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SinidaftaKan?

kang

BALANCE OF PAYMENTS

REPORT

Third Quarter 2015

November 2015

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Contact Address:

Balance of Payments and Statistics Development Group

Department of Statistics

Bank Indonesia

Sjafruddin Prawiranegara Tower, 15th

Floor

Jl. M.H. Thamrin No. 2

Jakarta 10350

Phone : +62 21 29816688

Fax : +62 21 3501935

E-mail : BNP@bi.go.id

Website : www.bi.go.id

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BALANCE OF PAYMENTS

REPORT

Third Quarter 2015

November 2015

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This Page is Intentionally Left Blank

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SUMMARY

Q3/2015

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3

CURRENT ACCOUNT 4

Goods Trade Balance 5

Non-oil & Gas Trade Balance 5

Oil & Gas Trade Balance 10

Services Trade Balance 12

Primary Income Balance 13

Secondary Income Balance 13

CAPITAL AND FINANCIAL ACCOUNT 14

Direct Investment 14

Portfolio Investment 15

Other Investment 17

EXTERNAL SUSTAINABILITY INDICATORS 19

ALANCE OF PAYMENTS OUTLOOK 21

BOX 1: CHANGES IN BOP FIGURES

FROM Q2/2015 PUBLICATION 23

APPENDICES 25

LIST OF CONTENTS

Transaksi Berjalan

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LIST OF TABLES

Page

Page

Table 1 Non-Oil and Gas Exports by Commodity Group

(based on SITC)

6

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

Origin

10

Table 2 Non-Oil and Gas Exports by Destination Major

Countries

6

Table 7 Oil Exports 11

Table 3 Exports of Leading Non-Oil and Gas Commodities

(based on HS)

9

Table 8 Oil Imports (f.o.b) 11

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

Group

9

Table 9 Gas Exports (f.o.b) 12

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

Commodities

10

Table 10 External Sustainability Indicators 19

LIST OF CHARTS

Page

Page

Chart 1 4

Chart 13 Direct Investment 14

Chart 2 Current Account 4

Chart 14 Foreign Direct Investment (FDI) by Sector 15

Chart 3 Non-oil & Gas Trade Balance 5

Chart 15 Foreign Direct Investment (FDI) by Country of

Origin

15

Chart 4 Oil & Gas Trade Balance 10

Chart 16 Portfolio Investment 16

Chart 5 International Oil Prices 11

Chart 17 Foreign Holdings of SBI and Government Debt

Securities (SUN)

16

Chart 6 Services Trade Balance 12

Chart 18 Foreign Transactions on the IDX and JCI

Performance

16

Chart 7 Freight Services Payments 12

Chart 19 ASEAN Stock Market Performance 17

Chart 8 Travel Services 12 Chart 20 Portfolio Investment by Institutional Sector 17

Chart 9 Primary Income Account 13 Chart 21 Other Investments 17

Chart 10 13 Chart 22 Other Investment Assets of the Private Sector 17

Chart 11 Placements of Indonesian Migrant Workers in

Q3/2015

13 Chart 23 Other Investment Liabilities of the Private Sector 18

Chart 12 Capital and Financial Account 14 Chart 24 Public Sector Foreign Loans 18

1

Current account performance continued to improve supported by stronger non -oil and gas trade

balance. The current account deficit stood at USD4.0 billion (1.86% of GDP) in Q3/2015, well progressing from

USD7.0 billion (3.02% of GDP) in Q3/2014 and USD4.2 billion (1.95% of GDP) in the previous quarter.

Improvement in current account stemmed primarily from the non-oil and gas trade balance as imports declined

notably by 18.2% (yoy) in line with dwindling domestic demand. On the other hand, exports of non-oil and gas

experienced a less pronounced decrease (11.0% yoy) due to declining commodity prices, despite real export

growth of 4.5% (yoy). Meanwhile, the oil and gas trade deficit remained relatively stable from the previous

quarter as a decline in the gas trade surplus was offset by a decrease in the oil trade deficit. Furthermore, a

smaller services account deficit due to a decline in transportation services (freight) in line with fewer imports of

goods as well as growing travel account surplus due to an increase in international visitors to Indonesia also

buoyed current account performance.

The capital and financial account maintained a surplus despite growing uncertainty

overshadowing global financial markets. The surplus stood at USD1.2 billion in the third quarter of 2015,

shrinking from USD14.7 as of Q3/2015 and USD2.2 billion in the last quarter. Portfolio investment deficit and

smaller direct investment surplus were cited for the decline in the capital and financial account surplus. A net sell

of government debt securities and domestic stocks by non-residents contributed to the portfolio investment

deficit. On the other hand, government withdrawal of external debt and declining private sector offshore debt

repayments reversed the other investment deficit into a surplus and prevented a deeper decline in the capital

and financial account surplus.

The lesser capital and financial account surplus was unable to fully offset the current account

deficit, leading to an overall balance of payments deficit totaling USD4.6 billion in Q3/2015. Accordingly,

the position of official reserve assets dropped from USD108.00 billion at the end of June 2015 to USD101.7

billion at the end of September 2015, equivalent to 6.8 months of imports and government external debt

repayment, which is well above the international standards of reserves adequacy at three months of imports.

SUMMARY

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SUMMARY

Improvement in the external balance of

Indonesia continued by the third quarter of 2015,

reflected by a reduction in the current account deficit.

The capital and financial account maintained surplus,

despite global economic headwinds and limited

domestic economic momentum. The current account

deficit stood at USD4.0 billion (1.86% of GDP) in

Q3/2015, declining from USD7.0 billion (3.02% of

GDP) in the same period last year and USD4.2 billion

(1.95% of GDP) in the previous quarter.

The trade surplus of goods increased by 159.9%

compared to Q3/2015 and remained relatively stable

from last quarter, which contributed to improvement

in current account performance. Over the past

quarter, the trade balance has been notable

influenced by a decline in imports of goods (24.0%,

yoy) that exceeded the decline in corresponding

exports (17.4%, yoy). Improvements in the current

account primarily stemmed from a growing non-oil

and gas trade surplus as imported raw materials were

optimised during the reporting period. The prevailing

import-export trend expanded the non-oil and gas

trade surplus by 40.9% on the same period last year

and 2.8% on the previous quarter. Furthermore, the

oil and gas trade deficit also narrowed compared to

the same period last year and was relatively stable

compared to the previous period due to a decline in

the oil trade deficit that was offset by a decline in the

gas trade surplus as a result of a larger decrease in

gas exports than gas imports against a backdrop of

falling commodity prices and increasing domestic gas

consumption.

Improvements in the current account were also

supported by a reduction in the services trade deficit

from USD2.5 billion (Q3/2014) and USD2.7 billion

(Q2/2015) to USD2.0 billion in the reporting period. It

was mainly caused by a decline in imports of

transportation services (freight) which was in line with

fewer imports of goods. Furthermore, the travel

services surplus increased as the number of travellers

visiting Indonesia grew positively, particularly

international travellers, which was accompanied by an

increase in tourist consumption. Meanwhile, the

primary income account deficit increased on the back

of direct investment income payments and public

sector portfolio investment in line with its seasonal

trends, while the secondary income account surplus

decreased due to a decline in receipts of remittances.

The capital and financial account still record a

surplus although decreased compared to both

Q3/2014 and Q2/2015. The decrease was highly

related to the global economic headwinds and limited

domestic financial market growth. The capital and

financial account surplus stood at USD1.2 billion in

the reporting period, which was down on the USD2.2

billion in the previous period and USD14.7 billion one

year ago. The decline was triggered by a reversal in

portfolio investment from a surplus to a deficit and

exacerbated by a smaller direct investment surplus.

Net selling of government debt securities and

domestic shares by non-residents precipitated the

portfolio investment deficit. On the other hand, the

government withdrew more external loans while

private external debt repayments declined, which

reversed the other investment deficit into a surplus

and prevented further declines in the capital and

financial account.

A smaller capital and financial account surplus

was inadequate to fully offset the current account

deficit, leading to an overall balance of payments

deficit that stood at USD4.6 billion in Q3/2015. The

3/2015

4

deficit was a contradiction of the overall balance

surplus booked one year ago. Furthermore, the overall

balance deficit jumped 56.1% in comparison to the

deficit recorded last quarter. Consequently, the

position of official reserve assets decreased from

USD108.03 billion at the end of June 2015 to

USD101.72 at the end of September 2015, equivalent

to 6.8 months of imports and and servicing of

government external debt repayment, which was well

above the international standards of reserves

adequacy at three months of imports. Bank Indonesia

considers the position of reserve assets adequate to

support external sector resilience and sustainable

economic growth in Indonesia.

Chart 1

CURRENT ACCOUNT

The current account recorded a deficit of USD4.0

billion (1.86% of GDP) in the third quarter of 2015,

decreasing significantly from USD7.0 billion (3.02% of

GDP) in the same period of last year and USD4.2

billion (1.95% of GDP) in the previous quarter.

Improvements in the current account deficit were

attributed to a growing non-oil and gas trade surplus

and a decline in the services trade deficit, while the

primary and secondary income accounts remained

relatively stable (Chart 2).

Chart 2

Current Account

The non-oil and gas trade surplus increased

significantly during the reporting period after non-

oil and gas imports (FOB) fell relatively sharp (18.2%,

yoy) as utilization of imported raw materials were

optimised to meet domestic demand in line with

stronger GDP growth. Non-oil and gas exports

experienced a less pronounced decline (11.0%, yoy)

due to lower commodity prices. The oil and gas trade

deficit was relatively unchanged from last quarter

because the decline in the oil trade deficit was offset

by a decline in the gas trade surplus due to falling

commodity prices and increasing domestic gas

consumption.

The services trade deficit also narrowed due to a

decrease in imports of transportation services (freight)

as imports of goods declined and an increase in the

travel services surplus as the number of international

tourists increased. The primary income account

booked a larger deficit compared to the same period

last year and the previous quarter due primarily to an

increase in direct investment income payments in the

form of seasonal dividends and public sector portfolio

investment income payments. The secondary income

account recorded a larger surplus compared to

Q3/2014 but a smaller surplus than Q2/2015 due to

the positive contribution of personal transfer receipts.

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30

60

90

120

150

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-10

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5

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15

20

Q1

Q2

Q3

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Q3

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Q1

Q2

Q3

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Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

Cap & Fin Account Curr. Account

Overall Balance Reserve Assets (RHS)

billion USD billion USD

* provisional figures** very provisional figures

-20

-15

-10

-5

0

5

10

15

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

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Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

Secondary Inc. Primary Inc.

Services OG Trade Balance

NOG Trade Balance Curr. Account

billion USD

* provisional figures** very provisional figures

5

Goods Trade Balance

The goods trade balance posted a USD4.1 billion

surplus in Q3/2015, climbed from USD1.6 billion in

Q3/2014. The increase stemmed from a growing non-

oil and gas trade surplus and decreasing oil and gas

trade deficit.

Non-Oil and Gas Trade Balance

The non-oil and gas trade surplus was registered

at USD6.1 billion in Q3/2015. On an annualised basis,

the non-oil and gas trade surplus exceeded surplus

posted in Q3/2014 at USD4.3 billion. The increase

was due to a sharper decline in imports (18.2%, yoy)

as a result of dwindling domestic demand than

exports, which fell 11.0% (yoy) on declined

commodity prices despite growth of 4.5% in real

terms.

Compared to the previous period, the non-oil

and gas trade surplus moderated due to a correction

of non-oil and gas imports (Chart 3).

Chart 3

Non-Oil and Gas Trade Balance

Non-Oil and Gas Exports

Non-oil and gas exports totalled USD32.0

billion in Q3/2015, dropped 7.9% (qtq) on the

USD34.7 billion achieved last quarter. In comparison

to the same period of the previous year, non-oil and

gas exports experienced a deeper contraction of

11.0% (yoy).

The annual decline in non-oil and gas exports

was ascribed to persistently low prices since Q4/2014,

following commodity price corrections on the

international market. Abundant commodity supply

and weak demand, particularly for industrial products,

lowered international commodity prices during the

reporting period.

Notwithstanding, non-oil and gas exports

avoided further declines due to positive 4.5% (yoy)

growth of export volume, particularly agricultural

exports. Conversely, exports of raw materials as well

as mining and manufacturing products slipped into

negative territory. The decline of manufacturing

products has endured since Q1/2015 due to

protracted recoveries in the United States and China

(Table 1).

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2

4

6

8

10

12

-50

-40

-30

-20

-10

0

10

20

30

40

50

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

Th

ou

san

ds

Imports Exports NOG Trade Balance (RHS)

billion USD

* provisional figures ** very provisional figures

billion USD

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Table 1

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

Non-Oil and Gas Exports by Destination

A nominal decline in non-oil and gas exports was

evidenced by slower growth to leading trading

partners, excluding the Philippines (Table 2).

Table 2

Non-Oil and Gas Exports by Destination Major Countries

The decline in exports to the United States

primarily contributed by electrical equipment,

processed foods, fresh/frozen prawns and vegetable

oil, which accounted for 23.9% of all exports to the

United States. In contrast, exports of textiles and

processed natural rubber, with a share of 36.7%,

enjoyed positive growth.

A decline in coal exports, as the dominant

commodity with a 21.8% share, was the main

catalyst for the decrease in exports to China.

Nevertheless, strong exports of vegetable oil,

accounting for 19.3% of total exports to China,

prevented a further export decline.

Exports to Japan also suffered a decline due

primarily to coal and base metals (nickel) with a share

of 24.6% of total exports to the country. Weaker

A. Primary Product

Nominal 50.2 48.6 -3.8 -9.0 -9.4 0.8 -13.4 -8.0 -10.2 -5.7 -16.4 Real 45.4 50.4 7.7 -3.4 -10.6 -0.4 0.4 -3.9 14.3 25.7 18.6 Price Index - - -10.6 -5.8 1.4 1.2 -13.8 -4.4 -21.4 -25.0 -29.5

Agricultural Products

Nominal 30.1 29.7 -4.8 5.0 2.2 11.1 -3.0 3.5 -12.0 -1.7 -12.0 Real 27.3 30.2 3.6 4.6 1.9 12.6 10.0 6.9 8.8 26.5 22.0 Price Index - - -8.0 0.3 0.2 -1.3 -11.8 -3.1 -19.2 -22.3 -27.8

Foods

Nominal 23.4 23.2 -5.0 10.9 9.1 21.1 3.9 10.8 -9.0 0.6 -13.4 Real 19.9 21.9 2.1 6.5 4.0 18.4 14.6 10.3 11.2 29.3 19.2 Price Index - - -7.0 4.1 4.9 2.3 -9.4 0.5 -18.2 -22.2 -27.3

Raw Materials

Nominal 6.7 6.5 -4.0 -10.0 -15.8 -14.5 -23.4 -15.9 -21.5 -9.2 -6.9 Real 5.3 5.7 3.6 -2.1 -5.2 -4.8 -7.0 -4.8 -1.9 12.0 24.8 Price Index - - -7.4 -8.1 -11.2 -10.2 -17.6 -11.7 -20.0 -18.9 -25.4

Fuels & Mining Products

Nominal 20.0 18.8 -2.6 -24.3 -22.4 -11.2 -25.9 -21.3 -7.4 -11.6 -22.8 Real 9.1 8.9 10.0 -16.3 -22.1 -11.5 -16.2 -16.7 9.6 7.0 -5.4 Price Index - - -11.5 -9.6 -0.4 0.3 -11.6 -5.4 -15.6 -17.4 -18.4

B. Manufacture Products

Nominal 48.3 50.0 0.1 9.2 8.6 6.8 3.4 6.9 -4.9 -4.5 -4.9 Real 53.8 48.9 2.7 10.3 8.2 3.2 -1.3 5.0 -8.0 -7.4 -4.2 Price Index - - -2.5 -1.0 0.4 3.5 4.7 1.9 3.3 3.2 -0.7

C. Others

Nominal 1.6 1.4 -7.8 41.3 20.8 -24.3 -32.2 -4.9 -26.1 -17.8 -18.1 Real 0.8 0.7 0.0 60.6 26.9 -23.4 -28.9 1.1 -22.2 -11.6 -6.7 Price Index - - -7.8 -12.0 -4.9 -1.2 -4.7 -5.9 -4.9 -6.9 -12.2

Total

Nominal 100.0 100.0 -2.2 -0.3 -0.9 3.0 -6.5 -1.3 -8.0 -5.3 -11.0 Real 100.0 100.0 4.7 2.8 -2.6 -0.2 -2.2 -0.7 2.3 7.8 4.5 Price Index - - -6.6 -3.0 1.8 3.2 -4.4 -0.7 -10.0 -12.1 -14.8

*) provisional figures

**) very provisional figures

TOTAL Q2* Q3**

2015

Growth (% yoy)

Q2Q1

Description

Shares (%)

2014* 2015**

2013

Q1*Q4 TOTAL

2014*

Q3

1 U S A 10.8 11.5 3.6 2.6 7.6 6.5 5.5 5.6 -1.1 -0.4 -4.8

2 China 11.2 9.8 1.8 -2.7 -17.8 -24.8 -39.1 -22.2 -36.5 -13.1 -9.4

3 Japan 10.0 9.7 -6.6 -12.6 -11.4 -5.6 -4.8 -8.7 -5.4 -8.4 -13.7

4 India 8.3 8.8 4.0 -13.9 -16.9 19.8 -7.1 -5.6 7.3 18.1 -27.0

5 Singapore 6.7 6.5 -5.7 2.3 23.4 8.1 12.5 11.6 1.7 -19.4 -9.0

6 Malaysia 4.4 4.7 -15.2 -19.9 -6.8 -8.0 -7.2 -10.6 3.5 0.2 -7.4

7 South Korea 3.9 4.2 -9.9 -11.0 -6.5 2.9 -3.0 -4.6 0.1 0.4 -6.3

8 Thailand 3.4 3.5 -4.8 -5.7 -10.4 2.8 -2.7 -4.2 -6.4 -4.0 -11.6

9 Phillipines 2.7 3.0 2.9 -2.1 6.7 9.4 -0.1 3.4 -2.0 4.2 7.2

10 Taiwan 2.7 2.9 -9.1 4.6 23.3 16.8 -19.8 4.8 12.1 -10.8 -6.5

Total 10 Countries 64.0 64.7 -2.7 -6.3 -4.9 -1.1 -10.9 -5.9 -7.4 -4.1 -10.7

*) provisional figures

**) very provisional figures

Q2* Q3**

2015

Growth (%, yoy)

Q4Q3Q2Q1 TOTALTOTAL

Description2014* 2015**

Shares (%)

2013*

Q1*

2014*

7

coal exports were also blamed for a decrease in

exports to India, accounting for 40.1% of the total. In

addition, lower exports to India were also the result

of fewer shipments of vegetable oil, comprising

28.7% of the total.

The slowdown in exports to Singapore was due

to manufacturing products, such as electrical

equipment, base metals as well as mechanical

equipment, with a 40.1% share of the total. Weaker

exports of manufacturing products, including base

metals (copper), electrical equipment, mechanical

equipment and textiles (representing 22.0% of the

total) were also responsible for the export decline to

Malaysia.

Exports to South Korea also decreased due to

fewer shipments of coal, accounting for 26.6% of the

total. In the case of Thailand, a decline in exports of

coal, base metals as well as mechanical and electrical

equipment (45.2% share) undermined export

performance to the country. Meanwhile, sluggish

exports to Taiwan were the result of a lower coal and

base metals export with a 42.9% share of the total.

Conversely, positive export growth to the

Philippines was supported by shipments of two and

three-wheeled motor vehicles, spare parts, processed

natural rubber (primarily rubber derivatives) as well as

pharmaceutical products with a 9.3% share of total

exports to the country.

Non-Oil and Gas Exports by Commodity

The decline in non-oil and gas exports during

Q3/2015 was further corroborated by the 13.7%

(yoy) drop in the export value of 10 leading

commodities. The decline was more marked than that

of the previous quarter due to a sharp price correction

and weaker real export growth. Real exports of the

leading commodities maintained positive growth of

1.1% (yoy), while prices fell 14.6% (yoy).

Stronger real exports recorded on vegetable oil,

processed foods, processed rubber, motor vehicles

and component parts as well as processed wood.

Meanwhile, demand dwindled for exports of coal,

textiles, electrical equipment, base metals, mechanical

equipment and processed wood.

Price corrections affected all leading export

commodities during the reporting period except for

motor vehicles and component parts (Table 3).

Export volume of vegetable oil recorded growth

of 9.2% (yoy) in Q3/2015 on the back of stronger

exports to China (71.7%, yoy) and Pakistan (1.3%,

yoy). Furthermore, domestic vegetable oil production

in China declined, which boosted demand for

vegetable oil exports from Indonesia to increase the

supply of palm oil in China.

Demand for Indonesian vegetable oil in India, as

a leading export destination (18.7% share), slumped

in Q3/2015. According to the Indonesian Palm Oil

Association (GAPKI), a significant increase in exports

was reported in September, driven by increased

domestic supply in India at a time when prices were

low and demand from the food industry increased.

Similarly, vegetable oil exports to the Netherlands also

surged in September due to lower production of

sunflower oil, rapeseed oil and canola oil as

substitutes for palm oil to meet the requirement for

biodiesel supply in Europe.

In terms of prices, crude palm oil (CPO)

experienced a 25.6% (yoy) correction in Q3/2015. On

the international market, the CPO price slipped from

USD772/mt in Q3/2014 to USD574/mt in the

reporting period due to abundant global supply,

primarily from Indonesia. The price rebounded in

October, however, to USD584/mt in line with

speculation of less production due to the impact of El

Nino and a prolonged dry season.

The export volume of processed foods climbed

4.2% (yoy) in Q3/2015, supported by greater export

volume to Malaysia (10.8%, yoy), Australia (4.4%,

yoy) and China (42.4%, yoy). Nonetheless, the price

of exported processed foods contracted 10.5% (yoy),

thereby reducing export value by 6.9% (yoy). The

decline primarily affected exports of processed foods

to the United States (12.5%, yoy), the Philippines

(21.8%, yoy) and Singapore (17.5%, yoy).

8

Additionally, export volume of processed rubber

also achieved positive growth of 17.2% (yoy), buoyed

by a surge in exports to the United States (12.6%,

yoy) and South Korea (0.9%, yoy). The export price

of processed rubber decreased, however, in line with

prices on the international market due to sluggish

sales of tyres in China. The price correction saw 6.6%

(yoy) wiped off the value of exports, while exports

declined to Japan (18.7%, yoy), China (14.6%, yoy)

and India (1.0%, yoy).

Exports of motor vehicles and component parts

increased 3.8% (yoy) on rising prices and demand,

particularly destined for Saudi Arabia (17.9%, yoy),

Thailand (13.5%, yoy) and Malaysia (7.4%, yoy),

which account for 38.8% of total exports of motor

vehicles and component parts. Most exports to Saudi

Arabia were in the form of vehicles with four wheels

or more, while exports to Thailand and Malaysia were

dominated by spare parts.

Export volume of processed wood increased in

Q3/2015 at a time when export prices faced a deep

correction. Export volume increased due to demand

from South Korea (6.0%, yoy), the Netherlands

(2.8%, yoy) and the UK (3.3%, yoy), accounting for

12.1% of total processed wood exports.

Coal exports continued to follow a downward

trend in Q3/2015 due to dwindling demand and price

factors. Sluggish coal exports primarily affected India,

China, Japan and South Korea, with a 67.7% share,

declining 39.6% (yoy), 25.1% (yoy), 22.8% (yoy) and

27.0% (yoy) respectively.

In the case of coal exports to China, government

efforts to combat coal pollution and promote

renewable and environmentally friendly energy

sources undermined demand for coal from Indonesia.

Since the end of 2013, the majority of power stations

in China have been switched over to renewable

energy. Consequently, coal use for power stations in

China has declined 4.0% (ytd).

As a consumer of nearly 50% of global coal

supply, when China reduces consumption it places

pressure on coal prices. Consequently, coal prices

slumped from USD67.9/mt in Q3/2014 to

USD57.5/mt in Q3/2015. Furthermore, coal prices

dropped again in October 2015 to USD52.2/mt.

Textile exports declined 5.8% (yoy) in Q3/2015,

particularly to Japan (1.9%, yoy) and Germany

(15.7%, yoy). Further declines were negated by an

increase in textile exports to the United States (5.1%,

yoy) as the main export destination for textiles, with a

32.2% share.

Export volume of electrical equipment decreased

7.8% (yoy) in Q3/2015, accompanied by a 6.9% (yoy)

correction to export prices, which reduced export

value by 14.1% (yoy). The decline in exports of

electrical equipment predominantly affected by

shipments to Singapore (22.5%, yoy), the United

States (5.1%, yoy), Japan (12.1%, yoy) and Thailand

(1.4%, yoy), accounting for 51.7% of the total.

Demand for exports of base metals dropped

8.6% (yoy) in Q3/2015, particularly from Japan

(39.8%, yoy), Singapore (53.05%, yoy) and China

(7.9%, yoy), with a 35.5% share of the total. Further

export declines were offset by a surge in exports of

base metals to Australia as the leading export

destination (15.6% share).

Exports of mechanical equipment fell 9.1% (yoy)

in Q3/2015 due to an 8.5% (yoy) decline in demand,

especially from Singapore (5.1%, yoy), the United

States (7.1%, yoy), Japan (14.3%, yoy) and Thailand

(6.1%, yoy), which account for 53.4% of total

exports of mechanical equipment.

9

Table 3

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

Non-Oil and Gas Imports

In Q3/2015, non-oil and gas imports (CIF)

continued to follow the downward trend that has

persisted since early 2013. Non-oil and gas imports

contracted 17.3% (yoy) compared to 16.3% (yoy) last

quarter. Furthermore, weaker domestic demand and

the optimisation of imported raw materials

perpetuated the declining trend.

Dwindling non-oil and gas imports affected all

commodity groups, with consumer goods and raw

materials declining due to lower import volume and

price corrections. In terms of capital goods, higher

prices were inadequate to offset the the decline in

import volume, leading to negative growth of import

value.

Table 4

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

Similarly, imports of consumer goods also

declined 14.9% (yoy) in Q3/2015 due to weaker

demand and lower prices. The decline primarily

affected by fresh/dried fruit (11.8%, yoy), processed

edibles (1.8%, yoy), fresh refrigerated vegetables

(16.9%, yoy) and plastic products (9.3%, yoy). In

contrast, imports of consumer goods such as

medicaments (including veterinary medicaments)

achieved positive growth of 2.0% (yoy) (Table 5).

Imports of raw materials dropped 17.7% (yoy),

primarily due to animal feeds (40.3%, yoy), motor

vehicle parts and accessories (12.6%, yoy),

hydocarbons, halogenates and sulphonates (21.3%,

yoy) as well as other plastics in primary form (20.3%,

yoy). On the other hand, imports of electric circuit

breakers and connectors enjoyed a 4.6% (yoy) growth

(Table 5).

Imports of capital goods decreased 20.5% (yoy)

during the reporting period due to weaker demand at

a time of climbing prices. Fewer imports of

telecommunications equipment and parts (35.0%,

yoy), automatic data processing machines and units

thereof (15.6%, yoy), other specialised machinery for

specific industries (9.6%, yoy) as well as pumps and

compressors (14.7%, yoy) occasioned the decline of

imported capital goods. Nonetheless, further import

declines were prevented as imports of heating and

cooling equipment and units thereof jumped 18.5%

(yoy) (Table 5).

1. Vegetable Oils 13.7 13.5 -8.7 8.0 3.0 25.5 3.2 9.2 -12.6 6.0 -16.7 2.8 3.9 0.2 30.2 22.9 11.5 11.1 36.2 9.2 -11.2 3.7 3.0 -3.7 -15.7 -2.1 -21.2 -22.4 -23.7

2. Coal 14.2 12.3 -7.2 -11.8 -15.1 -10.4 -20.7 -14.5 -17.7 -24.9 -24.9 11.6 -6.2 -18.2 -15.7 -14.2 -14.3 -7.0 -12.6 -13.2 -16.9 -6.0 3.9 6.3 -7.4 -0.3 -11.6 -14.1 -13.6

3. Textile & Textile Products 8.8 9.3 2.1 1.0 1.1 -0.3 0.5 0.6 -2.6 -2.7 -5.8 3.9 2.5 2.9 1.1 2.8 2.1 2.0 2.9 -0.4 -1.7 -1.5 -1.7 -1.5 -2.2 -1.5 -4.5 -5.5 -5.4

4. Electrical Apparatus, etc. 6.9 6.6 -4.0 -5.7 -6.1 -6.1 -4.7 -5.7 -12.1 -11.8 -14.1 12.1 9.9 -1.0 -6.1 -2.1 0.0 -5.9 -4.6 -7.8 -14.3 -14.4 -5.2 -0.2 -2.8 -5.6 -6.5 -7.5 -6.9

5. Articles of Basic Metals 6.2 5.8 -7.4 -13.4 16.3 27.6 -3.2 5.5 -3.7 -16.1 -20.0 -5.5 -9.2 13.0 17.3 -2.8 3.7 1.9 -8.5 -2.6 -2.0 -4.7 2.9 8.5 -0.3 1.7 -5.4 -8.2 -17.9

6. Processed Food 4.3 4.5 5.5 18.4 18.7 22.4 12.7 17.8 3.5 -0.4 -6.9 2.3 11.3 14.5 13.6 9.9 12.1 3.4 -0.4 4.2 3.2 6.4 3.7 7.5 2.5 5.1 0.1 -0.1 -10.5

7. Processed Rubber 4.8 4.5 -10.2 -16.0 -24.1 -25.2 -33.7 -24.5 -31.7 -13.2 -6.6 -2.7 -5.6 -14.6 -19.3 -25.8 -16.4 -23.8 -4.0 17.2 -7.7 -11.0 -11.0 -7.3 -10.5 -9.7 -10.4 -9.5 -19.8

8. Vehicles & Parts 3.6 4.2 -5.1 11.6 7.6 24.7 15.2 14.8 9.4 20.5 3.8 -4.7 13.3 6.2 18.8 9.7 12.3 3.0 14.1 1.1 -0.5 -1.4 1.5 4.9 5.1 2.2 6.2 5.5 2.7

9. Machinery & Mechanical Appr. 4.1 3.9 -4.7 10.9 0.5 3.7 9.6 6.0 -15.8 -13.4 -9.1 -3.6 13.0 0.6 3.8 9.3 6.5 -14.8 -12.4 -8.5 -1.2 -1.9 -0.1 -0.1 0.4 -0.4 -1.3 -1.1 -0.6

10. Processed Woods 2.7 2.8 5.2 17.3 12.1 16.4 1.2 11.3 -2.2 0.4 -4.7 13.1 18.1 9.2 12.6 3.9 10.1 12.8 31.9 33.9 -7.0 -0.8 2.6 3.5 -2.6 1.1 -13.3 -23.9 -28.8

Total 10 Commodities 69.3 67.4 -5.2 -2.1 -2.7 3.9 -5.6 -1.8 -11.0 -8.1 -13.7 2.4 1.2 -2.9 2.2 -0.9 -0.6 -2.6 2.9 1.1 -7.4 -3.2 0.1 1.7 -4.7 -1.2 -8.6 -10.6 -14.6

*) provisional figures **) very provisional figures

Growth (%,yoy)

2015

Nominal

Q2* Q3** Q2* Q3**

2015 2015

Real Price Index

2015**

Share (%)

Q1* Q1* Q1*

2014* 2014*

Q4 TOTAL Q4 TOTAL

2014*

Q4 TOTALQ3Q1 Q2TOTALQ2 Q3TOTAL Q1Q2 Q3 Q2* Q3**TOTAL Q1

2013 2013Description

2014*

2013

Consumption GoodsNominal 8.5 8.5 2.8 4.8 -8.8 -7.6 -10.3 -6.1 -8.8 -9.3 -14.9

Real 7.4 7.2 2.0 -2.6 -17.6 -14.5 -13.7 -13.1 -7.7 -7.1 -12.9

Price Index - - 0.8 7.6 10.7 8.0 3.9 8.1 -1.2 -2.4 -2.3

Raw MaterialsNominal 69.4 70.1 -0.7 -6.2 -4.8 -0.8 -1.7 -3.4 -1.7 -15.2 -17.7

Real 78.3 81.3 4.2 -1.7 -2.2 0.3 2.9 -0.8 5.2 -8.0 -10.3

Price Index - - -4.7 -4.7 -2.6 -1.0 -4.5 -2.7 -6.6 -7.9 -8.2

Capital GoodsNominal 21.8 20.8 -14.3 -7.1 -0.8 -7.1 -4.0 -4.7 -8.7 -21.7 -20.5

Real 14.4 11.5 -21.4 -17.7 -11.0 -19.8 -19.0 -15.5 -21.5 -32.8 -29.1

Price Index - - 9.0 12.8 11.6 15.8 18.5 12.8 16.3 16.5 12.2

TotalNominal 100.0 100.0 -3.8 -5.6 -4.2 -2.9 -3.1 -3.9 -3.9 -16.3 -17.3

Real 100.0 100.0 -2.8 -6.1 -6.9 -7.6 -6.3 -6.6 -4.7 -16.4 -16.4

Price Index - - -1.0 0.6 3.0 5.1 3.4 2.8 0.8 0.2 -1.1

*) provisional figures

**) very provisional figures

Q2* Q3**

2015

Growth (% yoy)

Q1*2015**

Shares (%)

2014

Q4 TOTALTotal Q3Q2Q1

2013

2014*Description

10

Table 5

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

Non-Oil and Gas Imports by Country of Origin

The import decline in Q3/2015 was noted to

occur in all countries of origin (Table 6). The largest

decline, amounting to 30.0% (yoy), affected imports

from Japan due to base metals (iron/steel), electrical

equipment and spare parts.

Table 6

Non-Oil and Gas Imports (c.i.f) by Country of Origin

Oil and Gas Trade Balance

On an annualised basis, the oil and gas trade

balance improved in the third quarter of 2015. The oil

and gas trade deficit stood at USD2.1 billion in

Q3/2015, went down from USD3.1 billion in

Q3/2014. The improvement stemmed from declining

oil imports as domestic fuel consumption waned.

When compared to the previous quarter,

however, the oil and gas trade deficit increased 0.8%

(qtq) due to a correction in oil and gas exports that

surpassed the corresponding decline in exports (Chart

4).

Chart 4

Oil and Gas Trade Balance

TOTAL IMPORTS 100.0 100.0 -3.9 -3.9 -16.3 -17.3 -6.7 -4.7 -16.4 -16.4 3.0 0.8 0.2 -1.10.0 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: 8.5 8.5 -6.1 -8.8 -9.3 -14.9 -12.7 -7.7 -7.1 -12.9 7.6 -1.2 -2.4 -2.3

Edible Product And Preparations 0.6 0.5 18.3 -31.6 -15.0 -11.8 -0.1 -49.0 -24.4 -15.6 18.4 34.0 12.5 4.5

Medicaments Incl.Veterinari Med. 0.4 0.5 19.3 23.3 28.1 -1.8 21.8 30.5 32.3 -4.1 -2.0 -5.5 -3.2 2.5

Fruit And Nut,Fresh Or Dried 0.4 0.5 -10.1 8.3 -13.7 2.0 -4.0 8.9 -16.2 -0.9 -6.3 -0.6 3.0 3.0

Article,N.E.S of Plastics 0.5 0.5 0.7 -24.5 -14.1 -16.9 -17.2 -39.2 -29.5 -34.6 21.7 24.2 21.9 27.0

Perfumery,Cosmetics & Toilet preparations 0.4 0.4 -10.2 -4.8 -8.9 -9.3 -16.8 -9.0 -12.6 -14.5 7.9 4.6 4.2 6.2

II. Raw Materials & Auxiliary Goods, o/w: 69.4 70.1 -3.4 -1.7 -15.2 -17.7 -0.1 5.2 -8.0 -10.3 -3.3 -6.6 -7.9 -8.2

Parts & Accessories, N.E.S of the Motor Vehicles 2.4 2.3 7.6 24.2 -23.3 -40.3 -2.7 23.9 -16.7 -38.2 10.5 0.3 -7.9 -3.3

Feeding Stuff For Animals 2.2 2.2 -11.6 -8.1 -16.8 -12.6 -15.9 -9.3 -18.2 -14.6 5.0 1.3 1.7 2.4

Elect. Appr. for Making & Breaking Elect. Circuit 1.8 2.1 -9.6 -1.8 2.5 4.9 -5.0 4.1 9.2 12.2 -4.8 -5.7 -6.1 -6.5

Fertilizers,Manufactured 2.3 2.0 2.9 -34.0 -17.8 -21.3 2.6 -30.0 -12.3 -13.1 0.3 -5.8 -6.3 -9.4

Other Plastics In Primary Forms 2.0 1.9 1.6 -5.0 -17.2 -20.3 -6.0 -12.4 -22.3 -24.2 8.1 8.5 6.6 5.2

III. Capital Goods, o/w: 21.8 20.8 -4.7 -8.7 -21.7 -20.5 -17.0 -21.5 -32.8 -29.1 14.8 16.3 16.5 12.2

Telecomunication Equipment N.E.S & Parts 3.2 2.6 6.3 -20.5 -37.4 -35.0 12.3 -16.2 -34.8 -32.7 -5.4 -5.2 -4.1 -3.4

Automatic Data Processing Mach. & Units there of 1.8 1.8 -10.6 9.5 -27.2 -15.6 -9.7 12.1 -26.2 -13.7 -1.0 -2.3 -1.3 -2.2

Other Machine & Equip't Specialized for Particular Industry 1.6 1.8 16.1 -6.9 -5.2 -9.6 17.1 -4.7 -3.0 -7.8 -0.9 -2.3 -2.3 -2.0

Mechanical Handling Equipmentand Parts there of,N.E.S 1.0 1.2 -0.2 27.7 4.2 -14.7 -0.4 25.3 2.8 -15.7 0.3 1.9 1.3 1.2

Heating & Cooling Equipmentand Parts there of,N.E.S 0.9 1.1 1.6 20.6 -16.8 18.5 -1.6 17.6 -18.9 15.3 3.3 2.6 2.6 2.8

*) provisional figures

**) very provisional figures

Q2* Q3** Q2* Q3**

Growth (y.o.y, %)

2015

Nominal

2015

Price Index

2015

Real

TOTAL

2014*

TOTALTOTAL Q1* Q1*

2014* 2014*

2014*

Imports Group

2015**

Shares (%)

Q1* Q2* Q3**

1 China 22.6 24.2 9.5 2.0 -6.3 9.5 3.3 4.3 -9.6 -7.0

2 Japan 12.5 11.5 -9.7 -11.7 -6.0 -17.3 -11.2 -11.5 -20.9 -30.0

3 Singapore 7.3 7.4 -0.7 7.6 5.2 7.0 4.8 -13.0 -11.8 -7.4

4 Thailand 7.2 6.9 -14.6 -14.0 -5.1 0.8 -8.8 -9.5 -21.9 -20.9

5 U S A 6.0 6.3 4.5 -9.7 -12.2 -12.3 -7.9 -6.8 -7.5 -14.0

6 South Korea 5.9 5.4 -19.3 1.3 -11.1 -6.2 -8.8 -5.6 -30.5 -21.8

7 Australia & Oceania 4.7 4.6 15.7 4.8 22.0 2.5 10.5 -7.7 -6.8 -27.3

8 Malaysia 4.3 4.2 -4.0 -1.2 -6.1 0.4 -2.7 -12.0 -12.8 -15.5

9 Germany 3.0 3.0 -22.0 -2.7 9.4 -5.9 -6.5 -0.5 -24.2 -21.9

10 Taiwan 2.7 2.7 -11.5 -8.3 -16.8 -13.1 -12.4 -1.1 -13.9 -25.1

Total 10 Countries 76.2 76.3 -3.5 -3.3 -4.3 -1.9 -3.2 -5.0 -15.1 -16.9*) provisional figures

**) very provisional figures

Q2* Q3**

2015

Growth (%, yoy)

Q1*Q4 TOTAL

2014*

Q3Q2Q1

Description2014*

Shares (%)

2015**

-4

-2

0

2

4

6

8

10

12

-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

**

2010 2011 2012 2013 2014* 2015

Th

ou

san

ds

Gas Imports Gas Exports

Oil Imports Oil Exports

OG Trade Balance (RHS)

billion USD billion USD

* provisional figures** very provisional figures

11

Oil Exports

Oil exports fell 32.7% (yoy) to USD1.8 billion

from USD2.6 billion in the previous quarter (Table 7).

The decline was attributed by a 16.7% (qtq) drop in

crude oil exports and a 5.6% (qtq) decrease in exports

of refined products.

A 1.9% (qtq) downshift in oil lifting activity from

0.787 million barrels per day in Q2/2015 to 0.772

million barrels per day in Q3/2015 precipitated the

decline in crude oil exports. Oil lifting was mainly

hampered by inclement weather and also by the

seaworthiness and performance of ships, lifting

schedule, level of production and disruptions to

refinery operations.

The prices of crude oil and refined products

tended to fall in line with the international oil price,

which further undermined oil exports in Q3/2015.

Table 7

Oil Exports

The global oil price slid in the third quarter of

2015. The average price of SLC, WTI, Brent and OPEC

in Q2/2015 dropped respectively from USD60.7 per

barrel, USD57.8 per barrel, USD62.1 per barrel and

USD59.9 per barrel in Q2/2015 to USD46.0 per barrel,

USD46.5 per barrel, USD50.0 per barrel and USD48.2

per barrel (Chart 5).

The oil price slump in Q3/2015 was triggered by

flagging economies in China and advanced countries.

Furthermore, oversupply of crude oil from OPEC and

non-OPEC countries also lowered prices along with

negative expectations concerning increased supply

from Iran next year.

Chart 5

International Oil Prices

Oil Imports

Oil imports fell 15.3% (qtq) from USD6.3 billion

to USD5.3 billion in Q3/2015. The decline stemmed

from crude oil imports along with price corrections for

crude and refined products. Conversely, export

volume of refined products continued to follow an

upward trend as domestic consumption surged during

the reporting period.

Table 8

Oil Imports (f.o.b)

Gas Exports

Gas exports dropped 6.1% (qtq) to USD1.9

billion in Q3/2015 (Table 9). The decrease was

attributed by a 20.3% (qtq) fall in natural gas exports

and a 34.3% (qtq) decline in LPG exports as a result

of price corrections and a dip in export volume.

Exports 2,611 44.2 1,758 38.0

Crude 2,003 33.9 59.2 1,273 28.2 45.1

Refinery Products 607 10.4 58.7 485 9.8 49.6

¹⁾ export value divided by export volume

Sources: SKK Migas and Pertamina (processed)

* provisional figures ** very provisional figures

2015

Q3**

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Q2*

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Description

30

40

50

60

70

80

90

100

110

120

130

140

J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJJ ASONDJ FMAMJ JASONDJ FMAMJ JAS

2010 2011 2012 2013 2014 2015

USD/barel

SLC

Unit Price

WTI

OPEC

Source: Ditjen Migas, BOP, Bloomberg

Imports 6,264 90.3 5,304 88.9

Crude 2,272 37.2 61.1 1,612 31.6 51.0

Refinery Products 3,991 53.2 75.1 3,691 57.2 64.5

¹⁾ import value divided by import volume

Sources: SKK Migas and Pertamina (processed)

* provisional figures ** very provisional figures

Q2*

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

2015

Q3**

Value

(mill USD)

Volume

(mbbl)

Price¹

(USD/barel)

Description

12

Table 9

Gas Exports (f.o.b)

Services Trade Balance

The services trade deficit was recorded at

USD2.0 billion in Q3/2015, improving from USD2.7

billion deficit in previous quarter. A reduction in

freight services payments coupled with an increase in

net receipts of travel services contributed to the

narrower deficit (Chart 6).

Chart 6

Services Trade Balance

Freight services payments were recorded at

USD1.6 billion in Q3/2015, down from USD1.7 billion

in the previous quarter as non-oil and gas imports

slumped 9.1% (qtq) (Chart 7).

Chart 7

Freight Services Payments

The travel services trade surplus climbed from

USD0.6 billion to USD0.8 billion during the reporting

period. The increase affected travel services (export)

receipts (21.0%, qtq), which exceeded the increase in

travel services (import) payments (17.0%, qtq) (Chart

8).

Chart 8

Travel Services

Travel services receipts increased on the back of

a bump in the number of international travellers

visiting Indonesia. The number of foreign visitors to

Indonesia totalled 2.55 million in Q3/2015, increasing

7.6% on the 2.37 million tourists visiting during the

Exports 2,034 - 1,910 -

LNG 1,301 203.7 6.3 1,325 198.5 6.7

Natural Gas 726 79.2 9.2 578 77.4 7.5

LPG 2 2.5 0.7 1 2.0 0.6

Other Gas 6 0.3 19.2 6 0.3 19.2

Source: SKK Migas

* provisional figures ** very provisional figures

2015

Q3**

Value

(mill USD) Volume¹ Price²

¹⁾ LNG & natura l gas volume are in mi l l ion mmbtu, LPG

volume are in thousand m/t, tota l volume are in mmbtu²⁾ LNG & natura l gas prices are in USD/mi l l ion mmbtu, LPG

prices are in USD/thousand metric ton

Q2*

Value

(mill USD) Volume¹ Price²

Description

-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

**

2010 2011 2012 2013 2014* 2015

Other Services Travel Transportation Services (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

**

2010 2011 2012 2013 2014* 2015

Th

ou

san

ds

NOG Imports Freight Import (RHS)

billion USD billion USD

* provisional figures; ** very provisional figures

-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

**

2010 2011 2012 2013 2014* 2015

Imports Exports Travel (net)

billion USD

* provisional figures; ** very provisional figures

13

previous quarter. Congruous with the increase,

tourists were also more inclined to spend, prompting

a 21.7% increase in travel services receipts from

USD2.3 billion to USD2.8 billion.

Most foreign travellers visiting Indonesia during

Q3/2015 originated from Singapore, Australia,

Malaysia, Japan and China, with Bali, Jakarta and

Batam acknowledged as the preferred

destinations.

On the other hand, the number of Indonesian

travellers visiting abroad totalled 2.22 million,

climbing 8.2% on the 2.05 million recorded in the

previous quarter. The increase in travel services

payments also included haj pilgrimage funds, which,

in 2015, coincided with the third quarter.

Furthermore, Indonesian travellers tended to spend

more, increasing 9.0% from USD1.7 billion last

quarter to USD2.0 billion.

Primary Income Balance

The primary income account recorded a USD7.4

billion deficit in Q3/2015, exceeding the USD7.1

billion deficit reported in Q2/2015 (Chart 9). The

deficit expanded due to a seasonal increase in public

sector direct investment income payments and

portfolio investment income payments.

In contrast, other investment income payments

decreased on the previous period in line with a

decline in public and private interest repayments on

foreign loans.

Chart 9

Primary Income Account

Secondary Income Balance

The secondary income account surplus stood at

USD1.2 billion in Q3/2015 due to positive net receipts

of personal transfers, which remained relatively stable

compared to previous quarter at USD1.6 billion.

Chart 10

By country of origin, Indonesian migrant workers

in Asia-Pacific were again the largest remitters,

amounting to USD1.2 billion, followed by those

worked in the Middle East and Africa, totalling

USD0.9 billion, and those in other regions at USD0.3

billion.

According to BNP2TKI data, 3.8 million

Indonesians were employed abroad as migrant

workers in Q3/2015, with 65.9% worked in Asia-

Pacific, including Malaysia, Taiwan, Singapore and

Hong Kong. A further 32.3% were placed in the

Middle East and Africa, mainly Saudi Arabia, the

United Arab Emirates and Jordan (Chart 11).

Chart 11

Placements of Indonesian Migrant Workers in Q3/2015

-9

-8

-7

-6

-5

-4

-3

-2

-1

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

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

billion USD

* provisional figures; ** very provisional figures

-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

**

2010 2011 2012 2013 2014* 2015

Payments Receipts Personal Transfers (net)

billion USD

* provisional figures; ** very provisional figures

Middle East & Africa32.3%

America1.5%

Europe0.4%

Malaysia49.9%

Singapore3.4%

Brunei1.0%

Hong Kong4.3%

Taiwan4.9%

South Korea1.0%

Other1.5%

Asia Pacific65.9%

Source: BNP2TKI

14

CAPITAL AND FINANCIAL ACCOUNT

Against the inauspicious backdrop of global

economic moderation and intensifying global financial

market risk, foreign capital flows to domestic financial

instruments subsided significantly. Consequently, total

foreign capital inflow amounted to USD5.0 billion in

Q3/2015, bolstered by foreign direct investment (FDI)

and other investments. On the other hand, portfolio

investment experienced a deficit due to payments of

accompanied by net foreign sells of domestic stocks

as well as tradeable government securities (SBN)

booked in the reporting period.

Consequently, the capital and financial account

recorded a USD1.2 billion surplus in Q3/2015, nearly

halving the USD2.2 billion posted in Q2/2015, as a

result of more foreign debt repayments by affiliates

and a decline of foreign direct investment in the form

of equity.

Chart 12

Capital and Financial Account

Direct Investment

Direct investment registered a surplus of USD2.7

billion in Q3/2015, falling from USD5.9 billion in

Q3/2014. The decline was the result of a drop in

direct investment (surplus) inflows (liabilities side) to

USD4.1 billion from USD8.2 in the same period of the

previous year in line with domestic economic growth

that has moderated from 4.92% (yoy) in Q3/2014 to

4.73% (yoy) in Q3/2015. Furthermore, foreign capital

inflows were also 36.5% down on foreign direct

investment inflows in the previous quarter at USD6.5

billion due to domestic economic moderation from

3.78% (qtq) to 3.21% (qtq). The decline was credited

to more foreign debt repayments by affiliates and a

decline of foreign direct investment in the form of

equity. The decrease was also confirmed by the

Business Survey conducted by Bank Indonesia, which

revealed business activity growth, albeit not as strong

as the previous quarter in line with seasonal trends.

On the assets side, however, direct investment

outflows (deficit) totalled USD1.4 billion in the

reporting period, easing from the USD3.4 billion

noted in Q2/2015 and USD2.2 billion in Q3/2014.

Consequently, net direct investment recorded a

USD2.7 billion surplus in Q3/2015, down from the

USD3.1 billion surplus in Q2/2015 and USD6.0 billion

in Q3/2014.

Chart 13

Direct Investment

Based on direction, foreign direct investment

(FDI) soared 17.1% (qtq) in the reporting period from

USD4.3 billion to USD5.0 billion. The FDI increase was

consistent with Gross Fixed Capital Formation (GFCF)

growth, which accelerated from 3.7% (qtq) to 4.6%

(qtq).

By sector, the manufacturing sector, agricultural,

fisheries and forestry sector and others sector

(including services and property) attracted the most

foreign direct investment (FDI) throughout Q3/2015

(Chart 14). The three aforementioned sectors

accounted for 73.0% of total FDI, equivalent to

USD3.7 billion compared to USD3.5 billion last period.

-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

**

2010 2011 2012 2013 2014* 2015

Other Invesment Portfolio Investment Direct Investment Cap & Financial Account

billion USD

* provisional figures; ** very provisional figures

-6

-4

-2

0

2

4

6

8

10

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

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

billion USD

* provisional figures; ** very provisional figures

15

On an annualised basis, however, direct investment to

the three sectors declined from USD5.2 billion in line

with the symptoms of economic slowdown evident

this past year.

Chart 14

Foreign Direct Investment (FDI) by Sector

By country of origin, most direct investment

flowed from the ASEAN region, followed by Japan

and other emerging Asian countries, including China

(Chart 15). Direct investment from the region

amounted to USD4.3 billion in the reporting period,

accounting for 85.1% of the total, with ASEAN

constituting USD2.7 billion or 53.5%.

Chart 15

Foreign Direct Investment (FDI) by Country of Origin

Limited FDI growth was corroborated by actual

FDI data published by the Indonesia Investment

Coordinating Board (BKPM) that confirmed positive

growth. During the reporting period, the Indonesia

Investment Coordinating Board (BKPM) recorded

actual FDI at Rp92.5 trillion (equivalent to USD7.4

billion), up 0.3% on the Rp92.2 trillion (USD7.37

billion) documented in the previous quarter.

By sector, the Indonesia Investment Coordinating

Board (BKPM) noted that FDI tended to concentrate in

the utilities sector (14.8% of total FDI); the mining

sector (12.2%); housing, industrial estates and office

space (10.8%); as well as base metals, metal articles,

machinery and electronics (9.5%). By country of

origin, however, Singapore, Japan, the Netherlands

and Malaysia contributed the most foreign direct

investment at USD1.2 billion, USD0.9 billion, USD0.5

billion and USD0.3 billion respectively, accounting for

39.2% of total FDI.

Portfolio Investment

Portfolio investment reversed the prevailing

surpluses recorded in Q2/2015 and Q3/2014, posting

a deficit due to the global economic downturn

coupled with potential speculation as a result of

mounting global financial market risk in line with

with adoption of a more flexible exchange rate

regime. Such conditions were reflected on the

liabilities side, which saw a USD1.5 billion of non-

resident portfolio investment flow out of the country,

bucking the USD6.3 million of inflow in the previous

acceptances by several domestic banks together with

net foreign sells of domestic stocks and tradeable

government securities (SBN).

On the assets side, however, portfolio

investment transactions recorded a USD0.7 billion

deficit. Accordingly, net portfolio investment stood at

deficit USD2.2 billion, reversing the USD5.7 billion

surplus registered in the previous quarter.

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Agriculture,

Fishery&Forestry

Mining &

Quarrying

Manufacturing Construction Financial

Intermediaries

(incl. Insurance)

Trade/Commerce

Q2'14* Q3'14* Q4'14* Q1'15* Q2'15* Q3'15**

billion USD

* provisional figures ** very provisional figures

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

Japan USA Europe Emerging

Markets of

Asia (incl.

China)

ASEAN Other

Million USD

Q2'14* Q3'14*

Q4'14* Q1'15*

Q2'15* Q3'15**

* provisional figures

** very provisional figures

16

Chart 16

Portfolio Investment

In Q3/2015, foreign capital outflows from rupiah

denominated government debt securities (SUN)

touched USD0.1 billion, contrasting the USD2.2 billion

surplus recorded in the previous quarter. Such

conditions were in line with the decline in foreign

holdings of rupiah government debt securities (SUN)

during the reporting period to USD37.6 billion

(41.6% of total rupiah SUN) compared to USD38.1

billion previously (44.0% of total rupiah SUN).

On the other hand, non-resident investors

booked a net sell of Bank Indonesia Certificates (SBI)

totalling USD193.7 million, which contradicted the

net buy of USD181.5 million in the previous quarter

and precipitated a 4.1% decline in the position of

foreign SBI holdings (Chart 17).

Chart 17

Foreign Holdings of SBI and

Government Debt Securities (SUN)

On the stock market, global sentiment

permeated the trading floor during the third quarter.

Non-resident investors reversed the net sell of USD0.1

billion in Q2/2015 with a net buy of USD1.2 billion.

Net selling was recorded in August and September

2015 of USD0.7 billion and USD0.5 billion

respectively, while non-resident investors booked net

buys of USD0.01 billion in July 2015.

The net outflow of non-resident funds from

public sector debt instruments in Q3/2015 also

affected shot-term instruments, such as conventional

and sharia treasury bills (SPN and SPNS), with a value

of USD0.4 billion. Conversely, a net inflow of USD2.1

billion was recorded for government bonds. In

general, the net foreign capital inflow to public sector

debt instruments amounted to USD0.9 billion, falling

from USD3.8 billion in the previous period.

Stock market performance slumped in the

reporting quarter, reflecting a point-to-point decline

in the IDX Composite to close at 4,223.91, down

from 4,910.66 previously.

Chart 18

Foreign Transactions on the IDX and JCI Performance

The IDX Composite mirrored declines on regional

bourses in Southeast Asia during the third quarter of

2015, with all indexes closing down on their

respective positions at the end of Q2/2015 (Chart 19).

-6

-4

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0

2

4

6

8

10Q

1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

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

bilion USD

* provisional figures; ** very provisional figures

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

0

5

10

15

20

25

30

35

40

45

J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A S

2012 2013 2014 2015

billion USD

SUN SBI (rhs)

billion USD

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

(25,000)

(20,000)

(15,000)

(10,000)

(5,000)

0

5,000

10,000

15,000

20,000

25,000

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

2010 2011 2012 2013 2014 2015

Net Buy/Sell JCI (RHS)

million USD JCI

Source: CEIC

17

Chart 19

ASEAN Stock Market Performance

The entry of five new issuers going public

buoyed activity on the Indonesia Stock Exchange in

Q3/2015, namely Garuda Metalindo Tbk. (BOLT),

Anabatic Technologies Tbk. (ATIC), Binakarya Jaya

Abadi Tbk. (BIKA), Bank Harda International Tbk.

(BBHI) and Victoria Insurance Tbk. (VINS) with a total

value of Rp0.8 trillion, equivalent to USD59.5 million.

Despite fewer (four) issuers in the previous quarter,

total value was higher at Rp3.8 trillion, or USD283.6

million.

The private sector contributed the majority of

the portfolio investment deficit in Q3/2015,

recording a portfolio investment net outflow of

USD2.9 billion and reversing the USD1.9 billion

surplus/inflow reported in the previous quarter.

Meanwhile, the public sector registered a net inflow

of USD0.9, down from USD3.8 billion previously

(Chart 20).

Chart 20

Portfolio Investment by Institutional Sector

Other Investments

A relatively significant inflow of other

investments was noted in Q3/2015, leading to a net

surplus of USD0.4 billion and therefore reversing the

USD 6.5 billion deficit recorded in the second quarter

of the year. A surplus was evident on both the assets

and liabilities sides (Chart 21).

Chart 21

Other Investments

On the assets side, the other investment

transactions deficit (net outflow) decreased 53.3%, or

USD2.3 billion, to USD2.0 billion due to a decline in

domestic private sector placements in deposits abroad

(Chart 22).

Chart 22

Other Investment Assets of the Private Sector

On the liabilities side, a relatively significant

surplus (net inflow) occurred, thereby converting the

USD2.2 billion deficit in Q2/2015 to a USD2.4 billion

surplus. The change in direction was attributed to

other investment transactions in the public and

private sectors.

90

110

130

150

170

190

210

230

250

270

290

J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

2012 2013 2014 2015

Indonesia Malaysia Philippines Singapore Thailand

Source: CEIC (processed)

2010 = 100

-6

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0

2

4

6

8

10

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

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Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

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

billion USD

* provisional figures; ** very provisional figures

-12

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-8

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0

2

4

6

8

10

Q1

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Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

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

billion USD

* provisional figures; ** very provisional figures

-12

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-8

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0

2

4

6

Q1

Q2

Q3

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Q1

Q2

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Q1

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Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

Other Assets Currency & Deposits Loans Other Investment - Assets

billion USD

* provisional figures; ** very provisional figures

18

In the private sector, other investment

transactions reversed from a USD0.8 billion deficit to

a USD0.7 billion surplus in line with a net withdrawal

of trade debt as the economy rebounded in Q3/2015,

an increase in foreign private sector placements of

deposits at banks in Indonesia as well as fewer

repayments of corporate external loans (Chart 23).

Chart 23

Other Investment Liabilities of the Private Sector

Likewise, other investment transactions on the

liabilities side of the public sector registered a USD1.6

billion surplus in Q3/2015, reversing the USD1.4

billion deficit reported previously (Chart 24).

Government withdrawals of foreign loans totalling

USD2.1 billion contributed to the surplus.

Of the total foreign loans withdrawn by the

government during the reporting period, USD2.0

billion was used for loan programs and the remaining

USD134 million was used for project loans. The

governments of South Korea, Singapore and Japan as

well as international institutions such as IBRD granted

the majority of the loans.

Chart 24

Public Sector Foreign Loans

-2

-1

0

1

2

3

4

5

6

Q1

Q2

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Q2

Q3

Q4

Q1

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Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

Trade Credit Other liabilities Currency & Deposits

Loans Other Inv. - Liabilities

billion USD

* provisional figures; ** very provisional figures

-3

-2

-1

0

1

2

3

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

*

Q2

*

Q3

**

2010 2011 2012 2013 2014* 2015

Repayments Drawings Loans (net)

bilion USD

* provisional figures; ** very provisional figures

19

Pressures on the external balance of Indonesia in

Q3/2015 were reflected in a number of external

sustainability indicators. Yet, the current account

deficit to GDP ratio fell from 3.0% in Q3/2014 to

1.9% in Q3/2015.

A deeper decline in imports of goods and

services than exports of goods and services

contributed favourably to the external sector (ratio of

net exports of goods and services to GDP), despite the

lesser degree of economic openness in Indonesia

(ratio of accumulated exports and imports of goods

and services to GDP) compared to conditions

previously.

In the face of declining short-term external debt

position in the third quarter of 2015, official reserve

assets experienced a relatively more pronounced

decrease. Such conditions undermined capacity to

meet short-term liabilities, reflecting a higher ratio of

short-term external debt compared to the previous

period.

Table 10

External Sustainability Indicators

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

Current Account / GDP (%)1) -3.19 -2.33 -4.27 -3.02 -2.71 -3.10 -1.96 -1.95 -1.86

Exports - Imports of Goods and Services / GDP (%)1) -0.7 0.6 -1.4 -0.4 -0.1 -0.3 0.6 0.7 1.0

Exports + Imports of Goods and Services / GDP (%)1) 45.6 46.6 46.1 42.7 45.1 45.1 40.1 40.4 37.9

Total Foreign Debt Position / GDP (%)2) 29.1 30.9 32.6 33.5 33.1 33.1 33.6 34.5 34.9

Short-Term Foreign Debt Position3) / GDP (%)2) 6.2 6.2 6.6 6.6 6.7 6.7 6.4 6.4 6.5

Total Foreign Debt Position / Reserve Assets (%) 267.8 268.9 266.2 264.9 262.7 262.7 268.4 281.9 297.3

Short Term Foreign Debt Position3) /Reserve Assets(%) 56.6 54.2 54.3 52.0 53.0 53.0 51.4 52.6 55.4

Memorandum:

GDP Current Price (quarterly, million USD) 913,525 211,067 224,839 232,836 219,636 888,377 213,016 218,160 215,131

GDP Current Price (annualized, million USD) 913,525 894,308 880,333 880,002 888,377 888,377 890,327 883,648 865,943

Exports of Goods and Services (million USD) 205,033 49,824 50,225 49,303 49,471 198,824 43,338 44,768 41,772

Imports of Goods and Services (million USD) -211,270 -48,606 -53,432 -50,229 -49,584 -201,851 -42,135 -43,292 -39,669

Total Foreign Debt Position (million USD) 266,109 275,910 286,673 294,497 293,876 293,876 299,367 304,515 302,414

Short-Term Foreign Debt Position (million USD) 56,288 55,622 58,464 57,774 59,263 59,263 57,318 56,870 56,307

Reserve Asset Position (million USD) 99,387 102,592 107,678 111,164 111,862 111,862 111,554 108,030 101,720

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

INDICATORS2013 2014* 2015

EXTERNAL SUSTAINABILITY INDICATORS

20

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21

The external balance recovery is predicted to

persist in Indonesia as the economy rebounds despite

the the backdrop of strong headwinds from abroad

affecting the current account. Current account

performance is expected to improve regardless of

lower international commodity prices stemming from

economic moderation in China and global financial

market speculation due to uncertainty surrounding

the proposed Federal Funds Rate (FFR) hike in the

United States.

The oil and gas trade deficit is also forecasted to

improve on the weak global oil price, government

structural reforms in the oil and gas sector as well as

the operation of new infrastructure, such as the

Residual Fluid Catalytic Cracking (RFCC) refinery in

Cilacap and Trans Pacific Petrochemical Indotama

(TPPI) in Tuban.

In terms of the capital and financial account,

foreign capital inflows in the form of foreign

direct investment (FDI) should maintain a large net

inflow in relation to the realisation of several

infrastructure projects despite lingering global

economic pressures. Accelerating infrastructure

projects is expected to boost production capacity

in Indonesia, thereby supporting efforts to reduce

the current account deficit in the medium-long

term. Similarly, portfolio investment is predicted to

maintain growth despite potentially limited capital

inflows due to the proposed FFR hike and the

economic downshift in China. Nonetheless, the

structure of the capital and financial account will

continue to strengthen as dependence upon

speculative foreign portfolio capital wanes and the

role of direct investment and long-term debt expands.

Furthermore, improvements in the capital and

financial account are expected to support overall

improvement in the current account, resulting in a

healthier overall balance of payments.

Bank Indonesia will continue to monitor external

and domestic risks that could disrupt efforts to

s. In the

medium-long term, Bank Indonesia is satisfied that

BOP performance will improve in accordance with its

monetary and macroprudential policy mix,

accompanied by policy coordination with the

government to control inflation and manage the

current account deficit as well as accelerate structural

reforms.

ALANCE OF PAYMENT OUTLOOK

22

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23

Box 1

Changes in BOP Data from Q2/2015 Publication

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

Table 1.1

s Publication

Goods Transactions data changes in Q2/2015 stem from the application of open file data instead of the

previously closed files.

Primary Income Transactions data changes since Q1/2014 are due to updates for Foreign Exchange

Flows and Foreign Debt.

Direct Investment Transactions data changes since Q3/2014 are due to updates for Foreign Exchange

Flows and Foreign Debt.

Portfolio Investment Transactions data changes since Q3/2014 are due to updates for Foreign Exchange

Flows and Foreign Debt.

Other Investment Transactions data changes in 2014 are due to updates for Foreign Debt and Foreign

Exchange Flows.

million USD

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

Current Account -29,109 -29,109 -4,911 -4,926 -9,587 -9,592 -7,035 -7,040 -5,952 -5,958 -4,097 -4,178 -4,477 -4,250

Goods 5,833 5,833 3,350 3,350 -375 -375 1,560 1,560 2,448 2,448 3,063 3,063 4,118 4,130

Services -12,070 -12,070 -2,131 -2,131 -2,831 -2,831 -2,485 -2,486 -2,561 -2,561 -1,857 -1,860 -2,645 -2,654

Primary Income -27,050 -27,050 -7,214 -7,230 -7,916 -7,920 -7,314 -7,318 -7,235 -7,241 -6,724 -6,809 -7,369 -7,151

Secondary Income 4,178 4,178 1,085 1,085 1,534 1,534 1,204 1,204 1,397 1,397 1,422 1,428 1,420 1,426

Capital & Financial Account 21,971 21,971 7,064 7,093 13,922 13,923 14,726 14,729 8,937 9,621 6,314 6,241 2,484 2,246

Direct Investment 12,170 12,170 3,229 3,452 3,710 3,770 5,994 6,014 3,030 2,655 2,307 2,900 3,626 3,064

Portfolio Investment 10,873 10,873 8,730 8,730 8,045 8,046 7,409 7,409 1,873 1,958 8,796 8,509 5,774 5,683

Financial Derivative -334 -334 -140 -140 45 45 -57 -57 -61 -61 93 93 21 -3

Other Investment -783 -783 -4,755 -4,949 2,115 2,055 1,378 1,361 4,081 5,054 -4,883 -5,262 -6,936 -6,499

* provisional figures ** very provisional figures

Q1* Q2*

20152014*

Q4

2013

Q1 Q2 Q3TOTALItems

24

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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

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27

TABLE 1

INDONESIA'S BALANCE OF PAYMENTS

SUMMARY

(millions of USD)

November, 2015

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

I . Current Account 5.155 1.690 -24.418 -6.007 -10.126 -8.640 -4.336 -29.109 -4.926 -9.592 -7.040 -5.958 -27.516 -4.178 -4.250 -4.011

A. Goods 31.003 33.825 8.680 1.602 -556 85 4.703 5.833 3.350 -375 1.560 2.448 6.983 3.063 4.130 4.054

- Exports 149.966 191.109 187.347 44.945 45.244 43.824 48.076 182.089 43.937 44.505 43.606 43.245 175.293 37.827 39.685 36.009

- Imports -118.963 -157.284 -178.667 -43.343 -45.800 -43.739 -43.374 -176.256 -40.588 -44.880 -42.046 -40.797 -168.310 -34.764 -35.556 -31.955

1. General Merchandise 29.983 32.215 6.711 1.250 -842 -491 4.153 4.069 2.832 -703 1.192 2.153 5.474 2.690 3.814 3.961

- Exports 148.866 189.432 185.337 44.584 44.950 43.241 47.518 180.294 43.414 44.171 43.232 42.944 173.760 37.450 39.366 35.651

- Imports -118.884 -157.217 -178.626 -43.334 -45.793 -43.733 -43.366 -176.225 -40.581 -44.874 -42.039 -40.791 -168.286 -34.760 -35.552 -31.690

a. Non-Oil and Gas 26.750 32.865 11.950 4.105 1.262 2.135 6.276 13.777 5.581 2.475 4.326 4.922 17.304 3.947 5.932 6.096

- Exports 120.208 151.366 149.766 36.111 37.037 34.704 38.853 146.706 35.822 36.657 35.970 36.560 145.008 33.068 34.722 31.989

- Imports -93.458 -118.500 -137.816 -32.007 -35.776 -32.569 -32.577 -132.928 -30.241 -34.182 -31.644 -31.638 -127.704 -29.122 -28.790 -25.893

b. Oil and Gas 3.232 -650 -5.239 -2.855 -2.104 -2.626 -2.124 -9.709 -2.749 -3.178 -3.134 -2.769 -11.830 -1.256 -2.118 -2.135

- Exports 28.658 38.067 35.571 8.473 7.913 8.538 8.665 33.588 7.592 7.514 7.262 6.384 28.752 4.382 4.644 3.662

- Imports -25.426 -38.717 -40.810 -11.328 -10.017 -11.164 -10.788 -43.297 -10.341 -10.693 -10.395 -9.153 -40.582 -5.638 -6.762 -5.798

2. Other Goods 1.020 1.610 1.969 352 286 576 550 1.765 518 328 368 295 1.509 372 315 93

- Exports 1.099 1.676 2.009 361 293 583 558 1.795 524 333 374 302 1.533 376 319 358

- Imports -79 -67 -41 -9 -7 -7 -8 -31 -6 -5 -6 -7 -24 -4 -4 -265

B. Services -9.781 -9.799 -10.564 -2.633 -3.552 -2.781 -3.105 -12.070 -2.131 -2.831 -2.486 -2.561 -10.010 -1.860 -2.654 -1.952

- Exports 16.670 21.888 23.660 5.702 5.512 5.644 6.086 22.944 5.887 5.721 5.698 6.226 23.531 5.511 5.082 5.763

- Imports -26.451 -31.687 -34.224 -8.335 -9.063 -8.425 -9.191 -35.014 -8.018 -8.552 -8.183 -8.787 -33.541 -7.371 -7.736 -7.714

C. Primary Income -20.698 -26.547 -26.628 -6.052 -7.020 -6.806 -7.172 -27.050 -7.230 -7.920 -7.318 -7.241 -29.708 -6.809 -7.151 -7.357

- Receipts 1.934 2.581 2.650 858 603 475 666 2.602 391 681 634 424 2.130 468 722 671

- Payments -22.632 -29.128 -29.277 -6.910 -7.623 -7.281 -7.838 -29.652 -7.621 -8.601 -7.952 -7.665 -31.838 -7.277 -7.873 -8.028

D. Secondary Income 4.631 4.211 4.094 1.076 1.003 862 1.238 4.178 1.085 1.534 1.204 1.397 5.220 1.428 1.426 1.244

- Receipts 7.571 7.636 8.067 2.038 2.060 2.036 2.375 8.508 2.084 2.505 2.306 2.479 9.374 2.521 2.645 2.510

- Payments -2.940 -3.425 -3.972 -962 -1.057 -1.174 -1.137 -4.330 -999 -970 -1.102 -1.082 -4.154 -1.094 -1.220 -1.267

I I . Capital Account 50 33 51 1 7 5 32 45 1 7 3 15 27 1 0 2

- Receipts 50 33 51 1 7 5 32 45 1 7 3 15 27 1 0 2

- Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

I I I . Financial Account 26.476 13.603 24.858 35 8.689 4.569 8.632 21.926 7.092 13.916 14.726 9.606 45.340 6.240 2.246 1.152

- Assets -7.294 -16.453 -17.971 -9.701 1.779 -4.941 -2.604 -15.467 -6.245 -2.960 -3.932 1.203 -11.935 -8.322 -8.124 -3.856

- Liabilities 33.770 30.057 42.829 9.736 6.911 9.509 11.237 37.393 13.337 16.876 18.658 8.403 57.275 14.562 10.370 5.007

1. Direct Investment 11.106 11.528 13.716 3.261 3.323 5.415 171 12.170 3.452 3.770 6.014 2.655 15.890 2.900 3.064 2.746

a. Assets -4.186 -9.037 -7.485 -2.028 -2.218 -1.780 -5.085 -11.112 -2.883 -2.407 -2.226 -2.871 -10.388 -3.451 -3.394 -1.351

b. Liabilities 15.292 20.565 21.201 5.289 5.541 7.195 5.256 23.282 6.335 6.177 8.240 5.526 26.277 6.351 6.458 4.097

2. Portfolio Investment 13.202 3.806 9.206 3.820 3.793 1.513 1.746 10.873 8.730 8.046 7.409 1.958 26.143 8.509 5.683 -2.211

a. Assets -2.511 -1.189 -5.467 -965 202 -670 160 -1.273 465 -991 1.299 1.814 2.587 24 -637 -684

b. Liabilities 15.713 4.996 14.673 4.786 3.591 2.182 1.586 12.145 8.265 9.037 6.110 145 23.556 8.485 6.321 -1.526

- Public Sector2) 13.526 827 9.251 1.047 3.088 3.506 2.617 10.257 5.917 2.891 5.298 1.274 15.380 6.942 3.808 891

- Private Sector3) 2.187 4.169 5.422 3.739 503 -1.324 -1.030 1.888 2.347 6.147 811 -1.129 8.176 1.543 2.512 -2.417

3. Financial Derivatives -94 69 13 -101 20 -235 -19 -334 -140 45 -57 -61 -213 93 -3 231

4. Other Investment 2.262 -1.801 1.922 -6.945 1.553 -2.124 6.734 -783 -4.949 2.055 1.361 5.054 3.520 -5.262 -6.499 385

a. Assets -1.725 -6.754 -5.353 -6.759 3.691 -2.513 2.153 -3.427 -4.066 375 -2.885 2.283 -4.293 -5.100 -4.322 -2.017

b. Liabilities 3.987 4.954 7.275 -187 -2.139 389 4.581 2.645 -883 1.680 4.245 2.771 7.813 -161 -2.176 2.402

- Public Sector2) 1.756 -2.258 2.453 -207 -1.997 440 388 -1.376 -1.534 -295 -613 -1.766 -4.209 -1.144 -1.366 1.664

- Private Sector3) 2.231 7.212 4.822 20 -142 -51 4.193 4.020 651 1.976 4.858 4.537 12.022 983 -810 738

IV. Total (I + I I + I I I ) 31.681 15.326 491 -5.971 -1.429 -4.067 4.328 -7.138 2.167 4.331 7.690 3.663 17.851 2.062 -2.003 -2.857

V. Net Error and Omissions -1.338 -3.469 -276 -644 -1.048 1.422 84 -186 -101 -35 -1.214 -1.253 -2.602 -759 -922 -1.708

VI. Overall Balance (IV + V) 30.343 11.857 215 -6.615 -2.477 -2.645 4.412 -7.325 2.066 4.297 6.475 2.410 15.249 1.303 -2.925 -4.565

VII. Reserves and Related Items 4) -30.343 -11.857 -215 6.615 2.477 2.645 -4.412 7.325 -2.066 -4.297 -6.475 -2.410 -15.249 -1.303 2.925 4.565

A. Reserve Asset Transactions -30.343 -11.857 -215 6.615 2.477 2.645 -4.412 7.325 -2.066 -4.297 -6.475 -2.410 -15.249 -1.303 2.925 4.565

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

Memorandum:

- Reserve Assets Position 96.207 110.123 112.781 104.800 98.095 95.675 99.387 99.387 102.592 107.678 111.164 111.862 111.862 111.554 108.030 101.720

In Months of Imports & Official Debt Repayment 0,0 0,0 6,2 5,7 5,4 5,2 5,5 5,5 5,7 6,1 6,3 6,4 6,4 6,6 6,8 6,8

- Current Account (% GDP) 0,00 0,00 -2,65 -2,61 -4,24 -3,71 -2,05 -3,19 -2,33 -4,27 -3,02 -2,71 -3,10 -1,96 -1,95 -1,86

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

2015ITEMS

2010 2011 2012 2013 2014*

28

TABLE 2

INDONESIA'S BALANCE OF PAYMENTS

CURRENT ACCOUNT

GOODS

(millions of USD)

November, 2015

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

Goods 1) 31.003 33.825 8.680 1.602 -556 85 4.703 5.833 3.350 -375 1.560 2.448 6.983 3.063 4.130 4.054

- Exports 149.966 191.109 187.347 44.945 45.244 43.824 48.076 182.089 43.937 44.505 43.606 43.245 175.293 37.827 39.685 36.009

- Imports -118.963 -157.284 -178.667 -43.343 -45.800 -43.739 -43.374 -176.256 -40.588 -44.880 -42.046 -40.797 -168.310 -34.764 -35.556 -31.955

A. General merchandise 29.983 32.215 6.711 1.250 -842 -491 4.153 4.069 2.832 -703 1.192 2.153 5.474 2.690 3.814 3.961

1. Non-oil and gas 26.750 32.865 11.950 4.105 1.262 2.135 6.276 13.777 5.581 2.475 4.326 4.922 17.304 3.947 5.932 6.096

a. Exports 120.208 151.366 149.766 36.111 37.037 34.704 38.853 146.706 35.822 36.657 35.970 36.560 145.008 33.068 34.722 31.989

b. Imports -93.458 -118.500 -137.816 -32.007 -35.776 -32.569 -32.577 -132.928 -30.241 -34.182 -31.644 -31.638 -127.704 -29.122 -28.790 -25.893

2. Oil -8.653 -17.526 -20.436 -6.356 -5.102 -5.664 -5.361 -22.483 -6.056 -6.137 -6.037 -5.672 -23.903 -3.184 -3.653 -3.546

a. Exports 15.691 19.576 17.891 4.298 4.243 4.812 4.536 17.889 3.500 3.885 3.590 2.831 13.806 1.927 2.611 1.758

b. Imports -24.344 -37.102 -38.327 -10.654 -9.345 -10.476 -9.897 -40.372 -9.556 -10.022 -9.627 -8.503 -37.709 -5.111 -6.264 -5.304

3. Gas 11.886 16.876 15.197 3.501 2.998 3.038 3.237 12.775 3.308 2.959 2.904 2.903 12.074 1.927 1.535 1.410

a. Exports 12.968 18.491 17.680 4.175 3.670 3.725 4.129 15.700 4.092 3.629 3.672 3.553 14.946 2.455 2.034 1.904

b. Imports -1.082 -1.615 -2.483 -674 -672 -688 -892 -2.925 -785 -670 -768 -649 -2.873 -528 -498 -494

B. Other goods 1.020 1.610 1.969 352 286 576 550 1.765 518 328 368 295 1.509 372 315 93

o/w Nonmonetary gold 1.020 1.610 1.969 352 286 576 550 1.765 518 328 368 295 1.509 372 315 93

a. Exports 1.099 1.676 2.009 361 293 583 558 1.795 524 333 374 302 1.533 376 319 358

b. Imports -79 -67 -41 -9 -7 -7 -8 -31 -6 -5 -6 -7 -24 -4 -4 -265

Memorandum:

1. Nominal

a. Total exports (fob) 149.966 191.109 187.347 44.945 45.244 43.824 48.076 182.089 43.937 44.505 43.606 43.245 175.293 37.827 39.685 36.009

- Non-oil and gas 121.307 153.042 151.775 36.472 37.330 35.286 39.412 148.501 36.345 36.990 36.344 36.861 146.541 33.445 35.041 32.347

- Oil and gas 28.658 38.067 35.571 8.473 7.913 8.538 8.665 33.588 7.592 7.514 7.262 6.384 28.752 4.382 4.644 3.662

b. Total imports (fob) -118.963 -157.284 -178.667 -43.343 -45.800 -43.739 -43.374 -176.256 -40.588 -44.880 -42.046 -40.797 -168.310 -34.764 -35.556 -31.955

- Non-oil and gas -93.537 -118.567 -137.857 -32.015 -35.783 -32.576 -32.585 -132.959 -30.247 -34.187 -31.650 -31.644 -127.729 -29.126 -28.794 -26.157

- Oil and gas -25.426 -38.717 -40.810 -11.328 -10.017 -11.164 -10.788 -43.297 -10.341 -10.693 -10.395 -9.153 -40.582 -5.638 -6.762 -5.798

2. Growth (% , yoy)

a. Total exports (fob) 0,0 27,4 -2,0 -6,5 -4,3 -3,2 2,8 -2,8 -2,2 -1,6 -0,5 -10,0 -3,7 -13,9 -10,8 -17,4

- Non-oil and gas 0,0 26,2 -0,8 -4,7 -2,1 -5,0 3,1 -2,2 -0,3 -0,9 3,0 -6,5 -1,3 -8,0 -5,3 -11,0

- Oil and gas 0,0 32,8 -6,6 -13,4 -13,1 5,0 1,3 -5,6 -10,4 -5,0 -14,9 -26,3 -14,4 -42,3 -38,2 -49,6

b. Total imports (fob) 0,0 32,2 13,6 -1,7 -1,4 3,8 -5,7 -1,3 -6,4 -2,0 -3,9 -5,9 -4,5 -14,3 -20,8 -24,0

- Non-oil and gas 0,0 26,8 16,3 -4,3 -1,2 -1,9 -6,9 -3,6 -5,5 -4,5 -2,8 -2,9 -3,9 -3,7 -15,8 -17,4

- Oil and gas 0,0 52,3 5,4 6,2 -2,4 25,3 -1,7 6,1 -8,7 6,7 -6,9 -15,2 -6,3 -45,5 -36,8 -44,2

3. Crude oil unit prices (USD/barrel) 77,7 109,2 110,7 109,2 97,8 104,4 104,4 104,0 105,9 106,1 98,9 72,3 95,8 50,7 59,1 45,8

4. Crude oil production (million barrels per day) 0,945 0,902 0,862 0,831 0,840 0,821 0,814 0,826 0,795 0,797 0,782 0,778 0,788 0,766 0,793 0,794

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

2015ITEMS

2010 2011 2012 2013 2014*

29

TABLE 3

INDONESIA'S BALANCE OF PAYMENTS

CURRENT ACCOUNT

SERVICES

(millions of USD)

November, 2015

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

Services -9.781 -9.799 -10.564 -2.633 -3.552 -2.781 -3.105 -12.070 -2.131 -2.831 -2.486 -2.561 -10.010 -1.860 -2.654 -1.952

- Exports 16.670 21.888 23.660 5.702 5.512 5.644 6.086 22.944 5.887 5.721 5.698 6.226 23.531 5.511 5.082 5.763

- Imports -26.451 -31.687 -34.224 -8.335 -9.063 -8.425 -9.191 -35.014 -8.018 -8.552 -8.183 -8.787 -33.541 -7.371 -7.736 -7.714

A. Manufacturing services -216 1.081 397 98 102 109 120 430 111 113 98 103 425 80 95 101

- Exports -216 1.081 397 98 102 109 120 430 111 113 98 103 425 80 95 101

- Imports 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

B. Maintenance and repair services -159 -124 -458 -73 -63 -49 -63 -248 -75 -95 -119 -87 -376 -78 -41 -62

- Exports 65 73 114 29 41 37 20 127 23 23 30 25 100 26 38 25

- Imports -224 -196 -572 -101 -104 -86 -83 -374 -98 -118 -149 -112 -476 -105 -79 -87

C. Transport -5.998 -8.689 -8.678 -2.025 -2.383 -2.256 -2.264 -8.928 -2.033 -2.149 -2.047 -1.955 -8.184 -1.520 -1.639 -1.514

- Exports 2.665 3.456 3.822 925 848 847 991 3.611 862 944 917 1.067 3.791 814 837 914

- Imports -8.663 -12.145 -12.501 -2.949 -3.231 -3.103 -3.255 -12.539 -2.895 -3.093 -2.964 -3.022 -11.975 -2.335 -2.476 -2.428

a. Passenger -1.377 -1.357 -1.145 -238 -365 -379 -441 -1.422 -251 -269 -331 -425 -1.275 -141 -295 -375

- Exports 660 1.041 1.139 288 297 294 304 1.183 310 328 329 339 1.306 334 323 323

- Imports -2.037 -2.398 -2.284 -526 -662 -673 -745 -2.605 -561 -596 -660 -764 -2.581 -476 -618 -698

b. Freight -4.838 -7.449 -7.566 -1.722 -1.946 -1.785 -1.864 -7.318 -1.650 -1.763 -1.658 -1.636 -6.707 -1.367 -1.372 -1.168

- Exports 1.479 1.866 1.993 519 410 393 394 1.717 430 471 424 426 1.751 354 362 420

- Imports -6.317 -9.315 -9.559 -2.242 -2.356 -2.178 -2.258 -9.034 -2.081 -2.234 -2.081 -2.062 -8.458 -1.721 -1.734 -1.589

c. Other 217 117 33 -65 -72 -92 40 -189 -132 -117 -58 106 -201 -12 27 29

- Exports 526 548 690 117 141 160 293 711 122 146 165 302 735 126 151 171

- Imports -310 -432 -657 -182 -213 -252 -252 -899 -253 -263 -223 -196 -936 -138 -124 -142

D. Travel 563 1.741 1.553 501 41 543 359 1.444 876 403 701 599 2.579 1.015 590 781

- Exports 6.958 7.997 8.324 2.243 1.963 2.340 2.573 9.119 2.583 2.235 2.607 2.837 10.261 2.712 2.273 2.750

- Imports -6.395 -6.255 -6.771 -1.742 -1.921 -1.797 -2.214 -7.675 -1.707 -1.832 -1.906 -2.237 -7.682 -1.698 -1.684 -1.969

E. Construction -72 54 231 -4 8 44 -54 -5 -19 11 15 45 52 -5 -31 -41

- Exports 520 551 863 226 219 200 203 848 198 223 149 141 712 117 82 137

- Imports -592 -497 -632 -230 -211 -156 -256 -853 -217 -212 -134 -96 -660 -122 -113 -178

F. Insurance and pension services -1.131 -1.267 -1.072 -253 -267 -273 -237 -1.029 -226 -223 -247 -242 -938 -215 -316 -206

- Exports 22 23 24 2 4 5 13 25 2 4 5 14 26 2 4 6

- Imports -1.153 -1.290 -1.096 -255 -271 -278 -250 -1.054 -228 -227 -253 -256 -964 -218 -321 -211

G. Financial services -209 -303 -469 -122 -123 -89 -120 -453 -64 -115 -110 -108 -398 -121 -156 -46

- Exports 388 451 225 57 54 69 74 254 60 54 44 65 223 45 54 123

- Imports -597 -754 -695 -178 -178 -158 -194 -707 -125 -169 -154 -173 -621 -166 -210 -169

H. Charges for the use of intellectual property -1.557 -1.709 -1.742 -354 -447 -483 -401 -1.684 -429 -589 -359 -425 -1.802 -328 -463 -287

- Exports 60 79 58 13 12 13 13 52 12 10 13 25 60 13 17 14

- Imports -1.616 -1.788 -1.800 -367 -459 -496 -414 -1.736 -441 -599 -372 -450 -1.862 -340 -479 -301

I . Telecommunications, computer, and information services 109 137 -149 -177 -166 -98 -66 -507 -70 -156 -84 -171 -481 -193 -233 -37

- Exports 1.240 1.658 1.294 245 257 281 258 1.041 265 265 333 277 1.140 281 204 355

- Imports -1.131 -1.521 -1.443 -422 -423 -379 -324 -1.548 -335 -421 -417 -448 -1.621 -474 -437 -392

J. Other business services -1.147 -704 -109 -244 -224 -227 -336 -1.031 -241 -52 -359 -287 -940 -617 -563 -698

- Exports 4.309 5.789 7.739 1.654 1.803 1.555 1.628 6.641 1.576 1.639 1.321 1.496 6.032 1.230 1.271 1.161

- Imports -5.456 -6.493 -7.848 -1.898 -2.027 -1.783 -1.964 -7.672 -1.817 -1.691 -1.681 -1.783 -6.972 -1.847 -1.834 -1.859

K. Personal, cultural, and recreational services -29 -54 -71 -25 -33 -12 -10 -80 -9 -26 -27 -33 -94 -12 22 8

- Exports 104 159 210 38 44 51 55 187 37 40 38 35 150 26 32 31

- Imports -133 -212 -281 -63 -76 -63 -64 -267 -45 -66 -65 -67 -244 -38 -11 -23

L. Government goods and services 65 38 5 43 3 9 -34 21 47 46 53 1 147 135 83 49

- Exports 555 572 590 172 164 136 138 610 158 170 141 143 611 163 176 146

- Imports -490 -535 -585 -129 -162 -127 -172 -590 -111 -124 -88 -142 -464 -28 -93 -97

Memorandum:

Number of traveler (thousands of people)

- Inbound 7.118 7.743 8.107 2.038 2.152 2.271 2.401 8.861 2.237 2.340 2.403 2.508 9.488 2.316 2.374 2.550

- Outbound 6.454 6.971 7.636 2.024 2.115 2.107 2.007 8.253 1.982 2.017 2.128 2.116 8.242 2.040 2.051 2.228

2015ITEMS

2010 2011 2012 2013 2014*

30

TABLE 4

INDONESIA'S BALANCE OF PAYMENTS

CURRENT ACCOUNT

PRIMARY INCOME

(millions of USD)

November, 2015

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

Primary Income -20.698 -26.547 -26.628 -6.052 -7.020 -6.806 -7.172 -27.050 -7.230 -7.920 -7.318 -7.241 -29.708 -6.809 -7.151 -7.357

- Receipts 1.934 2.581 2.650 858 603 475 666 2.602 391 681 634 424 2.130 468 722 671

- Payments -22.632 -29.128 -29.277 -6.910 -7.623 -7.281 -7.838 -29.652 -7.621 -8.601 -7.952 -7.665 -31.838 -7.277 -7.873 -8.028

A. Compensation of employees -781 -884 -1.037 -269 -270 -297 -303 -1.139 -280 -285 -313 -322 -1.200 -316 -322 -356

- Receipts 181 188 194 50 57 45 47 200 52 59 47 48 206 53 61 49

- Payments -962 -1.073 -1.231 -319 -327 -342 -350 -1.338 -332 -344 -360 -370 -1.406 -370 -383 -405

B. Investment income -19.917 -25.663 -25.590 -5.783 -6.750 -6.509 -6.869 -25.912 -6.950 -7.635 -7.004 -6.919 -28.508 -6.493 -6.829 -7.000

- Receipts 1.753 2.393 2.456 808 546 429 619 2.402 339 622 587 375 1.924 414 661 623

- Payments -21.670 -28.056 -28.046 -6.591 -7.296 -6.938 -7.489 -28.314 -7.289 -8.257 -7.592 -7.294 -30.432 -6.907 -7.490 -7.623

a. Direct investment income -12.705 -17.776 -17.913 -4.048 -3.968 -4.440 -4.713 -17.169 -5.029 -5.038 -4.603 -4.609 -19.278 -4.107 -4.345 -4.716

1) Income on equity capital -12.461 -17.526 -17.578 -3.987 -3.923 -4.265 -4.635 -16.811 -4.673 -4.777 -4.183 -4.263 -17.897 -3.808 -4.084 -4.265

- Receipts 120 186 243 84 20 33 66 203 32 62 33 13 140 23 23 9

- Payments -12.582 -17.712 -17.821 -4.071 -3.943 -4.298 -4.701 -17.013 -4.705 -4.840 -4.216 -4.276 -18.036 -3.831 -4.108 -4.273

2) Income on debt (interest) -243 -249 -335 -60 -45 -175 -78 -358 -356 -260 -420 -346 -1.382 -299 -261 -451

- Receipts 19 14 10 2 12 8 1 23 4 3 20 22 50 8 2 4

- Payments -262 -263 -345 -63 -57 -183 -79 -381 -360 -264 -441 -367 -1.431 -306 -264 -455

b. Portfolio investment income -4.905 -5.892 -5.368 -1.214 -1.961 -1.678 -1.494 -6.348 -1.464 -2.046 -2.052 -1.543 -7.106 -1.917 -1.752 -1.910

1) Income on equity capital -2.232 -2.646 -2.005 -87 -741 -652 -456 -1.936 -171 -1.004 -567 -479 -2.221 -217 -977 -383

- Receipts 358 284 453 216 229 64 142 652 56 137 114 91 399 58 88 33

- Payments -2.590 -2.931 -2.458 -303 -970 -716 -598 -2.588 -228 -1.141 -681 -571 -2.620 -275 -1.065 -416

2) Income on debt (interest) -2.673 -3.246 -3.363 -1.128 -1.220 -1.026 -1.038 -4.412 -1.293 -1.043 -1.485 -1.064 -4.885 -1.700 -774 -1.528

- Receipts 1.002 1.378 1.212 294 126 192 231 844 124 157 241 86 608 212 432 487

- Payments -3.675 -4.623 -4.575 -1.422 -1.347 -1.219 -1.269 -5.256 -1.416 -1.200 -1.726 -1.150 -5.492 -1.912 -1.206 -2.014

c. Other investment income -2.307 -1.995 -2.310 -521 -821 -391 -662 -2.395 -457 -551 -349 -767 -2.124 -469 -732 -374

- Receipts 253 531 538 212 158 131 180 681 123 262 179 164 728 113 115 91

- Payments -2.561 -2.526 -2.848 -732 -979 -523 -841 -3.076 -580 -813 -528 -931 -2.852 -583 -848 -465

2015ITEMS

2010 2011 2012 2013 2014*

31

TABLE 5

INDONESIA'S BALANCE OF PAYMENTS

CURRENT ACCOUNT

SECONDARY INCOME

(millions of USD)

TABLE 6

INDONESIA'S BALANCE OF PAYMENTS

FINANCIAL ACCOUNT

DIRECT INVESTMENT

(millions of USD)

November, 2015

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

Secondary Income 4.631 4.211 4.094 1.076 1.003 862 1.238 4.178 1.085 1.534 1.204 1.397 5.220 1.428 1.426 1.244

- Receipts 7.571 7.636 8.067 2.038 2.060 2.036 2.375 8.508 2.084 2.505 2.306 2.479 9.374 2.521 2.645 2.510

- Payments -2.940 -3.425 -3.972 -962 -1.057 -1.174 -1.137 -4.330 -999 -970 -1.102 -1.082 -4.154 -1.094 -1.220 -1.267

A. General government 287 320 455 11 63 43 288 405 11 59 28 134 232 8 2 15

- Receipts 287 329 455 11 64 43 290 408 11 65 29 134 239 8 3 15

- Payments 0 -9 0 0 -1 0 -2 -3 0 -6 -1 0 -7 0 -1 0

B. Other sectors 4.344 3.891 3.639 1.065 939 819 950 3.774 1.074 1.475 1.176 1.263 4.988 1.419 1.424 1.229

1. Personal transfers 4.857 4.645 4.616 1.235 1.229 1.168 1.171 4.802 1.255 1.524 1.410 1.443 5.632 1.614 1.642 1.576

- Receipts 6.735 6.736 7.018 1.861 1.866 1.835 1.853 7.415 1.902 2.195 2.113 2.135 8.345 2.336 2.390 2.326

- Payments -1.877 -2.091 -2.402 -626 -637 -668 -683 -2.613 -647 -671 -703 -692 -2.713 -721 -747 -750

2. Other current transfers -513 -754 -977 -170 -289 -349 -220 -1.028 -180 -49 -234 -181 -644 -195 -218 -347

- Receipts 550 571 593 166 130 158 232 686 172 245 164 209 789 177 253 169

- Payments -1.063 -1.325 -1.570 -336 -419 -507 -452 -1.714 -352 -294 -398 -390 -1.434 -372 -471 -516

Memorandum:

- Number of Indonesian migrant worker/TKI (thousands of people) 4.201 4.088 4.022 4.018 4.006 4.007 4.016 4.016 3.987 3.971 3.968 3.944 3.944 3.893 3.837 3.755

- Number of foreign migrant worker/TKA (thousands of people) 51 60 67 66 67 69 69 69 69 71 74 77 77 77 79 83

2015ITEMS

2010 2011 2012 2013 2014*

November, 2015

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

Direct Investment 11.106 11.528 13.716 3.261 3.323 5.415 171 12.170 3.452 3.770 6.014 2.655 15.890 2.900 3.064 2.746

A. Assets -4.186 -9.037 -7.485 -2.028 -2.218 -1.780 -5.085 -11.112 -2.883 -2.407 -2.226 -2.871 -10.388 -3.451 -3.394 -1.351

1. Equity capital -1.020 -5.064 -4.377 -1.943 -2.121 -1.796 -5.093 -10.953 -2.431 -2.242 -2.047 -2.845 -9.566 -2.706 -2.486 -1.620

2. Debt instuments -3.166 -3.972 -3.107 -85 -97 16 8 -159 -452 -165 -179 -26 -822 -745 -908 270

B. Liabilities 15.292 20.565 21.201 5.289 5.541 7.195 5.256 23.282 6.335 6.177 8.240 5.526 26.277 6.351 6.458 4.097

1. Equity capital 12.447 16.278 18.615 4.198 5.269 5.175 5.362 20.004 5.048 4.946 6.513 5.786 22.293 5.250 4.805 4.731

2. Debt instuments 2.845 4.287 2.586 1.091 273 2.020 -107 3.278 1.286 1.231 1.727 -260 3.984 1.101 1.653 -634

a. Inflow 16.424 53.677 60.871 14.736 15.592 17.216 18.202 65.746 18.921 20.358 19.700 20.175 79.154 20.797 21.099 17.393

b. Outflow -13.579 -49.390 -58.284 -13.645 -15.319 -15.196 -18.309 -62.468 -17.634 -19.128 -17.973 -20.435 -75.170 -19.696 -19.447 -18.027

Memorandum:

Direct investment based on directional principle 11.106 11.528 13.716 3.261 3.323 5.415 171 12.170 3.452 3.770 6.014 2.655 15.890 2.900 3.064 2.746

A. Direct investment abroad -2.664 -7.713 -5.422 -578 -1.235 -473 -4.360 -6.647 -1.805 -1.475 -1.648 -2.149 -7.077 -2.155 -1.214 -2.263

1. Equity capital -1.041 -3.137 -1.616 -860 -1.029 -761 -4.029 -6.679 -1.360 -1.259 -1.071 -1.718 -5.408 -1.592 -1.549 -860

2. Debt instruments -1.623 -4.576 -3.806 282 -206 288 -331 33 -444 -216 -578 -432 -1.670 -563 334 -1.403

B. Direct investment in Indonesia 13.771 19.241 19.138 3.840 4.558 5.888 4.531 18.817 5.257 5.245 7.662 4.804 22.967 5.054 4.278 5.009

1. Equity capital 12.468 14.350 15.853 3.116 4.177 4.140 4.298 15.730 3.978 3.963 5.536 4.659 18.135 4.136 3.867 3.971

2. Debt instruments 1.302 4.891 3.285 724 382 1.748 232 3.086 1.278 1.282 2.126 145 4.832 918 411 1.039

2015ITEMS

2010 2011 2012 2013 2014*

32

TABLE 7

INDONESIA'S BALANCE OF PAYMENTS

FINANCIAL ACCOUNT

PORTFOLIO INVESTMENT

(millions of USD)

November, 2015

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

Portfolio Investment 13.202 3.806 9.206 3.820 3.793 1.513 1.746 10.873 8.730 8.046 7.409 1.958 26.143 8.509 5.683 -2.211

A. Assets -2.511 -1.189 -5.467 -965 202 -670 160 -1.273 465 -991 1.299 1.814 2.587 24 -637 -684

1. Public Sector -2.021 218 -4.674 -201 936 -223 336 848 1.398 -730 713 1.584 2.965 713 -13 -179

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

b. Debt securities -2.021 218 -4.674 -201 936 -223 336 848 1.398 -730 713 1.584 2.965 713 -13 -179

2. Private Sector -490 -1.408 -793 -764 -734 -447 -177 -2.121 -932 -261 586 229 -379 -689 -624 -505

a. Equity capital -96 -312 -465 -214 -349 -163 16 -710 -161 -276 -190 -126 -753 -258 -317 -181

b. Debt securities -394 -1.096 -328 -550 -385 -283 -193 -1.411 -771 15 775 355 374 -431 -306 -324

B. Liabilities 15.713 4.996 14.673 4.786 3.591 2.182 1.586 12.145 8.265 9.037 6.110 145 23.556 8.485 6.321 -1.526

1. Public Sector 13.526 827 9.251 1.047 3.088 3.506 2.617 10.257 5.917 2.891 5.298 1.274 15.380 6.942 3.808 891

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 N/A N/A N/A N/A

b. Debt securities 13.526 827 9.251 1.047 3.088 3.506 2.617 10.257 5.917 2.891 5.298 1.274 15.380 6.942 3.808 891

1) Central bank 1.281 -5.371 -789 -11 84 238 -5 305 229 716 -1.128 66 -117 -125 182 -194

2) Government 12.245 6.197 10.040 1.058 3.004 3.269 2.622 9.952 5.688 2.174 6.427 1.208 15.497 7.067 3.627 1.084

a) Short term 1.286 104 -626 -189 -313 357 124 -21 351 76 -522 214 118 296 51 -417

b) Long term 10.960 6.093 10.665 1.246 3.317 2.911 2.498 9.972 5.337 2.099 6.949 994 15.378 6.771 3.576 1.501

2. Private Sector 2.187 4.169 5.422 3.739 503 -1.324 -1.030 1.888 2.347 6.147 811 -1.129 8.176 1.543 2.512 -2.417

a. Equity capital 2.132 -326 1.698 1.936 -2.000 -812 -980 -1.856 1.623 1.704 395 -463 3.259 437 -88 -1.200

b. Debt securities 56 4.495 3.725 1.803 2.503 -511 -50 3.744 725 4.443 416 -667 4.917 1.105 2.601 -1.217

1) Short term 19 1.244 -796 -838 -1.093 -594 -160 -2.686 864 1.093 80 -687 1.350 -217 289 -1.192

2) Long term 36 3.251 4.520 2.641 3.596 83 109 6.430 -139 3.350 336 20 3.567 1.323 2.312 -26

Memorandum:

Government's debt securities, liabilities 12.245 6.197 10.040 1.058 3.004 3.269 2.622 9.952 5.688 2.174 6.427 1.208 15.497 7.067 3.627 1.084

1. Denominated in Rupiah 9.651 3.217 5.007 1.058 259 1.001 2.622 4.939 3.170 3.712 3.749 1.208 11.838 3.407 2.527 -992

2. Denominated in foreign currency 2.594 2.980 5.033 0 2.745 2.268 0 5.013 2.519 -1.538 2.678 0 3.658 3.660 1.100 2.076

Notes:

N/A : Not Applicable

2015ITEMS

2010 2011 2012 2013 2014*

33

TABLE 8

INDONESIA'S BALANCE OF PAYMENTS

FINANCIAL ACCOUNT

OTHER INVESTMENT

(millions of USD)

November, 2015

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

Other Investment 2.262 -1.801 1.922 -6.945 1.553 -2.124 6.734 -783 -4.949 2.055 1.361 5.054 3.520 -5.262 -6.499 385

A. Assets -1.725 -6.754 -5.353 -6.759 3.691 -2.513 2.153 -3.427 -4.066 375 -2.885 2.283 -4.293 -5.100 -4.322 -2.017

1. Public Sector 1 -2 -1 0 0 0 0 0 0 0 0 0 0 0 0 0

2. Private Sector -1.726 -6.753 -5.352 -6.759 3.691 -2.513 2.153 -3.427 -4.066 375 -2.885 2.283 -4.293 -5.100 -4.322 -2.017

a. Currency and deposits 1.103 -496 -521 -6.444 4.635 -2.206 1.236 -2.779 -2.449 491 -2.876 1.723 -3.111 -4.257 -2.774 -681

b. Loans -224 -157 344 238 68 420 344 1.071 -150 189 494 64 596 -168 -143 -328

c. Trade credit and advances -2.569 -6.210 -5.248 -591 -574 -664 782 -1.048 -1.046 43 -467 555 -915 -523 -1.233 -455

d. Other assets -37 109 73 39 -438 -63 -209 -671 -420 -348 -36 -58 -863 -153 -172 -552

B. Liabilities 3.987 4.954 7.275 -187 -2.139 389 4.581 2.645 -883 1.680 4.245 2.771 7.813 -161 -2.176 2.402

1. Public Sector 1.756 -2.258 2.453 -207 -1.997 440 388 -1.376 -1.534 -295 -613 -1.766 -4.209 -1.144 -1.366 1.664

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

b. Loans -264 -2.040 -2.220 -408 -1.061 217 725 -527 -137 -1.025 101 -182 -1.243 -431 -1.380 1.485

1) Central bank 1) -48 -94 -128 -23 -37 0 -37 -97 0 -6 0 -9 -15 0 -9 0

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

b) Repayments -48 -94 -128 -23 -37 0 -37 -97 0 -6 0 -9 -15 0 -9 0

2) Government -215 -1.946 -2.092 -386 -1.023 217 761 -431 -137 -1.019 101 -173 -1.228 -431 -1.371 1.485

a) Drawings 5.375 3.428 3.332 509 650 1.179 2.608 4.947 695 831 919 1.590 4.035 237 382 2.134

(1) Program 3.174 1.559 1.507 161 0 0 1.290 1.452 135 231 47 1.127 1.540 0 74 2.000

(2) Project 2.200 1.869 1.825 348 650 1.179 1.318 3.495 560 600 872 463 2.494 237 308 134

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

b) Repayments -5.590 -5.374 -5.425 -895 -1.673 -963 -1.847 -5.377 -832 -1.850 -818 -1.763 -5.263 -668 -1.753 -649

c. Other liabilities 2.020 -218 4.674 201 -936 223 -336 -848 -1.398 730 -713 -1.584 -2.965 -713 13 179

2. Private Sector 2.231 7.212 4.822 20 -142 -51 4.193 4.020 651 1.976 4.858 4.537 12.022 983 -810 738

a. Currency and deposits 1.635 1.266 1.146 223 526 -441 1.126 1.434 639 528 1.725 -511 2.381 -70 120 481

b. Loans 366 5.242 3.397 76 -1.499 1.250 2.969 2.795 109 1.037 2.525 5.097 8.768 919 -940 -616

1) Drawings 13.430 26.243 34.196 6.086 5.701 7.588 12.754 32.129 7.497 8.305 9.676 11.993 37.472 7.927 7.190 5.441

2) Repayments -13.064 -21.001 -30.798 -6.010 -7.201 -6.338 -9.786 -29.334 -7.388 -7.269 -7.151 -6.896 -28.703 -7.008 -8.130 -6.057

c. Trade credit and advances 230 1.093 338 31 671 -195 74 581 -43 -36 332 -126 127 23 115 774

d. Other liabilities 0 -389 -59 -310 160 -665 24 -790 -53 447 276 76 746 111 -106 99

Catatan:1) Excludes credit and loans with IMF

2015ITEMS

2010 2011 2012 2013 2014*