balance of payments report · the balance of payments developments in turn bolstered the official...

1

SinidaftaKan?

kang

BALANCE OF PAYMENTS

REPORT

Second Quarter 2016

August 2016

2

Contact Address:

Balance of Payments and Statistics Development Group

Department of Statistics

Bank Indonesia

Sjafruddin Prawiranegara Tower, 15th Floor

Jl. M.H. Thamrin No. 2

Jakarta 10350

Phone : +62 21 29816688

Fax : +62 21 3501935

E-mail : [email protected]

Website : www.bi.go.id

mailto:[email protected]

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

3

BALANCE OF PAYMENTS

REPORT

Second Quarter 2016

August 2016

4

This Page is Intentionally Left Blank

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SUMMARY

Q2/2016

1

3

CURRENT ACCOUNT 4

Goods Trade Balance 4

Non-oil & Gas Trade Balance 4

Oil & Gas Trade Balance 10

Services Trade Balance 11

Primary Income Balance 11

Secondary Income Balance 12

CAPITAL AND FINANCIAL ACCOUNT 12

Direct Investment 13

Portfolio Investment 14

Other Investment 16

EXTERNAL SUSTAINABILITY INDICATORS 19

ALANCE OF PAYMENTS OUTLOOK 21

BOX 1: CHANGES IN BOP FIGURES

FROM Q1/2016 PUBLICATION 23

APPENDICES 25

LIST OF CONTENTS

Transaksi Berjalan

6


7

LIST OF TABLES

Page

Page

Table 1 Non-Oil and Gas Exports by Commodity Group

(based on SITC)

5

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

of Origin

9

Table 2 Non-Oil and Gas Exports by Major Destination

Country

6

Table 7 Oil Exports 10

Table 3 Exports of Major Non-Oil and Gas Commodities

(based on HS)

8

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

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

Group

8

Table 9 Gas Exports 10

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

Commodities

9

Table 10 External Sustainability Indicators 19

LIST OF CHARTS

Page

Page

Chart 1 3

Chart 14 Direct Investment 13

Chart 2 Current Account 4

Chart 15 FDI by Economic Sector 13

Chart 3 Non-oil and Gas Trade Balance 4

Chart 16 FDI by Country of Origin 14

Chart 4 Non-oil and Gas Export Growth 5

Chart 17 Portfolio Investment 14

Chart 5 Oil & Gas Trade Balance 10

Chart 18 Foreign Holdings of SBI and SUN 15

Chart 6 International Oil Prices 10

Chart 19 Foreign Transactions on the IDX and JCI 15

Chart 7 Services Trade Balance 11

Chart 20 ASEAN Stock Index Developments 15

Chart 8 Travel Services 11

Chart 21 Portfolio Investment by Institutional Sector 16

Chart 9 Freight Services Payments 11 Chart 22 Other Investments 16

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

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

Chart 12 Stock of Indonesian Migrant Workers in Q2/2016 12 Chart 25 Public Sector Foreign Loans 17

Chart 13 Capital and Financial Account 13

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1

second quarter of 2016,

supported by a narrower current account deficit coupled with a growing capital and financial account

surplus. The BOP surplus stood at USD2.2 billion in the reporting period, reversing the USD0.3 billion deficit

posted in the previous quarter. This development shows an improved external balance of the Indonesian

economy and paves the way for maintaining macroeconomic stability.

The current account deficit edged down on a larger non-oil and gas trade surplus. The current

account deficit reduced from USD4.8 billion (2.2% of GDP) in the first quarter of 2016 to USD4.7 billion (2.0%

of GDP) in the second quarter of the same year, supported by a larger non-oil and gas trade surplus after the

increase of non-oil and gas exports surpassed that of non-oil and gas imports. Non-oil and gas export

performance was buoyed by shipments of manufactured products such as textiles and textile products, vehicles

and parts, as well as machinery and mechanical appliances. Meanwhile, higher imports of raw materials

contributed to the increase of non-oil and gas imports. On the other hand, the oil and gas trade deficit

expanded as the international oil price rebounded. Furthermore, the services account deficit also increased in line

with the seasonal trend of a low travel services surplus in the reporting period.

The capital and financial account surplus was observed to increase on the back of positive investor

perception of the domestic economic prospects along with easing uncertainty on global financial markets.

The capital and financial account surplus reached USD7.4 billion in the second quarter of 2016, up from USD4.6

billion in the previous quarter, due to an influx of portfolio investment. Net inflows of portfolio investment

increased significantly to USD8.4 billion in the reporting period, largely on government issuances of global bonds

and net inflows from non-resident investors to equity and SBN instruments. In addition, direct investment

recorded a growing surplus from USD2.7 billion to USD3.0 billion in the reporting period in line with the

promising domestic economic outlook.

The balance of payments developments in turn bolstered the official reserve assets. The official

reserve asset position increased from USD107.5 billion at the end of the first quarter of 2016 to USD109.8

billion at the end of the second quarter. The amount of reserve assets is adequate to finance 8.0 months of

imports and servicing public external debt, which is well above the international adequacy standard.

SUMMARY

T

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performed soundly, regaining a surplus. In the second

quarter of 2016, the BOP surplus stood at USD2.2

billion, contrasting the USD0.3 billion deficit recorded

in the first quarter of 2016 after the capital and

financial account surplus increased significantly, which

was adequate to fully offset the narrower current

account deficit. Such conditions were indicative of a

sounder external balance and contributed to a

maintained macroeconomic stability (Chart 1).

BOP performance during the reporting period in

turn also strengthened reserve assets. The position of

official reserve assets increased from USD107.5 billion

at the end of March 2016 to USD109.8 billion at the

end of June 2016, equivalent to 8.0 months of

imports and servicing government external debt,

which is well above the international adequacy

standard of around three months of imports.

The current account deficit narrowed in the

second quarter of 2016 as the non-oil and gas trade

surplus increased. The current account deficit stood at

USD4.7 billion (2.0% of GDP), lower than USD4.8

billion deficit (2.2% of GDP) in the first quarter of

2016. The smaller deficit was attributed to a larger

non-oil and gas trade surplus as the 9.4% (qtq)

increase in non-oil and gas exports surpassed the

4.6% (qtq) surge in corresponding imports. Further

declines in the current account deficit were offset by a

growing oil and gas trade deficit after oil imports

surged due to the higher global oil price as well as a

growing services account deficit in line with the

seasonal trend of a low travel services surplus in the

reporting period. On an annualised basis, the current

account deficit in the second quarter of

2016exceeded that posted one year ago at USD4.3

billion (2.0% of GDP) due to a smaller non-oil and gas

trade surplus.

The capital and financial account surplus posted

gains in line with positive investor perception

concerning the promising domestic economic outlook

together with less uncertain global financial markets.

The capital and financial account surplus stood at

USD7.4 billion in the second quarter of 2016, up

significantly from USD4.6 billion in the previous

period and from USD2.0 billion one year ago. A surge

in the net inflow of portfolio investment, supported

by a larger net inflow of direct investment,

contributed to the capital and financial account

surplus. On the other hand, the other investment

deficit expanded, primarily on an increase of resident

assets held offshore.

Chart 1

0

30

60

90

120

150

-15

-10

-5

0

5

10

15

20

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Cap & Fin Account Curr. Account

Overall Balance Reserve Assets (RHS)

billion USD billion USD

* provisional figures** very provisional figures

2/2016

4

CURRENT ACCOUNT

Current account performance improved in

the second quarter of 2016 against a backdrop

of ongoing domestic economic recovery. The

current account recorded a deficit in the reporting

period of USD4.7 billion (2.0% of GDP), down

from USD4.8 billion in the previous quarter but

up from USD4.3 billion (2.0% of GDP) one year

ago. The current account deficit reduced on a

growing non-oil and gas trade account surplus (Chart

2).

Chart 2

Current Account

During the second quarter of 2016, the non-oil

and gas trade surplus swelled on the back of a 9.4%

(qtq) surge in exports that exceeded the

corresponding 4.6% (qtq) gain in imports. The non-oil

and gas exports increased as a result of improved

commodity prices despite persistently weak global

demand, while increased non-oil and gas imports

were supported by stronger domestic demand and

better import prices.

In contrast, the other components of the current

account stifled further reductions to the deficit. The

oil and gas trade account recorded a larger deficit

after rising international oil prices in the reporting

period pushed up oil imports. Furthermore, the

services account deficit also increased as the travel

services surplus narrowed following seasonal trends.

Meanwhile, the primary and secondary income

accounts performed consistently on the previous

period.

Goods Trade Balance

The goods trade balance registered a surplus of

USD3.7 billion in the second quarter of 2016, surging

37.2% on the USD2.7 billion surplus recorded in the

previous period. The momentum stemmed from a

growing non-oil and gas surplus despite a wider oil

and gas trade deficit. Notwithstanding, the goods

trade surplus was 9.9% lower than theUSD4.1 billion

surplus posted one year ago.

Non-Oil and Gas Trade Balance

The non-oil and gas trade surplus stood at

USD5.1 billion in the second quarter of 2016, up from

USD3.6 billion in the previous period after non-oil and

gas exports surged 9.4% (qtq) while the

corresponding imports posted growth of just 4.6%

(qtq).

Annually, the non-oil and gas trade surplus in

the reporting period fell from USD6.2 billion one year

ago due to a deeper contraction of non-oil and gas

exports (-5.8% yoy) than imports (-3.2% yoy) (Chart

3).

Chart 3

Non-Oil and Gas Trade Balance

Non-Oil and Gas Exports

Non-oil and gas exports totalled USD33.0 billion

in the second quarter of 2016, up 9.4% (qtq) from

USD30.2 billion last period. On an annualised basis,

however, non-oil and gas exports contracted 5.8%

(yoy) on the same period in 2015, which is an

improvement on the 9.7% (yoy) contraction reported

in the previous quarter.

-20

-15

-10

-5

0

5

10

15

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Secondary Inc. Primary Inc.

Services OG Trade Balance

NOG Trade Balance Curr. Account

billion USD


0

2

4

6

8

10

12

-50

-40

-30

-20

-10

0

10

20

30

40

50

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

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Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Th

ou

san

ds

Imports Exports NOG Trade Balance (RHS)

billion USD

* provisional figures ** very provisional figures

billion USD

5

Chart 4

Non-Oil and Gas Export Growth

The annual non-oil and gas decline was more

limited due to a better export prices. Meanwhile, non-

oil and gas export volume experienced a deeper

decline as the increase in export volume of

manufactured products was insufficient to offset the

decrease in the export volume of primary products

(Table 1).

Table 1

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

-5.3

-9.7

-5.8

4.8

-2.8

9.4

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

Q1 Q2 Q3 Q4 Q1* Q2**

2015* 2016

y.o.y q.t.q

(%)

A. Primary Product

Nominal 48.7 44.0 -10.2 -5.7 -16.2 -18.4 -12.7 -17.6 -16.1 Real 51.4 47.5 14.3 25.7 18.7 12.4 17.5 -0.4 -13.7 Price Index - - -21.4 -25.0 -29.5 -27.4 -25.7 -17.3 -2.7

Agricultural Products

Nominal 30.2 28.1 -12.0 -1.7 -12.0 -13.1 -9.8 -11.4 -13.5 Real 31.3 29.9 8.8 26.5 21.9 20.3 18.8 9.2 -10.2 Price Index - - -19.2 -22.3 -27.8 -27.8 -24.1 -18.9 -3.6

Foods

Nominal 23.7 22.0 -9.0 0.6 -13.4 -13.4 -9.0 -11.1 -14.2 Real 22.7 21.4 11.2 29.3 19.1 16.5 18.5 6.8 -11.7 Price Index - - -18.2 -22.2 -27.3 -25.7 -23.2 -16.8 -2.8

Raw Materials

Nominal 6.5 6.1 -21.5 -9.2 -6.9 -12.0 -12.6 -12.4 -10.6 Real 5.8 6.2 -1.9 12.0 24.8 25.8 14.0 18.5 3.1 Price Index - - -20.0 -18.9 -25.4 -30.0 -23.3 -26.1 -13.3

Fuels & Mining Products

Nominal 18.5 15.9 -7.4 -11.6 -22.4 -26.5 -17.0 -26.6 -20.4 Real 8.7 7.8 9.6 7.0 -4.9 -14.5 -0.8 -18.3 -16.9 Price Index - - -15.6 -17.4 -18.4 -14.0 -16.4 -10.1 -4.2

B. Manufacture Products

Nominal 49.9 54.6 -4.9 -4.5 -4.9 -13.3 -6.9 -2.0 4.1 Real 47.9 51.8 -8.0 -7.4 -4.2 -10.3 -7.4 -2.2 3.5 Price Index - - 3.3 3.2 -0.7 -3.4 0.5 0.2 0.6

C. Others

Nominal 1.5 1.5 -26.1 -17.8 -14.0 -6.8 -17.0 -21.4 -19.8 Real 0.7 0.7 -22.2 -11.6 -2.1 1.7 -9.7 -11.2 -22.3 Price Index - - -4.9 -6.9 -12.2 -8.4 -8.1 -11.4 3.2

Total

Nominal 100.0 100.0 -8.0 -5.3 -10.9 -15.8 -10.0 -9.7 -5.8 Riil 100.0 100.0 2.3 7.8 4.7 -3.4 2.8 -1.7 -3.4 Indeks Harga - - -10.0 -12.1 -14.9 -12.8 -12.4 -8.2 -2.4

*) provisional figures

**) very provisional figures

Q2 Q3 Q4

2015*

TOTAL

Description

Shares (%)

2015* 2016**Q1

Growth (% yoy)

Q1* Q2**

2016

6

Non-Oil and Gas Exports by Major Destination

Country

Non-

trading partners fell 6.1% (yoy) in the second quarter

of 2016, improving on the -9.3% (yoy) contraction

posted in the first quarter of the year as a result of

positive export growth to the United States,

Singapore, and the Philippines. Furthermore, exports

to Japan, China, South Korea, and Thailand improved

on the previous period despite remaining in negative

territory. In contrast, exports to India, Malaysia, and

Australia and Oceania experienced deeper

contractions (Table 2).

Table 2

Non-Oil and Gas Exports by Major Destination Country

Exports to the United States surged on the back

of textiles, processed rubber, as well as electrical,

measuring and optical apparatus, accounting for a

43.9% share of total exports to the United States.

Exports to Singapore were boosted by shipments

of machinery and mechanical appliances as well as

shallower export contractions of articles of basic

metals and vegetable oil, which accounted for 24.1%

of total exports to Singapore.

A surge in exports of vehicles and parts

(accounting for 28.0% of all exports to the

Philippines) was the main driver of export growth to

the Philippines, along with copper ores (9.3% of the

total).

Flagging exports to Japan were offset by growth

of copper ores and textiles, accounting for 19.7% of

total exports to Japan. In contrast, exports of coal as

well as electrical, measuring and optical apparatus,

with a 23.3% share, continued to decline.

Exports of coal and articles of base metals,

accounting for 29.0% of the total, buoyed

consignments to China, while exports of vegetable oil

and processed wood (22.1% share) continued to

decline.

Increased exports of textiles and articles of basic

metals (17.5% share) stemmed the overall export

decline to South Korea along with a shallower decline

of coal exports (21.4% share), while copper ore

exports (8.4% share) experienced a contraction.

Solid export growth of vehicles and parts as well

as machinery and mechanical equipment,

accompanied by a slower decline of articles of basic

metals, accounting for 40.6% of the total, bolstered

exports to Thailand. Further gains were eroded by a

deeper coal export decline (13.3% share).

Conversely, exports to India recorded a decline

due to shipments of coal and vegetable oil that

account for 70.6% of the total.

Meanwhile, exports decreased to Malaysia due

to fewer consignments of nearly all major

commodities, including coal, processed foods, articles

of basic metals as well as vegetable oil, accounting for

45.6% of total exports to Malaysia.

Exports to Australia and Oceania also declined

due to articles of basic metals as well as processed

foods, with both accounting for a 34.0% share of

total exports to Australia and Oceania.

Exports of Major Non-Oil and Gas Commodities

More limited export declines of major non-oil

and gas commodities also boosted non-oil and gas

export performance in the second quarter of 2016.

The export value of the ten leading commodities

posted negative growth of 9.5% (yoy) in the

reporting period, improving from a -14.6% (yoy)

contraction in the previous quarter due to better

prices that affected nearly all of the major exports,

excluding electrical equipment. The export prices of

1 U S A 11.6 12.4 -1.1 -0.4 -4.8 -7.6 -3.5 -4.0 4.4

2 Japan 9.9 10.1 -5.4 -8.4 -12.9 -17.1 -11.1 -6.0 -2.3

3 China 10.0 9.7 -36.5 -13.1 -9.6 -13.8 -19.5 -9.4 -7.2

4 Singapore 6.5 7.1 1.7 -19.4 -9.2 -16.8 -11.4 -3.3 5.2

5 India 8.8 7.0 7.3 18.1 -27.0 -14.2 -5.1 -28.5 -33.0

6 Malaysia 4.7 4.5 3.5 0.2 -7.3 -9.8 -3.4 -12.9 -15.4

7 South Korea 4.1 4.0 0.1 0.4 -6.3 -16.8 -5.7 -12.5 -7.5

8 Philipines 3.0 3.7 -2.0 4.2 7.2 -7.2 0.8 7.6 34.6

9 Thailand 3.5 3.6 -6.4 -4.0 -11.6 -10.2 -8.0 -12.3 0.0

10 Australia & Oceania 2.8 2.6 -36.4 -17.0 7.4 -21.6 -17.5 5.6 -18.6

Total 10 Countries 64.9 64.6 -9.6 -4.4 -10.0 -13.5 -9.4 -9.3 -6.1



2015*

TOTAL Q1*

2016

Q1 Q2 Q3 Q4

Description2015* 2016**

Shares (%)

Q2**

Growth (%, yoy)

7

vegetable oil and coal even achieved positive growth,

following the upward trend of vehicle and part export

prices (Table 3).

On the other hand, the real exports (export

volume) of major non-oil and gas commodities

continued to track a downward trend, particularly

vegetable oil, coal, and articles of basic metals that

remained in negative territory. In contrast, the export

volumes of textiles and textile products, electrical

equipment, processed foods, vehicles and parts,

processed rubber, machinery and mechanical

equipment as well as processed wood were noted to

increase (Table 3).

Textile exports jumped 1.1% (yoy) in the second

quarter of 2016 on the back of shipments to the

United States, Japan, South Korea, and Germany.

With a 51.2% share of total textile exports, exports to

the aforementioned countries increased respectively

by 4.1% (yoy), 5.9% (yoy), 17.2% (yoy), and 6.1%

(yoy). Increased textile exports in the reporting period

were due to a surge in export volume coupled with a

price rebound despite persistent negative growth.

Exports of vehicles and parts grew positively by

14.8% in the reporting quarter, supported by

shipments to the Philippines (115.3% yoy),

particularly motorcycles, Thailand (22.7% yoy), and

Japan (11.2% yoy). Exports to those three countries

accounted for 46.6% of total exports of vehicles and

parts.

Exports of machinery and mechanical equipment

climbed 13.4% in the reporting period, particularly to

Singapore (8.3% yoy) and Thailand (49.0% yoy),

which constitute a 30.9% share of the total. Export

prices, however, continued to decrease but not as

significantly as during the previous period.

Coal exports in the reporting period recorded a

22.5% (yoy) contraction after shipments decreased to

leading destinations, namely India (-36.7% yoy),

Japan (-22.1% yoy), and South Korea (-25.0% yoy),

which accounted for 48.4% of total coal exports.

Furthermore, coal exports to China declined as a

result of economic moderation, while exports to India

decreased because the price of Indonesian coal was

relatively expensive compared to other coal exporters.

In terms of prices, coal export prices recorded

0.3% (yoy) growth during the reporting period in line

with the prevailing global coal price, which picked up

on the back of the rising oil price along with less

United States coal production.

A 4.6% (yoy) surge in exports to the United

States contributed to a smaller contraction of

electrical equipment. Further declines of exported

electrical equipment were also prevented by better

prices.

Exports of articles of basic metals improved due

to robust export growth to China (68.7%, yoy), which

accounted for 14.4% of the total. Improvement in

exports was bolstered by volume and price factors.

Exports of processed rubber declined at slower

pace (-10.4% yoy) in the second quarter of 2016

compared to the previous quarter as real exports

achieved positive 4.7% (yoy) growth and prices fell

more slowly.

The lower export price of processed rubber was

consistent with the global economic downswing.

Furthermore, rubber supply remained high,

particularly from net producers such as Thailand and

Indonesia.

Similarly, a slower decline of processed wood

exports in the reporting period was attributed to

better prices and supported by increasing export

volume despite slower growth than recorded in the

previous quarter.

In contrast, vegetable oil exports, the majority

(82.4%) of which were in the form of crude palm

oil (CPO), fell 22.6% (yoy) in the second quarter of

2016 due to lower export volume, while the

export price increased 8.5% (yoy) on rising global

crude prices and ringgit depreciation. Declining

vegetable oil exports primarily affected shipments

to India (-23.9% yoy), China (-43.2% yoy), and

Pakistan (-22.7% yoy). Conversely, vegetable oil

exports to the United States skyrocketed 45.0%

(yoy).

8

Table 3

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

Exports of processed foods recorded a 0.8%

(yoy) decline in the reporting period, affecting exports

to the United States (-5.7% yoy), Malaysia (-17.5%

yoy), and the Philippines (-10.7% yoy) with a 36.6%

share of the total. The exports contracted as export

price posted negative growth of -6.6% (yoy), while

export volume decelerated to 6.1% (yoy).

Non-Oil and Gas Imports

Non-oil and gas imports (c.i.f) in the second

quarter of 2016 remained in negative territory but the

decline eased from -8.6% (yoy) in the last quarter to -

3.4% (yoy) due to growing domestic demand and

better prices.

Slower declines of non-oil and gas imports

affected raw materials and capital goods as import

volume improved. In fact, the import volume of raw

materials posted positive growth in the reporting

period. In addition, rising import prices drove imports

of capital goods. On the other hand, imports of

consumption goods slowed but continued to record

positive growth as import volume decelerated while

import prices increased.

Imports of consumption goods in reporting

period climbed 6.5% (yoy) in the second quarter of

2016, slower than 27.3% (yoy) previously, with the

increase stemming from greater demand and rising

prices. Higher imports of consumption goods in

particular affected arms and ammunition as well as

edible products and preparations.

Table 4

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

Imports of raw materials fell 2.6% (yoy) in the

second quarter of 2016, slowing from a decline of

9.5% (yoy) previously as import volume was noted to

increase. The restricted import growth stemmed from

increased imports of telecommunication equipment

(40.3% yoy), wheat and meslin (11.6% yoy) as well as

motor vehicle parts and accessories (7.8% yoy) (Table

5).

Meanwhile, imports of capital goods dropped

12.2% (yoy) compared to a 19.0% (yoy) decline

registered in the previous quarter, supported by rising

prices along with volume gains despite remaining in

negative territory. The gains primarily affected

automatic data processing machines and units thereof

as well as telecommunication equipment and parts,

while imports of heating and cooling equipment

actually increased (Table 5).

1. Vegetable Oil 13.6 12.0 -12.6 6.0 -16.9 -17.9 -10.7 -16.3 -22.6 10.8 36.6 9.0 -0.8 14.6 -12.5 -28.7 -21.2 -22.4 -23.7 -17.2 -22.1 -4.4 8.5

2. Coal 12.1 10.2 -17.7 -24.9 -24.9 -26.5 -23.4 -28.4 -22.5 -6.9 -12.6 -13.1 -20.1 -12.3 -24.3 -22.7 -11.6 -14.1 -13.6 -8.1 -12.6 -5.5 0.3

3. Textile & Textile Products 9.4 9.9 -2.6 -2.7 -5.8 -4.8 -4.0 -4.7 1.1 2.0 2.9 -0.4 0.8 1.5 0.0 4.5 -4.5 -5.5 -5.4 -5.5 -5.4 -4.7 -3.3

4. Electrical Aparatus, etc 6.7 6.6 -12.1 -11.8 -14.0 -14.7 -13.2 -8.6 -3.9 -5.9 -4.6 -7.7 -12.9 -7.5 -7.7 1.6 -6.5 -7.5 -6.9 -2.1 -6.1 -0.6 -5.4

5. Articles of Basic Metals 5.8 5.3 -3.7 -16.1 -18.7 -24.9 -16.2 -24.4 -12.5 1.9 -8.6 -0.3 -5.5 -3.3 -12.3 -5.6 -5.4 -8.2 -18.4 -20.5 -13.4 -13.8 -7.3

6. Processed Foods 4.8 4.9 3.5 -0.4 -6.9 1.4 -0.6 1.7 -0.8 3.4 -0.3 4.0 13.4 5.1 13.0 6.1 0.1 -0.1 -10.5 -10.6 -5.4 -9.9 -6.6

7. Vehicles & Parts 4.1 4.4 9.4 20.5 3.8 -16.4 3.3 -14.1 14.8 3.0 14.1 1.1 -19.5 -1.4 -16.7 10.5 6.2 5.5 2.7 3.9 4.8 3.1 3.8

8. Processed Rubber 4.4 4.2 -31.7 -13.2 -6.6 -12.1 -16.8 -13.0 -10.4 -23.8 -4.0 16.5 19.3 -0.2 14.3 4.7 -10.4 -9.5 -19.8 -26.3 -16.6 -23.9 -14.4

9. Machinery & Mechanical Appl. 3.9 4.1 -15.8 -13.4 -9.1 -23.1 -15.5 -9.3 13.4 -14.7 -12.4 -8.5 -21.2 -14.3 -7.5 15.7 -1.3 -1.1 -0.6 -2.4 -1.4 -2.0 -1.9

10. Processed Woods 2.9 2.9 -2.2 0.4 -4.2 -3.5 -2.3 -3.1 -5.8 12.8 31.8 34.7 40.6 29.6 31.2 10.0 -13.3 -23.9 -28.9 -31.3 -24.6 -26.1 -14.3

Total 10 Commodities 67.6 64.5 -11.0 -8.1 -13.6 -16.3 -12.2 -14.6 -9.5 -2.6 2.8 1.3 -2.9 0.0 -5.6 -5.9 -8.6 -10.6 -14.7 -13.8 -12.3 -9.5 -3.8

*) provisional figures **) very provisional figures

Q2 Q3 Q4 TOTAL Q1* Q2**

Share (%)Pertumbuhan (%, yoy)

Nominal Real Price Index

2016**

2015* 2016 2015 2016 2015* 2016

Q2 Q3 Q4 TOTAL Q1* Q2** Q2 Q3 Q4 TOTAL Q1* Q2**

Description

Q12015*

Q1 Q1

Consumption GoodsNominal 8.7 10.4 -6.1 -8.8 -9.3 -14.9 -6.3 -9.9 27.3 6.5

Real 7.4 8.6 -13.1 -7.7 -7.1 -13.0 -6.1 -8.1 25.4 0.8

Price Index - - 8.1 -1.2 -2.4 -2.2 -0.3 -1.9 1.5 5.7

Raw MaterialsNominal 69.5 70.5 -3.4 -1.7 -15.2 -17.7 -13.8 -12.3 -9.5 -2.6

Real 81.2 82.0 -0.8 5.2 -8.0 -10.3 -6.4 -4.4 -0.8 7.2

Price Index - - -2.7 -6.6 -7.9 -8.3 -8.0 -8.3 -8.8 -9.2

Capital GoodsNominal 21.0 18.7 -4.7 -8.7 -21.7 -20.6 -10.9 -15.6 -19.0 -12.2

Real 11.5 9.4 -15.5 -21.5 -32.8 -29.2 -15.7 -26.3 -23.2 -19.7

Price Index - - 12.8 16.3 16.5 12.2 5.7 14.5 5.5 9.4

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

Real 100.0 100.0 -6.6 -4.7 -16.4 -16.4 -9.1 -11.9 -6.2 -2.8

Price Index - - 2.8 0.8 0.2 -1.1 -2.5 -0.5 -2.5 -0.6



Q2 Q3 Q4 Total Q1* Q2**

2015**

Growth (% yoy)

2016Description

2014* 2015**

Shares (%)

2014

TOTAL Q1

9

Table 5

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

Non-Oil and Gas Imports by Country of Origin

Based on country of origin, imports from all

countries, except China and Thailand, experienced

declines (Table 6). Growth of imports from China

were driven by machinery and mechanical

equipment, articles of basic metals, and textile

products with a 46.4% share of total imports from

China. Meanwhile, imports from Thailand increased

on the back of processed foods, machinery and

mechanical apparatus as well as electrical

equipment, accounting for 38.4% of total imports

from Thailand.

Despite remaining negative, imports from Japan,

South Korea, Australia and Oceania, Malaysia as well

as Germany displayed early indications of a rebound.

Conversely, imports from Singapore, United States,

and Vietnam continued to track a downward trend,

most notably from Singapore due to fewer shipments

of chemicals, articles of basic metals and mechanical

machinery, accounting for a 35.8% share of the total

imports from Singapore.

Table 6

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

by Major Country of Origin

Oil and Gas Trade Balance

The oil and gas trade balance deteriorated in the

second quarter of 2016 on a quarterly basis but the

annualised data showed signs of improvement. The

oil and gas trade deficit stood at USD1.4 billion in the

reporting period, expanding from USD0.8 billion

previously but down from the USD2.1 billion deficit

recorded in the second quarter of 2015. The larger

deficit was caused by an increase of imports that

outpaced the corresponding increase of exports

(Chart 5).

TOTAL IMPORTS 100.0 100.0 -3.9 -16.3 -17.4 -11.4 -12.4 -8.6 -3.4 -4.7 -16.4 -16.4 -9.1 -11.8 -6.2 -2.8 0.8 0.2 -1.1 -2.5 -0.7 -2.5 -0.60.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

I. Consumption Goods, o/w: 8.7 10.4 -8.8 -9.3 -14.9 -6.3 -9.9 27.3 6.5 -7.7 -7.0 -13.0 -6.1 -8.4 25.4 0.8 -1.2 -2.4 -2.2 -0.3 -1.5 1.5 5.7

Rice 0.3 0.8 7.8 15.6 -80.1 4.8 -9.4 1,279.1 -33.0 1.8 13.0 -79.2 -1.5 -11.6 1,262.5 -32.8 6.0 2.4 -4.4 -1.5 2.4 1.2 -0.3

Arms And Ammunition 0.4 0.7 -63.1 114.2 -12.9 273.8 9.7 574.3 218.9 -62.5 118.5 -9.3 284.8 12.7 580.9 215.4 -1.6 -2.0 -4.0 284.8 -2.6 -1.0 1.1

Fruit And Nut,Fresh or Dried 0.6 0.6 -31.6 -15.0 -11.8 -3.9 -15.7 39.3 -10.9 -49.0 -24.4 -16.0 -1.8 -24.1 64.7 -2.8 34.0 12.5 5.0 -1.8 11.2 -15.4 -8.4

Edible Product and Preparations 0.5 0.5 8.3 -13.7 2.0 -4.8 -3.0 2.3 4.4 8.9 -16.2 -0.9 -12.1 -6.2 -3.9 -7.4 -0.6 3.0 2.9 -12.1 3.4 6.5 12.7

Medicaments Incl.Veterinari Med. 0.5 0.5 23.3 28.1 -1.8 -16.4 5.8 12.1 -11.9 30.5 32.3 -4.1 -13.0 8.6 16.9 -2.1 -5.5 -3.2 2.5 -13.0 -2.6 -4.1 -10.0

II. Raw Materials & Auxiliary Goods, o/w: 69.5 70.5 -1.7 -15.2 -17.7 -13.8 -12.3 -9.5 -2.6 5.2 -8.0 -10.2 -6.4 -5.0 -0.8 7.2 -6.6 -7.9 -8.3 -8.0 -7.7 -8.8 -9.2

Telecomunication Equipment N.E.S And Parts 1.6 2.4 -31.1 29.2 60.6 84.2 25.3 71.8 40.3 -27.3 34.7 66.3 88.6 30.2 80.9 47.8 -5.2 -4.1 -3.4 88.6 -3.8 -5.0 -5.1

Wheat And Meslin,Unmilled 1.8 2.3 -0.3 -19.4 -17.1 -11.4 -12.8 31.3 11.6 -1.6 -18.3 -17.3 -3.0 -10.9 44.4 34.0 1.3 -1.4 0.3 -3.0 -2.1 -9.1 -16.7

Parts & Accessories, N.E.S of the Motor Vehicles 2.1 2.2 -8.1 -16.8 -12.5 -26.4 -15.9 -9.1 7.8 -9.3 -18.2 -14.6 -29.0 -17.8 -12.7 4.5 1.3 1.7 2.4 -29.0 2.3 4.1 3.2

Electrical Appr. for Making & Breaking Electrical Circuit 2.2 2.0 -1.8 2.5 4.9 14.2 4.9 -1.7 -4.1 4.1 9.2 12.2 22.5 12.0 6.1 3.1 -5.7 -6.1 -6.5 22.5 -6.3 -7.3 -7.0

Feeding Stuff for Animals 2.3 1.9 24.2 -23.3 -40.3 -7.4 -17.0 -24.1 -20.6 23.9 -16.7 -38.0 -5.8 -14.2 -19.7 -14.7 0.3 -7.9 -3.7 -5.8 -3.3 -5.5 -6.9

III. Capital Goods, o/w: 21.0 18.7 -8.7 -21.7 -20.6 -10.9 -15.6 -19.0 -12.2 -21.5 -32.8 -29.2 -15.8 -25.0 -23.2 -19.7 16.3 16.5 12.2 5.7 12.5 5.5 9.4

Automatic Data Processing Machines & Units there of 2.0 1.7 9.5 -27.2 -15.6 7.4 -6.2 -20.5 -4.9 12.1 -26.2 -14.0 10.4 -4.3 -18.7 -3.6 -2.3 -1.3 -1.9 10.4 -2.1 -2.2 -1.4

Other Machine & Equip't Specialized for Particular Industry 1.7 1.5 -6.9 -5.2 -9.6 -15.8 -9.2 -7.8 -22.7 -4.7 -3.0 -7.8 -13.8 -7.2 -6.6 -22.0 -2.3 -2.3 -1.9 -13.8 -2.2 -1.4 -0.8

Telecomunication Equipment N.E.S And Parts 2.6 1.4 -20.5 -37.4 -35.0 -22.9 -29.2 -52.9 -49.6 -16.2 -34.8 -32.7 -21.0 -26.4 -50.4 -46.9 -5.2 -4.1 -3.4 -21.0 -3.8 -5.0 -5.1

Heating &Cooling Equipmentand Parts there of,N.E.S 1.2 1.1 20.6 -16.8 18.4 27.1 13.2 -21.1 67.2 18.5 -18.2 16.4 24.2 11.1 -22.7 64.3 1.8 1.7 1.7 24.2 1.9 2.1 1.8

Pumps & Compressors, Fans & Blowers, Centrifuges & Parts 1.1 1.1 -2.1 -13.2 -7.2 26.6 0.0 14.1 -5.3 -4.6 -15.4 -9.7 23.0 -2.7 10.0 -8.6 2.6 2.6 2.8 23.0 2.7 3.7 3.6



Q1* Q2**Q3 Q4 TOTALQ2Q4 TOTAL Q1* Q2**Q2 Q3Q2**Q3 Q4 TOTAL Q1*

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

Nominal Real Price Index

2016**

2015* 2016 2015* 2016 2015* 2016

Q2

Imports Group

2015*Q1 Q1 Q1

1 China 24.7 26.0 4.3 -9.6 -7.0 -4.1 -4.2 -4.5 7.8

2 Japan 11.2 10.9 -11.5 -20.9 -30.0 -22.7 -21.3 -19.1 -6.7

3 Thailand 6.8 7.9 -9.5 -21.9 -20.9 -16.3 -17.3 11.7 5.3

4 Singapore 7.6 6.4 -13.0 -11.8 -7.9 -4.3 -9.2 -6.4 -20.5

5 USA 6.4 5.9 -6.8 -7.5 -14.0 3.3 -6.3 -10.6 -19.5

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

7 Australia & Oceania 4.5 4.6 -7.7 -6.8 -27.3 -22.6 -16.2 -11.1 -9.1

8 Malaysia 4.2 4.2 -12.0 -12.8 -15.6 -12.8 -13.2 -12.0 -2.6

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

10 Germany 2.9 2.6 -0.5 -24.2 -21.9 -15.7 -16.0 -26.0 -13.4

Total 10 Countries 76.3 76.2 -4.2 -15.1 -16.6 -11.3 -12.4 -8.8 -4.1*) provisional figures


Q2**

Description2015* 2016**

Shares (%) Growth (%, yoy)

2015*

Q2 Q3 Q4 Q1*TOTALQ1

2016

10

Chart 5

Oil and Gas Trade Balance

Oil Exports

Oil exports rose 43.0% (qtq) on the previous

quarter, increasing from USD1.3 billion to USD1.8

billion (Table 7). The quarterly bump in oil exports was

influenced by crude oil and refined products, which

enjoyed growth of 53.4% and 8.7% respectively, in

terms of both export volume and prices.

Congruent with the surge in crude oil exports in

the second quarter of 2016, oil lifting rose 3.7% (qtq)

from 0.802 million barrels per day to 0.832 million

barrels per day, which was indicative of momentum in

the upstream oil sector in Indonesia.

Table 7

Oil Exports

In terms of prices, the higher oil price was

inextricably linked to the rising global oil price in the

second quarter of 2016. The average price in the

second quarter of 2016 for SLC, WTI, Brent, and

OPEC oil increased respectively from USD33.8/barrel,

USD37.1/barrel, USD37.6/barrel, and USD33.5/barrel

in the first quarter of 2016 to USD44.1/barrel,

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

(Chart 6).

Chart 6

International oil Prices

Oil Imports

Oil imports soared 31.6% (qtq) in the second

quarter of 2016 to USD4.3 billion from USD3.2

billion, driven by rising prices and increased volume.

The import volume of crude increased, while refined

products were noted to moderate (Table 8).

Table 8

Oil Imports (f.o.b)

Gas Exports

Gas exports fell 13.0% (qtq) in the second

quarter of 2016 to USD1.4 billion, primarily due

to liquefied petroleum gas (LPG) (-21.6% qtq) as a

result of lower prices and export volume

(Table 9).

Table 9

Gas Exports

-4

-2

0

2

4

6

8

10

12

-15

-10

-5

0

5

10

15Q

1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Th

ou

san

ds

Gas Imports Gas Exports

Oil Imports Oil Exports

OG Trade Balance (RHS)

billion USD billion USD


Exports 1,253 40.3 1,793 43.5

Crude 961 32.2 29.8 1,474 35.5 41.6

Refinery Products 293 8.1 36.0 318 8.0 39.6

¹⁾ export value divided by export volume

Sources: SKK Migas and Pertamina (processed)


Description

2016

Q1*

Value

(mill USD)

Volume

(mbbl)

Q2**

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Price¹

(USD/barel)

20

30

40

50

60

70

80

90

100

110

120

130

140

JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJ

2010 2011 2012 2013 2014 2015 2016

USD/barel

SLC

Unit Price

WTI

OPEC

Source: Ditjen Migas, BOP, Bloomberg

Imports 3,250 83.5 4,279 88.2

Crude 1,295 36.6 35.3 1,897 42.4 44.8

Refinery Products 1,956 46.8 41.8 2,382 45.8 52.0

¹⁾ import value divided by import volume

Sources: SKK Migas and Pertamina (processed)


Description

2016

Q1*

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Q2**

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Exports 1,662 - 1,445 -

LNG 1,325 213.5 6.2 1,038 205.5 5.0

Natural Gas 331 73.9 4.5 400 72.2 5.5

LPG 0 0.1 0.2 0 0.1 0.0

Other Gas 6 0.3 19.2 6 0.3 19.2

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

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

Source: SKK Migas


Description

2016

Q1*

Value

(mill USD)Volume¹ Price²

Q2**

Value

(mill USD)Volume¹ Price²

11

Services Trade Balance

The services trade balance recorded a deficit of

USD2.0 billion in the reporting period, widening from

USD1.1 billion previously due to a narrower travel

services surplus in line with seasonal trends

(Chart 7).

Chart 7

Services Trade Balance

In the reporting period, the travel services surplus

narrowed from USD1.2 billion to USD0.8 billion due

to a deeper decline of travel services receipts (-13.0%,

qtq) than travel services payments (-1.1%, qtq) (Chart

8).

Chart 8

Travel Services

Travel services receipts from international

travellers fell from USD2.9 billion in the first quarter of

2016 to USD2.5 billion in the second quarter of 2016

as international travellers were less inclined to spend

despite visiting in greater numbers, increasing from

2.43 million to 2.55 million people.

A similar trend was noted on the payment side

of travel services. The number of Indonesian travellers

visiting abroad increased slightly from 2.07 million to

2.08 million but spending by Indonesian travellers

decreased. Therefore, travel services payments

remained relatively stable on the previous period at

USD1.7 billion.

Most international travellers visiting Indonesia in

the second quarter of 2016 originated from

Singapore, Malaysia, and Australia, with Bali, Jakarta,

and Batam recognised as the preferred destinations.

Freight services, as the main contributor to the

services trade deficit, remained relatively stable.

Freight services payments were recorded at USD1.5

billion in the second quarter of 2016, which was

relatively unchanged from the previous quarter after

the 24.3% (qtq) increase in oil and gas import

freight payments was offset by the -1.2% (qtq)

decline in non-oil and gas import freight payments

(Chart 8).

Chart 9

Freight Services Payments

Primary Income Balance

The primary income account deficit in the

second quarter of 2016 remained relatively

unchanged from the previous period, totalling

USD7.6 billion (Chart 10), due to less attribution of

direct investment income to non-resident investors

that was compensated by an increase in interest

payments on the goverment and private sector

foreign loans.

-4

-3

-2

-1

0

1

2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Other Services Travel Transportation Services (net)

billion USD


-3

-2

-1

0

1

2

3

4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Imports Exports Travel (net)

billion USD

* provisional figures; ** very provisional figures

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Th

ou

san

ds

Import Freight Import (RHS)

billion USD

* provisional figures **very provisional figures

billion USD

12

Chart 10

Primary Income Account

Secondary Income Balance

The secondary income balance was also relatively

unchanged from the first quarter of 2016, posting a

surplus of USD1.2 billion again in the second quarter

of 2016. Such conditions were the result of a decline

in net receipts of personal transfers that was offset by

a decrease in net payments of other transfers. During

the reporting period, personal transfers in the form of

remittances from Indonesian migrant workers (TKI)

totalled USD2.3 billion, while the remittances of

foreign workers in Indonesia amounted to USD0.8

billion (Chart 11).

Chart 11

Personal Transfers

By country of origin, most personal transfers

sent

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

followed by the Middle East and Africa at USD0.9

billion and other regions at USD0.2 billion.

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

of 3.8 million Indonesians were employed as migrant

workers abroad. BNP2TKI data indicated that 67.1%

of Indonesian migrant workers (TKI) were placed in

Asia-Pacific, dominated by Malaysia, Taiwan, Hong

Kong, and Singapore. Meanwhile, around 32.0%

were located in the Middle East and Africa, mostly in

Saudi Arabia, the United Arab Emirates, and Jordan

(Chart 12).

Chart 12

Stock of Indonesian Migrant Workers in Q2-2016

CAPITAL AND FINANCIAL ACCOUNT

The positive perception of non-resident investors

concerning the domestic economic outlook, coupled

with less uncertain global financial markets triggered

an influx of foreign capital flows. In the second

quarter of 2016, the capital and financial account

recorded a surplus of USD7.4 billion, increasing

sharply on the USD4.6 billion posted last period and

USD2.0 billion in the same period one year earlier

(Chart 13).

A net inflow of portfolio investment totalling

USD8.4 billion, the majority of which was supported

by government issuances of global bonds and non-

resident investors booking a net buy on the stock and

rupiah SBN markets, contributed to the swollen

capital and financial account surplus. Furthermore,

the direct investment surplus was also noted to

increase from USD2.7 billion to USD3.0 billion, while

the other investment deficit also increased as

residents bolstered their assets abroad.

-9

-8

-7

-6

-5

-4

-3

-2

-1

0Q

1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

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

billion USD


-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

**

2010 2011 2012 2013 2014 2015* 2016

Payments Receipts Personal Transfers (net)

billion USD


Middle East & Africa, 32.0%

America, 0.6%

Europe0.3%

Malaysia, 52.1%

Singapore, 3.1%

Brunei,1.0%

Hongkong,3.9%

Taiwan,5.0%

South Korea, 0.7%

Other, 1.3%

Asia Pacific, 67.1%

13

Chart 13

Capital and Financial Account

Direct Investment

Non-resident investors were attracted to direct

investments in Indonesia as a result of the promising

domestic economic outlook coupled with a more

favourable investment climate. In the reporting

period, capital inflows of direct investment surged

from USD2.7 billion to USD3.0 billion due to an influx

of direct investment on the liability side as the

domestic economy gained momentum. Such

developments were confirmed by the results of the

Business Survey conducted by Bank Indonesia that

revealed an acceleration in business activity growth on

the previous period but still down from the USD3.9

billion reported in the same period one year earlier.

On the liability side, direct investment recorded a

net inflow (surplus) of USD4.2 billion, up from USD3.7

billion in the previous period due to a surge of foreign

capital inflows in the form of equity, among other

linked to rights issues performed by several foreign

capital firms listed on the Indonesia Stock Exchange.

Meanwhile, net debt payments to affiliates abroad

also increased on the previous period.

On the asset side, the net outflow of direct

investment also increased in the reporting period from

USD1.0 billion to USD1.2 billion, primarily affecting

equity capital, while claims on affiliates abroad in the

form of debt declined, reflecting a surge of net inflow

to debt instruments (Chart 14).

Chart 14

Direct Investment

Based on investment direction, foreign direct

investment (FDI) in Indonesia booked a net inflow of

USD3.64 billion, up from USD2.8 billion in the first

quarter of 2016 but down from USD5.1 billion one

year ago.

By sector, the manufacturing industry, other

sector (including services and property) as well as the

trade sector attracted the most FDI in the reporting

period (Chart 15). The three aforementioned sectors

accounted for 99.2% of total FDI in the second

quarter of 2016, equivalent to USD3.61 billion, up

from 78.4%, or USD2.18 billion, in the first quarter of

2016.

Chart 15

FDI by Economic Sector

Based on country of origin, ASEAN countries

continued to dominate FDI inflows to Indonesia,

followed by Japan and Europe (Chart 16). During the

second quarter of 2016, the three regions contributed

-15

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0

5

10

15

20Q

1

Q2

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Q4

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Q1

*

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**

2010 2011 2012 2013 2014 2015* 2016

Other Invesment Portfolio Investment Direct Investment Cap & Financial Account

billion USD


-6

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0

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**

2010 2011 2012 2013 2014 2015* 2016

Liabilities Asset Direct Investment (net)

billion USD


-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

Agriculture,Fishery&Forestry

Mining &Quarrying

Manufacturing Construction FinancialIntermediaries

(incl. Insurance)

Trade/Commerce Others (incl.Services,

Properties)

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

billion USD


14

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

Indonesia, up from USD2.5 billion previously. FDI from

ASEAN member states totalled USD1.5 billion,

accounting for 41.7% of total FDI. In contrast, foreign

direct investment (FDI) from other countries recorded

a net outflow or deficit of USD0.7 billion.

Chart 16

FDI by Country of Origin

Favourable FDI performance in the reporting

period was substantiated by FDI realisation data

published by the Indonesia Investment Coordinating

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

realisation in the second quarter of 2016 reached

Rp99.4 trillion (equivalent to USD7.1 billion), up 3.1%

on the Rp96.1 trillion (USD6.9 billion) posted one

period earlier and up 7.9% on the same period one

year earlier.

By sector, BKPM reported that FDI realisation in

the second quarter of 2016 tended to concentrate in

the basic metals, metal products, machinery and

electronics industry to the tune of USD0.9 billion (a

12.5% share of total FDI); the mining sector worth

USD0.7 billion (10.0% share); basic chemicals,

chemical and pharmacy products with a value of

USD0.6 billion (8.3% share); housing, commercial

zones and offices with USD0.6 billion (7.9% share); as

well as the commercial food industry with USD0.5

1 FDI realisation data from BKPM encompasses the total value of

realised projects within a period but excludes investment in the oil

and gas sector, banks and other financial institutions, and home

industries. Meanwhile, FDI data recorded in the Indonesian balance

of payments (BOP) covers data on capital inflows received by FDI

companies only from their direct investors and offshore companies

within the same group over a defined period, and encompasses

direct investment in all economic sectors.

billion (7.3% share). Those five economic sectors

accounted for USD3.9 billion or 54.2% of total FDI.

By country of origin, however, FDI realisation

originated from Singapore, Japan, Hong Kong, China,

and Malaysia, totalling USD2.0 billion, USD1.3 billion,

USD0.6 billion, USD0.5 billion, and USD0.4 billion

respectively, with the five countries contributing 68%

of total FDI.

Portfolio Investment

A number of auspicious developments on global

and domestic financial markets pushed and pulled an

influx of net portfolio investment, which nearly

doubled from USD4.4 billion to USD8.4 billion in the

reporting period (Chart 17). This development was

due to a net inflow of foreign portfolio capital (liability

side) totalling USD7.9 billion in the second quarter of

2016, increasing significantly from USD4.6 billion

posted in the previous quarter. The dramatic increase

stemmed from government issuances of global bonds

in June 2016 and a large net buy booked by non-

resident investors of rupiah tradeable government

securities (SBN) and stocks.

The larger net portfolio investment surplus on

the asset side was the result of a net sell of foreign

securities by domestic investors worth USD0.5 billion,

reversing the previous net buy of USD0.2 billion.

Chart 17

Portfolio Investment

The majority of foreign capital during the second

quarter of 2016 flowed to public sector portfolio

instruments in the form of government issuances of

-1,500

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0

500

1,000

1,500

2,000

2,500

3,000

3,500

Japan USA Europe Emerging Markets ofAsia (incl. China)

ASEAN Other

billion USD

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


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2010 2011 2012 2013 2014 2015* 2016

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

bilion USD


15

global bonds, accounting for USD4.1 billion of the

USD4.3 billion total in June 2016.

In addition, non-resident investors also targeted

rupiah denominated government debt securities (SUN)

valued at USD2.5 billion. Nonetheless, the foreign

capital inflow to rupiah SUN instruments was less

than that recorded in the previous quarter at USD3.5

billion, primarily due to a net outflow in May 2016

along with growing uncertainty on global financial

markets linked to the proposed FFR hike.

Congruous with the net buy booked by non-

resident investors in the second quarter of 2016,

foreign SUN holdings denominated in rupiah

increased to USD47.2 billion (44.6% of total rupiah

SUN) at the end of the reporting period from

USD44.3 billion (44.0% of the total). Furthermore,

foreign investors also booked a net buy of Bank

Indonesia Certificates (SBI) worth USD0.2 billion, up

from USD0.1 billion previously. Consequently, foreign

SBI holdings increased to USD0.3 billion (5.3% of

total SBI) from USD0.1 billion (1.3% of the total) in

the previous quarter (Chart 18).

Chart 18

Foreign Holdings of SBIand SUN

External dynamics and positive investor

sentiment concerning the domestic economic outlook

underpinned stock exchange performance during the

reporting period. On the stock market, non-resident

investors booked a net buy totalling USD0.7 billion,

exceeding the USD0.3 billion recorded in the first

quarter of the year.

A point-to-point rally on the Jakarta Composite

Index (JCI), which closed up 3.53% from 4,845.4 in

the first quarter of 2016 to a level of 5,016.6, further

demonstrated robust stock market performance in the

reporting period.

Chart 19

Foreign Transactions on the IDX and JCI

In the second quarter of 2016, the Jakarta

Composite Index (JCI) mirrored the positive gains

reported by other regional bourses in Southeast Asia.

Accordingly, stock prices on regional stock markets

rallied during the reporting period to close up on the

position reported in the first quarter of 2016 (Chart

20).

Chart 20

ASEAN Stock Index Developments

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

namely Bank Ganesha (BGTG), Cikarang Listrindo

(POWR), Silo Maritime Perdana (SHIP), Duta Intidaya

(DAYA), and Graha Andrasentra Propertindo (JGLE),

buoyed activity on the Indonesia Stock Exchange with

0.0

0.2

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0

5

10

15

20

25

30

35

40

45

50

J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ

2012 2013 2014 2015 2016

billion USD

SUN SBI (rhs)

billion USD

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

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

2010 2011 2012 2013 2014 2015 2016

Net Beli/Jual Asing IHSG (RHS)

million USD JCI

Source: IDX

90

110

130

150

170

190

210

230

250

270

290

J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ

2012 2013 2014 2015 2016

Indonesia Malaysia Philippines Singapore Thailand

Source: CEIC (processed)

2010 = 100

16

a total value of Rp3.7 trillion (equivalent to USD277.3

million), which greatly surpassed the Rp0.2 trillion or

USD12.9 million recorded last period from three new

issuers.

Consequently, the public sector was the main

contributor to the net portfolio investment surplus

with a net inflow of USD7.2 billion, up from the

USD5.1 billion registered in the first quarter. In

addition, the private sector also contributed USD1.2

billion, reversing the previous USD0.6 billion deficit

(Chart 21).

Chart 21

Portfolio Investment by Institutional Sector

Other Investments

Other investment transactions recorded a deficit

of USD3.9 billion in the second quarter of 2016, up

from USD2.5 billion in the first quarter of 2016 but

smaller than the USD7.4 billion posted one year ago.

The deficit stemmed from an increase of domestic

private sector placements abroad (Chart 22).

Chart 22

Other Investments

On the asset side, other investment transactions

in the private sector experienced a deficit (net

outflow) of USD3.0 billion, reversing the USD4 million

surplus recorded in the first quarter of 2016. The

deficit was attributed to an increase of domestic

private sector placements abroad (Chart 23).

Chart 23

Other Investment Assets of the Private Sector

On the liability side, other investment

transactions in the private sector during the reporting

period recorded a surplus of USD2.4 billion due to a

decline in the net payment of offshore loans by the

banking sector after withdrawing more foreign loans.

Furthermore, liabilities in the form of non-resident

deposits held at domestic banks also recorded a net

inflow (Chart 24).

Chart 24

Other Investment Liabilities of the Private Sector

Other investment liabilities in the public sector

recorded a deficit of USD1.8 billion in the second

quarter of 2016, increasing from USD0.1 billion

previously. A seasonal increase in the net payment of

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2010 2011 2012 2013 2014 2015* 2016

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

billion USD


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2010 2011 2012 2013 2014 2015* 2016

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

billion USD


-12

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2010 2011 2012 2013 2014 2015* 2016

Other Assets Currency & Deposits Loans Other Investment - Assets

billion USD


-3

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2010 2011 2012 2013 2014 2015* 2016

Trade Credit Other liabilities Currency & Deposits

Loans Other Inv. - Liabilities

billion USD


17

offshore loans by the government contributed to the

broader deficit. In general, government foreign debt

repayments have increased since the same period last

year in line with the ongoing loan repayment program

(Chart 25).

In the second quarter of 2016, government

withdrawals of foreign loans stood at USD0.5 billion,

of which USD0.3 billion was in the form of program

loans and the remainder in the form of project loans.

All program loans originated from the International

Bank for Reconstruction and Development (IBRD).

Chart 25

Public Sector Foreign Loans

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*

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**

2010 2011 2012 2013 2014 2015* 2016

Repayments Drawings Loans (net)

bilion USD


18


19

during the second quarter of 2016 were reflected in

a number of external sustainability indicators. The

current account deficit to GDP ratio improved from

2.2% to 2.0% in the reporting period as the current

account deficit narrowed. The ratio improved in line

with the set of policy measures taken by Bank

Indonesia and the Government to maintain

macroeconomic and financial system stability,

primarily to manage the current account deficit.

A surge in exports of goods and services that

eclipsed the corresponding increase in imports of

goods

contribution to the domestic economy (ratio of net

exports of goods and services to GDP), while

the degree of economic openness in Indonesia (ratio

of accumulated exports and imports of goods and

services to GDP) increased on the previous

period.

The position of official reserve assets increased in

the second quarter of 2016 on the previous quarter,

therefore the capacity to meet short-term liabilities

also improved, as evidenced by the smaller ratio of

short-term external debt to reserve assets.

Table 10

External Sustainability Indicators

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

Current Account / GDP (%)1) -3.09 -1.94 -1.96 -1.92 -2.39 -2.05 -2.19 -2.02

Exports - Imports of Goods and Services / GDP (%)1) -0.34 0.58 0.68 0.94 0.10 0.58 0.72 0.74

Exports + Imports of Goods and Services / GDP (%)1) 45.0 40.1 40.3 37.5 38.1 39.0 34.9 35.1

Total Foreign Debt Position / GDP (%)2) 32.9 33.5 34.5 34.8 36.0 36.0 36.6 36.8

Short-Term Foreign Debt Position3) / GDP (%)2) 6.7 6.4 6.4 6.5 6.4 6.4 6.6 5.1

Total Foreign Debt Position / Reserve Assets (%) 262.2 268.1 282.3 297.1 292.8 292.8 294.6 294.9

Short Term Foreign Debt Position3) /Reserve Assets(%) 53.0 51.4 52.6 55.3 52.4 52.4 53.4 40.6

Notes :1) Using quarterly GDP at current price

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

3) by remaining maturity

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

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

2014 2015* 2016INDICATORS

EXTERNAL SUSTAINABILITY INDICATORS

20


21

is

predicted to continue improving moving forward.

An increasingly optimistic domestic economic

outlook, especially after enforcement of the Tax

Amnesty Act, is expected to drive infrastructure

development by the government. Such conditions are

expected to increase domestic demand and non-oil

and gas imports. Furthermore, non-oil and gas

exports are forecasted to rebound as the international

commodity price slide eases. In general, Bank

Indonesia projects the current account deficit to

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

GDP threshold.

Although overshadowed by sentiment on global

financial markets, more foreign capital is expected to

flow into Indonesia on the back of improved

economic fundamentals in line with ongoing

structural reforms, including positive sentiment

surrounding implementation of the tax amnesty. The

expected influx of foreign capital should bolster the

capital and financial account surplus and therefore

exceed the current account deficit.

Moving forward, Bank Indonesia will remain

vigilant of external and domestic risks that could

undermine BOP performance. Bank Indonesia expects

BOP performance to continue improving, supported

by the monetary and macroprudential policy mix as

well as stronger policy coordination with the

Government to accelerate structural reforms in order

to improve the investment climate and boost

economic competitiveness, including supporting

implementation of the Tax Amnesty Law.

ALANCE OF PAYMENTS OUTLOOK

22


23

Box 1:

Changes in BOP Figures from Q1/2016 Publication

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

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

Table 1

Comparison of BOP Publications

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

oil and gas data.

Services Transactions the changes in the first quarter of 2016 are due to a correction in the data of national

travellers by BPS-Statistics Indonesia at other entry points since January 2016.

Primary Income Transactions the changes are the result of updates to External Debt data for the first and third

quarter of 2015, while the changes to data for the fourth quarter of 2015 and the first quarter of 2016 are due to

updated oil and gas sector direct investment income data.

Direct Investment Transactions - the changes are the result of updates to External Debt data and direct

investment data in the oil and gas sector, particularly in the fourth quarter of 2015.

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

Foreign Exchange Flow Report (LLD) data for the first quarter of 2016.

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

Foreign Exchange Flow Report (LLD) data for the first quarter of 2016.

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

Current Account -4,136 -4,141 -4,286 -4,286 -4,156 -4,154 -5,075 -5,115 -17,654 -17,697 -4,668 -4,762

Goods 3,063 3,063 4,125 4,125 4,141 4,141 1,961 1,961 13,289 13,289 2,779 2,709

Services -1,816 -1,816 -2,634 -2,634 -2,111 -2,111 -1,740 -1,740 -8,301 -8,301 -1,133 -1,148

Primary Income -6,811 -6,815 -7,202 -7,202 -7,459 -7,458 -6,678 -6,718 -28,151 -28,194 -7,547 -7,556

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

Capital & Financial Account 5,004 4,956 1,846 2,035 223 219 9,838 9,888 16,911 17,099 4,174 4,591

Direct Investment 1,659 1,617 3,677 3,890 1,834 1,833 2,773 3,295 9,943 10,635 2,208 2,679

Portfolio Investment 8,509 8,509 5,592 5,571 -2,218 -2,202 4,868 4,857 16,750 16,735 4,410 4,447

Financial Derivative 93 93 -3 -3 231 231 -301 -301 20 20 -94 -22

Other Investment -5,258 -5,263 -7,420 -7,424 375 356 2,485 2,024 -9,819 -10,308 -2,350 -2,513

* provisional figures

Q4Q1 Q2 Q3 TOTAL

2015*

million USD

Items Q1*

2016

24


25

INDONESIA'S BALANCE OF PAYMENTS

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

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

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

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

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

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

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

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

APPENDICES

Tr

an

s

ak

si B

erj

ala

n

26


27

TABLE 1


SUMMARY

(millions of USD)

Total Q1 Q2 Q3 Q4 Total Q1* Q2**

I . Current Account -26,716 -4,141 -4,286 -4,154 -5,115 -17,697 -4,762 -4,679

A. Goods 7,776 3,063 4,125 4,141 1,961 13,289 2,709 3,718

- Exports 176,086 37,827 39,685 36,086 34,767 148,365 33,100 36,249

- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,531

1. General Merchandise 6,268 2,690 3,810 4,047 2,012 12,560 2,400 3,485

- Exports 174,554 37,450 39,366 35,728 34,421 146,965 32,747 35,944

- Imports -168,286 -34,760 -35,557 -31,680 -32,409 -134,406 -30,347 -32,458

a. Non-Oil and Gas 18,097 3,947 5,932 6,158 2,986 19,023 3,244 4,916

- Exports 145,802 33,068 34,722 32,038 30,713 130,541 29,836 32,708

- Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,792

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

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

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

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

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

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

B. Services -10,010 -1,816 -2,634 -2,111 -1,740 -8,301 -1,148 -1,999

- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,758 5,403

- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,402

C. Primary Income -29,703 -6,815 -7,202 -7,458 -6,718 -28,194 -7,556 -7,624

- Receipts 2,130 468 722 705 930 2,826 515 800

- Payments -31,832 -7,283 -7,925 -8,163 -7,649 -31,020 -8,072 -8,425

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

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

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

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

- Receipts 27 1 0 2 14 17 0 4

- Payments 0 0 0 0 0 0 0 0

I I I . Financial Account 44,916 4,955 2,034 218 9,875 17,082 4,590 7,415

- Assets -10,786 -8,302 -9,073 -3,787 -121 -21,283 -898 -3,854

- Liabilities 55,702 13,257 11,108 4,005 9,996 38,365 5,488 11,270

1. Direct Investment 14,733 1,617 3,890 1,833 3,295 10,635 2,679 2,991

a. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,204

b. Liabilities 25,121 5,067 7,284 3,178 4,525 20,054 3,690 4,195

2. Portfolio Investment 26,067 8,509 5,571 -2,202 4,857 16,735 4,447 8,382

a. Assets 2,587 24 -737 -683 427 -968 -168 481

b. Liabilities 23,480 8,484 6,309 -1,519 4,429 17,703 4,614 7,901

- Public Sector2) 15,380 6,942 3,808 891 5,728 17,369 4,919 7,250

- Private Sector3) 8,100 1,542 2,500 -2,410 -1,299 334 -305 652

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

4. Other Investment 4,272 -5,263 -7,424 356 2,024 -10,308 -2,513 -3,933

a. Assets -3,427 -5,081 -5,171 -1,955 645 -11,562 4 -3,302

b. Liabilities 7,699 -182 -2,253 2,311 1,379 1,254 -2,518 -631

- Public Sector2) -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,548

- Private Sector3) 11,907 962 -887 646 1,002 1,723 -2,398 917

IV. Total (I + I I + I I I ) 18,226 815 -2,252 -3,935 4,773 -598 -172 2,741

V. Net Error and Omissions -2,978 488 -674 -630 316 -500 -115 -579

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

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

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

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

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

Memorandum:

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

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

- Current Account (% GDP) -3.00 -1.94 -1.96 -1.92 -2.39 -2.05 -2.19 -2.02

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

ITEMS2014

August, 2016

20162015*

28

TABLE 2


CURRENT ACCOUNT

GOODS

(millions of USD)


Goods 1) 7,776 3,063 4,125 4,141 1,961 13,289 2,709 3,718

- Exports 176,086 37,827 39,685 36,086 34,767 148,365 33,100 36,249

- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,531

A. General merchandise 6,268 2,690 3,810 4,047 2,012 12,560 2,400 3,485

1. Non-oil and gas 18,097 3,947 5,932 6,158 2,986 19,023 3,244 4,916

a. Exports 145,802 33,068 34,722 32,038 30,713 130,541 29,836 32,708

b. Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,792

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

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

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

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

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

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

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

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

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

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

Memorandum:

1. Nominal

a. Total exports (fob) 176,086 37,827 39,685 36,086 34,767 148,365 33,100 36,249

- Non-oil and gas 147,334 33,445 35,041 32,395 31,059 131,941 30,188 33,013

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

b. Total imports (fob) -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,531

- Non-oil and gas -127,729 -29,126 -28,794 -26,144 -28,125 -112,189 -26,636 -27,865

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

2. Growth (% , yoy)

a. Total exports (fob) -3.3 -13.9 -10.8 -17.2 -19.6 -15.4 -12.5 -8.7

- Non-oil and gas -0.8 -8.0 -5.3 -10.9 -15.7 -10.0 -9.7 -5.8

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

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

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

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

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

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

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

ITEMS2014

August, 2016

20162015*

29

TABLE 3


CURRENT ACCOUNT

SERVICES

(millions of USD)


Services -10,010 -1,816 -2,634 -2,111 -1,740 -8,301 -1,148 -1,999

- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,758 5,403

- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,402

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

- Exports 425 80 95 101 79 356 83 89

- Imports 0 0 0 0 0 0 0 0

B. Maintenance and repair services -376 -78 -41 -61 -61 -241 -83 -37

- Exports 100 26 38 27 28 118 41 34

- Imports -476 -105 -79 -87 -89 -359 -125 -71

C. Transport -8,184 -1,520 -1,639 -1,584 -1,378 -6,122 -1,223 -1,357

- Exports 3,791 814 837 812 1,016 3,479 874 964

- Imports -11,975 -2,335 -2,476 -2,396 -2,395 -9,602 -2,098 -2,321

a. Passenger -1,275 -141 -294 -373 -406 -1,215 -141 -252

- Exports 1,306 334 323 325 311 1,293 333 316

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

b. Freight -6,707 -1,367 -1,372 -1,271 -1,171 -5,181 -1,088 -1,038

- Exports 1,751 354 362 317 396 1,429 411 492

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

c. Other -201 -12 27 60 198 273 5 -67

- Exports 735 126 151 171 310 758 130 156

- Imports -936 -138 -124 -111 -112 -484 -125 -222

D. Travel 2,579 1,059 609 827 974 3,469 1,172 815

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

- Imports -7,682 -1,698 -1,683 -1,969 -1,942 -7,292 -1,722 -1,704

E. Construction 52 -5 -31 -77 38 -74 38 17

- Exports 712 117 82 102 77 378 70 54

- Imports -660 -122 -113 -178 -39 -453 -31 -37

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

- Exports 26 2 4 6 14 26 2 5

- Imports -964 -218 -321 -212 -193 -943 -150 -194

G. Financial services -398 -121 -156 -72 -132 -481 -185 -93

- Exports 223 45 54 98 67 264 71 80

- Imports -621 -166 -210 -170 -199 -744 -256 -173

H. Charges for the use of intellectual property -1,802 -328 -463 -290 -518 -1,598 -358 -624

- Exports 60 13 17 10 15 54 13 10

- Imports -1,862 -340 -479 -299 -534 -1,653 -371 -634

I . Telecommunications, computer, and information services -481 -193 -233 -137 -183 -746 -205 -291

- Exports 1,140 281 204 255 306 1,046 194 229

- Imports -1,621 -474 -437 -392 -488 -1,791 -399 -520

J. Other business services -940 -617 -563 -741 -543 -2,464 -398 -513

- Exports 6,032 1,230 1,271 1,108 1,390 4,999 1,331 1,212

- Imports -6,972 -1,847 -1,834 -1,849 -1,933 -7,463 -1,729 -1,725

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

- Exports 150 26 32 25 31 115 16 25

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

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

- Exports 611 163 176 146 147 632 169 181

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

Memorandum:

Number of traveler (thousands of people)

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

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

ITEMS2014

August, 2016

20162015*

30

TABLE 4


CURRENT ACCOUNT

PRIMARY INCOME

(millions of USD)


Primary Income -29,703 -6,815 -7,202 -7,458 -6,718 -28,194 -7,556 -7,624

- Receipts 2,130 468 722 705 930 2,826 515 800

- Payments -31,832 -7,283 -7,925 -8,163 -7,649 -31,020 -8,072 -8,425

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

- Receipts 206 53 61 49 50 213 55 63

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

B. Investment income -28,503 -6,499 -6,880 -7,101 -6,352 -26,832 -7,196 -7,257

- Receipts 1,924 414 661 657 881 2,614 460 737

- Payments -30,426 -6,914 -7,542 -7,758 -7,233 -29,446 -7,656 -7,994

a. Direct investment income -19,271 -4,108 -4,395 -4,859 -4,775 -18,138 -4,528 -4,258

1) Income on equity capital -17,888 -3,809 -4,134 -4,407 -4,375 -16,725 -4,218 -4,087

- Receipts 140 23 23 9 17 72 2 31

- Payments -18,028 -3,832 -4,158 -4,416 -4,392 -16,797 -4,219 -4,118

2) Income on debt (interest) -1,383 -299 -261 -452 -400 -1,413 -310 -171

- Receipts 50 8 2 4 7 21 2 33

- Payments -1,432 -307 -264 -456 -407 -1,434 -312 -204

b. Portfolio investment income -7,106 -1,916 -1,750 -1,859 -879 -6,406 -2,234 -2,271

1) Income on equity capital -2,221 -217 -977 -367 -375 -1,936 -218 -1,348

- Receipts 399 58 88 38 98 283 59 151

- Payments -2,620 -275 -1,065 -405 -474 -2,219 -277 -1,499

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

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

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

c. Other investment income -2,126 -475 -735 -382 -697 -2,288 -434 -728

- Receipts 728 113 115 89 108 426 152 167

- Payments -2,853 -588 -850 -471 -805 -2,714 -587 -895

ITEMS2014

August, 2016

2015* 2016

31

TABLE 5


CURRENT ACCOUNT

SECONDARY INCOME

(millions of USD)

TABLE 6


FINANCIAL ACCOUNT

DIRECT INVESTMENT

(millions of USD)


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

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

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

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

- Receipts 239 8 3 15 124 150 5 38

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

B. Other sectors 4,988 1,419 1,424 1,258 1,258 5,360 1,234 1,189

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

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

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

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

- Receipts 789 177 253 169 166 765 172 261

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

Memorandum:

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

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

ITEMS2014 2015* 2016

August, 2016


Direct Investment 14,733 1,617 3,890 1,833 3,295 10,635 2,679 2,991

A. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,204

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

2. Debt instuments -822 -744 -908 260 316 -1,076 289 436

B. Liabilities 25,121 5,067 7,284 3,178 4,525 20,054 3,690 4,195

1. Equity capital 21,895 4,335 5,199 4,539 5,612 19,685 3,501 5,514

2. Debt instuments 3,225 732 2,085 -1,361 -1,086 370 189 -1,319

a. Inflow 80,051 21,152 22,131 18,261 13,915 75,458 13,008 12,422

b. Outflow -76,826 -20,420 -20,046 -19,622 -15,001 -75,089 -12,819 -13,741

Memorandum:

Direct investment based on directional principle 14,733 1,617 3,890 1,833 3,295 10,635 2,679 2,991

A. Direct investment abroad -7,077 -2,155 -1,240 -2,257 -629 -6,281 -99 -646

1. Equity capital -5,408 -1,592 -1,549 -846 -595 -4,581 -347 -709

2. Debt instruments -1,670 -564 308 -1,411 -33 -1,700 248 62

B. Direct investment in Indonesia 21,811 3,772 5,130 4,090 3,924 16,917 2,777 3,637

1. Equity capital 17,737 3,221 4,261 3,780 4,660 15,923 2,548 4,583

2. Debt instruments 4,073 551 869 310 -737 993 230 -945

ITEMS2014 2015* 2016

August, 2016

32

TABLE 7


FINANCIAL ACCOUNT

PORTFOLIO INVESTMENT

(millions of USD)


Portfolio Investment 26,067 8,509 5,571 -2,202 4,857 16,735 4,447 8,382

A. Assets 2,587 24 -737 -683 427 -968 -168 481

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

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

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

2. Private Sector -379 -689 -724 -503 555 -1,360 -341 534

a. Equity capital -753 -258 -317 -180 148 -608 -147 -120

b. Debt securities 374 -431 -406 -323 407 -753 -195 654

B. Liabilities 23,480 8,484 6,309 -1,519 4,429 17,703 4,614 7,901

1. Public Sector 15,380 6,942 3,808 891 5,728 17,369 4,919 7,250

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

b. Debt securities 15,380 6,942 3,808 891 5,728 17,369 4,919 7,250

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

2) Government 15,497 7,067 3,627 1,084 5,725 17,503 4,851 7,002

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

b) Long term 15,378 6,771 3,576 1,501 5,694 17,542 5,022 6,827

2. Private Sector 8,100 1,542 2,500 -2,410 -1,299 334 -305 652

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

b. Debt securities 4,841 1,105 2,589 -1,210 -603 1,881 -618 -15

1) Short term 1,317 -217 271 -1,154 -1,240 -2,340 -480 28

2) Long term 3,524 1,322 2,318 -56 637 4,221 -139 -43

Memorandum:

Government's debt securities, liabilities 15,497 7,067 3,627 1,084 5,725 17,503 4,851 7,002

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

2. Denominated in foreign currency 3,658 3,660 1,100 2,076 3,150 9,986 1,350 4,140

Notes:

N/A : Not Applicable

2014ITEMS

2015* 2016

August, 2016

33

TABLE 8


FINANCIAL ACCOUNT

OTHER INVESTMENT

(millions of USD)


Other Investment 4,272 -5,263 -7,424 356 2,024 -10,308 -2,513 -3,933

A. Assets -3,427 -5,081 -5,171 -1,955 645 -11,562 4 -3,302

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

2. Private Sector -3,427 -5,081 -5,171 -1,955 645 -11,562 4 -3,033

a. Currency and deposits -2,279 -4,237 -3,073 -646 544 -7,411 -766 -1,903

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

c. Trade credit and advances -915 -523 -1,233 -436 210 -1,982 117 -764

d. Other assets -849 -153 -422 -549 -10 -1,134 355 -345

B. Liabilities 7,699 -182 -2,253 2,311 1,379 1,254 -2,518 -631

1. Public Sector -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,548

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

b. Loans -1,243 -431 -1,380 1,485 249 -77 54 -1,601

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

a) Drawings 0 0 0 0 0 0 0 0

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

2) Government -1,228 -431 -1,371 1,485 273 -44 54 -1,577

a) Drawings 4,035 237 382 2,134 2,077 4,829 778 463

(1) Program 1,540 0 74 2,000 1,815 3,889 529 280

(2) Project 2,494 237 308 134 262 940 249 183

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

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

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

2. Private Sector 11,907 962 -887 646 1,002 1,723 -2,398 917

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

b. Loans 8,785 960 -935 -628 1,207 605 -1,748 -896

1) Drawings 37,494 7,970 7,268 5,569 9,280 30,087 3,516 5,355

2) Repayments -28,709 -7,010 -8,204 -6,197 -8,073 -29,483 -5,265 -6,250

c. Trade credit and advances 209 -37 1 657 -150 471 165 792

d. Other liabilities 532 108 -72 86 -242 -120 5 -36

Notes:1) Excludes credit and loans with IMF

2015*ITEMS

2014 2016

August, 2016

balance of payments report · the balance of payments developments in turn bolstered the official...

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