 -34

b. Loans 8,785 962 -922 -617 1,317 740 -1,746 -752 -2,803

1) Drawings 37,494 7,972 7,282 5,580 9,395 30,229 3,527 5,516 3,870

2) Repayments -28,709 -7,010 -8,204 -6,197 -8,078 -29,489 -5,273 -6,268 -6,672

c. Trade credit and advances 209 -37 2 657 -197 425 210 920 -171

d. Other liabilities 532 108 -72 104 -253 -114 33 -49 -29

Notes:1) Excludes credit and loans with IMF

20162015*ITEMS

2014

November, 2016

balance of payments report - bank indonesia · balance of payments (bop) surplus increased...

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