Balance of Payments: Sinidaftakan?

May 2017
SinidaftaKan?
kang
BALANCE OF PAYMENTS
REPORT
First Quarter 2018
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 29815150
Fax : +62 21 3501935
E-mail : BNP@bi.go.id
Website : www.bi.go.id
2
May 2018
BALANCE OF PAYMENTS
REPORT
First Quarter 2018
3
This Page is Intentionally Left Blank
4
LIST OF CONTENTS
SUMMARY 1
Transaksi Berjalan
Q1/2018 3
CURRENT ACCOUNT 3
Goods Trade Balance 4
Non-oil & Gas Trade Balance 4
Oil & Gas Trade Balance 9
Services Trade Balance 10
Primary Income Balance 11
Secondary Income Balance 12
CAPITAL AND FINANCIAL ACCOUNT 12
Direct Investment 13
Portfolio Investment 14
Other Investment 16
EXTERNAL SUSTAINABILITY INDICATORS 19
ALANCE OF PAYMENTS OUTLOOK 21
BOX 1: CHANGES IN BOP FIGURES

FROM Q4/2017 PUBLICATION 23
APPENDICES 25
5
LIST OF TABLES
Page Page
Table 1 Non-Oil and Gas Exports by Commodity Group 5 Table 6 Oil Exports 9
(based on SITC)
Table 2 Non-Oil and Gas Exports by Major Destination 5 Table 7 Oil Imports (f.o.b) 10
Countries
Table 3 Exports of Major Non-Oil and Gas Commodities 7 Table 8 Gas Exports 10
(based on HS)
Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity 8 Table 9 External Sustainability Indicators 19
Group
Table 5 Non-Oil and Gas Imports (c.i.f) by Major Country 9
of Origin
LIST OF CHARTS
Page Page
Chart 1 3 Chart 14 Direct Investment 13
Chart 2 Current Account 4 Chart 15 Foreign Direct Investment (FDI) by Economic 13

Sector
Chart 3 Non-oil and Gas Trade Balance 4 Chart 16 Foreign Direct Investment (FDI) by Country of 14
Origin
Chart 4 Non-oil and Gas Export Growth 4 Chart 17 Portfolio Investment 15
Chart 5 Oil and Gas Trade Balance 9 Chart 18 Foreign Holdings Positions of SBI and Government 15
Debt Securities (SUN)
Chart 6 International Oil Prices 10 Chart 19 Foreign Transactions on the IDX and JCI 16
Developments
Chart 7 Services Trade Balance 10 Chart 20 ASEAN Stock Index Developments 16
Chart 8 Freight Services Payments 11 Chart 21 Portfolio Investment by Institutional Sectors 16
Chart 9 Travel Services 11 Chart 22 Other Investments 16
Chart 10 Primary Income Account 12 Chart 23 Other Investment Assets of the Private Sector 17
Chart 11 Personal Transfers 12 Chart 24 Other Investment Liabilities of the Private Sector 17
Chart 12 Stock of Indonesian Migrant Workers in Q3/2017 12 Chart 25 Public Sector Foreign Loans 17
Chart 13 Capital and Financial Account 13
6
SUMMARY
The current account deficit narrowed in the first quarter of 2018, bolstering external resilience in
Indonesia. The current account recorded a USD5.5 billion deficit (2.1% of GDP) in the first quarter of 2018,
T
reducing from USD6.0 billion (2.3% of GDP) in the previous period. A smaller services account deficit and larger
secondary income account surplus contributed to the narrower current account deficit. The decreasing services
traderdeficit stemmed primarily from a wider travel services trade surplus as the number of international
a visiting Indonesia increased and imported freight services declined. On the other hand, the secondary
travellers
n
income account was boosted by an influx of remittances sent from Indonesian migrant workers. Meanwhile, the
non-oil and gas trade surplus narrowed on falling non-oil and gas exports. Non-oil and gas imports also declined
but sthe decrease was more subdued because of persistently high imports of capital goods and raw materials in
a
line with increasing production and investment activities.
k The capital and financial account continued to record a surplus in the first quarter of 2018 despite
heightened uncertainty in the global financial markets. The capital and financial account surplus stood at
si billion in the reporting period, backed by maintained direct investment inflow, which reflects the positive
USD1.9
B of investors concerning the domestic economic outlook. Nevertheless, the capital and financial
perception
e
account surplus narrowed on the previous period due to growing uncertainty in the global financial markets that
prompted non-resident investors to adjust placements in the domestic stock market and government debt
rj market. The capital and financial account surplus was also eroded by the other investment deficit as
securities
al
domestic private placements in offshore deposits increased.
a In general, the overall balance of payments (BOP) recorded a deficit in the first quarter of 2018 in
line with the smaller capital and financial account surplus. The BOP deficit was recorded at USD3.9 billion in
then reporting period. Consequently, the position of official reserve assets stood at USD126.0 billion at the end of
March 2018, equivalent to 7.7 months of imports and servicing government external debt, which is well above
the international adequacy standard.
1
2
1/2018
On the other hand, the capital and financial

a USD3.9 billion deficit in the first quarter of 2018. account continued to record a surplus in the reporting
The deficit was attributed to a smaller capital and period despite growing uncertainty in the global
financial account surplus that was insufficient to financial markets. The capital and financial account
offset the current account deficit. Nevertheless, the surplus was maintained by non-resident direct
position of official reserve assets stood at USD126.0 investment inflow, reflecting the favourable
billion at the end of the first quarter, which is still perception of investors regarding solid economic
considered high despite moderating slightly on the fundamentals in Indonesia. In total, the capital and
position recorded at the end of the previous period financial account surplus decreased on the position
(Chart 1). The position of reserve assets was recorded in the previous quarter and same period one
equivalent to 7.7 months of imports and servicing year earlier due to a reversal in the direction of
government external debt, which is well above the portfolio investment and other investment to register
international adequacy standard. deficits. Portfolio investment recorded a net outflow
billion USD billion USD as non-resident investors continued to release
20 150
domestic stocks, coupled with a lower net buy of
15
120 tradeable government securities (SBN) booked by
10
5 90 foreign investors, while the deficit in other investment

0 60 was attributed to domestic private placements in
-5
30
offshore deposits.
-10
-15 0
CURRENT ACCOUNT
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
Q1
Q2
Q3
Q4
2010 2011 2012 2013 2014 2015 2016 2017* 2018
The current account recorded a USD5.5 billion

* provisional figures Cap & Fin Account Curr. Account
** very provisional figures
Overall Balance Reserve Assets (RHS) deficit in the first quarter of 2018, down from USD6.0
Chart 1
billion in the previous period (Chart 2). Improvements
in the services trade account and income accounts
The current account deficit narrowed in the first contributed to the decline. A larger travel services
quarter of 2018 and was controlled within a safe surplus reduced the services trade deficit, while the
threshold. The current account deficit amounted to narrower primary income account deficit was caused
2.1% of GDP in the reporting period, down from by a decrease in revenue payments on direct
2.3% of GDP at the end of last year. The investment. On the other hand, the secondary income
improvements primarily stemmed from a smaller account surplus increased as personal transfer receipts
services account deficit as travel services receipts surged in the form of remittances from Indonesian
increased. In addition, a narrower primary income migrant workers (PMI). In contrast, the non-oil and
account deficit, coupled with a larger secondary gas trade surplus was eroded as a result of declining
income account surplus also reduced the current non-oil and gas exports that exceeded the decrease of
account deficit. non-oil and gas imports.
3
billion USD billion because import growth outpaced export
15
growth (Chart 3).
10
billion USD billion USD
5
50 12
0
Thousands
40
-5 30 10
-10 20 8
10
-15 0 6
-20 -10
4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1**
-20
-30 2
2010 2011 2012 2013 2014 2015 2016 2017* 2018
-40
* provisional figures
Secondary Inc. Primary Inc. -50 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
Q4
Q1
Q2
Q3
Q4
Q1**
** very provisional figures Services OG Trade Balance
NOG Trade Balance Curr. Account
Chart 2 2010 2011 2012 2013 2014 2015 2016 2017* 2018
Current Account Imports Exports NOG Trade Balance (RHS)

* provisional figures ** very provisional figures
Chart 3
Goods Trade Balance Non-oil and Gas Trade Balance
The goods trade balance recorded a USD2.4

billion surplus in the first quarter of 2018, down Non-Oil and Gas Exports
22.9% compared with the USD3.1 billion surplus in Non-oil and gas exports stood at USD40.3 billion
the fourth quarter of 2017 due to a deeper export in the first quarter of 2018, falling 2.3% (qtq) on the
decline than imports. A narrower non-oil and gas USD41.2 billion position recorded in the fourth
trade surplus contributed to the decreasing goods quarter of 2017 due to declining real exports against
trade surplus, while oil and gas trade deficit was a backdrop of slower rising prices. Annually, however,
relatively stable. non-oil and gas export growth decelerated from
The narrower goods trade surplus recorded in 12.3% (yoy) to 9.4% (yoy) in the reporting period
the first quarter of 2018 was also lower than the (Chart 4), held back by slower rising export prices
corresponding USD5.6 billion surplus posted in the (Table 1).
same period one year earlier in line with strong import (%)
growth. 30.0
25.0 21.9
20.0
Non-Oil and Gas Trade Balance 15.0 12.3
10.0
9.4
The non-oil and gas trade balance recorded a 5.0
0.3
0.0 4.3
USD4.7 billion surplus in the first quarter of 2018, -5.0 -2.3
-10.0
down from USD5.4 billion in the previous period due -15.0
-20.0
to a deeper non-oil and gas export decline than non-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1**
oil and gas imports. Furthermore, the non-oil and gas 2015 2016 2017* 2018
trade surplus was also down compared with y.o.y q.t.q
conditions in the same period one year ago at USD7.8 Chart 4

Non-oil and Gas Export Growth
4
Table 1
Non-Oil and Gas Exports by Commodity Group (based on SITC)
Shares (%) Growth (% yoy)

2016 2017* 2018
Description
2017* 2018**
TOTAL Q1 Q2 Q3 Q4 TOTAL Q1**
A. Primary Product
Nominal 52.0 51.0 -3.1 41.8 27.4 34.6 13.9 28.0 7.8
Real 54.9 53.2 -3.0 10.7 8.0 16.5 -0.3 7.9 -0.9
Price Index - - -0.1 28.1 18.0 15.5 14.2 18.7 8.8
Agricultural Products
Nominal 31.6 28.0 -1.9 45.2 21.2 33.0 4.7 24.1 -9.2
Real 35.3 33.5 -6.1 19.0 17.4 33.0 2.4 16.6 -4.3
Price Index - - 4.5 22.0 3.2 0.0 2.2 6.4 -5.1
Foods
Nominal 24.3 21.5 -0.6 42.7 17.8 28.6 -1.1 19.7 -9.5
Real 27.3 25.9 -8.1 18.6 20.3 34.3 -0.7 16.3 -4.1
Price Index - - 8.1 20.3 -2.1 -4.2 -0.4 2.9 -5.6
Raw Materials
Nominal 7.4 6.5 -6.3 54.4 33.3 49.1 30.8 41.3 -8.2
Real 8.0 7.5 0.4 21.4 9.6 28.8 15.9 18.5 -4.9
Price Index - - -6.7 27.1 21.7 15.7 12.9 19.3 -3.4
Fuels & Mining Products
Nominal 20.3 23.1 -5.1 35.7 38.3 37.3 29.4 34.7 39.5
Real 20.0 20.8 1.8 -1.8 -4.2 -2.4 -0.9 -2.4 11.2
Price Index - - -6.8 38.3 44.4 40.6 30.5 38.0 25.4
B. Manufacture Products
Nominal 46.4 47.1 2.5 6.1 -7.3 15.2 9.6 5.5 9.7
Real 43.7 44.9 -1.5 -3.7 -16.5 5.4 -0.4 -4.2 0.9
Price Index - - 4.0 10.2 11.1 9.3 10.0 10.1 8.8
C. Others
Nominal 1.6 1.9 -1.5 0.7 15.7 50.2 42.7 28.0 62.9
Real 1.7 2.0 -6.9 -2.9 15.4 57.8 36.8 27.1 49.4
Price Index - - 5.9 3.7 0.2 -4.8 4.3 0.7 9.0
Total
Nominal 100.0 100.0 -0.3 21.9 8.1 25.0 12.3 16.5 9.4
Riil 100.0 100.0 -2.6 3.7 -4.7 11.9 0.3 2.6 0.6
Price Index - - 2.4 17.6 13.4 11.7 12.0 13.6 8.8
*) provisional figures
**) very provisional figures
Non-Oil and Gas Exports by Major Destination Table 2

Non-Oil and Gas Exports by Major Destination Countries
Country
Shares (%) Growth (%, yoy)
Description 2016 2017* 2018
Growth of non- 2017* 2018**
TOTAL Q1 Q2 Q3 Q4 TOTAL Q1**
10 major trading partners slowed from 16.1% (yoy) 1 China 14.0 15.8 14.4 66.6 35.0 48.5 26.4 41.1 34.5
2 US A 11.2 11.0 2.3 18.1 -4.0 19.9 5.7 9.3 3.1
to 12.2% (yoy) in the reporting period, with the 3 Japan 9.6 10.1 1.2 4.3 3.6 26.8 11.2 11.4 21.8
4 India 9.1 7.9 -14.3 60.7 47.7 33.9 25.0 40.2 -6.1
slowdown affecting the United States, South Korea 5 Singapore 5.8 5.9 -0.3 -5.0 -8.1 20.5 8.3 3.4 13.3
6 Malaysia 4.6 4.7 -4.5 24.0 11.9 32.6 10.0 18.9 10.3
and the Philippines, while shipments to India and the 7 South Korea 4.1 4.0 -3.0 28.6 14.8 19.7 17.9 20.1 4.1
8 Philipines 4.3 3.8 33.9 46.5 11.8 21.2 29.0 25.7 6.6
Netherlands contracted. Conversely, exports to China, 9 Thailand 3.5 3.6 0.4 18.3 11.1 29.0 13.1 17.7 15.7
10 Netherlands 2.6 2.4 -5.6 52.0 23.1 26.7 3.2 23.9 -5.8
Japan, Singapore, Malaysia and Thailand accelerated Total 10 Countries 68.7 69.3 1.7 28.7 13.3 29.2 16.1 21.4 12.2
on the previous period (Table 2). *) provisional figures
**) very provisional figures
5
Faster growth of exports to China was reported Stronger exports of base metals, coupled with
in the first quarter of 2018, increasing from 26.4% shallower export contractions of vegetable oil and
(yoy) to 34.5% (yoy) on the back of coal and articles processed foods, stimulated growth of exports to
of precious metals that account for 44.5% of total Malaysia, increasing slightly from 10.0% (yoy) in the
exports to China. Coal exports to China were driven previous period to 10.3% (yoy).
by increasing demand from power stations and the Export growth to South Korea moderated
steel processing industry. Furthermore, a colder winter significantly from 17.9% (yoy) to 4.1% (yoy),
than in previous years prompted energy companies to undermined by slower growth of coal and textile
bolster reserves in anticipation of increasing heater exports as well as the ongoing export contraction of
use. base metals, with those three commodities
Growth of exports to the United States (US) accounting for 49.1% of total exports to South
slowed from 5.7% (yoy) to 3.1% (yoy) in the Korea.
reporting period, held back by slower export growth Weaker exports of vehicles and components,
of textiles and processed foods as well as a deeper coal, processed foods and vegetable oil, accounting
contraction of processed natural rubber, with the for 65.6% of total non-oil and gas exports to the
three commodities commanding a 43.6% (yoy) share Philippines, contributed to slower export growth.
of total exports to the US. In contrast, exports of Contrasting conditions in the Philippines, exports
footwear to the US increased and reversed the to Thailand accelerated from 13.1% (yoy) in the
contraction recorded in the previous period. fourth quarter of 2017 to 15.7% (yoy) in the
Exports of electrical devices and copper ore were reporting period. The key drivers of export growth
the key drivers of export growth to Japan in the were coal, motor vehicles and components as well as
reporting period, which accelerated from 11.2% (yoy) base metals. Motor vehicle exports increased on rising
previous period to 21.8% (yoy). demand from Thailand and automotive factory
After achieving robust growth throughout 2017, expansion in Indonesia. In contrast, exports of
albeit tracking a quarterly decline, exports to India machinery and mechanical appliances were observed
contracted by 6.1% (yoy) in the first quarter of 2018, to moderate compared with the previous period. The
with coal, vegetable oil and copper ore contractions share of those four commodities reached 53.0% of
cited as the main drag on growth along with slower total exports to Thailand.
exports of base metals. Those four commodities Exports to the Netherlands contracted by
dominated 76.1% of total non-oil and gas exports to 5.8% (yoy) in the reporting period after achieving
India. Policy in India to raise import duty on crude positive 3.2% (yoy) in the previous period. The
palm oil (CPO) by 15% had an adverse impact on downturn was attributed to export contractions of
vegetable exports, while declining coal exports vegetable oil, chemical materials and electrical
stemmed from the comparatively high coal price in equipment together with slower growth of fatty acid
Indonesia due to the extreme price sensitivity of coal exports. Vegetable oil exports were severely restricted
imports to India. by discourse amongst members of the European
Exports to Singapore expanded by 13.3% (yoy) Union to place a moratorium on vegetable oil imports
compared with 8.3% (yoy) in the previous period. from Indonesia due to environmental issues and
Non-oil and gas exports to Singapore were driven by
chemical materials, processed foods and fatty acids.
6
Exports of Major Non-Oil and Gas Commodities fourth quarter of 2017 to -18.3% (yoy) in the
The general slowdown of non-oil and gas reporting period due to lower export prices and
exports reported in the first quarter of 2018 was also decreasing real exports. Vegetable oil exports to all
reflected in exports of the ten major commodities, major destinations slumped, namely India, China,
which moderated from 10.8% (yoy) to 5.1% (yoy) in Pakistan and the United States, with the four
the reporting period. The slowdown was countries commanding a 45.0% share of total
predominantly due to declining real exports and prices vegetable oil exports. Policy in India to raise import
of most the major commodities (Table 3). duty on crude palm oil (CPO) by 15% had a
Coal replaced vegetable oil as the primary non- deleterious impact on vegetable oil exports, while
oil and gas export commodity from Indonesia in the vegetable oil exports to the US were erode by an
first quarter of 2018, with a 14.9% share, despite abundant supply of soybean as a viable CPO
coal exports moderating slightly from 27.2% (yoy) to substitute. Meanwhile, less economic activity in China
26.4% (yoy) due to a sharp decline in prices that due to Chinese New Year celebrations weakened
exceeded real export growth of 5.5% (yoy) after demand for vegetable oil from Indonesia.
contracting in the previous period. Slower coal Exports of textiles and textile products
exports primarily affected shipments to Japan and decelerated from 10.2% (yoy) in the fourth quarter of
South Korea, while coal exports to India experienced a 2017 to 7.9% (yoy) in the first quarter of 2018 as a
contraction, with the three countries dominating result of slower growth of real exports and prices. The
40.3% of total coal exports from Indonesia in the slowdown affected shipments to most of the major
reporting period. export destinations, namely the United States, Japan,
Vegetable oil exports recorded a deeper China, and South Korea.
contraction, declining further from -5.5% (yoy) in the
Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)
Growth (%, yoy)

Share (%)
Nominal Real Price Index
Description 2016 2017* 2018 2016 2017* 2018 2016 2017* 2018
2017* 2018**
TOTAL Q1 Q2 Q3 Q4 TOTAL Q1** TOTAL Q1 Q2 Q3 Q4 TOTAL Q1** TOTAL Q1 Q2 Q3 Q4 TOTAL Q1**
1. Coal 13.3 14.9 -9.0 45.0 48.7 45.5 27.2 40.4 26.4 -1.4 4.2 2.2 0.7 -0.3 1.3 5.5 -7.7 39.2 45.6 44.4 27.7 38.5 19.8
2. Vegetable Oil 14.3 12.2 -3.0 62.5 29.3 34.2 -5.5 25.7 -18.3 -13.6 16.2 26.4 36.3 -3.5 16.3 -4.5 12.3 39.9 2.3 -1.5 -2.0 8.1 -14.5
3. Textile & Textile Products 8.2 8.3 -3.7 4.1 -11.1 23.4 10.2 5.9 7.9 -6.9 -6.7 -20.7 9.3 0.4 -5.1 0.2 3.5 11.6 12.1 12.9 9.8 11.6 7.7
4. Articles of Basic Metals 6.2 7.1 -1.9 32.0 13.6 29.4 35.7 27.7 50.6 -5.5 6.4 -5.6 14.0 19.1 8.5 29.1 3.8 24.0 20.4 13.5 14.0 17.7 16.7
5. Electrical Aparatus, etc 5.8 5.5 -4.5 5.8 -1.1 15.8 2.1 5.5 3.2 -9.7 -6.1 -16.1 1.2 -13.2 -8.8 -10.6 5.9 12.6 17.9 14.5 17.7 15.7 15.5
6. Processed Foods 4.7 4.5 4.4 9.6 0.6 20.0 12.1 10.7 9.3 7.2 5.1 -3.6 16.8 10.8 7.3 5.6 -2.6 4.3 4.4 2.7 1.2 3.1 3.5
7. Vehicles & Parts 4.5 4.2 8.5 37.1 -0.1 25.8 9.3 16.5 4.1 4.0 30.1 -6.8 19.0 5.7 10.6 2.3 4.3 5.3 7.2 5.7 3.3 5.4 1.8
8. Processed Rubber 4.7 3.9 -5.2 67.3 29.3 28.1 4.8 30.6 -21.8 2.3 17.9 4.2 14.6 -0.5 8.7 -5.1 -7.3 41.8 24.1 11.8 5.3 20.2 -17.6
9. Machinery & Mechanical Appl. 3.7 3.5 5.1 19.8 -7.8 5.0 13.4 6.7 2.2 2.4 9.6 -16.3 -1.4 3.5 -2.0 -4.8 2.6 9.2 10.2 6.4 9.5 8.8 7.4
10. Footwear 3.2 3.2 2.9 8.1 -7.9 21.2 6.1 5.8 7.0 1.9 -2.1 -13.4 19.9 11.3 2.7 11.9 1.0 10.3 6.4 1.1 -4.7 3.0 -4.3
Total 10 Commodities 68.7 67.4 -2.4 31.6 12.8 27.8 10.8 20.1 5.1 -3.9 11.5 -1.1 15.7 2.4 6.7 1.3 1.6 18.1 14.1 10.5 8.2 12.5 3.8
*) provisional figures **) very provisional figures
7
On the other hand, base metal exports soared to United States was the main driver of footwear export
50.6% (yoy) in the reporting period because of growth.
accelerating real exports and prices, with the gains

Non-Oil and Gas Imports
primarily affecting shipments to Japan and Thailand.
Non-oil and gas imports (CIF) expanded 22.8%
Exports of electrical equipment also increased in
(qtq) in the first quarter of 2018, improving on the
the reporting period, improving from 2.1% (yoy) in
17.4% (yoy) position recorded in the previous period.
the fourth quarter of 2017 to 3.2% (yoy) on the back
The increase was attributed to real imports, especially
of stronger real export demand combined with high
of raw materials and capital goods, while import
but slower rising prices. Exports of electrical
prices ticked upwards on the back of consumer goods
equipment to Japan were observed to grow.
and raw materials (Table 4).
Exports of processed foods expanded more Table 4
Non-Oil and Gas Imports (c.i.f) by Commodity Group
slowly at 9.3% (yoy) due to declining real exports
despite rising prices. Moderating export growth Shares (%) Growth (% yoy)

affected shipments to the United States, Philippines 2017* 2018**
Total Q1 Q2 Q3 Q4 Total Q1**
and China, while exports to Malaysia recorded a Consumption Goods

Nominal 10.2 10.1 15.6 1.0 19.7 17.4 19.9 14.4 22.3
shallower contraction. Real
Price Index
9.2
-
8.9
-
14.0
1.4
-6.7
8.3
8.4
10.4
2.8
14.2
9.9
9.0
3.6
10.5
8.9
12.3
Raw Materials
Following suit, exports of motor vehicles and Nominal 70.0 69.4 -0.5 9.0 5.6 25.2 17.8 14.3 21.1
Real 72.5 71.1 5.2 2.1 -2.8 16.2 7.3 5.6 9.6
components also posted slower growth in the Price Index

Capital Goods
- - -5.4 6.7 8.7 7.8 9.8 8.3 10.4
Nominal 18.8 19.2 -9.8 6.0 -4.4 24.1 19.6 11.6 26.8
reporting period due to real exports and prices. Real 17.5 18.9 -10.2 -3.6 -10.7 14.6 14.1 3.8 24.1
Price Index - - 0.5 9.9 7.1 8.3 4.9 7.5 2.1
Consignments to the Philippines slowed, while Total
Nominal 100.0 100.0 -0.9 8.1 5.2 25.0 17.4 13.9 22.8
exports to Saudi Arabia contracted. Real

Price Index
100.0 100.0
- -
2.8
-3.5
0.5
7.5
-3.1
8.6
15.1
8.5
8.1
8.6
5.1
8.3
12.9
8.8
After posting gains in the fourth quarter of **) very provisional figures
2017, processed rubber exports contracted deeply by Broad-based and faster growth of non-oil and
-21.8% (yoy) in the reporting period as a result of an gas imports was reported in the first quarter of 2018,
export price contraction and deeper contraction of particularly affecting capital goods, followed by
real exports. The sharp downturn affected exports to consumer goods and raw materials.
the United States, Japan and China, while exports to Imports of consumer goods increased from
India recorded slower growth. 19.9% (yoy) in the previous period to 22.3% (yoy) in
A contraction of real exports and slower rising the first quarter of 2018 due to import prices growth,
prices were the main contributors to the downswing while real import growth slowed. Imports of
in exports of machinery and mechanical appliances to consumer goods accelerated, backed by rice,
2,2% (yoy) in the reporting period, primarily affecting weapons and ammunition as well as cosmetics.
exports to Thailand, while shipments to the United Imports of raw materials also accelerated in the
States and Singapore contracted. In contrast, reporting period, increasing from 17.8% (yoy) to
footwear exports accelerated from 6.1% (yoy) to 21.1% (yoy) in the reporting period as a result of real
7.0% (yoy) in the reporting period on increasing real imports and import prices, especially of
exports along with a slower export price decline. The telecommunications equipment, electrical apparatus
8
for making and breaking electrical circuits as well as Using more granular commodity data, the
thermionic tubes. relatively stable oil and gas trade deficit in the
Imports of capital goods grew significantly by reporting period was attributed to a larger gas trade
26.8% (yoy) in the first quarter of 2018, up from surplus that negated the increasing oil trade deficit.
19.8% (yoy) in the previous period due to real billion USD billion USD
15 15
imports, led by imports of automatic data processing
Thousands
10 10
machines and units thereof as well as
5 5
telecommunications equipment and component parts. 0 0
-5 -5
Non-Oil and Gas Imports by Country of Origin -10 -10
-15 -15
Q1
Q2
Q3
Q4
Q1
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Q4
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Q2
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Q1
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Q1
Q2
Q3
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Q1**
Based on country of origin, faster non-oil and
2010 2011 2012 2013 2014 2015 2016 2017* 2018
gas import growth in the first quarter of 2018 was
Gas Imports Gas Exports
** very provisional figures Oil Imports Oil Exports
OG Trade Balance (RHS)
partners, excluding South Korea and India where Chart 5
Oil and Gas Trade Balance
slower import growth was observed. Non-oil and gas
imports from the 10 major countries of origin
Oil Exports
accelerated from 17.7% (yoy) in the fourth quarter of
2017 to 22.3% (yoy) in the first quarter of 2018 In the first quarter of 2018, oil exports fell
(Table 5). 15.5% (qtq) to USD1.8 billion from USD2.2 billion in
the previous period (Table 6). Crude oil exports fell
Table 5
Non-Oil and Gas Imports (c.i.f) 19.9% (qtq) as oil lifting was pared back, while
by Major Country of Origin refined products slumped 3.3% (qtq) on lower export
Shares (%) Growth (%, yoy)
volume.
2017* 2018**
Total Q1 Q2 Q3 Q4 Total Q1** Inclement weather disrupted oil consignments
1 China 25,5 25,7 4,7 7,6 -1,1 22,2 16,8 11,3 25,7 from the container terminal and forced Indonesia to
2 Japan 11,5 11,7 -2,3 13,8 5,0 29,7 25,5 18,6 27,8
3 Singapore 7,3 8,0 -14,0 14,4 16,0 42,3 30,0 25,8 43,1 throttle back crude oil lifting by 8.6% (qtq) in the first
4 Thailand 6,7 6,6 7,1 -11,0 2,3 13,4 15,0 4,2 16,2
5 USA 5,8 5,7 -3,1 10,7 5,4 0,6 7,7 5,9 15,2 quarter of 2018, from 0.823 million barrels per day in
6 South Korea 5,6 5,4 -6,2 34,6 16,3 36,2 21,7 26,9 3,6
7 Malaysia 3,9 3,9 -4,0 10,4 -9,2 21,3 13,5 8,3 18,2 the previous quarter to 0.752 million barrels per day
8 Australia & Oceania 4,4 3,6 -2,2 14,6 7,6 36,4 -2,0 12,7 0,9
9 India 2,8 2,8 6,1 29,3 42,9 23,2 31,3 31,4 17,8 in the reporting period.
10 Germany 2,6 2,7 -8,6 2,9 11,3 18,2 10,6 10,9 37,1
Total 10 Countries 76,0 76,1 -0,8 10,1 4,9 23,6 17,7 14,1 22,3 Annually, oil exports sunk 7.4% (yoy) in the first
**) very provisional figures quarter of 2018 after posting significant 34.4% (yoy)
Oil and Gas Trade Balance growth in the fourth quarter of 2017 as a result of
less crude oil lifting that undermined export volume.
The oil and gas trade balance recorded a
relatively stable USD2.4 billion deficit in the first Table 6
Oil Exports
quarter of 2018 because the prevailing oil and gas 2017* 2018
import decline was offset by a corresponding Q4 Q1**

Description
Value Volume Price¹ Value Volume Price¹
decrease of oil and gas exports. Compared with the (mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel)
Exports 2,151.0 35.6 1,818.0 28.1
position recorded in the same period one year earlier,
Crude 1,577.3 26.8 59.0 1,263.2 19.9 63.8
the oil and gas trade deficit has increased due to Refinery Products 573.6 8.8 65.0 554.8 8.2 67.3
¹⁾ export value divided by export volume
stronger import growth than exports (Chart 5). Sources: SKK Migas and Pertamina (processed)
9
Meanwhile, the export prices of crude oil and Gas Exports and Imports
refined products continued to track an upward trend, Gas exports continued to soar on a quarterly and
mirroring global oil prices. The average prices of SLC, annual basis in the reporting period, growing by
Brent, WTI and OPEC increased respectively from 6.9% (qtq) or 16.3% (yoy) respectively to USD2.3
USD58.6/barrel, USD61.5/barrel, USD55.4/barrel and billion, with LNG (6.9%, qtq) and natural gas (7.2%,
USD59.4/barrel in the fourth quarter of 2017 to qtq) exports the main contributors on rising prices
USD66.8/barrel, USD67.0/barrel, USD62.9/barrel and (Table 8).
USD64.7/barrel in the first quarter of 2018 (Chart 6). Table 8
Gas Exports
Commitment from OPEC and Russia to cut
2017* 2018
production, combined with disruptions in Venezuela, Description

Q4 Q1**
Value Value
Volume¹ Price² Volume¹ Price²
(mill USD) (mill USD)
Nigeria and several other net oil producers reduced
Exports 2,173.6 - 2,323.4 -
supply and pushed up the global oil price. LNG 1,496.0 223.1 6.7 1,599.7 220.8 7.2
Natural Gas 656.0 70.4 9.3 702.8 69.8 10.1
USD/barel LPG 0.0 0.0 0.0 0.3 0.0 0.0
140
Other Gas 21.6 1.5 14.4 20.6 1.5 14.5
¹⁾ LNG, natural gas & other gas vol. are in million mmbtu, LPG vol. are in thousand m/t, total vol. are in mmbtu
130
²⁾ LNG & natural gas prices are in USD/million mmbtu, LPG prices are in USD/thousand metric ton
120 Source: SKK Migas
110 * provisional figures ** very provisional figures
100
90 On the other hand, sluggish gas imports shrank
80
70 by 25.6% (qtq) to USD0.6 billion in the first quarter of
60 SLC
50 Unit Price
2018 from USD0.8 billion in the preceding quarter,
40 WTI
while gas imports posting an annual decline of 9.6%
30 OPEC
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 J O J
(yoy).
2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Ditjen Migas, BOP, Bloomberg Services Trade Balance

Chart 6 The services trade balance improved on the
International Oil Prices
position recorded in the previous period, thereby
Oil Imports reducing the current account deficit in the first
Oil imports grew 0.8% (qtq) from USD5.8 billion quarter of 2018. The services trade deficit stood at
in the previous quarter to USD5.9 billion in the first USD1.4 billion in the reporting period, down from
quarter of 2018, edged up by rising import prices and USD2.3 billion in the fourth quarter of 2017,
despite a lower import volume (Table 7). supported by a larger travel services surplus and
Annually, oil imports expanded by 8.0% (yoy) in narrower freight services deficit (Chart 7).
the reporting period, decelerated significantly from billion USD
40.1% (yoy) in the fourth quarter of 2017 due to a 2
lower import volume of refined products. 1
0
Table 7
Oil Imports (f.o.b) -1
2017* 2018 -2
Q4 Q1** -3
Description
Value Volume Price¹ Value Volume Price¹ -4
(mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel)
Q1
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Imports 5,838.1 92.6 5,881.9 85.6 2010 2011 2012 2013 2014 2015 2016 2017* 2018
Crude 2,161.4 37.9 56.9 2,477.6 37.6 65.8
Refinery Products 3,676.7 54.7 67.0 3,404.4 48.0 71.2 Other Services Travel Transportation Services (net)
¹⁾ import value divided by import volume * provisional figures ** very provisional figures
Sources: SKK Migas and Pertamina (processed)
Chart 7
Services Trade Balance
10
The travel services balance recorded a USD1.7 A narrower freight services deficit also
billion surplus in the first quarter of 2018, increasing contributed to improve the services trade balance,
from USD1.0 billion in the previous period after travel primarily due to lower imports of passenger
services receipts climbed 13.4% (qtq) and travel transportation services in line with fewer Indonesia
services payments decreased by -11.6% (qtq) travellers visiting abroad. In addition, freight services
(Chart 8). payments stood at USD1.9 billion in the first quarter
billion USD of 2018, down from USD2.0 billion on declining
4
goods imports.
3
2 billion USD billion USD
1 0 0.0
Thousands
-5 Import Freight Import (RHS)
0 -0.5
-10
-1 -15
-1.0
-2 -20
-25 -1.5
-3
-30
Q1
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-2.0
-35
2010 2011 2012 2013 2014 2015 2016 2017* 2018 -40
-2.5
-45
Imports Exports Travel (net)
-50 -3.0
Q1
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* provisional figures; ** very provisional figures
Chart 8 2010 2011 2012 2013 2014 2015 2016 2017* 2018
Travel Services Trade Balance
* provisional figures **very provisional figures
Chart 9
Travel services receipts from international Freight Services Payments
travellers increased from USD3.1 billion in the fourth
quarter of 2017 to USD3.5 billion in the first quarter Primary Income Balance
of 2018 as the number of international travellers The primary income account contributed to a
visiting Indonesia soared 2.4% (qtq) from 2.88 million narrower current account deficit in the first quarter of
to 2.95 million after contracting 17.7% (qtq) in the 2018, reducing from USD8.0 billion in the fourth
previous period. Furthermore, the international quarter of 2017 to USD7.9 billion.
travellers were more inclined to spend while visiting The primary income account balance decreased
Indonesia. as a result of lower revenue payments on direct
Most international travellers visiting Indonesia investment after corporate profits slowed in the first
during the first quarter of 2018 originated from quarter of 2018. Furthermore, lower payments on
China, Singapore and Malaysia, with Bali, Jakarta and other investments income contributed to the
Batam recognised as the preferred destinations. narrower primary income account deficit in the
On the other hand, travel services payments reporting period. In contrast, payments on portfolio
dropped from USD2.1 billion to USD1.8 billion in the investment income increased in line with higher
reporting period as the number of Indonesian interest rate payments on government debt securities
travellers visiting abroad moderated slightly from 2.35 compared with conditions in the previous period
million in the fourth quarter of 2017 to 2.34 million in (Chart 10).
the reporting period and Indonesian travellers had a
lower propensity to spend.
11
billion USD Workers (BNP2TKI) indicated that 69.3% of
0
Indonesian migrant workers were placed in Asia-
-1
-2 Pacific, dominated by Malaysia, Hong Kong, Taiwan
-3
-4 and Singapore. Meanwhile, 30.4% of the total were
-5
-6 located in the Middle East and Africa, primarily Saudi
-7
-8 Arabia, United Arab Emirates and Jordan (Chart 12).
-9
-10
Q1**
Q1
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Q4
Q1
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Europe
America 0.2%
2010 2011 2012 2013 2014 2015 2016 2017* 2018 0.2%
Direct Inv. Income Other Inv. Income Portfolio Inv. Income Primary Income (net)
* provisional figures; ** very provisional figures Malaysia

53.9%
Chart 10 Middle East &
Asia Pacific,
Primary Income Account Africa
30.4% 69.3%
Secondary Income Balance

Singapore
Taiwan,
2.8%
The secondary income account recorded a Other
1.2%
4.5%
Brunei,
South Korea 0.8%
USD1.4 billion surplus in the first quarter of 2018, up 0.6%
Source: BNP2TKI Hongkong,
from USD1.2 billion in the previous period. Such 5.4%
Chart 12
developments were explained by a bump in personal
Stock of Indonesian Migrant Workers in Q1/2018
transfer receipts in the form of remittances from
Indonesian migrant workers placed abroad (Chart 11).
CAPITAL AND FINANCIAL ACCOUNT
billion USD
3.0
2.5
The capital and financial account recorded
2.0 another surplus in the first quarter of 2018 despite
1.5
1.0 growing uncertainty in the global financial markets.
0.5
The capital and financial account surplus stood at
0.0
-0.5 USD1.9 billion, backed by a direct investment surplus.
-1.0
-1.5
In total, however, the overall capital and financial
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
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Q1
Q2
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Q1**
account surplus reduced on the previous period and

2010 2011 2012 2013 2014 2015 2016 2017* 2018
the same period one year ago due to a build-up of
Payments Receipts Personal Transfers (net)
* provisional figures; ** very provisional figures uncertainty in the global financial markets that eroded
Chart 11 non-resident capital inflows to Indonesia.
Personal Transfers
The narrower capital and financial account
In the reporting period, remittances received surplus in the first quarter of 2018 primarily
from Indonesian migrant workers increased from stemmed from a net outflow of portfolio investment
USD2.2 billion to USD2.6 billion. By country of origin, as non-resident investors continued to release
Indonesian migrant workers located in the Asia-Pacific domestic stocks, coupled with a lower net buy of
region were the main contributors to remittances, tradeable government securities (SBN) booked by
totalling USD1.5 billion, followed by the Middle East foreign investors. Pressures on the capital and
and Africa at USD1.1 million. financial account also originated from lower other
At the end of the first quarter of 2018, a total of investment, which slumped into a deficit.
3.5 million Indonesian workers were employed as Furthermore, the direct investment surplus was also
migrant workers abroad. Data from the National observed to narrow on the surplus in the previous
Board for the Placement and Protection of Overseas period (Chart 13).
12
billion USD billion USD
20 15
15 10
10
5
5
0
0
-5 -5
-10
-10
-15
Q1
Q2
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Q1
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Q1**
-15
Q1**
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2010 2011 2012 2013 2014 2015 2016 2017* 2018
2010 2011 2012 2013 2014 2015 2016 2017* 2018

Other Invesment Portfolio Investment Direct Investment Cap & Financial Account
DI Liabilities DI Asset Direct Investment (net)
Chart 13 Chart 14
Capital and Financial Account Direct Investment 1
Direct Investment Foreign direct investment (FDI) in Indonesia

recorded a net inflow totalling USD3.7 billion, up
Solid macroeconomic fundamentals and the
18.2% (yoy) compared with the position in the same
promising domestic economic outlook drew long-
period one year earlier at USD3.0 billion. On a
term foreign investment to Indonesia, as reflected in a
quarterly basis, however, FDI inflow in the first quarter
net direct investment surplus totalling USD3.1 billion
of 2018 was down 13.7% (qtq) on the position in the
in the first quarter of 2018, up from USD2.8 billion in
fourth quarter of 2017.
the same period one year earlier (Chart 14).
By sector, most FDI inflow in the reporting period
Nonetheless, the direct investment surplus
was absorbed by the manufacturing industry sector,
recorded in the first quarter of 2018 was down on the
trade sector as well as the agricultural, fisheries and
USD4.3 billion posted in the fourth quarter of 2017
forestry sector (Chart 15), accounting for 86.9% of
due to a larger net outflow on the asset side and
the USD3.9 billion total.
smaller net inflow on the lability side. On the asset
Million USD Q1-16 Q2-16 Q3-16 Q4-16 Q1-17* Q2-17* Q3-17* Q4-17* Q1-18**
side, Indonesian resident investments abroad recorded 4,000
an outflow of USD0.8 billion, up from USD0.5 billion 2,000
0
in the previous quarter and from USD0.4 billion in the
-2,000
same period one year ago. The outflow was primarily -4,000
recorded in the form of equity capital due to the -6,000
-8,000
acquisition of several firms operating in the
-10,000
manufacturing industry. -12,000
On the liability side, non-resident investors -14,000

Agriculture, Mining & Quarrying Manufacturing Construction Financial Trade/Commerce Others (incl.
Fishery&Forestry Intermediaries (incl. Services, Properties)
Insurance)
booked a net inflow of direct investment totalling
*provisioanl figures; ** very provisional figures
USD4.0 billion, down from USD4.8 billion in the Chart 15

previous period. The decline stemmed primarily from FDI by Economic Sector 2
a reduced inflow of direct investment to the non-oil

and gas sector.
1
Direct investment in the fourth quarter of 2016 was dominated by crossing
transactions on banking sector shares on the domestic stock exchange. The foreign
direct investment (FDI) previously recorded in the banking sector was originated
from domestic funds (round-tripping FDI), thus when foreign divestment occurred
(outflow on the liability side), at the same time domestic investors also followed
suit, divesting offshore entity owner of the bank stock (inflow on the asset side) of
the same value (Bank Indonesia, Balance of Payments Report, Q4-2016, page 15).
2
Bank Indonesia, op. cit.
13
Based on country of origin, ASEAN countries By sector, BKPM noted that FDI realisation in the
continued to dominate FDI inflows to Indonesia in the first quarter of 2018 was concentrated in the
first quarter of 2018, followed by Japan, emerging residential, industrial and office sector to the tune of
market economies (EMEs) in Asia (including China) USD1.9 billion (23.1% share of total FDI); followed by
and Europe, accounting for USD1.7 billion, USD0.7 the base metals, metal articles, machinery and
billion, USD0.5 billion and USD0.5 billion respectively electronics industry sector worth USD1.4 billion
of the USD3.4 billion total (Chart 16). (17.9% share of total FDI); the utilities (electricity, gas
FDI inflow from the ASEAN region was primarily and water supply) sector with USD0.9 billion (10.5%
absorbed by the manufacturing industry and share of total FDI); the mining sector with USD0.6
agricultural sectors, while the trade and processing billion (7.9% share of total FDI); as well as the food
industries sector dominated FDI from Japan. On the crops and plantation sector with USD0.6 billion (6.9%
other hand, most FDI from emerging market share of total FDI).
economies (EMEs) in Asia as well as from Europe By country of origin, however, FDI realisation
flowed to the manufacturing industry sector. was dominated by Singapore, Japan, South Korea,
Million USD Q1-16 Q2-16 Q3-16 Q4-16 Q1-17* Q2-17* Q3-17* Q4-17* Q1-18**
China and Hong Kong, contributing USD2.6 billion,
5,000 USD1.4 billion, USD0.9 billion, USD0.7 billion and
3,000
USD0.5 billion respectively and accounting for 75.5%
1,000
-1,000
of total foreign direct investment (FDI) in the reporting
-3,000 period.
-5,000 International confidence in solid domestic
-7,000
economic fundamentals was corroborated by several
-9,000
-11,000
international rating agencies that upgraded
-13,000
Japan USA Europe Emerging Markets of ASEAN Other
Asia (incl. China)
* provisional figures ** very provisional figures February 2018, the Japan Credit Rating Agency (JCR)
Chart 16 upgraded
FDI by Country of Origin 3
from BBB- with a positive outlook to BBB with a stable
FDI performance in the first quarter of 2018 was outlook. Thereafter, in March 2018, Rating and
substantiated by FDI realisation data released by the Investment Information Inc. (R&I) followed suit by
Indonesia Investment Coordinating Board (BKPM) 4. upgrading the SCR of the Republic of Indonesia from
BKPM data pointed to FDI realisation totalling BBB- with a positive outlook to BBB with a stable
Rp108.9 trillion (equivalent to USD8.1 billion) in the outlook.
first quarter of 2018, up 12.4% (yoy) on the Rp97.1
trillion (equivalent to USD7.3 billion) posted in the Portfolio Investment
same period one year ago. Nevertheless, the Persistently high uncertainty blighting the global
realisation value was down 2.7% on the value financial markets held back short-term non-resident
recorded in the fourth quarter of 2017. capital inflows to Indonesia. In the first quarter of
2018, portfolio investment recorded a net inflow on
the liability side of just USD0.2 billion, down from
USD3.3 billion in the fourth quarter of 2017. A
3
Bank Indonesia, op. cit.
4
FDI realisation data from BKPM includes the total value of realised projects in
one period but excludes investment in the oil and gas sector, banking industry and
other financial institutions as well as home industries. Meanwhile, FDI data
foreign capital outflow from the domestic stock
recorded in the Indonesian balance of payments (BOP) covers data on capital
flows received directly by FDI companies from direct investors as well as offshore market and smaller net foreign inflow to rupiah-
companies within the same group over a defined period and includes direct
investment in all economic sectors. denominated tradeable government securities (SBN)
14
contributed to the decline. In addition, the lower status quo, no foreign SBI holdings were registered in
portfolio investment surplus on the liability side the first quarter of 2018 (Chart 18).
stemmed from government and private sector billion USD billion USD
70 1.8
payments on mature global bonds. 1.6
60
Meanwhile, on the asset side, Indonesian 1.4
50
residents booked a net buy of foreign securities

1.2
40 1.0
(deficit) totalling USD1.4 billion, relatively unchanged 30 0.8
from the previous period. Consequently, portfolio 20

0.6
0.4
investment in the first quarter of 2018 recorded a net 10
0.2
deficit of USD1.2 billion, reversing the USD2.0 billion 0 0.0
JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFM
surplus registered in the previous period (Chart 17). 2012 2013 2014 2015 2016 2017 2018
bilion USD SUN SBI (rhs)
10 Chart 18
8 Foreign Holdings of SBI and Government Debt Securities
6
(SUN)
4
2 The net foreign inflow to government debt

0
securities in the global market was recorded at
-2
-4 USD0.9 billion, consisting of global sukuk issuances of

-6 around USD2.7 billion (of the USD3.0 billion total)
Q1**
Q1
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2010 2011 2012 2013 2014 2015 2016 2017* 2018

against payments on mature global bonds in January
Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net) totalling USD1.8 billion. In total, foreign capital
Chart 17 inflows to public sector debt instruments in the first

Portfolio Investment quarter of 2018 stood at USD2.6 billion, down from
In the first quarter of 2018, the net foreign USD4.8 billion in the previous period and from
inflow to government debt instruments was primarily USD6.4 billion in the first quarter of 2017.
drawn to treasury bills (SPN) and rupiah denominated Stock market developments were influenced by a
Government debt securities (SUN). Inflow to SPN build-up of global financial market uncertainty. Non-
totalled USD0.8 billion compared with a net foreign resident investors booked a net sell of stocks totalling
outflow of USD0.3 billion in the previous quarter. USD1.9 billion in the first quarter of 2018, sliding
Meanwhile, the foreign net inflow to SUN slumped from USD2.2 billion in the previous period.
from USD1.7 billion to USD1.0 in the reporting Congruous with the ongoing net sell booked by non-
period. resident investors, the domestic stock market
Despite non-resident investors booking a net experienced a moderate correction in the reporting
buy of SUN instruments, the composition of foreign period, with the Jakarta Composite Index (JCI)
SUN holdings shrank from 47.5% in the fourth declining point-to-point to close at a level of 6,189.0
quarter of 2017 to 46.1% of total rupiah SUN in the from 6,355.7 at the end of the fourth quarter of
reporting period. On the other hand, continuing the 2017.
15
billion Rp JCI (deficit) increasing from USD2.9 billion to USD3.6
25,000
6,600 billion. On the other hand, the public sector
20,000
15,000 5,900 continued to register a net inflow (surplus) of
10,000 5,200
5,000 4,500
portfolio investment but the total halved from USD4.9
0
3,800 billion to USD2.4 billion in the reporting period (Chart
(5,000)
3,100
(10,000) 21).
2,400
(15,000)
billion USD
(20,000) 1,700
Foreign Net Buy/Sell JCI (RHS) 10
(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 8
2011 2012 2013 2014 2015 2016 2017 2018 6
Source: IDX 4
2
Chart 19
Foreign Transactions on the IDX and JCI Developments 0
-2
-4
In the first quarter of 2018, the Jakarta
-6
Composite Index (JCI) mirrored the correction
Q1**
Q1
Q2
Q3
Q4
Q1
Q2
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Q1
Q2
Q3
Q4
reported in the Philippines, contrasting the upward 2010 2011 2012 2013 2014 2015 2016 2017* 2018
Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
trends observed in regional bourses located in * provisional figures; ** very provisional figures
Chart 21
Southeast Asia (Chart 20). Regionally, the stock Portfolio Investment by Institutional Sector
markets strengthened on the positions recorded at
the end of the fourth quarter of 2017 (Chart 20). Other Investments
2010 = 100
In the first quarter of 2018, other investments
Indonesia Malaysia Philippines Singapore Thailand
290 recorded a USD0.2 billion deficit, contrasting the
previous USD0.7 billion surplus posted in the fourth
240
quarter of 2017 but down on the USD2.4 billion

190
deficit in the first quarter of 2017. The deficit was
140 attributed to domestic private placements in offshore
90
deposits that exceeded the net withdrawal of foreign
J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FM
2012 2013 2014 2015 2016 2017 2018 loans (Chart 22).
Source: CEIC (processed)
billion USD
Chart 20
10
ASEAN Stock Index Developments
8
6
4
Stock market activity in the Indonesia Stock 2
0
Exchange was supported by four new issuers of initial -2
-4
public offerings (IPO), namely LCK Global Kedaton -6
-8
(LCKM), Borneo Olah Sarana Sukses Tbk (BOSS), Jaya -10
-12
Trishindo Tbk (HELI) and Sky Energi Indonesia Tbk
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
Q1
Q2
Q3
Q4
(JSKY), with a total value of Rp1.3 trillion, equivalent 2010 2011 2012 2013 2014 2015 2016 2017* 2018
Other Inv. - Liabilities Other. Inv - Assets Other Investment (net)
to USD92.5 million. The total was down, however, * provisional figures; ** very provisional figures
from the Rp35.9 trillion, or USD2.6 billion, recorded Chart 22

by 15 new issuers in the previous period. Other Investments
Consequently, the net portfolio investment On the asset side, other investments by the
deficit in the first quarter of 2018 primarily stemmed private sector recorded a USD2.6 billion deficit (net
from the private sector, which recorded a net outflow outflow) in the reporting period, reversing the USD0.4
16
billion surplus posted in the previous period. The Contrary to the previous position, other
private sector favoured placements in foreign assets, investment liabilities in the public sector recorded a
which contributed to the deficit (Chart 23). surplus in the first quarter of 2018. The surplus stood
billion USD at USD0.7 billion, backed by an increase in the net
8
withdrawal of foreign loans.
6
4 bilion USD
2 3
0
-2 2
-4
1
-6
-8
0
-10
-12 -1
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
Q1
Q2
Q3
Q4
-2
2010 2011 2012 2013 2014 2015 2016 2017* 2018
Other Assets Currency & Deposits Loans Other Investment - Assets -3
Q1**
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Chart 23 2010 2011 2012 2013 2014 2015 2016 2017* 2018
Other Investment Assets of the Private Sector Repayments Drawings Loans (net)
On the liability side, other investment Chart 25

Public Sector Foreign Loans
transactions by the private sector recorded a net
inflow (surplus) of USD1.7 billion in the reporting The public sector recorded a net withdrawal of
period, up from the USD0.8 billion surplus posted in foreign loans in the first quarter of 2018 to reverse
the fourth quarter of 2017 as the non-SOE the previous deficit due to the cyclical trend of lower
corporation recorded a net withdrawal of foreign loan repayments at the beginning of the year,
borrowings, primarily originating from Japan, combined with a moderate increase in drawings on
Singapore and China. On the other hand, obligations loans. The Government borrowed USD1.3 billion in
in the form of non-resident deposits in the domestic foreign loans, with most (79.2%) in the form of
banking system registered a net outflow (Chart 24). program loans and the remainder as project loans.
billion USD The loans originated from international organisations,
6
5 namely the International Bank for Reconstruction and
4
3
Development (IBRD), Asian Development Bank (ADB)
2
and Islamic Development Bank (IDB), as well as the
1
0 Governments of Germany and China.
-1
-2
-3
-4
Q1**
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2010 2011 2012 2013 2014 2015 2016 2017* 2018

Trade Credit Other liabilities Currency & Deposits
Loans Other Inv. - Liabilities
Chart 24
Other Investment Liabilities of the Private Sector
17
18
EXTERNAL SUSTAINABILITY INDICATORS
the degree of economic openness (ratio of

was well maintained throughout the first quarter of accumulated exports and imports of goods and
2018, with several external sustainability indicators services to GDP) slightly decreased to 39.4% from
improving on conditions in the previous period. The 40.3% in the previous period.
current account deficit to GDP ratio was controlled Meanwhile, the external debt indicator was
and decreased on the previous period as the current relatively well maintained. The ratio of total external
account deficit narrowed. debt to GDP, which demonstrates repayment capacity
Congruently, the ratio of net exports of goods to meet offshore obligations, was relatively stable in
and services to GDP, which indicates the external the reporting period at 34.8%. Furthermore, several
other external debt indicators increased slightly
increased from 0.3% in the fourth quarter of 2017 to compared with conditions in the previous period but
0.4% in the first slghquarter of 2018. Nevertheless, remained within safe thresholds.
Table 9
External Sustainability Indicators
2015 2016 2017* 2018

INDICATORS
Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1**
Current Account / GDP (%)1) -2.22 -2.14 -2.41 -2.03 -0.74 -1.82 -0.89 -1.86 -1.76 -2.34 -1.73 -2.15
Exports - Imports of Goods and Services / GDP (%)1) 0.6 0.7 0.6 0.9 1.4 0.9 1.8 1.0 1.2 0.3 1.1 0.4
Exports + Imports of Goods and Services / GDP (%)1) 39.2 35.2 35.5 32.5 37.3 35.1 36.7 34.3 36.7 40.3 37.0 39.4
Total Foreign Debt Position / GDP (%)2) 36.1 36.8 37.3 36.3 34.3 34.3 34.4 34.4 34.6 34.8 34.8 34.8
Short-Term Foreign Debt Position3 ) / GDP (%)2) 6.4 6.6 6.7 6.4 5.9 5.9 5.8 5.9 5.5 5.4 5.4 5.6
Total Foreign Debt Position / Reserve Assets (%) 293.3 296.0 298.2 284.3 275.0 275.0 271.0 274.1 266.9 271.4 271.4 284.7
Short Term Foreign Debt Position 3) /Reserve Assets(%) 52.4 53.4 53.7 50.4 47.0 47.0 45.7 46.9 42.8 42.1 42.1 45.6
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 BOP outlook for Indonesia in 2018 will home. The capital and financial account surplus will
remain overshadowed by various impending global be driven by the promising domestic economic
risks despite a promising domestic economic outlook. outlook perceived by investors, as reflected by the
The current account deficit is predicted to widen as upgraded Sovereign Credit Rating (SCR) affirmed by
imports increase on rising commodity prices, including international rating agencies. Furthermore, the capital
oil. Furthermore, the expected import growth surge is and financial account surplus will be accompanied by
in line with the anticipated uptick in domestic a longer-term financing structure.
economic activity, fuelled by increasing domestic Moving forward, improving BOP performance is
production and investment. On the other hand, predicted, backed by a prudent mix of monetary and
persistently high international commodity prices and macroprudential policy, and bolstered by close policy
the ongoing global economic recovery are projected coordination with the Government to maintain
to boost export performance in Indonesia. In addition, macroeconomic and financial system stability in the
the service account deficit is projected to expand in face of stronger external headwinds. Bank Indonesia
line with increasing goods imports, while income will also remain vigilant of the various external and
account performance is forecasted to improve. domestic risks that could influence the overall balance
Consequently, the current account deficit is projected of payments. Nonetheless, several global economic
in the 2.0-2.5% of GDP range in 2018, which is well risk factors will continue to loom over the capital and
within the 3.0% of GDP threshold. financial account, including a build-up of global
The capital and financial account is expected to financial market uncertainty, the propensity for
maintain a more moderate surplus due to growing inward-oriented trade policies in several countries and
uncertainty in the global financial markets against a the prevailing geopolitical risks, especially in the
backdrop of improving economic performance at Middle East.
21
22
Box 1
Changes in BOP Data from Q4/2017 Publication
There were several changes in this edition of the BOP Report to the data released in the fourth quarter of
2017. The changes were based on updates to various data sources as follows:
Table 1.1
Comparison of BOP Publications
million USD
2016 2017*
Items TOTAL Q1 Q2 Q3 Q4 TOTAL
Old New Old New Old New Old New Old New Old New
Current Account -16,952 -16,952 -2,178 -2,164 -4,797 -4,705 -4,557 -4,616 -5,761 -6,043 -17,293 -17,528
Goods 15,318 15,318 5,637 5,635 4,839 4,835 5,256 5,258 3,161 3,057 18,892 18,785
Services -7,084 -7,084 -1,230 -1,229 -2,246 -2,223 -2,091 -2,121 -2,296 -2,258 -7,864 -7,831
Primary Income -29,647 -29,647 -7,723 -7,709 -8,390 -8,309 -8,904 -8,930 -7,821 -8,031 -32,838 -32,979
Secondary Income 4,460 4,460 1,138 1,138 1,001 993 1,182 1,176 1,196 1,190 4,517 4,498
Capital & Financial Account 29,346 29,346 6,933 6,926 5,613 5,532 10,789 10,254 6,545 6,823 29,881 29,534
Direct Investment 16,136 16,136 2,924 2,845 4,553 4,491 8,069 7,579 4,605 4,256 20,151 19,171
Portfolio Investment 18,996 18,996 6,572 6,536 8,133 8,126 4,069 4,030 1,887 1,956 20,662 20,648
Financial Derivative -9 -9 -72 -72 25 25 -12 -12 -69 -69 -128 -128
Other Investment -5,817 -5,817 -2,491 -2,383 -7,103 -7,115 -1,356 -1,363 99 657 -10,851 -10,203
Goods Transactions - the data changes since the first quarter of 2017 were the result of updates to import
data for electricity and oil.
Services Transactions - the data changes since the first quarter of 2017 were based on updated Financial
Services data in the Foreign Exchange Flow Report (LLD) and External Debt Information System (SIUL).
Primary Income Transactions - the data changes since the first quarter of 2017 were based on updates to
estimated corporate profits on direct investment.
Direct Investment Transactions - the data changes since the first quarter of 2017 were related to updated
external debt (ULN) data.
Portfolio Investment Transactions - the data changes since the first quarter of 2017 were related to
updated external debt (ULN) data.
Other Investment Transactions - the data changes since the first quarter of 2017 were related to updated
external debt (ULN) data.
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
......................
......................
30
31
Tables 7 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, PORTFOLIO INVESTMENT ...................... 31
a
Table 8 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, OTHER INVESTMENT ...................... 32
k
si
B
e
rj
al
a
n
25
26
TABLE 1
SUMMARY
(millions of USD)
May, 2018
ITEMS 2016 2017* 2018

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1**
I. Current Account -4,634 -5,570 -4,951 -1,797 -16,952 -2,164 -4,705 -4,616 -6,043 -17,528 -5,542
A. Goods 2,598 3,733 3,892 5,095 15,318 5,635 4,835 5,258 3,057 18,785 2,357
- Exports 33,042 36,287 34,898 40,243 144,470 40,763 39,167 43,392 45,531 168,854 44,409
- Imports -30,444 -32,554 -31,006 -35,147 -129,152 -35,128 -34,332 -38,133 -42,475 -150,069 -42,052
1. General Merchandise 2,302 3,501 3,675 5,266 14,744 5,470 4,575 5,042 2,799 17,886 2,054
- Exports 32,703 35,983 34,561 39,857 143,105 40,439 38,811 42,824 44,899 166,973 43,783
- Imports -30,401 -32,482 -30,886 -34,592 -128,360 -34,969 -34,237 -37,781 -42,100 -149,087 -41,729
a. Non-Oil and Gas 3,203 4,938 5,003 6,371 19,516 7,647 6,115 6,323 5,150 25,236 4,418
- Exports 29,849 32,753 31,292 36,294 130,188 36,479 35,388 38,958 40,574 151,400 39,642
- Imports -26,646 -27,815 -26,289 -29,923 -110,672 -28,832 -29,273 -32,635 -35,425 -126,164 -35,224
b. Oil and Gas -901 -1,437 -1,328 -1,106 -4,772 -2,177 -1,540 -1,281 -2,351 -7,349 -2,363
- Exports 2,854 3,230 3,269 3,563 12,916 3,960 3,423 3,865 4,325 15,573 4,141
- Imports -3,755 -4,667 -4,597 -4,669 -17,688 -6,137 -4,964 -5,146 -6,675 -22,922 -6,504
2. Other Goods 295 231 217 -170 574 165 260 216 258 899 303
- Exports 339 304 337 386 1,365 324 356 568 633 1,881 626
- Imports -44 -72 -120 -556 -792 -159 -96 -352 -375 -982 -323
B. Services -1,172 -2,450 -1,724 -1,739 -7,084 -1,229 -2,223 -2,121 -2,258 -7,831 -1,425
- Exports 5,773 5,308 5,801 6,441 23,324 5,825 5,552 6,476 6,794 24,647 6,919
- Imports -6,945 -7,758 -7,525 -8,180 -30,407 -7,054 -7,775 -8,598 -9,052 -32,478 -8,344
C. Primary Income -7,291 -7,970 -8,124 -6,263 -29,647 -7,709 -8,309 -8,930 -8,031 -32,979 -7,887
- Receipts 713 861 1,177 1,298 4,048 1,599 1,708 1,520 1,679 6,505 1,730
- Payments -8,003 -8,830 -9,300 -7,561 -33,695 -9,308 -10,017 -10,450 -9,711 -39,485 -9,616
D. Secondary Income 1,231 1,116 1,004 1,109 4,460 1,138 993 1,176 1,190 4,498 1,412
- Receipts 2,447 2,540 2,373 2,472 9,832 2,356 2,490 2,550 2,595 9,990 2,828
- Payments -1,217 -1,423 -1,368 -1,363 -5,371 -1,217 -1,497 -1,374 -1,405 -5,493 -1,416
II. Capital Account 1 6 6 29 41 0 5 19 22 46 57
- Receipts 1 6 6 29 41 0 5 19 22 46 57
- Payments 0 0 0 0 0 0 0 0 0 0 0
III. Financial Account 4,419 7,102 10,059 7,726 29,306 6,926 5,527 10,234 6,800 29,488 3,272
- Assets -659 -4,768 3,086 18,261 15,920 -4,303 -8,054 -4,138 -1,455 -17,950 -940
- Liabilities 5,077 11,870 6,973 -10,534 13,386 11,229 13,582 14,372 8,256 47,438 4,212
1. Direct Investment 2,827 3,174 6,594 3,541 16,136 2,845 4,491 7,579 4,256 19,171 3,129
a. Assets -370 -1,372 466 12,870 11,594 -390 -104 -1,065 -537 -2,096 -839
b. Liabilities 3,197 4,545 6,129 -9,329 4,542 3,235 4,595 8,643 4,793 21,267 3,968
2. Portfolio Investment 4,438 8,304 6,563 -309 18,996 6,536 8,126 4,030 1,956 20,648 -1,174
a. Assets -167 402 1,938 46 2,218 -1,019 -223 -732 -1,382 -3,356 -1,422
b. Liabilities 4,605 7,902 4,625 -355 16,778 7,555 8,349 4,762 3,338 24,004 248
- Public Sector2) 4,919 7,213 3,211 1,492 16,835 6,437 4,530 6,107 4,804 21,877 2,569
- Private Sector3) -314 690 1,414 -1,847 -57 1,119 3,820 -1,345 -1,467 2,126 -2,321
3. Financial Derivatives -22 -25 -28 66 -9 -72 25 -12 -69 -128 0
4. Other Investment -2,825 -4,351 -3,070 4,429 -5,817 -2,383 -7,115 -1,363 657 -10,203 -200
a. Assets -398 -3,969 522 5,344 1,499 -3,078 -7,850 -2,430 418 -12,940 -2,569
b. Liabilities -2,426 -382 -3,592 -915 -7,316 695 735 1,067 239 2,737 2,368
- Public Sector2) -25 -1,255 -1,094 5 -2,369 121 -923 48 -597 -1,353 650
- Private Sector3) -2,402 872 -2,498 -919 -4,947 575 1,659 1,020 836 4,090 1,718
IV. Total (I + II + III) -215 1,537 5,114 5,958 12,394 4,761 827 5,638 780 12,006 -2,213
V. Net Error and Omissions -72 625 594 -1,453 -305 -247 -89 -278 194 -420 3,156
VI. Overall Balance (IV + V) -287 2,162 5,708 4,505 12,089 4,514 739 5,359 974 11,586 944
VII. Reserves and Related Items 4) 287 -2,162 -5,708 -4,505 -12,089 -4,514 -739 -5,359 -974 -11,586 -944
A. Reserve Asset Transactions 287 -2,162 -5,708 -4,505 -12,089 -4,514 -739 -5,359 -974 -11,586 -944
B. Credit and Loans with IMF 0 0 0 0 0 0 0 0 0 0 0
C. Exceptional Financing 0 0 0 0 0 0 0 0 0 0 0
Memorandum:
- Reserve Assets Position 107,542.6 109,789 115,671.3 116,362 116,361.5 121,806 123,093.7 129,402 130,196.3 130,196 131,980
In Months of Imports & Official Debt Repayment 7.72 8.0 8.50 8.4 8.42 8.6 8.58 8.6 8.28 8.3 8.2
- Current Account (% GDP) -2.14 -2.41 -2.03 -0.74 -1.82 -0.89 -1.86 -1.76 -2.34 -1.73 0.00
Notes
1) Based on BPM6, but use of the signs "+" and "-" is in accordance with BPM5
2) Consist of Government and Central Bank
3) Consist of Banks and Non Banks
4) Negative represents surplus and positive represents deficit .
*Provisional figures ** Very provisional figures
27
TABLE 2
CURRENT ACCOUNT
GOODS
(millions of USD)
May, 2018
ITEMS 2016 2017* 2018

Goods 1) 2,598 3,733 3,892 5,095 15,318 5,635 4,835 5,258 3,057 18,785 2,357
- Exports 33,042 36,287 34,898 40,243 144,470 40,763 39,167 43,392 45,531 168,854 44,409
- Imports -30,444 -32,554 -31,006 -35,147 -129,152 -35,128 -34,332 -38,133 -42,475 -150,069 -42,052
A. General merchandise 2,302 3,501 3,675 5,266 14,744 5,470 4,575 5,042 2,799 17,886 2,054
1. Non-oil and gas 3,203 4,938 5,003 6,371 19,516 7,647 6,115 6,323 5,150 25,236 4,418
a. Exports 29,849 32,753 31,292 36,294 130,188 36,479 35,388 38,958 40,574 151,400 39,642
b. Imports -26,646 -27,815 -26,289 -29,923 -110,672 -28,832 -29,273 -32,635 -35,425 -126,164 -35,224
2. Oil -2,030 -2,463 -2,621 -2,566 -9,680 -3,486 -2,902 -2,741 -3,687 -12,816 -4,064
a. Exports 1,221 1,816 1,631 1,600 6,267 1,962 1,548 1,841 2,151 7,503 1,818
b. Imports -3,250 -4,279 -4,252 -4,166 -15,947 -5,448 -4,450 -4,582 -5,838 -20,319 -5,882
3. Gas 1,129 1,026 1,293 1,460 4,908 1,309 1,361 1,460 1,336 5,467 1,701
a. Exports 1,633 1,414 1,638 1,963 6,649 1,997 1,875 2,024 2,174 8,070 2,323
b. Imports -505 -388 -345 -503 -1,741 -689 -514 -564 -837 -2,604 -623
B. Other goods 295 231 217 -170 574 165 260 216 258 899 303
o/w Nonmonetary gold 295 231 217 -170 574 165 260 216 258 899 303
a. Exports 339 304 337 386 1,365 324 356 568 633 1,881 626
b. Imports -44 -72 -120 -556 -792 -159 -96 -352 -375 -982 -323
Memorandum:
1. Nominal
a. Total exports (fob) 33,042 36,287 34,898 40,243 144,470 40,763 39,167 43,392 45,531 168,854 44,409
- Non-oil and gas 30,188 33,057 31,629 36,680 131,554 36,804 35,744 39,526 41,207 153,281 40,268
- Oil and gas 2,854 3,230 3,269 3,563 12,916 3,960 3,423 3,865 4,325 15,573 4,141
b. Total imports (fob) -30,444 -32,554 -31,006 -35,147 -129,152 -35,128 -34,332 -38,133 -42,475 -150,069 -42,052
- Non-oil and gas -26,689 -27,888 -26,409 -30,478 -111,464 -28,991 -29,368 -32,987 -35,799 -127,146 -35,547
- Oil and gas -3,755 -4,667 -4,597 -4,669 -17,688 -6,137 -4,964 -5,146 -6,675 -22,922 -6,504
2. Growth (%, yoy)
a. Total exports (fob) -13.0 -9.1 -3.6 14.9 -3.1 23.4 7.9 24.3 13.1 16.9 8.9
- Non-oil and gas -9.7 -5.7 -2.4 18.1 -0.3 21.9 8.1 25.0 12.3 16.5 9.4
- Oil and gas -36.8 -34.0 -13.9 -10.4 -24.8 38.7 6.0 18.2 21.4 20.6 4.6
b. Total imports (fob) -12.4 -8.5 -2.9 7.1 -4.4 15.4 5.5 23.0 20.8 16.2 19.7
- Non-oil and gas -8.4 -3.1 1.0 8.4 -0.6 8.6 5.3 24.9 17.5 14.1 22.6
- Oil and gas -33.4 -31.0 -20.7 -0.3 -22.7 63.4 6.4 11.9 43.0 29.6 6.0
3. Crude oil unit prices (USD/barrel) 28.7 41.3 40.6 46.5 39.3 50.8 45.8 48.9 59.0 51.1 63.8
4. Crude oil production (million barrels per day) 0.836 0.834 0.833 0.823 0.831 0.815 0.802 0.800 0.791 0.802 0.780
Notes:
1)
In terms of free on board (fob)
28
TABLE 3
CURRENT ACCOUNT
SERVICES
(millions of USD)
May, 2018
2016 2017* 2018

ITEMS
Services -1,172 -2,450 -1,724 -1,739 -7,084 -1,229 -2,223 -2,121 -2,258 -7,831 -1,425
- Exports 5,773 5,308 5,801 6,441 23,324 5,825 5,552 6,476 6,794 24,647 6,919
- Imports -6,945 -7,758 -7,525 -8,180 -30,407 -7,054 -7,775 -8,598 -9,052 -32,478 -8,344
A. Manufacturing services 83 89 94 84 351 90 86 86 92 354 90
- Exports 83 89 94 84 351 90 86 86 92 354 90
- Imports 0 0 0 0 0 0 0 0 0 0 0
B. Maintenance and repair services -113 -71 -108 -61 -353 -53 -25 -59 -42 -178 -48
- Exports 91 88 99 133 411 51 43 34 41 169 53
- Imports -204 -159 -207 -194 -764 -104 -68 -93 -83 -348 -101
C. Transport -1,215 -1,376 -1,336 -1,617 -5,544 -1,382 -1,573 -1,775 -2,093 -6,824 -1,714
- Exports 886 948 917 822 3,572 833 842 894 943 3,512 947
- Imports -2,100 -2,324 -2,254 -2,439 -9,116 -2,215 -2,415 -2,669 -3,036 -10,336 -2,662
a. Passenger -143 -251 -293 -319 -1,006 -105 -223 -375 -355 -1,059 -88
- Exports 331 317 387 324 1,360 381 440 383 392 1,597 473
- Imports -474 -568 -681 -643 -2,366 -487 -663 -759 -747 -2,656 -561
b. Freight -1,090 -1,035 -985 -1,277 -4,387 -1,253 -1,315 -1,395 -1,623 -5,587 -1,624
- Exports 412 497 402 366 1,676 331 265 319 362 1,278 312
- Imports -1,502 -1,532 -1,387 -1,643 -6,064 -1,584 -1,580 -1,714 -1,986 -6,865 -1,937
c. Other 18 -90 -58 -21 -151 -23 -35 -4 -115 -178 -2
- Exports 143 134 128 131 536 121 136 192 188 637 162
- Imports -125 -224 -186 -152 -687 -144 -172 -196 -303 -815 -164
D. Travel 1,089 590 849 1,111 3,639 1,402 803 1,014 1,011 4,231 1,665
- Exports 2,722 2,359 3,023 3,101 11,206 3,122 2,782 3,543 3,073 12,520 3,487
- Imports -1,633 -1,769 -2,174 -1,990 -7,566 -1,719 -1,979 -2,529 -2,062 -8,289 -1,822
E. Construction 32 5 12 43 93 14 39 44 85 182 30
- Exports 63 44 43 75 226 51 132 57 128 368 69
- Imports -31 -39 -31 -33 -133 -36 -94 -13 -43 -186 -40
F. Insurance and pension services -142 -182 -147 -190 -661 -155 -124 -146 -223 -647 -173
- Exports 7 13 17 43 80 7 14 18 44 83 8
- Imports -149 -195 -164 -233 -741 -162 -137 -164 -267 -730 -181
G. Financial services -181 -108 -110 -177 -577 -147 -62 -201 -32 -442 -211
- Exports 76 93 89 78 336 110 107 103 320 640 192
- Imports -257 -202 -199 -255 -913 -257 -168 -304 -352 -1,082 -403
H. Charges for the use of intellectual property -358 -635 -319 -374 -1,686 -388 -565 -389 -460 -1,801 -423
- Exports 13 10 8 15 47 9 18 10 11 50 11
- Imports -371 -645 -327 -389 -1,732 -397 -583 -399 -471 -1,851 -433
I. Telecommunications, computer, and information services -207 -467 -200 -302 -1,175 -367 -459 -379 -300 -1,504 -329
- Exports 194 226 224 327 970 168 188 285 283 924 264
- Imports -400 -693 -424 -629 -2,146 -535 -646 -665 -582 -2,428 -592
J. Other business services -318 -477 -654 -386 -1,836 -412 -525 -510 -437 -1,883 -465
- Exports 1,454 1,231 1,078 1,595 5,359 1,187 1,126 1,197 1,665 5,174 1,595
- Imports -1,773 -1,708 -1,732 -1,981 -7,194 -1,599 -1,651 -1,706 -2,102 -7,057 -2,060
K. Personal, cultural, and recreational services -1 11 15 10 36 10 11 20 33 74 6
- Exports 15 25 26 23 89 24 25 33 49 131 24
- Imports -16 -14 -11 -12 -53 -14 -14 -13 -16 -57 -17
L. Government goods and services 158 172 180 119 630 159 169 173 106 607 148
- Exports 169 182 182 146 678 174 188 216 145 723 180
- Imports -11 -9 -2 -26 -48 -16 -19 -42 -38 -115 -32
Memorandum:
Number of traveler (thousands of people)
- Inbound 2,427 2,551 2,921 2,960 10,860 2,802 3,014 3,501 2,882 12,199 2,952
- Outbound 2,068 2,075 2,184 2,182 8,509 2,178 2,284 2,263 2,352 9,077 2,337
29
TABLE 4
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
May, 2018
2016 2017* 2018

ITEMS
Primary Income -7,291 -7,970 -8,124 -6,263 -29,647 -7,709 -8,309 -8,930 -8,031 -32,979 -7,887
- Receipts 713 861 1,177 1,298 4,048 1,599 1,708 1,520 1,679 6,505 1,730
- Payments -8,003 -8,830 -9,300 -7,561 -33,695 -9,308 -10,017 -10,450 -9,711 -39,485 -9,616
A. Compensation of employees -360 -367 -407 -419 -1,553 -366 -335 -397 -411 -1,508 -358
- Receipts 55 63 50 51 219 57 65 52 53 227 59
- Payments -415 -430 -457 -470 -1,772 -423 -399 -449 -464 -1,735 -418
B. Investment income -6,931 -7,602 -7,717 -5,844 -28,094 -7,343 -7,975 -8,532 -7,621 -31,471 -7,528
- Receipts 657 798 1,127 1,247 3,829 1,542 1,643 1,468 1,626 6,279 1,670
- Payments -7,588 -8,400 -8,844 -7,092 -31,923 -8,885 -9,618 -10,000 -9,247 -37,749 -9,198
a. Direct investment income -4,294 -4,518 -4,756 -4,025 -17,593 -4,864 -4,742 -5,338 -5,443 -20,386 -4,695
1) Income on equity capital -3,979 -4,337 -4,396 -3,845 -16,557 -4,558 -4,563 -5,087 -5,240 -19,449 -4,443
- Receipts 196 199 403 302 1,101 710 717 746 754 2,927 848
- Payments -4,175 -4,536 -4,799 -4,147 -17,658 -5,268 -5,280 -5,833 -5,994 -22,375 -5,291
2) Income on debt (interest) -315 -181 -360 -180 -1,036 -306 -179 -251 -202 -937 -252
- Receipts 2 33 5 34 74 1 1 8 3 14 5
- Payments -317 -214 -365 -214 -1,109 -307 -180 -259 -206 -951 -257
b. Portfolio investment income -2,201 -2,404 -2,586 -1,127 -8,318 -2,133 -2,553 -2,621 -1,526 -8,833 -2,422
1) Income on equity capital -200 -1,363 -206 -150 -1,920 -185 -1,565 -347 -356 -2,453 -231
- Receipts 56 147 306 319 828 111 89 33 166 399 76
- Payments -256 -1,510 -512 -469 -2,748 -296 -1,654 -379 -522 -2,852 -307
2) Income on debt (interest) -2,001 -1,041 -2,380 -977 -6,398 -1,948 -988 -2,274 -1,170 -6,380 -2,191
- Receipts 246 251 242 393 1,134 530 617 502 508 2,157 538
- Payments -2,248 -1,292 -2,622 -1,370 -7,532 -2,478 -1,605 -2,776 -1,678 -8,537 -2,729
c. Other investment income -435 -680 -375 -692 -2,183 -347 -680 -574 -652 -2,252 -411
- Receipts 157 167 171 199 694 189 219 179 195 783 203
- Payments -592 -847 -546 -891 -2,876 -536 -899 -753 -847 -3,035 -614
TABLE 5
CURRENT ACCOUNT
SECONDARY INCOME
(millions of USD)
May, 2018
2016 2017* 2018

ITEMS
Secondary Income 1,231 1,116 1,004 1,109 4,460 1,138 993 1,176 1,190 4,498 1,412
- Receipts 2,447 2,540 2,373 2,472 9,832 2,356 2,490 2,550 2,595 9,990 2,828
- Payments -1,217 -1,423 -1,368 -1,363 -5,371 -1,217 -1,497 -1,374 -1,405 -5,493 -1,416
A. General government 6 50 52 259 365 -1 41 169 202 411 8
- Receipts 6 50 53 259 366 1 42 171 202 416 8
- Payments 0 0 -1 0 -1 -2 -1 -2 0 -5 0
B. Other sectors 1,225 1,067 953 850 4,095 1,139 952 1,007 988 4,087 1,405
1. Personal transfers 1,495 1,390 1,299 1,126 5,309 1,352 1,352 1,322 1,291 5,316 1,821
- Receipts 2,270 2,229 2,146 2,042 8,687 2,177 2,187 2,198 2,222 8,785 2,636
- Payments -775 -840 -847 -916 -3,378 -825 -835 -876 -932 -3,468 -815
2. Other current transfers -270 -323 -346 -275 -1,214 -213 -400 -315 -302 -1,230 -416
- Receipts 172 261 174 171 778 178 261 180 171 790 185
- Payments -442 -583 -520 -446 -1,992 -391 -660 -495 -473 -2,019 -601
Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3,680 3,631 3,556 3,511 3,511 3,494 3,485 3,492 3,496 3,496 3,507
- Number of foreign migrant worker/TKA (thousands of people) 83 89 93 97 97 80 91 92 96 96 79
30
TABLE 6
FINANCIAL ACCOUNT
DIRECT INVESTMENT
(millions of USD)
May, 2018
2016 2017* 2018

ITEMS
Direct Investment 2,827 3,174 6,594 3,541 16,136 2,845 4,491 7,579 4,256 19,171 3,129
A. Assets -370 -1,372 466 12,870 11,594 -390 -104 -1,065 -537 -2,096 -839
1. Equity capital -659 -1,746 -53 13,134 10,676 -452 -269 -1,276 -694 -2,690 -858
2. Debt instuments 289 375 519 -264 918 61 164 211 157 594 18
B. Liabilities 3,197 4,545 6,129 -9,329 4,542 3,235 4,595 8,643 4,793 21,267 3,968
1. Equity capital 3,543 5,259 4,448 -8,567 4,684 3,134 4,850 7,539 3,823 19,345 3,570
2. Debt instuments -346 -714 1,680 -763 -142 101 -254 1,105 970 1,921 398
a. Inflow 12,071 13,234 13,184 12,149 50,638 11,376 11,268 13,930 12,639 49,213 13,184
b. Outflow -12,417 -13,948 -11,504 -12,912 -50,780 -11,275 -11,522 -12,826 -11,669 -47,291 -12,786
Memorandum:
Direct investment based on directional principle 2,827 3,174 6,594 3,541 16,136 2,845 4,491 7,579 4,256 19,171 3,129
A. Direct investment abroad 56 -479 1,586 11,052 12,215 -278 -968 -1,346 -20 -2,612 -561
1. Equity capital -192 -819 -60 13,129 12,058 -465 -266 -1,256 -665 -2,651 -694
2. Debt instruments 248 340 1,646 -2,077 156 187 -702 -90 644 39 133
B. Direct investment in Indonesia 2,771 3,653 5,008 -7,511 3,921 3,122 5,459 8,925 4,277 21,783 3,690
1. Equity capital 3,076 4,331 4,455 -8,561 3,301 3,146 4,847 7,519 3,794 19,306 3,405
2. Debt instruments -305 -678 553 1,050 620 -24 612 1,406 483 2,477 285
TABLE 7
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)
May, 2018
2016 2017* 2018

ITEMS
Portfolio Investment 4,438 8,304 6,563 -309 18,996 6,536 8,126 4,030 1,956 20,648 -1,174
A. Assets -167 402 1,938 46 2,218 -1,019 -223 -732 -1,382 -3,356 -1,422
1. Public Sector 174 -53 1,579 96 1,795 -123 18 6 90 -9 -173
a. Equity capital 0 0 0 0 0 0 0 0 0 0 0
b. Debt securities 174 -53 1,579 96 1,795 -123 18 6 90 -9 -173
2. Private Sector -340 455 359 -50 423 -896 -241 -737 -1,472 -3,346 -1,249
a. Equity capital -146 -118 269 -215 -210 -406 -136 -259 -759 -1,560 -592
b. Debt securities -195 573 90 164 633 -490 -105 -479 -713 -1,787 -657
B. Liabilities 4,605 7,902 4,625 -355 16,778 7,555 8,349 4,762 3,338 24,004 248
1. Public Sector 4,919 7,213 3,211 1,492 16,835 6,437 4,530 6,107 4,804 21,877 2,569
a. Equity capital N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
b. Debt securities 4,919 7,213 3,211 1,492 16,835 6,437 4,530 6,107 4,804 21,877 2,569
1) Central bank 68 248 86 -287 114 396 66 -530 -37 -104 0
2) Government 4,851 6,965 3,125 1,779 16,720 6,040 4,464 6,636 4,842 21,982 2,569
a) Short term -172 176 124 -572 -444 1,731 2 336 -354 1,715 727
b) Long term 5,022 6,789 3,001 2,351 17,164 4,310 4,462 6,300 5,195 20,267 1,842
2. Private Sector -314 690 1,414 -1,847 -57 1,119 3,820 -1,345 -1,467 2,126 -2,321
a. Equity capital 314 667 1,637 -1,299 1,319 626 1,029 -2,039 -2,154 -2,538 -1,871
b. Debt securities -628 23 -223 -548 -1,376 493 2,791 694 687 4,664 -450
1) Short term -480 35 -89 242 -291 -29 107 -26 254 306 -420
2) Long term -148 -12 -135 -790 -1,085 522 2,684 720 433 4,358 -31
Memorandum:
Government's debt securities, liabilities 4,851 6,965 3,125 1,779 16,720 6,040 4,464 6,636 4,842 21,982 2,569
1. Denominated in Rupiah 3,501 2,862 3,125 -1,441 8,047 4,305 3,558 3,755 1,176 12,794 1,693
2. Denominated in foreign currency 1,350 4,103 0 3,221 8,673 1,735 905 2,882 3,666 9,188 876
Notes:
N/A : Not Applicable
31
TABLE 8
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)
May, 2018
2016 2017* 2018

ITEMS
Other Investment -2,825 -4,351 -3,070 4,429 -5,817 -2,383 -7,115 -1,363 657 -10,203 -200
A. Assets -398 -3,969 522 5,344 1,499 -3,078 -7,850 -2,430 418 -12,940 -2,569
1. Public Sector 0 -269 0 0 -269 0 0 0 0 0 0
2. Private Sector -398 -3,700 522 5,344 1,768 -3,078 -7,850 -2,430 418 -12,940 -2,569
a. Currency and deposits -1,250 -1,912 836 5,265 2,940 -1,840 -4,935 -2,601 1,730 -7,647 -1,400
b. Loans 329 -721 -321 233 -480 -832 -1,243 -237 -110 -2,422 -612
c. Trade credit and advances 118 -722 73 -193 -725 -234 146 -656 -521 -1,265 -667
d. Other assets 405 -344 -66 38 33 -173 -1,817 1,064 -681 -1,607 111
B. Liabilities -2,426 -382 -3,592 -915 -7,316 695 735 1,067 239 2,737 2,368
1. Public Sector -25 -1,255 -1,094 5 -2,369 121 -923 48 -597 -1,353 650
a. Currency and deposits 0 0 0 0 0 0 0 0 0 0 0
b. Loans 149 -1,308 485 101 -574 -3 -905 53 -507 -1,362 477
1) Central bank 1) 0 -24 0 -24 -48 0 -24 -121 0 -145 0
a) Drawings 0 0 0 0 0 0 0 0 0 0 0
b) Repayments 0 -24 0 -24 -48 0 -24 -121 0 -145 0
2) Government 149 -1,284 485 125 -525 -3 -881 174 -507 -1,217 477
a) Drawings 873 757 1,194 1,796 4,619 704 805 908 1,228 3,645 1,312
(1) Program 522 280 900 1,070 2,772 400 381 446 385 1,612 1,039
(2) Project 351 477 294 726 1,847 304 424 462 843 2,033 273
(3) Other 0 0 0 0 0 0 0 0 0 0 0
b) Repayments -724 -2,040 -709 -1,672 -5,145 -706 -1,687 -734 -1,735 -4,862 -835
c. Other liabilities -174 53 -1,579 -96 -1,795 123 -18 -6 -90 9 173
2. Private Sector -2,402 872 -2,498 -919 -4,947 575 1,659 1,020 836 4,090 1,718
a. Currency and deposits -820 1,056 -34 -673 -471 -137 86 -86 324 186 -414
b. Loans -1,761 -695 -2,713 -114 -5,282 277 1,045 -88 436 1,670 1,575
1) Drawings 3,556 5,586 4,088 7,171 20,400 5,404 5,227 5,165 7,068 22,864 5,515
2) Repayments -5,318 -6,280 -6,800 -7,284 -25,683 -5,127 -4,182 -5,253 -6,632 -21,194 -3,940
c. Trade credit and advances 147 558 277 16 998 236 512 920 350 2,018 255
d. Other liabilities 33 -47 -29 -148 -192 199 16 274 -273 216 303
32

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May 2017

Goods Trade Balance 4

Non-oil & Gas Trade Balance 4

Oil & Gas Trade Balance 9

Services Trade Balance 10

Primary Income Balance 11

Secondary Income Balance 12

CAPITAL AND FINANCIAL ACCOUNT 12

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 13

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

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

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

Chart 9 Travel Services 11 Chart 22 Other Investments 16

Chart 13 Capital and Financial Account 13

On the other hand, the capital and financial

5 90 foreign investors, while the deficit in other investment

2010 2011 2012 2013 2014 2015 2016 2017* 2018

The current account recorded a USD5.5 billion

Current Account Imports Exports NOG Trade Balance (RHS)

The goods trade balance recorded a USD2.4

trade surplus was also down compared with y.o.y q.t.q

conditions in the same period one year ago at USD7.8 Chart 4

Shares (%) Growth (% yoy)

Non-Oil and Gas Exports by Major Destination Table 2

Vegetable oil exports recorded a deeper China, and South Korea.

contraction, declining further from -5.5% (yoy) in the

Growth (%, yoy)

50.6% (yoy) in the reporting period because of growth.

accelerating real exports and prices, with the gains

Description 2016 2017* 2018

and China, while exports to Malaysia recorded a Consumption Goods

components also posted slower growth in the Price Index

exports to Saudi Arabia contracted. Real

Non-Oil and Gas Imports by Country of Origin -10 -10

import decline was offset by a corresponding Q4 Q1**

production, combined with disruptions in Venezuela, Description

Source: Ditjen Migas, BOP, Bloomberg Services Trade Balance

40.1% (yoy) in the fourth quarter of 2017 due to a 2

lower import volume of refined products. 1

2 billion USD billion USD

* provisional figures; ** very provisional figures Malaysia

Secondary Income Balance

account surplus reduced on the previous period and

2010 2011 2012 2013 2014 2015 2016 2017* 2018

Direct Investment Foreign direct investment (FDI) in Indonesia

side, Indonesian resident investments abroad recorded 4,000

an outflow of USD0.8 billion, up from USD0.5 billion 2,000

recorded in the form of equity capital due to the -6,000

manufacturing industry. -12,000

On the liability side, non-resident investors -14,000

USD4.0 billion, down from USD4.8 billion in the Chart 15

a reduced inflow of direct investment to the non-oil

residents booked a net buy of foreign securities

from the previous period. Consequently, portfolio 20

bilion USD SUN SBI (rhs)

2 The net foreign inflow to government debt

-4 USD0.9 billion, consisting of global sukuk issuances of

2010 2011 2012 2013 2014 2015 2016 2017* 2018

Chart 17 inflows to public sector debt instruments in the first