Balance of Payments: Second Quarter 2019

August
May2019
2017
SinidaftaKan?
kang
BALANCE OF PAYMENTS
REPORT
Second Quarter 2019
1
Contact Address:
External Statistics Group
Department of Statistics
Bank Indonesia
Sjafruddin Prawiranegara Tower, 14th Floor
Jl. M.H. Thamrin No. 2
Jakarta 10350
Phone : +62 21 29816770
Fax : +62 21 3501935
E-mail : BNP@bi.go.id
Website : www.bi.go.id
2
August 2019
BALANCE OF PAYMENTS REPORT
Second Quarter 2019
3
This Page is Intentionally Left Blank
4
LIST OF CONTENTS
SUMMARY
1
Q2/2019 3
Transaksi Berjalan
CURRENT ACCOUNT 4
Goods Trade Balance 4

Non-oil & Gas Trade Balance 4
Oil & Gas Trade Balance 10
Services Trade Balance 11
Primary Income Balance 12
Secondary Income Balance 13
CAPITAL AND FINANCIAL ACCOUNT 13

Direct Investment 14
Portfolio Investment 16
Other Investment 17
EXTERNAL SUSTAINABILITY INDICATORS 19
ALANCE OF PAYMENTS OUTLOOK 21
BOX 1: CHANGES IN BOP FIGURES

FROM Q1/2019 PUBLICATION 23
APPENDICES 25
5
6
LIST OF TABLES
Page Page
Table 1 Non-Oil and Gas Exports by Commodity Group 5 Table 6 Oil Exports 10
(based on SITC)
Table 2 Non-Oil and Gas Exports by Major Destination 6 Table 7 Oil Imports (f.o.b) 11
Countries
Table 3 Exports of Major Non-Oil and Gas Commodities 8 Table 8 Gas Exports 11
(based on HS)
Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity 9 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 4 Chart 14 Capital and Financial Account 14
Chart 2 Current Account 4 Chart 15 Direct Investment 14
Chart 3 Non-oil and Gas Trade Balance 5 Chart 16 Foreign Direct Investment (FDI) by Economic 15
Sector
Chart 4 Non-oil and Gas Export Growth 5 Chart 17 Foreign Direct Investment (FDI) by Country of 15
Origin
Chart 5 Non-oil and Gas Import Growth 9 Chart 18 Portfolio Investment 16
Chart 6 Oil and Gas Trade Balance 10 Chart 19 Foreign Holdings Positions of SBI and Government 16
Debt Securities (SUN)
Chart 7 International Oil Prices 10 Chart 20 Foreign Transactions on the IDX and JCI 17
Developments
Chart 8 Services Trade Balance 11 Chart 21 ASEAN Stock Index Developments 17
Chart 9 Travel Services Trade Balance 12 Chart 22 Portfolio Investment by Institutional Sectors 17
Chart 10 Freight Services Payments 12 Chart 23 Other Investments 17
Chart 11 Primary Income Account 12 Chart 24 Other Investment Assets of the Private Sector 18
Chart 12 Personal Transfers 13 Chart 25 Other Investment Liabilities of the Private Sector 18
Chart 13 Stock of Indonesian Migrant Workers in Q2/2019 13 Chart 26 Public Sector Foreign Loans 18
7
8
SUMMARY
Indonesia's Balance of Payments (BOP) in the second quarter of 2019 showed maintained external
resilience, amidst less conducive global economic dynamics and domestic seasonal pattern. Indonesia's BOP
remained solid in the second quarter of 2019 on the back of a maintained capital and financial account surplus in
T
account deficit increased from USD7.0 billion (2.6% of GDP) to USD8.4 billion (3.0% of GDP) in the reporting
r spurred by seasonal trends to repatriate dividends and service interest payments on external debt as well
period,
a
as the impact of global economic moderation and lower commodity prices. Consequently, despite recording a
USD2
n surplus in the first semester of 2019. BOP performance was propped up in the recording period by a
billion
s
significant capital and financial account surplus coupled with a manageable current account deficit, namely 2.8%
of GDP. Furthermore, the position of reserve assets at the end of June 2019 was recorded at USD123.8 billion,
a to 7.0 months of imports or 6.8 months of imports and servicing government external debt, which is
equivalent
k
well above the international adequacy standard of three months.
A significant capital and financial account surplus was maintained in the second quarter of 2019
si
despite high global financial market uncertainty and seas onal repayments on maturing foreign loans. The
B and financial account surplus stood at USD7.1 billion in the second quarter of 2019, supported by inflows
capital
of direct investment and portfolio investment. Direct investment inflows increased to USD7.0 billion in the
e period from USD6.1 billion in the first quarter of 2019. Similarly, portfolio investment inflows were
reporting
rj
maintained at the high level of USD4.5 billion in the reporting period. In contrast, other investment recorded a
deficit due to a seasonal increase in government and private sector repayments on maturing foreign loans.
al Indonesia's capital and financial account surplus was recorded at USD17.0 billion in the first semester
Therefore,
a
of 2019, up from USD5.3 billion in the same period one year earlier.
n
The current account deficit increased in the second quarter of 2019 as a corollary of seasonal trends
to repatriate dividends and service interest payments on external debt as well as the impact of strong global
headwinds. In the second quarter of 2019, the seasonal spike in demand to repatriate dividends and service
interest payments on external debt increased the primary income account deficit. In addition, non-oil and gas
export performance also declined on global economic moderation and lower export commodity prices in
Indonesia. Non-oil and gas exports stood at USD37.2 billion in the reporting period, down from USD38.2 billion
in the first quarter of 2019. Furthermore, the oil and gas trade deficit increased to USD3.2 billion from USD2.2
billion in the previous period, induced by a higher average global oil price and seasonal increase in demand for oil
and gas imports linked to Eid-ul-Fitr and the school holidays.
1
2
2/2019
investment. Nevertheless, the recent furtherance of

in the second quarter of 2019, supported by a trade tensions between the United States and China
maintained capital and financial account surplus in line has stoked global economic uncertainty and translated
into a narrower capital and financial account surplus
economic outlook in Indonesia. Meanwhile, the compared with the USD9.9 billion posted in the
current account deficit increased in the reporting previous period. This was reflected in a decline of
period, triggered by seasonal trends to repatriate portfolio investment inflows to equity instruments and
dividends and service interest payments on external government debt securities (SUN). In addition,
debt as well as the impact of global economic significant repayments on the maturing government
moderation and lower commodity prices. and private external debt were recorded in the
In the second quarter of 2019, the current reporting period. As of the first semester of 2019, the
account recorded an USD8.4 billion deficit (3.0% of capital and financial account surplus reached USD17.0
GDP), increasing from USD7.0 billion (2.6% of GDP) in billion, increasing significantly from USD5.3 billion in
the first quarter of 2019. A narrower goods trade the first half of previous year. The large gain reflects
surplus together with a larger services trade deficit investor confidence in the national economic outlook,
contributed to the wider current account deficit in the supported by the attractiveness of domestic financial
second quarter of 2019. Moreover, seasonal factors in assets.
the form of repatriating dividends and servicing Consequently, despite experiencing a USD2.0
interest payments on external debt also increased the billion deficit in the second quarter of 2019,
primary income account deficit, thus amplifying ined a
pressures on the current account in the second quarter USD0.4 billion surplus in the first semester of 2019.
of 2019. As of the first semester of 2019, however, The BOP deficit recorded in the second quarter of 2019
the current account deficit was controlled within a stemmed from a wider current account deficit that was
manageable threshold, namely 2.8% of GDP. Such not fully offset by the large capital and financial
developments reveal how external economic resilience account surplus. Consistent with recent BOP
has been maintained in Indonesia despite global developments, the position of reserve assets at the end
economic headwinds and domestic seasonal pattern. of the second quarter of 2019 stood at USD123.8
Meanwhile, a large capital and financial account billion, equivalent to 7.0 months of imports or 6.8
surplus was maintained in the second quarter of 2019 months of imports and servicing government external
at USD7.1 billion (2.5% of GDP). The capital and debt, which is well above the international adequacy
financial account surplus was supported by foreign standard of three months (Chart 1).
capital inflows of direct investment and portfolio
3
billion USD billion USD Annually, the current account deficit deteriorated
20 150
in the second quarter of 2019 compared with the
15
120 USD8.0 billion deficit (3.0% of GDP) recorded in the
10
5 90 same period one year earlier, driven by deeper deficits

0 60 in the primary income account and services trade
-5
30
account (Chart 2).
-10
billion USD
-15 0
15
Q1*
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q2**
2014 2015 2016 2017 2018* 2019 10
* provisional figures
5
Cap & Fin Account Curr. Account
** very provisional figures
Overall Balance Reserve Assets (RHS) 0
Chart 1 -5
-10
-15
-20
CURRENT ACCOUNT
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1*
Q2**
The current account deficit increased in the 2014 2015 2016 2017 2018* 2019
Secondary Inc. Primary Inc. Services

second quarter of 2019 compared with conditions in * provisional figures
** very provisional figures
OG Trade Balance NOG Trade Balance Curr. Account
the previous period yet remained within a manageable Chart 2
Current Account
threshold. The wider deficit was caused by a narrower
goods trade surplus coupled with larger deficits in the
Goods Trade Balance
services trade account and primary income account.
The goods trade balance recorded a USD0.2
The goods trade balance recorded a USD0.2
billion surplus in the reporting period, decreasing from
billion surplus in the second quarter of 2019,
USD1.2 billion in the first quarter of 2019. The
decreasing from USD1.2 billion surplus in the first
narrower surplus stemmed from a larger oil and gas
quarter of 2019. The narrower goods trade surplus
trade deficit, while the non-oil and gas trade balance
was prompted by a larger oil and gas trade deficit in
remained relatively stable.
line with a higher average global oil price and
Annually, the goods trade surplus recorded in the
increasing seasonal demand for imports during the Eid-
second quarter of 2019 was slightly lower than the
ul-Fitr festive period and school holidays. Meanwhile,
USD0.3 billion surplus posted in the same period of
non-oil and gas trade surplus was relatively stable due
2018.
to declines of non-oil and gas imports and exports as a
consequence of government policy to control imports Non-Oil and Gas Trade Balance
against the backdrop of global economic moderation The non-oil and gas trade balance recorded a
and lower international commodity prices. USD3.4 billion surplus in the second quarter of 2019,
A larger primary income account deficit also relatively stable compared with conditions in the
contributed to the wider current account deficit in line previous period. The stable non-oil and gas trade
with significant seasonal dividend payments in the balance was influenced by non-oil and gas export and
corporate sector. In addition, the current account import contractions. Nevertheless, the non-oil and gas
deficit was also exacerbated by a deeper services trade trade surplus increased from USD3.1 billion surplus
deficit as the travel services trade surplus narrowed. recorded in the same period one year earlier (Chart 3).
4
billion USD billion USD (Chart 4). Annually, non-oil and gas exports decreased
50 8
5.2% (yoy) in the second quarter of 2019 compared
Thousands
40 6
30
4 with conditions in the same period of previous year.
20
10 2 Non-oil and gas export performance was influenced by
0 0
-10 -2 a lower real export contraction, which offset a deeper
-20
-30
-4 export price slump (Table 1).
-40 -6
-50 -8 (%)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2**
30
2014 2015 2016 2017 2018* 2019
25
20
Imports Exports NOG Trade Balance (RHS) 15
9.9
* provisional figures ** very provisional figures 10
Chart 3 5
Non-Oil and Gas Trade Balance 0 -2.5
-5.2
-5 -2.5
-10 -5.7 -5.2
Non-Oil and Gas Exports -15
-20
Q2**
Q1*
Non-oil and gas exports contracted by 2.5% (qtq)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
in the second quarter of 2019 to reach USD37.2 billion 2015 2016 2017 2018* 2019
y.o.y q.t.q
from USD38.2 billion in the first quarter of 2019,
Chart 4
weighed down by a deeper contraction of export prices Non-Oil and Gas Export Growth
Table 1
Non-Oil and Gas Exports by Commodity Group (based on SITC)
Share (%) Growth (%, yoy)
2018* 2019
Description
2018* 2019**
Q1 Q2 Q3 Q4 TOTAL Q1* Q2**
A. Primary Product
Nominal 51.1 46.8 7.8 9.4 7.3 -10.0 3.2 -13.7 -12.4
Real 53.8 53.6 0.4 -1.0 -0.9 -7.4 -2.4 -5.3 -3.8
Price Index 7.4 10.6 8.3 -2.8 5.7 -8.8 -8.9
Agricultural Products
Nominal 27.5 26.2 -9.2 -5.0 -1.0 -11.3 -6.7 -11.6 -7.7
Real 33.1 33.5 -4.2 -6.0 -0.8 -2.7 -3.5 -3.9 -2.0
Price Index -5.1 1.1 -0.2 -8.9 -3.4 -8.0 -5.9
Foods
Nominal 21.0 19.5 -9.5 -5.2 -1.4 -9.0 -6.3 -11.8 -11.6
Real 25.5 26.0 -4.1 -6.9 1.1 3.5 -1.7 -1.7 -2.8
Price Index -5.6 1.8 -2.4 -12.0 -4.7 -10.3 -9.0
Raw Materials
Nominal 6.5 6.6 -8.2 -4.3 0.0 -19.3 -8.0 -10.7 4.4
Real 7.5 7.6 -4.9 -3.5 -5.9 -20.5 -8.7 -9.8 2.4
Price Index -3.4 -0.8 6.3 1.6 0.8 -0.9 1.9
Fuels & Mining Products
Nominal 23.6 20.7 39.5 31.8 20.0 -8.1 18.5 -16.2 -17.6
Real 21.7 20.9 14.1 10.9 3.2 -11.2 3.1 -7.7 -7.6
Price Index 22.2 18.8 16.3 3.5 14.9 -9.3 -10.8
B. Manufacture Products
Nominal 47.1 50.4 9.7 9.8 11.1 8.5 9.8 2.2 0.4
Real 44.4 44.3 0.8 1.4 1.8 1.0 1.3 -4.2 -5.0
Price Index 8.9 8.3 9.2 7.4 8.4 6.7 5.7
C. Others
Nominal 1.8 2.8 65.7 31.2 -2.3 -15.9 13.3 37.9 52.7
Real 2.0 3.0 51.9 26.4 1.8 -12.0 12.2 43.1 52.6
Price Index 9.0 3.8 -4.1 -4.4 1.0 -3.7 0.1
Total
Nominal 100.0 100.0 9.4 9.9 8.9 -1.8 6.4 -5.2 -5.2
Real 100.0 100.0 1.3 0.5 0.3 -4.3 -0.6 -4.4 -3.9
Price Index 8.1 9.3 8.6 2.5 7.1 -0.8 -1.3
*) provisional figures
**) very provisional figures
5
Non-Oil and Gas Exports by Major Destination rubber, footwear, and processed foods, with those
Country three commodities dominating 24.9% of total non-oil
and gas exports destined for the United States. Further
Non-oil and gas exports to Indonesia's 10 major
improvements were negated, however, by an export
trading partners contracted by 3.8% (yoy) in the
contraction affecting textiles in the reporting period.
second quarter of 2019, primarily due to declining
exports bound to several major trading destinations, On the other hand, non-oil and gas exports to
including Japan, India, the Philippines, South Korea Japan experienced a deeper contraction in the second
and Thailand. Nevertheless, the contraction in the quarter of 2019, weighed down by shipments of coal,
reporting period ameliorated from -6.3% (yoy) in the textiles, and articles of base metals, accounting for
previous quarter, boosted by exports to China, the 36.0% of total non-oil and gas exports to Japan.
United States, Singapore, and Malaysia (Table 2). Notwithstanding, a deeper non-oil and gas export
Table 2 decline was prevented by exports of electrical,
Non-Oil and Gas Exports by Major Destination Country
measuring, and photography equipment (12.0%
Share (%) Growth (%, yoy)
share), for which growth accelerated to 5.6% (yoy)
Description 2018* 2019
2018* 2019**
Q1 Q2 Q3 Q4 TOTAL Q1* Q2** from 4.4% (yoy) in the previous period.
1 China 15.4 15.2 34.7 33.7 14.5 -13.3 14.1 -17.1 4.0
2 USA 10.7 11.2 3.1 1.5 4.1 3.6 3.1 -3.0 0.7 The performance of non-oil and gas exports to
3 Japan 10.1 8.9 21.1 21.6 12.5 -7.2 11.0 -15.3 -18.2
4 India 7.9 7.5 -5.9 -10.9 13.2 -4.3 -2.1 -5.6 -13.2 India deteriorated compared with conditions in the
5 Singapore 5.6 6.1 13.3 -0.7 -10.9 -2.0 -0.5 -1.2 6.8
6 Malaysia 4.7 5.0 10.3 15.4 14.5 2.9 10.6 -6.1 6.7 previous period due to a contraction of coal exports
7 Philipines 4.1 4.3 6.6 16.8 6.3 -13.0 3.3 5.5 -4.2
8 South Korea 4.3 4.2 4.4 17.5 34.1 18.1 18.6 8.2 -20.5 after posting positive growth in the first quarter of
9 Thailand 3.6 3.6 15.7 7.7 3.6 -4.3 5.4 -4.6 -6.7
10 Vietnam 2.4
0.0 3.1
0.0 15.5
0.0 22.5
0.0 32.4
0.0 36.1
0.0 27.4
0.0 27.8
0.0 18.9
0.0 2019. In addition, non-oil and gas exports were also
Total 10 Countries 69.0 69.2 13.1 12.1 10.7 -2.9 7.8 -6.3 -3.8
*) provisional figures held back by a deeper export contraction of vegetable
oil and weaker growth of chemical exports. The three
Exports to China regained positive momentum aforementioned commodities accounted for 67.2% of
after experiencing a deep contraction in the previous total non-oil and gas exports to India in the reporting
period. Positive momentum stemmed from all major period. Nonetheless, further non-oil and gas export
export commodities to China, namely coal, articles of declines were negated by exports of articles of base
base metals, vegetable oil, and chemicals, accounting metals (9.4% share), which continued to accelerate
for 55.8% of total non-oil and gas exports to China. compared with the previous period.
The growth surge of coal exports bound for China in
Meanwhile, non-oil and gas exports to Singapore
the reporting period was the result of increasing
achieved solid growth in the reporting period after
demand for coal from China as part of the
contracting in the first quarter of 2019. Exports to
government's frontloading policy prior to the summer
Singapore were driven by an export surge of articles of
months. Furthermore, the import price of coal from
base metals coupled with a shallower contraction of
Indonesia was lower than the price of coal in China and
machinery and mechanical appliances (accounting for
the government plans to restrict future imports, which
18.4% of total non-oil and gas exports to Singapore).
helped to drive coal exports from Indonesia to China.
Further non-oil and gas export gains were hampered,
Non-oil and gas exports to the United States also however, by slower exports of electrical, measuring,
reversed from the previous quarter which contracted and photography equipment as well as a contraction
by 3.0% (yoy) to post a positive growth of 0.7% (yoy) of processed food exports, which accounted for 17.9%
in the reporting period. The main contributors to the and 4.5% respectively of total non-oil and gas exports
improvement were exports of processed natural bound for Singapore.
6
Echoing conditions in Singapore, non-oil and gas with a 42.1% share of total non-oil and gas exports to
exports to Malaysia expanded in the reporting period Vietnam.
after experiencing a contraction in the first quarter of
Exports of Major Non-Oil and Gas Commodities
2019. Non-oil and gas exports to Malaysia grew 6.7%
Exports of the 10 major non-oil and gas
(yoy) in the second quarter of 2019 on the back of all
commodities experienced a 4.1% (yoy) contraction in
major export commodities, including coal, articles of
the second quarter of 2019, caused by real export and
base metals, vegetable oil, and processed foods, which
export price contractions. Nevertheless, the contraction
contributed 54.6% of total non-oil and gas exports to
improved from 4.4% (yoy) in the previous period,
Malaysia.
induced by a shallower real export decline despite a
Conversely, non-oil and gas exports to the
deeper correction in the average prices of the 10 major
Philippines contracted in the reporting period due to a
non-oil and gas commodities (Table 3).
negative export growth affecting copper ore together
with slower export growth of motor vehicles and parts Coal remained the dominant non-oil and gas
as well as processed foods (accounting for 46.5% of export commodity from Indonesia in the reporting
total non-oil and gas exports to the Philippines). period, accounting for 14.9% of total non-oil and gas
Notwithstanding, coal exports accelerated in the exports. Coal exports experienced a 2.4% (yoy)
reporting period (24.0% share). contraction in the second quarter of 2019, improving
Non-oil and gas exports to South Korea from 7.2% (yoy) contraction in the previous period on
experienced a 20.5% (yoy) contraction in the reporting the back of rising export prices, while real exports
period after growing 8.2% (yoy) in the first quarter of posted slower growth. Coal exports to China and
2019. All major export commodities to South Korea Malaysia achieved stronger growth, contrasting the
recorded a contraction in the second quarter of 2019, coal export contractions recorded to India and Japan.
namely coal, articles of base metals, textiles, and Vegetable oil exports, which are dominated by
processed wood, dominating a 55.9% share of total crude palm oil (CPO), contracted more deeply in the
non-oil and gas exports to South Korea. reporting period in line with slower real export growth
Non-oil and gas exports to Thailand recorded a and limited export price gains. Vegetable oil export
deeper contraction in the second quarter of 2019, performance deteriorated to India and Pakistan as well
deteriorating to 6.7% (yoy) from 4.6% (yoy) as several countries in Europe, namely the Netherlands,
contraction in the first quarter of 2019. The deeper Spain, and Italy. Lower CPO exports to India were
contraction was attributable to all major export caused by retreating demand as a corollary of the 40%
commodities, namely motor vehicles and parts, coal, import tariffs imposed since March 2019. Meanwhile,
articles of base metals as well as machinery and CPO exports to Europe were undermined by the impact
mechanical appliances, which accounted for 52.9% of of restrictions on CPO imports for biofuel that were
total non-oil and gas exports to Thailand. introduced in May 2019.
In contrast, non-oil and gas exports to Vietnam Exports of textiles and textile products contracted
maintained solid growth at 18.9% (yoy) in the second 1.9% (yoy) in the second quarter of 2019 after
quarter of 2019 despite decelerating from 27.8% (yoy) expanding 1.2% (yoy) in the previous period in line
in the first quarter of 2019. Major export commodities with slower rising export prices and the ongoing real
to Vietnam contributed to positive export growth, export contraction. Textile exports declined to all major
including motor vehicles and parts, coal, as well as export destinations, including the United States, Japan,
electrical, measuring and photography equipment, China, and South Korea.
7
On the other hand, exports of articles of base contracting 1.4% (yoy) in the previous quarter coupled
metals recorded 4.4% (yoy) growth in the second with a shallower export price decline. The gains come
quarter of 2019, lower than 4.8% (yoy) in the previous amidst stronger export performance to the United
period. The slowdown was prompted by lower export States and China.
prices despite improving real export performance. A Processed rubber exports continued to contract in
significant decline in exports of articles of base metals the reporting period despite improving to -2.4% (yoy)
to South Korea, sliding into contractionary territory, from -15.2% (yoy) in the first quarter of 2019, boosted
was the main drag on exports of articles of base metals by rising export prices and a shallower real export
along with a deeper export contraction to Japan. contraction. Increasing exports to Japan were the main
Slower export growth also affected electrical contributor to the improvements along with smaller
equipment, declining to 3.0% (yoy) in the reporting export contractions to the United States, China. and
period from 8.7% (yoy) in the first quarter of 2019 due India.
to slower growth of real exports against a backdrop of Lower export prices amidst positive real export
higher export prices. Electrical equipment exports growth were the main contributing factors to slower
decelerated primarily as a result of slower export export growth of machinery and mechanical
growth to Singapore and a contraction of exports to appliances, which declined to 7.8% (yoy) in the
Thailand. reporting period. The main impediments to export
Exports of motor vehicles and parts expanded by growth were Japan and Thailand, while exports to
4.0% (yoy) in the reporting period, down from 10.6% Singapore and the United States recorded shallower
(yoy) in the first quarter of 2019 because of slower real declines.
exports and lower export prices. Weaker export Meanwhile, footwear exports experienced a
growth for motor vehicles and parts was caused by deeper contraction in the second quarter of 2019,
slower export growth to the Philippines and Vietnam sinking to 14.3% (yoy) compared with 10.2%
coupled with export contractions to Thailand and (yoy) contraction in the first quarter of 2019, caused
Japan. by decreasing real exports and lower export prices.
On the other hand, exports of processed foods Such conditions were primarily the result of deeper
reversed the previous 4.0% (yoy) contraction recorded export contractions to Belgium and Japan.
in the first quarter of 2019 to expand by 4.8 % (yoy) in Nevertheless, footwear exports to the United States
the reporting period. Such developments were and China enjoyed stronger growth in the reporting
explained by real export growth of 6.8% (yoy) after period.
Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)
Growth (%,yoy)
Share (%)
Nominal Real Price Index
Description 2018* 2019 2018* 2019 2018* 2019
2018* 2019**
Q1 Q2 Q3 Q4 TOTAL Q1* Q2** Q1 Q2 Q3 Q4 TOTAL Q1* Q2** Q1 Q2 Q3 Q4 TOTAL Q1* Q2**
1. Coal 14.8 14.9 27.0 21.2 19.8 3.1 17.1 -7.2 -2.4 5.3 7.0 3.8 6.3 5.3 9.7 8.6 20.6 13.3 15.4 -3.0 11.2 -15.4 -10.1
2. Vegetable Oil 11.8 10.2 -18.3 -11.2 -4.1 -13.7 -12.0 -16.0 -20.5 -4.5 -3.6 11.9 18.5 4.7 13.3 4.0 -14.5 -7.9 -14.3 -27.2 -16.0 -25.9 -23.5
3. Textile & Textile Products 8.1 8.6 7.9 8.1 6.0 0.2 5.5 1.2 -1.9 0.2 -0.5 -3.3 -11.1 -3.8 -8.3 -7.1 7.7 8.6 9.5 12.8 9.7 10.4 5.5
4. Articles of Basic Metals 7.6 8.4 50.6 46.7 34.0 1.6 30.4 4.8 4.4 30.2 22.6 18.4 -4.6 14.8 1.2 6.4 15.7 19.6 13.1 6.5 13.6 3.6 -1.9
5. Electrical Aparatus, etc 5.5 6.1 3.2 2.8 7.2 7.5 5.3 8.7 3.0 -10.6 -4.9 -1.5 7.1 -2.5 7.4 0.9 15.5 8.1 8.9 0.4 7.9 1.2 2.0
6. Vehicles & Parts 4.3 4.9 3.8 9.2 11.9 16.3 10.5 10.6 4.0 1.9 7.1 11.1 16.1 9.2 9.8 5.4 1.8 1.9 0.8 0.2 1.2 0.7 -1.3
7. Processed Foods 4.5 4.8 9.4 11.0 9.2 0.7 7.2 -4.0 4.8 5.7 7.6 8.8 0.2 5.2 -1.4 6.8 3.5 3.2 0.4 0.5 1.9 -2.6 -1.8
8. Processed Rubber 3.9 3.8 -21.8 -17.6 -6.2 -13.0 -15.0 -15.2 -2.4 -5.1 -3.0 -1.7 -11.7 -5.3 -15.4 -7.7 -17.6 -15.1 -4.7 -1.5 -10.2 0.3 5.8
9. Machinery & Mechanical Appl. 3.4 3.4 2.4 -0.9 -3.4 -8.0 -2.7 -6.5 -7.8 -4.7 -6.3 -11.5 -14.2 -9.3 -13.7 0.4 7.4 5.7 9.1 7.3 7.4 8.4 -8.1
10. Footwear 3.1
0.0 2.9
0.0 7.0
0.0 2.4
0.0 3.7
0.0 3.1
0.0 4.0
0.0 -10.2
0.0 -14.3
0.0 11.9
0.0 3.9
0.0 4.3
0.0 1.0
0.0 5.2
0.0 -10.5
0.0 -12.3
0.0 -4.3
0.0 -1.5
0.0 -0.6
0.0 2.2
0.0 -1.1
0.0 0.3
0.0 -2.2
0.0
Total 10 Commodities 67.2 67.9 5.2 7.2 8.6 -1.2 4.8 -4.4 -4.1 1.5 3.1 4.0 -1.6 1.7 -3.1 -1.0 3.7 4.0 4.4 0.4 3.1 -1.3 -3.1
*) provisional figures **) very provisional figures
8
Non-Oil and Gas Imports imports of electrical apparatus for making and
breaking electrical circuits.
Non-oil and gas imports (CIF) experienced a
deeper contraction in the second quarter of 2019 as a Meanwhile, capital goods imports contracted by
result of government policy to reduce imports of 8.7% (yoy) in the second quarter of 2019 as real
certain commodities. Annually, non-oil and gas imports posted negative growth and rising prices
imports experienced a 6.6% (yoy) contraction in the slowed. The main drag on capital goods imports was
second quarter of 2019, triggered by real import and a contraction of goods vehicles. Negative growth of
import price contractions. On a quarterly basis, capital goods imports was in line with Gross Fixed
however, the non-oil and gas import contraction Capital Formation (GFCF) growth, which decelerated
improved to 2.9% (qtq) from 13.4% (qtq) in the to 5.01% (yoy) in the second quarter of 2019 from
previous period (Chart 5). 5.03% (yoy) in the previous quarter.
Real imports of all commodity groups experienced Table 4

Non-Oil and Gas Imports (c.i.f) by Commodity Group
negative growth, while raw materials recorded lower
Share (%) Growth (% yoy)
import prices. Based on the share of total non-oil and Description

2018* 2019**
2018* 2019
Q1 Q2 Q3 Q4 TOTAL Q1* Q2**

gas imports, the main contributors to the decline were Consumption Goods
Nominal 10.6 10.1 22.3 22.1 36.1 11.2 22.4 -12.2 -6.5
raw materials, capital goods, and consumer goods, Real
Price Index
9.4 8.6 8.9
12.3
10.9
10.0
31.7
3.4
5.0
5.9
13.6
7.8
-12.4
0.2
-10.9
4.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
which contracted respectively by -3.7%, -1.6% and

Raw Materials
Nominal 68.6 69.7 21.0 17.3 17.3 14.3 17.3 0.1 -5.3
Real 70.2 71.9 9.6 7.1 11.5 11.9 9.9 0.6 -3.0
-0.7% (Table 4). Price Index

Capital Goods
0.0 0.0 10.4
0.0 9.5
0.0 5.3
0.0 2.1
0.0 6.7
0.0 -0.5
0.0 -2.3
0.0
Nominal 19.1 18.7 26.7 38.5 22.8 9.1 22.8 -3.1 -8.7
Real 18.7 17.9 24.1 34.7 27.0 11.6 23.1 -5.1 -10.4
(%) Price Index 0.0 0.0 2.1
0.0 2.8
0.0 -3.4
0.0 -2.2
0.0 -0.2
0.0 2.2
0.0 1.9
0.0
30 Total
Nominal 100.0 100.0 22.8 23.5 21.3 12.5 19.6 -1.8 -6.6
25
Real 100.0 100.0 12.9 14.2 17.5 10.8 13.6 -1.9 -6.0
20 Price Index 8.8 8.1 3.2 1.5 5.3 0.1 -0.6
15 *) provisional figures
10
5
0 Non-Oil and Gas Imports by Country of Origin
-5
-10
-15 Based on country of origin, growth of non-oil and
-20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2** gas imports from Indonesia's 10 major trading partners
2015 2016 2017 2018* 2019
contracted by 7.1% (yoy) in the second quarter of
y.o.y q.t.q
2019, deeper than a 2.7% (yoy) contraction in the
Chart 5 previous period. Non-oil and gas imports declined from
Non-Oil and Gas Import Growth
nearly all of Indonesia's major trading partners,
Import growth of consumer goods recorded a excluding Singapore, South Korea as well as Australia
shallower contraction in the second quarter of 2019 and Oceania (Table 5).
compared with conditions in the previous period in line Table 5
Non-Oil and Gas Imports (c.i.f)
with faster price growth and a smaller real import by Major Country of Origin
contraction. The main drivers of consumer goods
Share(%) Growth (%yoy)
imports in the reporting period were shoes and other Rincian 2018* 2019
2018* 2019**
Q1 Q2 Q3 Q4 Total Q1* Q2**
footwear. 1 China 25.8 27.4 25.7 27.9 34.2 22.8 27.5 3.6 -0.7
2 Japan 11.5 11.0 27.8 26.9 12.9 12.3 19.2 -6.0 -12.0
Raw material imports contracted by 5.3% (yoy) in 3

4
Singapore
Thailand
7.9
6.8
7.5
6.1
43.1
16.2
39.1
20.7
29.1
16.6
-3.2
13.2
24.6
16.7
-13.5
-5.1
-4.7
-20.6
5 USA 5.8 5.4 15.2 21.5 17.3 8.8 15.6 -9.0 -11.1
the second quarter of 2019 after posting limited gains 6 South Korea 5.1 5.2 3.6 5.8 7.4 9.8 6.6 -4.6 -1.8
7 Malaysia 4.0 3.9 17.4 28.2 20.8 18.8 21.2 5.4 -14.7
(0.1% yoy) in the previous period. The decline was 8
9
Australia & Oceania
India
3.7
2.9
3.8
2.7
0.9
17.8
-9.3
23.7
9.9
46.7
2.8
4.7
1.0
21.9
-7.6
-0.5
5.1
-17.7
10 Vietnam 2.5 2.4 14.8 24.0 20.1 4.7 15.6 -1.9 -11.3
precipitated by contractions of real imports and import Total 10 Country 75.9 75.4 21.5 23.2 23.3 13.4 20.1 -2.7 -7.1
*) provisional figures
prices. Furthermore, the contraction primarily affected **) very provisional figures
9
Oil and Gas Trade Balance the previous period. Annually, however, crude oil
export volume fell 65.7% (yoy) in the reporting period
The oil and gas trade balance amassed a net
due to less lifting and as a side-effect of government
deficit totalling USD3.2 billion in the second quarter of
policy to utilise domestic crude oil.
2019, increasing from USD2.2 billion in the previous
Table 6
period and from USD2.8 billion in the same period one Oil Exports
year earlier (Chart 6). 2018 2019
Q2* Q1* Q2**
Description
By commodity, the wider oil and gas trade deficit Value Volume Price¹ Value Volume Price¹ Value Volume Price¹
(mill USD) (mbbl) (USD/bl) (mill USD) (mbbl) (USD/bl) (mill USD) (mbbl) (USD/bl)
was primarily attributable to an increase in the oil trade Exports 2,148.8 29.1 908.8 13.2 1,098.8 14.8
Crude 1,409.0 19.8 70.7 374.6 5.8 63.6 472.2 6.8 67.7
deficit to USD4.1 billion from USD3.7 billion in the Refinery Products 739.9 9.3 79.6 534.2 7.4 72.2 626.6 8.1 77.5
¹⁾ export value divided by export volume
previous period, which was nevertheless lower than Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures
the USD4.4 billion deficit recorded in the second

quarter of 2018. Meanwhile, the gas trade surplus Export prices of crude oil and refined products
shrank to USD0.9 billion in the reporting period tracked an upward trend in the reporting period in line
compared with the previous period and the second with increases in average global oil prices. The average
quarter of 2018. prices of SLC, Brent, WTI, and OPEC increased

respectively from USD61.6 per barrel, USD63.3 per
billion USD billion USD
barrel, USD54.8 per barrel and USD62.9 per barrel in
10 10
Thousands
the first quarter of 2019 to USD66.8 per barrel,

5 5
USD68.3 per barrel, USD59.8 per barrel, and USD67.9
0 0
-5 -5
per barrel in the second quarter of 2019 (Chart 7). The
-10 -10
global oil price regained upward momentum in the
-15 -15
reporting period due to a number of factors, including
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q2**
Q1*
an escalation of the ongoing dispute between the

2014 2015 2016 2017 2018* 2019
United States and Iran, after the United States
Gas Imports Gas Exports
** very provisional figures Oil Imports Oil Exports reintroduced sanctions that could influence the supply
OG Trade Balance (RHS)
Chart 6
and distribution channels of global oil, the current
Oil and Gas Trade Balance policy to cut oil production amongst OPEC members
Oil Exports and Russia (OPEC+) as well as a lower crude oil
inventory in the United States.
In the second quarter of 2019, oil exports surged
USD/barel
20.9% (qtq) to reach USD1.1 billion from USD0.9 140
billion in the previous period (Table 6). The main 130

120
drivers of oil export growth were crude oil and refined 110
100
products, expanding respectively by 26.0% (qtq) and 90
80
17.3% (qtq). Furthermore, oil export growth was also 70
SLC
60
supported by a higher average oil price as well as 50
Unit Price
WTI
40
increasing export volume for crude oil and refined 30
OPEC
products. 20
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 N J MM J S N J MM J S N J MM
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
The increase of crude oil export volume recorded

Source: Ditjen Migas, BOP, Bloomberg
in the second quarter of 2019 was congruent with a
Chart 7
2.0% (qtq) bump in crude oil lifting to 0.760 million International Oil Prices
barrels per day from 0.745 million barrels per day in
10
Oil Imports Services Trade Balance
Oil imports increased 12.3% (qtq) to USD5.2 The services trade balance recorded a USD2.0
billion in the second quarter of 2019 from USD4.6 billion deficit in the second quarter of 2019, up slightly
billion in the previous period. The gains come amidst from USD1.9 billion in the previous period due to a
a bump in import volume for crude oil and refined narrower travel services trade surplus (Chart 8).
products driven by increasing demand for imported oil
billion USD
during Eid-ul-Fitr and the school holidays, which 2
coincided with the second quarter of 2019. In addition, 1
0
price factors also triggered increasing of oil imports in
-1
line with the higher average global oil price (Table 7).
-2
Table 7
-3
Oil Imports (f.o.b)
-4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1*
Q2**
2018 2019
Q2* Q1* Q2**
Description 2014 2015 2016 2017 2018* 2019
Value Volume Price¹ Value Volume Price¹ Value Volume Price¹
(mill USD) (mbbl) (USD/bl) (mill USD) (mbbl) (USD/bl) (mill USD) (mbbl) (USD/bl) Other Services Travel Transportation Services (net)
Imports 6,533.2 83.4 4,647.8 68.4 5,217.3 70.6
Crude 2,080.0 28.4 73.2 1,259.8 19.3 65.4 1,436.7 20.4 70.5
Refinery Products 4,453.2 54.9 80.9 3,388.0 49.0 69.1 3,780.6 50.2 75.4 Chart 8
¹⁾ import value divided by import volume
Sources: SKK Migas and Pertamina (processed)
Services Trade Balance
The travel services trade surplus reduced to

Gas Exports and Imports USD0.8 billion in the reporting period from USD1.4
Gas exports contracted quarterly (-18.2% qtq) billion in the first quarter of 2019. The narrower travel
and annually (-24.5% yoy) in the second quarter of services trade surplus was precipitated by a -11.0 %
2019, primarily due to shipments of liquefied natural (qtq) decline of travel services receipts (exports)
gas (-24.3% qtq) and natural gas (-5.3% qtq) as a coupled with an 8.5% (qtq) increase of travel services
consequence of lower LNG export prices and declining payments (imports) (Chart 9).
natural gas export volume respectively (Table 8). Travel services payments were recorded at
Table 8 USD2.2 billion in the second quarter of 2019, up from
Gas Exports
USD2.0 billion in the previous period as the number of
2018 2019
Q2* Q1* Q2**
Indonesian travellers visiting abroad increased from
Description
Value Value Value
(mill USD)
Volume¹ Price²
(mill USD)
Volume¹ Price²
(mill USD)
Volume¹ Price² 2.57 million in the first quarter of 2019 to 2.63 million,
Exports 2,296.8 - 2,120.9 - - 1,735.1 - - which was accompanied by higher spending by
LNG 1,556.5 199.7 7.8 1,405.2 145.3 9.7 1,064.1 167.8 6.4
Natural Gas 705.3 66.6 10.6 708.4 69.9 10.2 670.9 61.8 10.9 Indonesian travellers when visiting abroad in the
LPG 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0
Other Gas 34.9 2.4 13.6 7.2 0.5 13.4 0.1 0.0 13.1
reporting period.
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 On the other hand, travel services receipts from
Source: SKK Migas
international travellers decreased to USD3.0 billion in
the second quarter of 2019 from USD3.4 billion in the
On the other hand, gas imports soared 33.9% first quarter of 2019. The decline was in line with lower
(qtq) to USD20.8 billion in the second quarter of spending by international travellers in the reporting
2019, with annual growth recorded at 15.3% (yoy). period despite a 5.3% (qtq) increase in the number of
Gas imports surged on rising domestic visits by international travellers from 2.97 million to
consumption. 3.13 million.
11
Most international travellers visiting Indonesia Primary Income Balance
during the second quarter of 2019 originated from
The primary income account deficit was recorded
China, Singapore, and Australia with Bali, Jakarta and
at USD8.7 billion in the second quarter of 2019,
Batam still recognised as the preferred travel
increasing from USD8.1 billion in the first quarter of
destinations.
2019 and from USD8.0 billion in the second quarter of
billion USD 2018 (Chart 11).The larger primary income account
5
4
deficit was explained by a significant increase in
3 dividend payments on portfolio investment to non-
2
1 resident investors from USD0.4 billion in the first
0
-1
quarter of 2019 to USD1.7 billion in the second quarter
-2 of 2019. The recent surge of dividend payments was
-3
-4 consistent with seasonal dividend payment trends in
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1*
Q2**
the corporate sector, which typically take place in the
2014 2015 2016 2017 2018* 2019
second quarter. Notwithstanding, compared with

Imports Exports Travel (net)
* provisional figures; ** very provisional figures conditions in the same period one year earlier, dividend
Chart 9 payments on portfolio investment declined slightly
Travel Services Trade Balance
(-7.2% yoy).
As the dominant contributor to the services trade
The wider primary income account deficit was
deficit, the transportation services deficit improved in
also influenced by interest payments on foreign loans,
the reporting period on the back of a decrease in
which increased by 24.8% on the previous period,
freight services payments to USD1.9 billion from
particularly in the government sector and non-bank
USD2.0 billion in the previous period in line with
private sector.
flagging goods imports. Meanwhile, passenger
transportation services experienced a wider deficit in Meanwhile, the deficit of direct investment
line with a surge of Indonesian travellers visiting income reduced from USD4.8 billion in the first quarter
abroad, expanding from USD0.3 billion in the first of 2019 to USD4.4 billion and the reporting period,
quarter of 2019 to USD0.4 billion in the reporting triggered by an increase in receipts from resident equity
period (Chart 10). assets abroad.
billion USD billion USD billion USD
0 0.0 0
Thousands
-5 Import Freight Import (RHS) -1

-10 -0.5 -2
-3
-15
-4
-20 -1.0
-5
-25 -6
-30 -1.5 -7
-35 -8
-40 -2.0 -9
-45 -10
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q2**
Q1*
-50 -2.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1*
Q2**
2014 2015 2016 2017 2018* 2019
2014 2015 2016 2017 2018* 2019

Direct Inv. Income Other Inv. Income Portfolio Inv. Income Primary Income (net)
* provisional figures; ** very provisional figures * provisional figures; ** very provisional figures
Chart 10 Chart 11
Freight Services Payments Primary Income Account
12
Secondary Income Balance the Placement and Protection of Overseas Workers
The secondary income account surplus increased (BNP2TKI) indicated that around 71.1% of Indonesian
to USD2.1 billion in the second quarter of 2019 migrant workers were placed in the Asia-Pacific region
compared with conditions in the previous period and and approximately 28.8% were located in the Middle
the second quarter of 2018. The increase stemmed East and Africa. Malaysia and Saudi Arabia dominated
from a bump in personal transfer receipts in the form migrant worker placements in the reporting period,
of remittances received from Indonesian migrant accounting for 51.4% and 25.7% of the total
workers along with other transfers (Chart 12). Receipts respectively (Chart 13).
in the form of remittances from Indonesian migrant Europe

America 0.1%
workers and other transfers grew 6.8% (qtq) or 2.3% 0.0%
(yoy). By region, Indonesian migrant workers located

in the Asia-Pacific region were the main contributors of Malaysia
51.4%
Middle East &
remittances in the second quarter of 2019, totalling Africa Asia Pacific, 70.1%
28.8%
USD1.8 billion, followed by the Middle East and Africa
with approximately USD1.1 billion. In the Asia-Pacific
Taiwan, Singapore
Other
region, most remittances originated in Malaysia 1.1% 7.9% 2.8%
Hongkong,
South Korea
(USD0.8 million), Taiwan (USD0.4 billion), and Hong Source: BNP2TKI 0.8%
6.4% Brunei,
0.9%
Kong (USD0.3 billion). Meanwhile, Saudi Arabia
Chart 13
(USD1.0 billion) was the dominant contributor of Stock of Indonesian Migrant Workers in Q2/2019
remittances originating from the Middle East and
Africa. CAPITAL AND FINANCIAL ACCOUNT
billion USD Capital inflows in the form of direct investment

3.5
3.0 and portfolio investment contributed to a capital and
2.5
financial account surplus of USD7.1 billion in the
2.0
1.5 second quarter of 2019. Notwithstanding, the surplus
1.0
0.5 decreased compared with conditions in the previous
0.0
-0.5 period due to a larger other investment deficit
-1.0
-1.5
stemming from the government and private sector
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1*
Q2**
servicing foreign loans in the reporting period. In the

2014 2015 2016 2017 2018* 2019
first semester of 2019, therefore, the capital and
Payments Receipts Personal Transfers (net)
* provisional figures; ** very provisional figures financial account surplus stood at USD17 billion, up
Chart 12 significantly from USD5.3 billion in the first half of
Personal Transfers
2018. The significant gain is indicative of investors
As of the second quarter of 2019, the total positive perception regarding Indonesia economy,
number of Indonesian migrant workers employed backed by highly attractive domestic financial assets for
abroad increased 0.9% compared with the previous investment amidst a backdrop of highuncertainty in
period to 3.7 million. Data from the National Board for the global financial markets.
13
billion USD On the asset side, the net outflow of direct
20
investment by Indonesian residents was recorded at
15
USD1.6 billion, increasing compared with the previous
10
period yet lower than in the same period one year
5
earlier at USD0.9 billion and USD1.7 billion
0
-5
respectively. The larger net outflow of direct
-10 investment on the asset side compared with conditions
2014 2015 2016 2017 2018* 2019 in the first quarter of 2019 was primarily in the form of
Other Invesment Portfolio Investment Direct Investment Cap & Financial Account equity capital, prompted by the acquisition of an
* provisional figures; ** very provisional figures
energy firm in the UK by an Indonesian company.
Chart 14
Capital and Financial Account On the liability side, foreign direct investment
recorded a net inflow (surplus) totalling USD7.0 billion
Direct Investment
in the second quarter of 2019, up from USD6.1 billion
Against high uncertainty in the global financial in the previous period and from USD4.1 billion in the
markets, direct investment increased in Indonesia, thus same period of 2018. The main contributor to the
reflecting maintained foreign investor confidence in larger net inflow was equity capital in the non-oil and
the domestic economic outlook. In the second quarter gas sector, supported by the acquisition of several
of 2019, direct investment recorded a net inflow domestic manufacturing firms and financial
(surplus) totalling USD5.4 billion, increasing from intermediaries by foreign investors from Thailand,
USD5.3 billion in the first quarter of 2019 and from Hong Kong, and Japan, as well as a greater foreign
USD2.4 billion in the second quarter of 2018. A larger ownership stake in an Indonesian telecommunications
net inflow on the liability side contributed to the wider company. Meanwhile, debt instruments experienced a
direct investment surplus in the reporting period (Chart deficit as firms operating in the telecommunications
15). sector and automotive industry serviced external debt.
billion USD Nonetheless, several Indonesian property and energy
15
companies issued global bonds in the reporting period.
10
Annually, the net direct investment inflow
5
(liability side) grew significantly by 72.4% (yoy) in the
0
reporting period in line with expansive domestic
-5
investment activity, as confirmed by 5.01% (yoy)
-10
growth of Gross Fixed Capital Formation (GFCF).
-15
The net direct investment inflow (liability side)
Q1*
Q2**
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2014 2015 2016 2017 2018* 2019 maintained in the reporting period was corroborated
DI Liabilities DI Asset Direct Investment (net)

by the results of the Business Survey (SKDU) conducted
Chart 15 by Bank Indonesia in the second quarter of 2019,
Direct Investment 1
which revealed an uptick of business activity.
1
Direct investment in the fourth quarter of 2016 was dominated by crossing suit, divesting offshore entity owner of the bank stock (inflow on the asset
transactions on banking sector shares on the domestic stock exchange to the side) of the same value. Therefore, although direct investment liabilities
tune of Rp177 trillion (equivalent to USD13.3 billion). The foreign direct experienced an outflow, the net position was relatively unchanged due to a
investment (FDI) previously recorded in the banking sector was originated from corresponding net inflow of similar magnitude on the asset side in line with a
domestic funds (round-tripping FDI), thus when foreign divestment occurred decrease of direct investment in offshore Special Purpose Vehicles (SPVs).
(outflow on the liability side), at the same time domestic investors also followed
14
Based on the direction of investments, the net
million USD Q1-18* Q2-18* Q3-18* Q4-18* Q1-19* Q2-19**
inflow of foreign direct investment (FDI) to Indonesia in 8,000
the second quarter of 2019 reached USD5.8 billion, 6,000
down from USD6.2 billion in the previous period and 4,000
from USD6.1 billion in the same period of 2018. 2,000
By sector, the manufacturing industry and 0
financial intermediaries dominated FDI inflows during -2,000
the second quarter of 2019 (Chart 16), with both -4,000

Japan USA Europe Emerging Markets ASEAN Other
sectors accounting for 75.9% of the total or USD4.4 of Asia (incl.
China)
billion. The influx of FDI to the manufacturing industry * provisional figures; ** very provisional figures
was triggered by the acquisition of a firm operating in Chart 17

FDI by Country of Origin
the paper industry by a company from Southeast Asia.
Meanwhile, FDI flowed to financial intermediaries in The FDI reading for the second quarter of 2019 is
the form of a greater ownership stake in an Indonesian consistent with the FDI realisation data published by
bank by Japanese investors in the reporting period. the Indonesia Investment Coordinating Board (BKPM)2.
Q1-18* Q2-18* Q3-18* Q4-18* Q1-19* Q2-19** Based on BKPM data, FDI realisation stood at Rp104.9
million USD
3,500
trillion in the second quarter of 2019 (equivalent to
2,500 USD7.0 billion), up 9.6% (yoy) on the Rp95.7 trillion
1,500
500
(equivalent to USD6.4 billion) booked in the same
-500 period of 2018 yet down 2.8% (qtq) compared with
-1,500
-2,500
the Rp107.9 trillion (equivalent to USD7.2 billion)
-3,500 recorded in the first quarter of 2019. By sector, BKPM
-4,500
reported a concentration of FDI realisation in the
-5,500
Agriculture, Mining & Quarrying Manufacturing Construction Financial Trade/Commerce Others (incl.
Fishery&Forestry Intermediaries Services, electricity, gas and water supply sector totalling
(incl. Insurance) Properties)
USD1.3 billion (18.6% share of total FDI), followed by
Chart 16
FDI by Economic Sector the transportation, storage and telecommunications
sector with USD1.0 billion (14.3 % share), the base
By country of origin, investors from Japan and the
metals, non-machinery articles of metal and equipment
United States dominated the FDI inflows booked in the
industry with USD0.9 billion (12.8% share), the mining
second quarter of 2019, totalling USD4.4 billion and
sector with USD0.7 billion (10.0% share) and the
USD1.0 billion respectively (Chart 17).
residential, industrial, and office sector with USD0.6
FDI from Japan maintained a strong inflow in the billion (8.6% share). Based on the country of origin,
second quarter of 2019, primarily due to the however, Singapore, Japan, China, Hong Kong and the
acquisition of a domestic bank previously owned by Netherlands were the largest investors, providing
Singaporean investors. Meanwhile, FDI inflows from USD1.7 billion, USD1.2 billion, USD1.1 billion, USD0.7
the United States were dominated by affiliate loans to billion, and USD0.4 billion respectively to dominate
an Indonesian mining firm. 73.9% of total FDI.
2
FDI realisation data from BKPM includes the total value of realised projects in directly by FDI companies from direct investors as well as offshore companies
one period yet excludes investment in the oil and gas sector, banking industry, within the same group over a defined period and includes direct investment in
and other nonbank financial institutions, the insurance industry, corporate all economic sectors.
leasing as well as home industries. Meanwhile, FDI data recorded in the
Indonesian balance of payments (BOP) covers data on capital flows received
15
Portfolio Investment Islamic treasury bills (SPN) booked by foreign investors
Maintained domestic economic growth totalling USD0.05 billion together with a net buy
momentum, solid investor confidence in the (inflow) of Bank Indonesia Certificates (SBI) worth
Indonesian economic outlook and less uncertainty in USD0.1 billion.
global financial markets were the key drivers of foreign A net buy (inflow) of rupiah denominated
inflows in the form of portfolio investment during the government debt securities (SUN) totalling USD1.6
second quarter of 2019. billion also contributed to the larger net foreign inflow,
despite decreasing from USD5.5 billion in the previous
On the liability side, foreign inflows recorded a
period. Conditions had improved compared with the
USD4.5 billion surplus, down from USD5.2 billion in the
same period of 2018, however, when a net sell
previous period yet increasing from USD1.4 billion in
(outflow) of USD0.7 billion was booked. The net buy
the same period of 2018. On the asset side,
of rupiah SUN instruments by non-resident investors
meanwhile, Indonesian residents booked a net buy
was also reflected by an increase in foreign holdings
(outflow) of foreign securities totalling USD0.02 billion,
from 46.0% in the previous period to 46.6% of the
reversing the net sell (inflow) worth USD0.1 billion in
total outstanding at the end of the reporting period
the previous quarter. Consequently, the net foreign
(Chart 19).
inflow of portfolio investment stood at USD4.5 billion
Congruent with portfolio investment
in the second quarter of 2019, decreasing from USD5.4
developments in the public sector, the net foreign
billion in the previous period yet improving significantly
inflow of debt securities to the private sector also
from USD0.1 billion in the same period of 2018 (Chart
increased moderately, namely from USD0.3 billion in
18).
the first quarter of 2019 to USD0.5 billion in the second
bilion USD
quarter of 2019.
14
billion USD billion USD
12
80 1.8
10
70 1.6
8
1.4
6 60
4 1.2
50
2 1.0
40
0 0.8
-2 30
0.6
-4 20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2** 0.4
2014 2015 2016 2017 2018* 2019 10 0.2
0 0.0
Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net) 1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6
* provisional figures; ** very provisional figures 2014 2015 2016 2017 2018 2019
Chart 18
SUN SBI (rhs)
Portfolio Investment
Chart 19
Foreign Holdings of SBI and SUN
As of the second quarter of 2019, the net foreign
inflow was dominated by public sector debt securities, Meanwhile, foreign capital inflows to equity
the value of which increased to USD4.2 billion from instruments recorded a net sell totalling USD0.1 billion,
USD3.8 billion in the first quarter of 2019. The increase reversing the net buy valued at USD1.1 billion in the
stemmed from global bonds issued by the Government previous quarter. Such dynamics were consistent with
in the form of Samurai Bonds in May 2019 and Dual Jakarta Composite Index (JCI) performance, which,
Currency Bonds in June 2019. In addition, the larger point-to-point, slumped to close at a level of 6,358.6
net foreign inflow to the public sector was also from 6,468.8 at the end of the first quarter of 2019
influenced by a net buy (inflow) of conventional and (Chart 20).
16
billion Rp JCI billion surplus in the reporting period, declining from
60,000
6,600.0 USD1.3 billion in the previous quarter (Chart 22).
50,000
5,900.0 billion USD
40,000
5,200.0 12
30,000
20,000 4,500.0 10
3,800.0 8
10,000
3,100.0 6
0
4
(10,000) 2,400.0
2
(20,000) 1,700.0
Foreign Net Buy/Sell JCI (RHS) 0
(30,000) 1,000.0
1234567891011212345678910112123456789101121234567891011212345678910112123456 -2
2014 2015 2016 2017 2018 2019 -4
-6
Source: IDX
Q2**
Q1*
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Chart 20 2014 2015 2016 2017 2018* 2019
Foreign Transactions on the IDX and JCI Developments Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
The recent JCI slump bucked regional trends in Chart 22

Portfolio Investment by Institutional Sector
ASEAN (the Philippines, Singapore, Malaysia and
Thailand), which rallied in the second quarter of 2019 Other Investments
(Chart 21). Other investment transactions experienced a

2010 = 100
deeper deficit in the second quarter of 2019,
Indonesia Malaysia Philippines Singapore Thailand
expanding to USD2.8 billion from USD0.8 billion in the
290
previous period. The deeper deficit was primarily

240 triggered by a deficit on the liability side, reversing the
surplus recorded in the first quarter of 2019.
190
Meanwhile, the deficit on the asset side was observed
140 to shrink (Chart 23).
billion USD
90 8
1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6
2014 2015 2016 2017 2018 2019 6
Source: CEIC (processed) 4
Chart 21 2
ASEAN Stock Market Developments 0
-2
-4
Stock market activity in the Indonesia Stock -6
Exchange (IDX) during the second quarter of 2019 was -8
-10
characterised by 10 additional new issuers of initial
Q2**
Q1*
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
public offerings (IPO), with a total value of Rp4.8 trillion 2014 2015 2016 2017 2018* 2019
Other Inv. - Liabilities Other. Inv - Assets Other Investment (net)
(equivalent to USD0.3 billion). Notwithstanding, the * provisional figures; ** very provisional figures
total fell short of the Rp5.5 trillion (equivalent to Chart 23

Other Investments
USD0.4 billion) recorded by seven new issuers in the
previous period.
In net terms, the portfolio investment surplus investments recorded a shallower deficit of USD1.0
recorded in the second quarter of 2019 was supported billion in the reporting period, reducing from USD5.7
by the public sector, which maintained a relatively billion in the first quarter of 2019. The narrower deficit
stable net inflow (surplus) totalling USD4.0 billion. On was influenced by withdrawals of private sector
the other hand, the private sector recorded a USD0.5 deposits in foreign banks (Chart 24).
17
billion USD Meanwhile, the public sector recorded a net
8
payment on foreign loans of USD0.8 billion in the
6
4 second quarter of 2019, up from USD0.5 billion in the

2
0
previous period. Scheduled repayments on the
-2 government's foreign loans totalled USD1.9 billion in
-4
-6 the reporting period, while the Government only drew

-8
USD1.1 billion in the form of program loans and
-10
project loans in the three months to June 2019

2014 2015 2016 2017 2018* 2019
Other Assets Currency & Deposits Loans Other Investment - Assets

(Chart 26).
* provisional figures; ** very provisional figures bilion USD
Chart 24 3.0
2.5
Other Investment Assets of the Private Sector 2.0
1.5
On the liability side, the private sector's other 1.0

0.5
investment transactions experienced a net outflow 0.0

-0.5
totalling USD1.2 billion in the second quarter of 2019 -1.0

-1.5
after recording a net inflow of USD5.7 billion in the -2.0

-2.5
previous period. The reversal was triggered by a Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2**
2014 2015 2016 2017 2018* 2019
decline of non-resident deposits in domestic banks

Repayments Drawings Loans (net)
coupled with maturing loan repayments (Chart 25). * provisional figures; ** very provisional figures
billion USD Chart 26

7 Public Sector Foreign Loans
6
5
4
3
2
1
0
-1
-2
-3
-4
2014 2015 2016 2017 2018* 2019
Trade Credit Other liabilities Currency & Deposits Loans Other Inv. - Liabilities
Chart 25
Other Investment Liabilities of the Private Sector
18
EXTERNAL SUSTAINABILITY INDICATORS
Indonesia's external balance in the second quarter previous period in line with declining exports of goods
of 2019, as reflected by external stability indicators, and services together with higher imports. The ratio of
demonstrated mixed performance due to the impact of accumulated exports and imports of goods and
domestic and global economic dynamics. The current services to GDP (indicating the degree of economic
account deficit increased to 3.0% of GDP, induced by openness) experienced a decline in the reporting
larger deficits recorded in the oil and gas trade balance, period due to less international trade activity.
services trade account, and primary income account. On the other hand, the external debt to GDP ratio
The larger oil and gas trade deficit was triggered by recorded a slight improvement on the previous period,
rising average global oil prices and increasing seasonal supported by a decline in the position of external debt
import demand for oil and gas during the Eid-ul-Fitr (as of May 2019) as GDP growth accelerated.
and school holiday. Meanwhile, a smaller travel Meanwhile, the ratio of external debt to reserve assets
services trade surplus contributed to the wider services experienced a moderate deterioration in line with the
account deficit despite lower freight services imports. lower position of reserve assets recorded at the end of
Finally, the primary income account deficit expanded the second quarter of 2019.
as a result of seasonal trends to repatriate dividends
Based on remaining maturity, the ratio of short-
and service interest payments on external debt.
term external debt to GDP improved in the reporting
The ratio of net goods and services exports to period as GDP growth increased, while the ratio of
GDP, as a measure of the external sector's contribution short-term external debt to reserve assets was impaired
to the domestic economy, decreased in the second by a lower position of international reserves.
quarter of 2019 compared with conditions in the
Table 9
External Sustainability Indicators
2015 2016 2017* 2018 2019

INDICATORS
Total Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Current Account / GDP (%) 1) -2.0 -1.8 -0.8 -1.7 -1.6 -2.2 -1.6 -2.0 -3.0 -3.3 -3.6 -3.0 -2.6 -3.0
Exports - Imports of Goods and Services / GDP (%)
1) 0.6 0.9 1.9 1.1 1.2 0.4 1.1 0.3 -0.6 -0.9 -1.6 -0.7 -0.3 -0.6
Exports + Imports of Goods and Services / GDP (%)1) 39.2 35.1 36.8 34.4 36.8 40.4 37.1 39.4 38.6 42.9 42.2 40.8 36.1 34.3
Total Foreign Debt Position / GDP (%)
2) 36.1 34.3 34.4 34.4 34.5 34.7 34.7 34.8 34.1 34.4 36.2 36.2 36.9 36.3
Short-Term Foreign Debt Position3) / GDP (%)2) 6.4 5.9 5.9 5.9 5.6 5.4 5.4 5.6 5.5 5.9 5.7 5.7 5.7 5.6
Total Foreign Debt Position / Reserve Assets (%) 293.3 275.0 270.4 273.6 266.3 270.7 270.7 285.0 296.9 312.6 312.6 312.6 311.4 311.8
Short Term Foreign Debt Position3) /Reserve Assets(%) 52.4 47.0 46.0 47.2 43.0 42.1 42.1 45.8 47.5 53.3 49.3 49.3 48.0 48.4
Notes :
1) 2)
Using quarterly GDP at current price Using annualized GDP at current price (sum of GDP for four quarters backwards)
*) Provisional figures **) Very provisional figures
19
20
ALANCE OF PAYMENTS OUTLOOK
Indonesia's BOP outlook for 2019 is expected to economies, which will push foreign capital flows to
improve compared with conditions in the previous developing economies, including Indonesia. The
year, supported by a positive domestic economic projected increase in the capital and financial account
outlook accompanied by less uncertainty in the global surplus is expected to originate from foreign capital
financial markets in line with the loosening of inflows in the form of direct investment (FDI) and
monetary policy adopted by several central banks. portfolio investment (PI).
The current account deficit is also expected to Nonetheless, a number of global risks still demand
narrow in 2019 compared with conditions in 2018 vigilance, including the potential escalation of trade
despite remaining overshadowed by global risks stoked tensions between the United States and China
by concerns over any furtherance of the trade tensions together with global economic moderation, which will
between the United States and China. Overall, the impact world trade volume and international
current account deficit in 2019 is projected in the commodity prices as well as restrict capital flows to
2.5%-3.0% of GDP range. developing economies.
On the other hand, the capital and financial Moving forward, Bank Indonesia will continue to
account is expected to improve in 2019 as investor monitor the various external and domestic risks that
confidence in the domestic economic outlook grows, could influence the BOP outlook. Bank Indonesia will
especially after Indonesia's sovereign rating was continue to strengthen coordination with the
upgraded, coupled with the attractiveness of domestic Government and other relevant authorities to maintain
financial assets 3. The larger capital and financial economic stability, stimulate domestic demand as well
account surplus will stem from less uncertainty in the as boost exports, tourism, and foreign capital inflows
global financial markets in line with the looser in order to improve BOP performance.
monetary policy response taken in advanced
of Indonesia from BBB-/Stable Outlook to BBB/Stable Outlook as announced

on May 31st, 2019.
21
22
Box 1
Changes in BOP Data from Q1/2019 Publication
There were several changes in this edition of the BOP Report to the data released in the first quarter of 2019.
The changes are based on updates to various data sources as follows:
Table 1
Comparison of BOP Publications
million USD
2017 2018* 2019
Items TOTAL Q1 Q2 Q3 Q4 TOTAL Q1*
Old New Old New Old New Old New Old New Old New Old New
Current Account -16,196 -16,196 -5,196 -5,196 -7,951 -7,950 -8,683 -8,682 -9,221 -9,219 -31,051 -31,046 -6,966 -6,966
Goods 18,814 18,814 2,324 2,324 277 277 -454 -454 -2,585 -2,585 -439 -439 1,056 1,188
Services -7,379 -7,379 -1,571 -1,571 -1,839 -1,839 -2,014 -2,014 -1,644 -1,644 -7,068 -7,068 -1,787 -1,869
Primary Income -32,131 -32,131 -7,393 -7,393 -8,020 -8,020 -7,991 -7,991 -7,031 -7,031 -30,435 -30,435 -8,103 -8,116
Secondary Income 4,500 4,500 1,444 1,444 1,632 1,633 1,777 1,778 2,039 2,042 6,892 6,895 1,868 1,831
Capital & Financial Account 28,732 28,732 2,300 2,211 3,275 3,129 3,821 3,862 15,920 15,777 25,316 24,980 10,053 9,929
Direct Investment 18,502 18,502 4,785 4,725 2,448 2,369 4,395 4,483 2,025 1,844 13,654 13,422 5,153 5,265
Portfolio Investment 21,059 21,059 -1,115 -1,114 106 106 -135 -135 10,456 10,456 9,311 9,312 5,401 5,373
Financial Derivative -128 -128 60 60 12 12 91 91 -129 -129 34 34 84 84
Other Investment -10,747 -10,747 -1,488 -1,518 707 639 -537 -584 3,540 3,578 2,221 2,115 -588 -794
Goods Transactions - data changes in the first quarter of 2019 are the result of updates to customs data
and the Foreign Exchange Flow Report (LLD).
Services Transactions - data changes in the first quarter of 2019 are the result of updates to customs data
and the Foreign Exchange Flow Report (LLD) as well as the number of visits by international and national
travellers.
Primary Income Transactions - data changes in the first quarter of 2019 are the result of updates in the
Foreign Exchange Flow Report (LLD) and External Debt Information System (SIUL).
Secondary Income Transactions - data changes since the second quarter of 2018 are the result of updates
in the Foreign Exchange Flow Report (LLD), External Debt Information System (SIUL) and stock of Indonesian
migrant workers (PMI).
Direct Investment Transactions - data changes since the first quarter of 2018 are the result of updates in
the Foreign Exchange Flow Report (LLD).
Portfolio Investment Transactions - data changes in the first quarter of 2018 and first quarter of 2019 are
the result of updates in the external debt (ULN) data and Foreign Exchange Flow Report (LLD).
Other Investment Transactions - data changes since the first quarter of 2018 are the result of updates in
the external debt (ULN) data and Foreign Exchange Flow Report (LLD).
23
24
APPENDICES
INDONESIA'S BALANCE OF PAYMENTS

Table 1 INDONESIA'S BALANCE OF PAYMENTS: SUMMARY ...................... 27
T
Table
Table
2
3
INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, GOODS
INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SERVICES
......................
......................
28
29
Table
Table
r 4
5
INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, PRIMARY INCOME
INDONESIA'S BALANCE OF PAYMENTS: CURRENT ACCOUNT, SECONDARY INCOME
......................
......................
30
30
a
Table
Table
6
7
INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, DIRECT INVESTMENT
INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, PORTFOLIO INVESTMENT
......................
......................
31
32
n
Table 8 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, OTHER INVESTMENT ...................... 33
s
a
k
si
B
e
rj
al
a
n
25
26
TABLE 1
SUMMARY
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1* Q2**
I. Current Account -2,023 -4,369 -4,237 -5,567 -16,196 -5,196 -7,950 -8,682 -9,219 -31,046 -6,966 -8,443
A. Goods 5,635 4,835 5,258 3,086 18,814 2,324 277 -454 -2,585 -439 1,188 187
- Exports 40,763 39,167 43,392 45,560 168,883 44,375 43,740 47,707 44,904 180,725 41,213 40,079
- Imports -35,128 -34,332 -38,133 -42,475 -150,069 -42,051 -43,463 -48,161 -47,488 -181,164 -40,025 -39,893
1. General Merchandise 5,470 4,575 5,042 2,828 17,915 2,021 459 -157 -2,752 -429 692 -162
- Exports 40,439 38,811 42,824 44,927 167,002 43,749 43,244 47,235 44,475 178,703 40,403 39,254
- Imports -34,969 -34,237 -37,781 -42,100 -149,087 -41,728 -42,785 -47,392 -47,227 -179,132 -39,711 -39,416
a. Non-Oil and Gas 7,647 6,115 6,323 5,178 25,264 4,432 3,240 3,397 117 11,186 2,907 3,021
- Exports 36,479 35,388 38,958 40,603 151,429 39,655 38,798 42,586 40,049 161,089 37,374 36,420
- Imports -28,832 -29,273 -32,635 -35,425 -126,164 -35,224 -35,558 -39,189 -39,932 -149,903 -34,466 -33,400
b. Oil and Gas -2,177 -1,540 -1,281 -2,351 -7,349 -2,411 -2,781 -3,554 -2,869 -11,615 -2,215 -3,183
- Exports 3,960 3,423 3,865 4,325 15,573 4,094 4,446 4,649 4,426 17,614 3,030 2,834
- Imports -6,137 -4,964 -5,146 -6,675 -22,922 -6,505 -7,227 -8,203 -7,295 -29,229 -5,245 -6,017
2. Other Goods 165 260 216 258 899 303 -182 -298 167 -9 496 348
- Exports 324 356 568 633 1,881 626 496 472 429 2,022 809 825
- Imports -159 -96 -352 -375 -982 -323 -678 -770 -261 -2,032 -313 -477
B. Services -1,106 -2,049 -2,089 -2,135 -7,379 -1,571 -1,839 -2,014 -1,644 -7,068 -1,869 -1,962
- Exports 5,948 5,725 6,614 7,040 25,328 6,998 6,381 7,455 7,168 28,003 6,735 6,763
- Imports -7,054 -7,775 -8,703 -9,176 -32,707 -8,568 -8,220 -9,469 -8,812 -35,071 -8,604 -8,725
C. Primary Income -7,678 -8,147 -8,554 -7,752 -32,131 -7,393 -8,020 -7,991 -7,031 -30,435 -8,116 -8,725
- Receipts 1,189 1,375 1,403 1,608 5,575 2,039 2,529 1,750 2,958 9,277 1,438 2,295
- Payments -8,867 -9,521 -9,958 -9,360 -37,706 -9,432 -10,549 -9,741 -9,990 -39,712 -9,554 -11,019
D. Secondary Income 1,125 992 1,148 1,235 4,500 1,444 1,633 1,778 2,042 6,895 1,831 2,058
- Receipts 2,343 2,489 2,521 2,614 9,967 2,865 3,128 3,005 3,221 12,220 2,983 3,225
- Payments -1,217 -1,497 -1,374 -1,379 -5,467 -1,422 -1,496 -1,228 -1,180 -5,325 -1,152 -1,167
II. Capital Account 0 5 19 22 46 58 2 8 29 97 2 4
- Receipts 0 5 19 22 46 58 2 8 29 97 2 4
- Payments 0 0 0 0 0 0 0 0 0 0 0 0
III. Financial Account 6,652 5,344 9,579 7,112 28,686 2,153 3,127 3,855 15,748 24,883 9,928 7,051
- Assets -4,284 -7,808 -4,002 -2,315 -18,410 -6,315 -3,111 -7,575 -3,321 -20,323 -6,104 -2,499
- Liabilities 10,936 13,152 13,581 9,427 47,096 8,468 6,238 11,430 19,069 45,206 16,031 9,550
1. Direct Investment 2,646 4,469 6,968 4,419 18,502 4,725 2,369 4,483 1,844 13,422 5,265 5,394
a. Assets -374 242 -1,129 -746 -2,008 -679 -1,701 -2,306 -1,713 -6,399 -850 -1,622
b. Liabilities 3,020 4,228 8,097 5,166 20,510 5,404 4,071 6,789 3,557 19,821 6,115 7,016
2. Portfolio Investment 6,536 8,126 3,840 2,557 21,059 -1,114 106 -135 10,456 9,312 5,373 4,501
a. Assets -1,019 -223 -732 -1,382 -3,356 -1,409 -1,251 -1,478 -1,034 -5,171 123 -16
b. Liabilities 7,555 8,349 4,572 3,938 24,415 294 1,357 1,342 11,489 14,483 5,250 4,517
- Public Sector2) 6,437 4,530 6,107 4,804 21,877 2,569 894 1,232 4,809 9,504 3,780 4,166
- Private Sector3) 1,119 3,820 -1,535 -866 2,537 -2,275 464 111 6,680 4,980 1,469 351
3. Financial Derivatives -72 25 -12 -69 -128 60 12 91 -129 34 84 -1
4. Other Investment -2,458 -7,276 -1,217 204 -10,747 -1,518 639 -584 3,578 2,115 -794 -2,845
a. Assets -3,075 -7,950 -2,230 -232 -13,487 -4,417 -308 -4,033 -611 -9,370 -5,743 -1,008
b. Liabilities 617 674 1,013 436 2,740 2,900 948 3,449 4,189 11,485 4,948 -1,837
- Public Sector2) 121 -923 48 -597 -1,353 650 -1,724 306 -215 -983 -767 -645
- Private Sector3) 497 1,597 965 1,034 4,093 2,250 2,672 3,143 4,404 12,469 5,715 -1,191
IV. Total (I + II + III) 4,629 980 5,361 1,567 12,536 -2,985 -4,821 -4,819 6,559 -6,066 2,963 -1,388
V. Net Error and Omissions -115 -241 -2 -593 -950 -869 512 433 -1,140 -1,065 -544 -588
VI. Overall Balance (IV + V) 4,514 739 5,359 974 11,586 -3,855 -4,309 -4,386 5,418 -7,131 2,419 -1,977
VII. Reserves and Related Items 4) -4,514 -739 -5,359 -974 -11,586 3,855 4,309 4,386 -5,418 7,131 -2,419 1,977
A. Reserve Asset Transactions -4,514 -739 -5,359 -974 -11,586 3,855 4,309 4,386 -5,418 7,131 -2,419 1,977
B. Credit and Loans with IMF 0 0 0 0 0 0 0 0 0 0 0 0
C. Exceptional Financing 0 0 0 0 0 0 0 0 0 0 0 0
Memorandum:
- Reserve Assets Position 121,806 123,094 129,402 130,196 130,196 126,003 119,839 114,848 120,654 120,654 124,539 123,823
In Months of Imports & Official Debt Repayment 8.6 8.6 8.6 8.3 8.3 7.7 6.9 6.3 6.5 6.5 6.8 6.8
- Current Account (% GDP) -0.84 -1.73 -1.61 -2.16 -1.60 -2.01 -3.01 -3.30 -3.59 -2.98 -2.60 -3.04
Notes
1) Based on BPM6, but use of the signs "+" and "-" is in accordance with BPM5
2) Consist of Government and Central Bank
3) Consist of Banks and Non Banks
4) Negative represents surplus and positive represents deficit .
*Provisional figures ** Very provisional figures
27
TABLE 2
CURRENT ACCOUNT
GOODS
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Goods 1) 5,635 4,835 5,258 3,086 18,814 2,324 277 -454 -2,585 -439 1,188 187
- Exports 40,763 39,167 43,392 45,560 168,883 44,375 43,740 47,707 44,904 180,725 41,213 40,079
- Imports -35,128 -34,332 -38,133 -42,475 -150,069 -42,051 -43,463 -48,161 -47,488 -181,164 -40,025 -39,893
A. General merchandise 5,470 4,575 5,042 2,828 17,915 2,021 459 -157 -2,752 -429 692 -162
1. Non-oil and gas 7,647 6,115 6,323 5,178 25,264 4,432 3,240 3,397 117 11,186 2,907 3,021
a. Exports 36,479 35,388 38,958 40,603 151,429 39,655 38,798 42,586 40,049 161,089 37,374 36,420
b. Imports -28,832 -29,273 -32,635 -35,425 -126,164 -35,224 -35,558 -39,189 -39,932 -149,903 -34,466 -33,400
2. Oil -3,486 -2,902 -2,741 -3,687 -12,816 -4,064 -4,384 -5,139 -4,833 -18,420 -3,739 -4,118
a. Exports 1,962 1,548 1,841 2,151 7,503 1,818 2,149 2,201 1,670 7,839 909 1,099
b. Imports -5,448 -4,450 -4,582 -5,838 -20,319 -5,882 -6,533 -7,340 -6,503 -26,259 -4,648 -5,217
3. Gas 1,309 1,361 1,460 1,336 5,467 1,653 1,603 1,585 1,963 6,805 1,524 936
a. Exports 1,997 1,875 2,024 2,174 8,070 2,275 2,297 2,448 2,755 9,776 2,121 1,735
b. Imports -689 -514 -564 -837 -2,604 -623 -693 -863 -792 -2,971 -597 -799
B. Other goods 165 260 216 258 899 303 -182 -298 167 -9 496 348
o/w Nonmonetary gold 165 260 216 258 899 303 -182 -298 167 -9 496 348
a. Exports 324 356 568 633 1,881 626 496 472 429 2,022 809 825
b. Imports -159 -96 -352 -375 -982 -323 -678 -770 -261 -2,032 -313 -477
Memorandum:
1. Nominal
a. Total exports (fob) 40,763 39,167 43,392 45,560 168,883 44,375 43,740 47,707 44,904 180,725 41,213 40,079
- Non-oil and gas 36,804 35,744 39,526 41,236 153,310 40,281 39,294 43,058 40,478 163,111 38,183 37,246
- Oil and gas 3,960 3,423 3,865 4,325 15,573 4,094 4,446 4,649 4,426 17,614 3,030 2,834
b. Total imports (fob) -35,128 -34,332 -38,133 -42,475 -150,069 -42,051 -43,463 -48,161 -47,488 -181,164 -40,025 -39,893
- Non-oil and gas -28,991 -29,368 -32,987 -35,799 -127,146 -35,547 -36,236 -39,958 -40,193 -151,935 -34,780 -33,876
- Oil and gas -6,137 -4,964 -5,146 -6,675 -22,922 -6,505 -7,227 -8,203 -7,295 -29,229 -5,245 -6,017
2. Growth (%, yoy)
a. Total exports (fob) 23.4 7.9 24.3 13.2 16.9 8.9 11.7 9.9 -1.4 7.0 -7.1 -8.4
- Non-oil and gas 21.9 8.1 25.0 12.4 16.5 9.4 9.9 8.9 -1.8 6.4 -5.2 -5.2
- Oil and gas 38.7 6.0 18.2 21.4 20.6 3.4 29.9 20.3 2.3 13.1 -26.0 -36.3
b. Total imports (fob) 15.4 5.5 23.0 20.8 16.2 19.7 26.6 26.3 11.8 20.7 -4.8 -8.2
- Non-oil and gas 8.6 5.3 24.9 17.5 14.1 22.6 23.4 21.1 12.3 19.5 -2.2 -6.5
- Oil and gas 63.4 6.4 11.9 43.0 29.6 6.0 45.6 59.4 9.3 27.5 -19.4 -16.7
3. Crude oil unit prices (USD/barrel) 50.8 46.6 48.9 59.0 51.3 63.8 70.7 72.5 65.7 68.2 63.6 67.7
4. Crude oil production (million barrels per day) 0.815 0.802 0.800 0.791 0.802 0.778 0.779 0.764 0.768 0.772 0.765 0.755
Notes:
1)
In terms of free on board (fob)
28
TABLE 3
CURRENT ACCOUNT
SERVICES
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Services -1,106 -2,049 -2,089 -2,135 -7,379 -1,571 -1,839 -2,014 -1,644 -7,068 -1,869 -1,962
- Exports 5,948 5,725 6,614 7,040 25,328 6,998 6,381 7,455 7,168 28,003 6,735 6,763
- Imports -7,054 -7,775 -8,703 -9,176 -32,707 -8,568 -8,220 -9,469 -8,812 -35,071 -8,604 -8,725
A. Manufacturing services 90 86 86 92 354 90 98 102 92 382 49 89
- Exports 90 86 86 92 354 90 98 102 92 382 49 89
- Imports 0 0 0 0 0 0 0 0 0 0 0 0
B. Maintenance and repair services -53 -25 -59 -42 -178 -57 -37 -52 -48 -195 -99 -25
- Exports 51 43 34 41 169 51 56 72 68 248 75 67
- Imports -104 -68 -93 -83 -348 -108 -93 -125 -116 -443 -174 -92
C. Transport -1,389 -1,573 -1,775 -2,127 -6,864 -1,880 -2,074 -2,422 -2,464 -8,840 -1,891 -1,800
- Exports 827 842 894 909 3,472 798 873 925 1,001 3,598 893 996
- Imports -2,215 -2,415 -2,669 -3,036 -10,336 -2,678 -2,947 -3,347 -3,465 -12,438 -2,784 -2,796
a. Passenger -112 -223 -375 -394 -1,105 -216 -274 -417 -460 -1,368 -317 -360
- Exports 374 440 383 354 1,552 348 367 414 361 1,490 336 371
- Imports -487 -663 -759 -747 -2,656 -563 -641 -831 -822 -2,857 -654 -731
b. Freight -1,253 -1,315 -1,395 -1,618 -5,581 -1,617 -1,639 -1,849 -1,822 -6,928 -1,543 -1,388
- Exports 331 265 319 367 1,283 319 388 363 460 1,530 413 470
- Imports -1,584 -1,580 -1,714 -1,986 -6,865 -1,937 -2,028 -2,212 -2,282 -8,458 -1,957 -1,857
c. Other -23 -35 -4 -115 -178 -47 -160 -156 -181 -544 -30 -52
- Exports 121 136 192 188 637 131 118 149 180 578 144 156
- Imports -144 -172 -196 -303 -815 -178 -278 -304 -361 -1,122 -174 -208
D. Travel 1,532 977 1,212 1,129 4,850 1,510 1,032 1,261 1,534 5,338 1,353 805
- Exports 3,251 2,955 3,741 3,191 13,139 3,363 3,055 4,006 3,686 14,110 3,399 3,024
- Imports -1,719 -1,979 -2,529 -2,062 -8,289 -1,853 -2,023 -2,744 -2,152 -8,772 -2,046 -2,219
E. Construction 14 39 44 86 183 130 75 6 50 262 -2 -22
- Exports 51 132 57 129 369 170 95 50 90 405 104 83
- Imports -36 -94 -13 -43 -186 -40 -20 -44 -40 -144 -106 -105
F. Insurance and pension services -155 -124 -146 -146 -570 -174 -150 -163 -156 -643 -215 -177
- Exports 7 14 18 44 83 8 14 18 46 86 7 14
- Imports -162 -137 -164 -190 -653 -181 -164 -181 -202 -728 -222 -191
G. Financial services -147 -62 -201 -32 -442 -157 -32 -154 -91 -435 -79 -58
- Exports 110 107 103 320 640 254 204 90 112 659 97 110
- Imports -257 -168 -305 -352 -1,082 -411 -236 -244 -203 -1,094 -176 -168
H. Charges for the use of intellectual property -388 -565 -389 -510 -1,851 -393 -386 -332 -293 -1,403 -397 -451
- Exports 9 18 10 11 50 11 15 20 16 61 14 14
- Imports -397 -583 -399 -521 -1,901 -403 -400 -352 -309 -1,465 -411 -465
I. Telecommunications, computer, and information services -367 -459 -484 -227 -1,536 -444 -369 -406 -360 -1,578 -341 -407
- Exports 168 188 285 356 997 311 349 332 308 1,301 285 399
- Imports -535 -646 -770 -582 -2,533 -755 -718 -738 -668 -2,879 -626 -807
J. Other business services -413 -525 -510 -499 -1,947 -351 -196 -184 -171 -902 -425 -112
- Exports 1,186 1,126 1,197 1,753 5,261 1,747 1,391 1,475 1,457 6,069 1,593 1,732
- Imports -1,599 -1,651 -1,706 -2,252 -7,208 -2,098 -1,587 -1,658 -1,628 -6,971 -2,018 -1,844
K. Personal, cultural, and recreational services 10 11 20 33 74 7 19 127 125 278 21 18
- Exports 24 25 33 49 131 23 44 152 148 367 44 44
- Imports -14 -14 -13 -16 -57 -17 -24 -25 -23 -89 -23 -26
L. Government goods and services 159 169 113 106 547 147 181 202 139 669 155 179
- Exports 174 188 156 145 663 173 188 212 145 717 174 190
- Imports -16 -19 -42 -38 -115 -25 -7 -10 -6 -49 -19 -11
Memorandum:
Number of traveler (thousands of people)
- Inbound 2,802 3,014 3,501 2,882 12,199 2,943 3,170 3,737 3,289 13,138 2,969 3,128
- Outbound 2,178 2,284 2,263 2,352 9,077 2,339 2,393 2,468 2,558 9,756 2,574 2,633
29
TABLE 4
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Primary Income -7,678 -8,147 -8,554 -7,752 -32,131 -7,393 -8,020 -7,991 -7,031 -30,435 -8,116 -8,725
- Receipts 1,189 1,375 1,403 1,608 5,575 2,039 2,529 1,750 2,958 9,277 1,438 2,295
- Payments -8,867 -9,521 -9,958 -9,360 -37,706 -9,432 -10,549 -9,741 -9,990 -39,712 -9,554 -11,019
A. Compensation of employees -366 -335 -397 -409 -1,507 -361 -365 -383 -394 -1,503 -347 -370
- Receipts 57 64 52 55 228 59 67 55 59 241 64 58
- Payments -423 -399 -449 -464 -1,735 -421 -432 -438 -453 -1,744 -411 -428
B. Investment income -7,312 -7,811 -8,157 -7,343 -30,624 -7,031 -7,655 -7,607 -6,638 -28,932 -7,769 -8,355
- Receipts 1,132 1,311 1,351 1,553 5,347 1,980 2,462 1,695 2,899 9,036 1,374 2,237
- Payments -8,444 -9,122 -9,509 -8,896 -35,970 -9,011 -10,117 -9,302 -9,537 -37,967 -9,143 -10,591
a. Direct investment income -4,940 -4,714 -4,964 -5,156 -19,773 -4,611 -4,135 -4,517 -3,878 -17,141 -4,822 -4,393
1) Income on equity capital -4,625 -4,535 -4,703 -4,953 -18,816 -4,343 -3,795 -4,314 -3,554 -16,006 -4,645 -4,205
- Receipts 301 384 629 685 1,999 897 1,422 821 1,768 4,909 542 1,044
- Payments -4,925 -4,919 -5,332 -5,638 -20,815 -5,240 -5,217 -5,135 -5,323 -20,915 -5,188 -5,250
2) Income on debt (interest) -315 -179 -260 -203 -957 -268 -340 -204 -324 -1,135 -177 -188
- Receipts 1 1 8 3 14 5 2 31 5 42 11 33
- Payments -317 -180 -268 -206 -971 -273 -341 -235 -328 -1,178 -188 -221
b. Portfolio investment income -2,025 -2,418 -2,620 -1,538 -8,600 -2,009 -2,816 -2,589 -2,235 -9,648 -2,350 -3,142
1) Income on equity capital -185 -1,565 -347 -360 -2,457 -209 -1,637 -574 -763 -3,183 -364 -1,463
- Receipts 111 89 33 162 395 76 193 95 99 464 82 235
- Payments -296 -1,654 -379 -522 -2,852 -285 -1,830 -669 -862 -3,647 -446 -1,699
2) Income on debt (interest) -1,840 -853 -2,273 -1,177 -6,144 -1,799 -1,179 -2,015 -1,472 -6,465 -1,986 -1,679
- Receipts 530 617 502 508 2,157 798 643 511 603 2,554 500 699
- Payments -2,370 -1,470 -2,776 -1,685 -8,301 -2,597 -1,822 -2,526 -2,074 -9,019 -2,486 -2,378
c. Other investment income -347 -680 -574 -649 -2,250 -411 -704 -501 -525 -2,142 -597 -819
- Receipts 189 219 179 195 782 204 203 236 424 1,067 240 224
- Payments -536 -899 -753 -844 -3,032 -615 -907 -737 -950 -3,209 -836 -1,044
TABLE 5
CURRENT ACCOUNT
SECONDARY INCOME
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Secondary Income 1,125 992 1,148 1,235 4,500 1,444 1,633 1,778 2,042 6,895 1,831 2,058
- Receipts 2,343 2,489 2,521 2,614 9,967 2,865 3,128 3,005 3,221 12,220 2,983 3,225
- Payments -1,217 -1,497 -1,374 -1,379 -5,467 -1,422 -1,496 -1,228 -1,180 -5,325 -1,152 -1,167
A. General government -1 41 169 202 411 8 22 69 285 384 8 47
- Receipts 1 42 171 202 416 8 22 69 285 384 8 47
- Payments -2 -1 -2 0 -5 0 0 0 0 0 0 0
B. Other sectors 1,126 951 978 1,033 4,089 1,436 1,611 1,709 1,757 6,512 1,823 2,011
1. Personal transfers 1,339 1,351 1,294 1,335 5,319 1,852 1,992 1,894 1,832 7,571 1,983 2,109
- Receipts 2,164 2,186 2,170 2,241 8,761 2,673 2,835 2,749 2,716 10,974 2,784 2,898
- Payments -825 -835 -876 -905 -3,442 -821 -843 -855 -884 -3,404 -802 -789
2. Other current transfers -213 -400 -315 -302 -1,230 -416 -382 -185 -76 -1,059 -159 -98
- Receipts 178 261 180 171 790 185 271 187 220 862 191 280
- Payments -391 -660 -495 -473 -2,019 -601 -653 -372 -296 -1,921 -350 -378
Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3,511 3,511 3,534 3,549 3,549 3,567 3,582 3,610 3,652 3,652 3,704 3,737
- Number of foreign migrant worker/TKA (thousands of people) 80 91 92 96 96 87 89 90 94 94 84 82
30
TABLE 6
FINANCIAL ACCOUNT
DIRECT INVESTMENT
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Direct Investment 2,646 4,469 6,968 4,419 18,502 4,725 2,369 4,483 1,844 13,422 5,265 5,394
A. Assets -374 242 -1,129 -746 -2,008 -679 -1,701 -2,306 -1,713 -6,399 -850 -1,622
1. Equity capital 1) -436 77 -1,341 -904 -2,603 -694 -1,385 -2,027 -1,441 -5,547 -427 -1,224
2. Debt instuments 61 164 211 157 595 15 -317 -279 -272 -853 -424 -398
B. Liabilities 3,020 4,228 8,097 5,166 20,510 5,404 4,071 6,789 3,557 19,821 6,115 7,016
1. Equity capital 1) 2,967 4,583 7,016 4,273 18,839 5,062 5,860 5,982 4,129 21,033 5,274 8,578
2. Debt instuments 53 -355 1,081 893 1,671 342 -1,789 807 -572 -1,211 841 -1,562
a. Inflow 11,427 11,295 13,981 12,712 49,415 13,506 12,398 12,080 10,274 48,259 12,281 12,690
b. Outflow -11,373 -11,651 -12,900 -11,820 -47,744 -13,164 -14,187 -11,273 -10,845 -49,470 -11,441 -14,252
Memorandum:
Direct investment based on directional principle 2,646 4,469 6,968 4,419 18,502 4,725 2,369 4,483 1,844 13,422 5,265 5,394
A. Direct investment abroad -278 -635 -1,230 65 -2,077 -429 -3,707 -2,210 -1,707 -8,052 -897 -389
1. Equity capital 1) -465 67 -1,139 -596 -2,133 -587 -1,380 -2,047 -1,464 -5,478 -421 -1,302
2. Debt instruments 187 -702 -90 661 56 158 -2,326 -162 -243 -2,574 -476 914
B. Direct investment in Indonesia 2,924 5,104 8,197 4,354 20,579 5,154 6,076 6,693 3,551 21,474 6,162 5,783
1)
1. Equity capital 2,996 4,593 6,815 3,965 18,369 4,954 5,855 6,003 4,152 20,965 5,269 8,656
2. Debt instruments -72 511 1,382 389 2,210 200 220 690 -601 510 893 -2,873
Notes:
1)
Direct invesment developments in the fourth quarter of 2016 were dominated by crossing transactions on banking sector stocks in the domestic stock exchange.
31
TABLE 7
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Portfolio Investment 6,536 8,126 3,840 2,557 21,059 -1,114 106 -135 10,456 9,312 5,373 4,501
A. Assets -1,019 -223 -732 -1,382 -3,356 -1,409 -1,251 -1,478 -1,034 -5,171 123 -16
1. Public Sector -123 18 6 90 -9 -173 198 204 -1 228 258 -119
a. Equity capital 0 0 0 0 0 0 0 0 0 0 0 0
b. Debt securities -123 18 6 90 -9 -173 198 204 -1 228 258 -119
2. Private Sector -896 -241 -737 -1,472 -3,346 -1,236 -1,449 -1,682 -1,033 -5,399 -134 103
a. Equity capital -406 -136 -259 -759 -1,560 -579 65 -449 -455 -1,418 -15 -94
b. Debt securities -490 -105 -479 -713 -1,787 -657 -1,514 -1,233 -578 -3,982 -120 197
B. Liabilities 7,555 8,349 4,572 3,938 24,415 294 1,357 1,342 11,489 14,483 5,250 4,517
1. Public Sector 6,437 4,530 6,107 4,804 21,877 2,569 894 1,232 4,809 9,504 3,780 4,166
a. Equity capital N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
b. Debt securities 6,437 4,530 6,107 4,804 21,877 2,569 894 1,232 4,809 9,504 3,780 4,166
1) Central bank 396 66 -530 -37 -104 0 0 0 62 62 -35 92
2) Government 6,040 4,464 6,636 4,842 21,982 2,569 894 1,232 4,747 9,441 3,815 4,074
a) Short term 1,731 2 336 -354 1,715 727 -1,272 -434 -90 -1,069 -310 54
b) Long term 4,310 4,462 6,300 5,195 20,267 1,842 2,166 1,666 4,837 10,510 4,125 4,020
2. Private Sector 1,119 3,820 -1,535 -866 2,537 -2,275 464 111 6,680 4,980 1,469 351
a. Equity capital 626 1,029 -2,039 -2,154 -2,538 -1,714 -1,862 -118 25 -3,668 1,120 -136
b. Debt securities 493 2,791 504 1,288 5,075 -561 2,325 229 6,655 8,648 349 487
1) Short term -29 107 -32 272 318 -398 -462 -180 270 -770 -538 -245
2) Long term 522 2,684 535 1,016 4,757 -163 2,788 409 6,385 9,418 887 733
Memorandum:
Government's debt securities, liabilities 6,040 4,464 6,636 4,842 21,982 2,569 894 1,232 4,747 9,441 3,815 4,074
1. Denominated in Rupiah 4,305 3,558 3,755 1,176 12,794 1,693 -2,024 1,435 2,859 3,963 5,245 1,528
2. Denominated in foreign currency 1,735 905 2,882 3,666 9,188 876 2,918 -203 1,888 5,479 -1,430 2,546
Notes:
N/A : Not Applicable
32
TABLE 8
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)
August, 2019
ITEMS 2017 2018* 2019

Other Investment -2,458 -7,276 -1,217 204 -10,747 -1,518 639 -584 3,578 2,115 -794 -2,845
A. Assets -3,075 -7,950 -2,230 -232 -13,487 -4,417 -308 -4,033 -611 -9,370 -5,743 -1,008
1. Public Sector 0 0 0 0 0 0 0 0 0 0 0 0
2. Private Sector -3,075 -7,950 -2,230 -232 -13,487 -4,417 -308 -4,033 -611 -9,370 -5,743 -1,008
a. Currency and deposits -1,837 -5,035 -2,401 1,080 -8,193 -3,199 121 -1,508 851 -3,735 -5,999 958
b. Loans -832 -1,243 -237 -110 -2,422 -648 -836 -1,326 -949 -3,760 -1,115 -657
c. Trade credit and advances -234 146 -656 -521 -1,265 -680 -98 -203 394 -587 349 -810
d. Other assets -173 -1,817 1,064 -681 -1,607 110 506 -996 -908 -1,289 1,022 -499
B. Liabilities 617 674 1,013 436 2,740 2,900 948 3,449 4,189 11,485 4,948 -1,837
1. Public Sector 121 -923 48 -597 -1,353 650 -1,724 306 -215 -983 -767 -645
a. Currency and deposits 0 0 0 0 0 0 0 0 0 0 0 0
b. Loans -3 -905 53 -507 -1,362 477 -1,526 510 -216 -755 -509 -764
1) Central bank 1) 0 -24 -121 0 -145 0 0 0 0 0 0 0
a) Drawings 0 0 0 0 0 0 0 0 0 0 0 0
b) Repayments 0 -24 -121 0 -145 0 0 0 0 0 0 0
2) Government -3 -881 174 -507 -1,217 477 -1,526 510 -216 -755 -509 -764
a) Drawings 704 805 908 1,228 3,645 1,312 219 1,516 1,541 4,588 654 1,131
(1) Program 400 381 446 385 1,612 1,039 4 1,300 1,149 3,492 500 1,024
(2) Project 304 424 462 843 2,033 273 215 216 392 1,097 154 107
(3) Other 0 0 0 0 0 0 0 0 0 0 0 0
b) Repayments -706 -1,687 -734 -1,735 -4,862 -835 -1,745 -1,007 -1,757 -5,344 -1,163 -1,896
c. Other liabilities 123 -18 -6 -90 9 173 -198 -204 1 -228 -258 119
2. Private Sector 497 1,597 965 1,034 4,093 2,250 2,672 3,143 4,404 12,469 5,715 -1,191
a. Currency and deposits -137 86 -86 324 186 -414 537 -210 212 125 2,363 -1,330
b. Loans 283 1,063 21 697 2,064 2,058 2,427 2,963 2,818 10,266 1,051 -1,609
1) Drawings 5,404 5,250 5,272 7,327 23,252 6,233 7,836 11,115 11,169 36,353 7,220 6,723
2) Repayments -5,120 -4,187 -5,250 -6,630 -21,187 -4,175 -5,409 -8,152 -8,350 -26,087 -6,170 -8,331
c. Trade credit and advances 152 433 756 286 1,626 300 -395 543 1,513 1,961 1,903 1,591
d. Other liabilities 199 16 274 -273 216 306 103 -153 -140 116 399 157
Notes:
1)
Excludes credit and loans with IMF
33

Balance of Payments: Second Quarter 2019

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Balance of Payments: Second Quarter 2019

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August

BALANCE OF PAYMENTS REPORT

Second Quarter 2019

Goods Trade Balance 4

CAPITAL AND FINANCIAL ACCOUNT 13

EXTERNAL SUSTAINABILITY INDICATORS 19

ALANCE OF PAYMENTS OUTLOOK 21

BOX 1: CHANGES IN BOP FIGURES

Chart 1 4 Chart 14 Capital and Financial Account 14

Chart 2 Current Account 4 Chart 15 Direct Investment 14

Chart 5 Non-oil and Gas Import Growth 9 Chart 18 Portfolio Investment 16

Chart 8 Services Trade Balance 11 Chart 21 ASEAN Stock Index Developments 17

Chart 10 Freight Services Payments 12 Chart 23 Other Investments 17

investment. Nevertheless, the recent furtherance of

5 90 same period one year earlier, driven by deeper deficits

Secondary Inc. Primary Inc. Services

Real imports of all commodity groups experienced Table 4

import prices. Based on the share of total non-oil and Description

Q1 Q2 Q3 Q4 TOTAL Q1* Q2**

which contracted respectively by -3.7%, -1.6% and

-0.7% (Table 4). Price Index

Raw material imports contracted by 5.3% (yoy) in 3

the USD4.4 billion deficit recorded in the second

quarter of 2018. prices of SLC, Brent, WTI, and OPEC increased

the first quarter of 2019 to USD66.8 per barrel,

an escalation of the ongoing dispute between the

billion in the previous period (Table 6). The main 130

The increase of crude oil export volume recorded

coincided with the second quarter of 2019. In addition, 1

The travel services trade surplus reduced to

second quarter. Notwithstanding, compared with

-5 Import Freight Import (RHS) -1

2014 2015 2016 2017 2018* 2019

2014 2015 2016 2017 2018* 2019

in the form of remittances from Indonesian migrant Europe

(yoy). By region, Indonesian migrant workers located

billion USD Capital inflows in the form of direct investment

servicing foreign loans in the reporting period. In the

* provisional figures; ** very provisional figures

the second quarter of 2019 reached USD5.8 billion, 6,000

down from USD6.2 billion in the previous period and 4,000

from USD6.1 billion in the same period of 2018. 2,000

By sector, the manufacturing industry and 0

financial intermediaries dominated FDI inflows during -2,000

the second quarter of 2019 (Chart 16), with both -4,000

was triggered by the acquisition of a firm operating in Chart 17

Indonesian economic outlook and less uncertainty in USD0.1 billion.

2014 2015 2016 2017 2018 2019 -4

The recent JCI slump bucked regional trends in Chart 22

(Chart 21). Other investment transactions experienced a

previous period. The deeper deficit was primarily

ASEAN Stock Market Developments 0

Exchange (IDX) during the second quarter of 2019 was -8

total fell short of the Rp5.5 trillion (equivalent to Chart 23

4 second quarter of 2019, up from USD0.5 billion in the

-6 the reporting period, while the Government only drew

project loans in the three months to June 2019

Other Assets Currency & Deposits Loans Other Investment - Assets

On the liability side, the private sector's other 1.0

investment transactions experienced a net outflow 0.0

totalling USD1.2 billion in the second quarter of 2019 -1.0

after recording a net inflow of USD5.7 billion in the -2.0