BALANCE OF PAYMENTS REPORT · The balance of payments developments in turn bolstered the official...
Transcript of BALANCE OF PAYMENTS REPORT · The balance of payments developments in turn bolstered the official...
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SinidaftaKan?
kang
BALANCE OF PAYMENTS
REPORT
Second Quarter 2016
August 2016
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Contact Address:
Balance of Payments and Statistics Development Group
Department of Statistics
Bank Indonesia
Sjafruddin Prawiranegara Tower, 15th Floor
Jl. M.H. Thamrin No. 2
Jakarta 10350
Phone : +62 21 29816688
Fax : +62 21 3501935
E-mail : [email protected]
Website : www.bi.go.id
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BALANCE OF PAYMENTS
REPORT
Second Quarter 2016
August 2016
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SUMMARY
Q2/2016
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CURRENT ACCOUNT 4
Goods Trade Balance 4
Non-oil & Gas Trade Balance 4
Oil & Gas Trade Balance 10
Services Trade Balance 11
Primary Income Balance 11
Secondary Income Balance 12
CAPITAL AND FINANCIAL ACCOUNT 12
Direct Investment 13
Portfolio Investment 14
Other Investment 16
EXTERNAL SUSTAINABILITY INDICATORS 19
ALANCE OF PAYMENTS OUTLOOK 21
BOX 1: CHANGES IN BOP FIGURES
FROM Q1/2016 PUBLICATION 23
APPENDICES 25
LIST OF CONTENTS
Transaksi Berjalan
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LIST OF TABLES
Page
Page
Table 1 Non-Oil and Gas Exports by Commodity Group
(based on SITC)
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Table 6 Non-Oil and Gas Imports (c.i.f) by Major Country
of Origin
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Table 2 Non-Oil and Gas Exports by Major Destination
Country
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Table 7 Oil Exports 10
Table 3 Exports of Major Non-Oil and Gas Commodities
(based on HS)
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Table 8 Oil Imports (f.o.b) 10
Table 4 Non-Oil and Gas Imports (c.i.f) by Commodity
Group
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Table 9 Gas Exports 10
Table 5 Imports (c.i.f) of Major Non-Oil and Gas
Commodities
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Table 10 External Sustainability Indicators 19
LIST OF CHARTS
Page
Page
Chart 1 3
Chart 14 Direct Investment 13
Chart 2 Current Account 4
Chart 15 FDI by Economic Sector 13
Chart 3 Non-oil and Gas Trade Balance 4
Chart 16 FDI by Country of Origin 14
Chart 4 Non-oil and Gas Export Growth 5
Chart 17 Portfolio Investment 14
Chart 5 Oil & Gas Trade Balance 10
Chart 18 Foreign Holdings of SBI and SUN 15
Chart 6 International Oil Prices 10
Chart 19 Foreign Transactions on the IDX and JCI 15
Chart 7 Services Trade Balance 11
Chart 20 ASEAN Stock Index Developments 15
Chart 8 Travel Services 11
Chart 21 Portfolio Investment by Institutional Sector 16
Chart 9 Freight Services Payments 11 Chart 22 Other Investments 16
Chart 10 Primary Income Account 12 Chart 23 Other Investment Assets of the Private Sector 16
Chart 11 Personal Transfers 12 Chart 24 Other Investment Liabilities of the Private Sector 16
Chart 12 Stock of Indonesian Migrant Workers in Q2/2016 12 Chart 25 Public Sector Foreign Loans 17
Chart 13 Capital and Financial Account 13
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second quarter of 2016,
supported by a narrower current account deficit coupled with a growing capital and financial account
surplus. The BOP surplus stood at USD2.2 billion in the reporting period, reversing the USD0.3 billion deficit
posted in the previous quarter. This development shows an improved external balance of the Indonesian
economy and paves the way for maintaining macroeconomic stability.
The current account deficit edged down on a larger non-oil and gas trade surplus. The current
account deficit reduced from USD4.8 billion (2.2% of GDP) in the first quarter of 2016 to USD4.7 billion (2.0%
of GDP) in the second quarter of the same year, supported by a larger non-oil and gas trade surplus after the
increase of non-oil and gas exports surpassed that of non-oil and gas imports. Non-oil and gas export
performance was buoyed by shipments of manufactured products such as textiles and textile products, vehicles
and parts, as well as machinery and mechanical appliances. Meanwhile, higher imports of raw materials
contributed to the increase of non-oil and gas imports. On the other hand, the oil and gas trade deficit
expanded as the international oil price rebounded. Furthermore, the services account deficit also increased in line
with the seasonal trend of a low travel services surplus in the reporting period.
The capital and financial account surplus was observed to increase on the back of positive investor
perception of the domestic economic prospects along with easing uncertainty on global financial markets.
The capital and financial account surplus reached USD7.4 billion in the second quarter of 2016, up from USD4.6
billion in the previous quarter, due to an influx of portfolio investment. Net inflows of portfolio investment
increased significantly to USD8.4 billion in the reporting period, largely on government issuances of global bonds
and net inflows from non-resident investors to equity and SBN instruments. In addition, direct investment
recorded a growing surplus from USD2.7 billion to USD3.0 billion in the reporting period in line with the
promising domestic economic outlook.
The balance of payments developments in turn bolstered the official reserve assets. The official
reserve asset position increased from USD107.5 billion at the end of the first quarter of 2016 to USD109.8
billion at the end of the second quarter. The amount of reserve assets is adequate to finance 8.0 months of
imports and servicing public external debt, which is well above the international adequacy standard.
SUMMARY
T
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performed soundly, regaining a surplus. In the second
quarter of 2016, the BOP surplus stood at USD2.2
billion, contrasting the USD0.3 billion deficit recorded
in the first quarter of 2016 after the capital and
financial account surplus increased significantly, which
was adequate to fully offset the narrower current
account deficit. Such conditions were indicative of a
sounder external balance and contributed to a
maintained macroeconomic stability (Chart 1).
BOP performance during the reporting period in
turn also strengthened reserve assets. The position of
official reserve assets increased from USD107.5 billion
at the end of March 2016 to USD109.8 billion at the
end of June 2016, equivalent to 8.0 months of
imports and servicing government external debt,
which is well above the international adequacy
standard of around three months of imports.
The current account deficit narrowed in the
second quarter of 2016 as the non-oil and gas trade
surplus increased. The current account deficit stood at
USD4.7 billion (2.0% of GDP), lower than USD4.8
billion deficit (2.2% of GDP) in the first quarter of
2016. The smaller deficit was attributed to a larger
non-oil and gas trade surplus as the 9.4% (qtq)
increase in non-oil and gas exports surpassed the
4.6% (qtq) surge in corresponding imports. Further
declines in the current account deficit were offset by a
growing oil and gas trade deficit after oil imports
surged due to the higher global oil price as well as a
growing services account deficit in line with the
seasonal trend of a low travel services surplus in the
reporting period. On an annualised basis, the current
account deficit in the second quarter of
2016exceeded that posted one year ago at USD4.3
billion (2.0% of GDP) due to a smaller non-oil and gas
trade surplus.
The capital and financial account surplus posted
gains in line with positive investor perception
concerning the promising domestic economic outlook
together with less uncertain global financial markets.
The capital and financial account surplus stood at
USD7.4 billion in the second quarter of 2016, up
significantly from USD4.6 billion in the previous
period and from USD2.0 billion one year ago. A surge
in the net inflow of portfolio investment, supported
by a larger net inflow of direct investment,
contributed to the capital and financial account
surplus. On the other hand, the other investment
deficit expanded, primarily on an increase of resident
assets held offshore.
Chart 1
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90
120
150
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-10
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*
Q2
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2010 2011 2012 2013 2014 2015* 2016
Cap & Fin Account Curr. Account
Overall Balance Reserve Assets (RHS)
billion USD billion USD
* provisional figures** very provisional figures
2/2016
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CURRENT ACCOUNT
Current account performance improved in
the second quarter of 2016 against a backdrop
of ongoing domestic economic recovery. The
current account recorded a deficit in the reporting
period of USD4.7 billion (2.0% of GDP), down
from USD4.8 billion in the previous quarter but
up from USD4.3 billion (2.0% of GDP) one year
ago. The current account deficit reduced on a
growing non-oil and gas trade account surplus (Chart
2).
Chart 2
Current Account
During the second quarter of 2016, the non-oil
and gas trade surplus swelled on the back of a 9.4%
(qtq) surge in exports that exceeded the
corresponding 4.6% (qtq) gain in imports. The non-oil
and gas exports increased as a result of improved
commodity prices despite persistently weak global
demand, while increased non-oil and gas imports
were supported by stronger domestic demand and
better import prices.
In contrast, the other components of the current
account stifled further reductions to the deficit. The
oil and gas trade account recorded a larger deficit
after rising international oil prices in the reporting
period pushed up oil imports. Furthermore, the
services account deficit also increased as the travel
services surplus narrowed following seasonal trends.
Meanwhile, the primary and secondary income
accounts performed consistently on the previous
period.
Goods Trade Balance
The goods trade balance registered a surplus of
USD3.7 billion in the second quarter of 2016, surging
37.2% on the USD2.7 billion surplus recorded in the
previous period. The momentum stemmed from a
growing non-oil and gas surplus despite a wider oil
and gas trade deficit. Notwithstanding, the goods
trade surplus was 9.9% lower than theUSD4.1 billion
surplus posted one year ago.
Non-Oil and Gas Trade Balance
The non-oil and gas trade surplus stood at
USD5.1 billion in the second quarter of 2016, up from
USD3.6 billion in the previous period after non-oil and
gas exports surged 9.4% (qtq) while the
corresponding imports posted growth of just 4.6%
(qtq).
Annually, the non-oil and gas trade surplus in
the reporting period fell from USD6.2 billion one year
ago due to a deeper contraction of non-oil and gas
exports (-5.8% yoy) than imports (-3.2% yoy) (Chart
3).
Chart 3
Non-Oil and Gas Trade Balance
Non-Oil and Gas Exports
Non-oil and gas exports totalled USD33.0 billion
in the second quarter of 2016, up 9.4% (qtq) from
USD30.2 billion last period. On an annualised basis,
however, non-oil and gas exports contracted 5.8%
(yoy) on the same period in 2015, which is an
improvement on the 9.7% (yoy) contraction reported
in the previous quarter.
-20
-15
-10
-5
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Q2
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*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Secondary Inc. Primary Inc.
Services OG Trade Balance
NOG Trade Balance Curr. Account
billion USD
* provisional figures** very provisional figures
0
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8
10
12
-50
-40
-30
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2010 2011 2012 2013 2014 2015* 2016
Th
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Imports Exports NOG Trade Balance (RHS)
billion USD
* provisional figures ** very provisional figures
billion USD
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Chart 4
Non-Oil and Gas Export Growth
The annual non-oil and gas decline was more
limited due to a better export prices. Meanwhile, non-
oil and gas export volume experienced a deeper
decline as the increase in export volume of
manufactured products was insufficient to offset the
decrease in the export volume of primary products
(Table 1).
Table 1
Non-Oil and Gas Exports by Commodity Group (based on SITC)
-5.3
-9.7
-5.8
4.8
-2.8
9.4
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
Q1 Q2 Q3 Q4 Q1* Q2**
2015* 2016
y.o.y q.t.q
(%)
A. Primary Product
Nominal 48.7 44.0 -10.2 -5.7 -16.2 -18.4 -12.7 -17.6 -16.1 Real 51.4 47.5 14.3 25.7 18.7 12.4 17.5 -0.4 -13.7 Price Index - - -21.4 -25.0 -29.5 -27.4 -25.7 -17.3 -2.7
Agricultural Products
Nominal 30.2 28.1 -12.0 -1.7 -12.0 -13.1 -9.8 -11.4 -13.5 Real 31.3 29.9 8.8 26.5 21.9 20.3 18.8 9.2 -10.2 Price Index - - -19.2 -22.3 -27.8 -27.8 -24.1 -18.9 -3.6
Foods
Nominal 23.7 22.0 -9.0 0.6 -13.4 -13.4 -9.0 -11.1 -14.2 Real 22.7 21.4 11.2 29.3 19.1 16.5 18.5 6.8 -11.7 Price Index - - -18.2 -22.2 -27.3 -25.7 -23.2 -16.8 -2.8
Raw Materials
Nominal 6.5 6.1 -21.5 -9.2 -6.9 -12.0 -12.6 -12.4 -10.6 Real 5.8 6.2 -1.9 12.0 24.8 25.8 14.0 18.5 3.1 Price Index - - -20.0 -18.9 -25.4 -30.0 -23.3 -26.1 -13.3
Fuels & Mining Products
Nominal 18.5 15.9 -7.4 -11.6 -22.4 -26.5 -17.0 -26.6 -20.4 Real 8.7 7.8 9.6 7.0 -4.9 -14.5 -0.8 -18.3 -16.9 Price Index - - -15.6 -17.4 -18.4 -14.0 -16.4 -10.1 -4.2
B. Manufacture Products
Nominal 49.9 54.6 -4.9 -4.5 -4.9 -13.3 -6.9 -2.0 4.1 Real 47.9 51.8 -8.0 -7.4 -4.2 -10.3 -7.4 -2.2 3.5 Price Index - - 3.3 3.2 -0.7 -3.4 0.5 0.2 0.6
C. Others
Nominal 1.5 1.5 -26.1 -17.8 -14.0 -6.8 -17.0 -21.4 -19.8 Real 0.7 0.7 -22.2 -11.6 -2.1 1.7 -9.7 -11.2 -22.3 Price Index - - -4.9 -6.9 -12.2 -8.4 -8.1 -11.4 3.2
Total
Nominal 100.0 100.0 -8.0 -5.3 -10.9 -15.8 -10.0 -9.7 -5.8 Riil 100.0 100.0 2.3 7.8 4.7 -3.4 2.8 -1.7 -3.4 Indeks Harga - - -10.0 -12.1 -14.9 -12.8 -12.4 -8.2 -2.4
*) provisional figures
**) very provisional figures
Q2 Q3 Q4
2015*
TOTAL
Description
Shares (%)
2015* 2016**Q1
Growth (% yoy)
Q1* Q2**
2016
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Non-Oil and Gas Exports by Major Destination
Country
Non-
trading partners fell 6.1% (yoy) in the second quarter
of 2016, improving on the -9.3% (yoy) contraction
posted in the first quarter of the year as a result of
positive export growth to the United States,
Singapore, and the Philippines. Furthermore, exports
to Japan, China, South Korea, and Thailand improved
on the previous period despite remaining in negative
territory. In contrast, exports to India, Malaysia, and
Australia and Oceania experienced deeper
contractions (Table 2).
Table 2
Non-Oil and Gas Exports by Major Destination Country
Exports to the United States surged on the back
of textiles, processed rubber, as well as electrical,
measuring and optical apparatus, accounting for a
43.9% share of total exports to the United States.
Exports to Singapore were boosted by shipments
of machinery and mechanical appliances as well as
shallower export contractions of articles of basic
metals and vegetable oil, which accounted for 24.1%
of total exports to Singapore.
A surge in exports of vehicles and parts
(accounting for 28.0% of all exports to the
Philippines) was the main driver of export growth to
the Philippines, along with copper ores (9.3% of the
total).
Flagging exports to Japan were offset by growth
of copper ores and textiles, accounting for 19.7% of
total exports to Japan. In contrast, exports of coal as
well as electrical, measuring and optical apparatus,
with a 23.3% share, continued to decline.
Exports of coal and articles of base metals,
accounting for 29.0% of the total, buoyed
consignments to China, while exports of vegetable oil
and processed wood (22.1% share) continued to
decline.
Increased exports of textiles and articles of basic
metals (17.5% share) stemmed the overall export
decline to South Korea along with a shallower decline
of coal exports (21.4% share), while copper ore
exports (8.4% share) experienced a contraction.
Solid export growth of vehicles and parts as well
as machinery and mechanical equipment,
accompanied by a slower decline of articles of basic
metals, accounting for 40.6% of the total, bolstered
exports to Thailand. Further gains were eroded by a
deeper coal export decline (13.3% share).
Conversely, exports to India recorded a decline
due to shipments of coal and vegetable oil that
account for 70.6% of the total.
Meanwhile, exports decreased to Malaysia due
to fewer consignments of nearly all major
commodities, including coal, processed foods, articles
of basic metals as well as vegetable oil, accounting for
45.6% of total exports to Malaysia.
Exports to Australia and Oceania also declined
due to articles of basic metals as well as processed
foods, with both accounting for a 34.0% share of
total exports to Australia and Oceania.
Exports of Major Non-Oil and Gas Commodities
More limited export declines of major non-oil
and gas commodities also boosted non-oil and gas
export performance in the second quarter of 2016.
The export value of the ten leading commodities
posted negative growth of 9.5% (yoy) in the
reporting period, improving from a -14.6% (yoy)
contraction in the previous quarter due to better
prices that affected nearly all of the major exports,
excluding electrical equipment. The export prices of
1 U S A 11.6 12.4 -1.1 -0.4 -4.8 -7.6 -3.5 -4.0 4.4
2 Japan 9.9 10.1 -5.4 -8.4 -12.9 -17.1 -11.1 -6.0 -2.3
3 China 10.0 9.7 -36.5 -13.1 -9.6 -13.8 -19.5 -9.4 -7.2
4 Singapore 6.5 7.1 1.7 -19.4 -9.2 -16.8 -11.4 -3.3 5.2
5 India 8.8 7.0 7.3 18.1 -27.0 -14.2 -5.1 -28.5 -33.0
6 Malaysia 4.7 4.5 3.5 0.2 -7.3 -9.8 -3.4 -12.9 -15.4
7 South Korea 4.1 4.0 0.1 0.4 -6.3 -16.8 -5.7 -12.5 -7.5
8 Philipines 3.0 3.7 -2.0 4.2 7.2 -7.2 0.8 7.6 34.6
9 Thailand 3.5 3.6 -6.4 -4.0 -11.6 -10.2 -8.0 -12.3 0.0
10 Australia & Oceania 2.8 2.6 -36.4 -17.0 7.4 -21.6 -17.5 5.6 -18.6
Total 10 Countries 64.9 64.6 -9.6 -4.4 -10.0 -13.5 -9.4 -9.3 -6.1
*) provisional figures
**) very provisional figures
2015*
TOTAL Q1*
2016
Q1 Q2 Q3 Q4
Description2015* 2016**
Shares (%)
Q2**
Growth (%, yoy)
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vegetable oil and coal even achieved positive growth,
following the upward trend of vehicle and part export
prices (Table 3).
On the other hand, the real exports (export
volume) of major non-oil and gas commodities
continued to track a downward trend, particularly
vegetable oil, coal, and articles of basic metals that
remained in negative territory. In contrast, the export
volumes of textiles and textile products, electrical
equipment, processed foods, vehicles and parts,
processed rubber, machinery and mechanical
equipment as well as processed wood were noted to
increase (Table 3).
Textile exports jumped 1.1% (yoy) in the second
quarter of 2016 on the back of shipments to the
United States, Japan, South Korea, and Germany.
With a 51.2% share of total textile exports, exports to
the aforementioned countries increased respectively
by 4.1% (yoy), 5.9% (yoy), 17.2% (yoy), and 6.1%
(yoy). Increased textile exports in the reporting period
were due to a surge in export volume coupled with a
price rebound despite persistent negative growth.
Exports of vehicles and parts grew positively by
14.8% in the reporting quarter, supported by
shipments to the Philippines (115.3% yoy),
particularly motorcycles, Thailand (22.7% yoy), and
Japan (11.2% yoy). Exports to those three countries
accounted for 46.6% of total exports of vehicles and
parts.
Exports of machinery and mechanical equipment
climbed 13.4% in the reporting period, particularly to
Singapore (8.3% yoy) and Thailand (49.0% yoy),
which constitute a 30.9% share of the total. Export
prices, however, continued to decrease but not as
significantly as during the previous period.
Coal exports in the reporting period recorded a
22.5% (yoy) contraction after shipments decreased to
leading destinations, namely India (-36.7% yoy),
Japan (-22.1% yoy), and South Korea (-25.0% yoy),
which accounted for 48.4% of total coal exports.
Furthermore, coal exports to China declined as a
result of economic moderation, while exports to India
decreased because the price of Indonesian coal was
relatively expensive compared to other coal exporters.
In terms of prices, coal export prices recorded
0.3% (yoy) growth during the reporting period in line
with the prevailing global coal price, which picked up
on the back of the rising oil price along with less
United States coal production.
A 4.6% (yoy) surge in exports to the United
States contributed to a smaller contraction of
electrical equipment. Further declines of exported
electrical equipment were also prevented by better
prices.
Exports of articles of basic metals improved due
to robust export growth to China (68.7%, yoy), which
accounted for 14.4% of the total. Improvement in
exports was bolstered by volume and price factors.
Exports of processed rubber declined at slower
pace (-10.4% yoy) in the second quarter of 2016
compared to the previous quarter as real exports
achieved positive 4.7% (yoy) growth and prices fell
more slowly.
The lower export price of processed rubber was
consistent with the global economic downswing.
Furthermore, rubber supply remained high,
particularly from net producers such as Thailand and
Indonesia.
Similarly, a slower decline of processed wood
exports in the reporting period was attributed to
better prices and supported by increasing export
volume despite slower growth than recorded in the
previous quarter.
In contrast, vegetable oil exports, the majority
(82.4%) of which were in the form of crude palm
oil (CPO), fell 22.6% (yoy) in the second quarter of
2016 due to lower export volume, while the
export price increased 8.5% (yoy) on rising global
crude prices and ringgit depreciation. Declining
vegetable oil exports primarily affected shipments
to India (-23.9% yoy), China (-43.2% yoy), and
Pakistan (-22.7% yoy). Conversely, vegetable oil
exports to the United States skyrocketed 45.0%
(yoy).
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Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)
Exports of processed foods recorded a 0.8%
(yoy) decline in the reporting period, affecting exports
to the United States (-5.7% yoy), Malaysia (-17.5%
yoy), and the Philippines (-10.7% yoy) with a 36.6%
share of the total. The exports contracted as export
price posted negative growth of -6.6% (yoy), while
export volume decelerated to 6.1% (yoy).
Non-Oil and Gas Imports
Non-oil and gas imports (c.i.f) in the second
quarter of 2016 remained in negative territory but the
decline eased from -8.6% (yoy) in the last quarter to -
3.4% (yoy) due to growing domestic demand and
better prices.
Slower declines of non-oil and gas imports
affected raw materials and capital goods as import
volume improved. In fact, the import volume of raw
materials posted positive growth in the reporting
period. In addition, rising import prices drove imports
of capital goods. On the other hand, imports of
consumption goods slowed but continued to record
positive growth as import volume decelerated while
import prices increased.
Imports of consumption goods in reporting
period climbed 6.5% (yoy) in the second quarter of
2016, slower than 27.3% (yoy) previously, with the
increase stemming from greater demand and rising
prices. Higher imports of consumption goods in
particular affected arms and ammunition as well as
edible products and preparations.
Table 4
Non-Oil and Gas Imports (c.i.f) by Commodity Group
Imports of raw materials fell 2.6% (yoy) in the
second quarter of 2016, slowing from a decline of
9.5% (yoy) previously as import volume was noted to
increase. The restricted import growth stemmed from
increased imports of telecommunication equipment
(40.3% yoy), wheat and meslin (11.6% yoy) as well as
motor vehicle parts and accessories (7.8% yoy) (Table
5).
Meanwhile, imports of capital goods dropped
12.2% (yoy) compared to a 19.0% (yoy) decline
registered in the previous quarter, supported by rising
prices along with volume gains despite remaining in
negative territory. The gains primarily affected
automatic data processing machines and units thereof
as well as telecommunication equipment and parts,
while imports of heating and cooling equipment
actually increased (Table 5).
1. Vegetable Oil 13.6 12.0 -12.6 6.0 -16.9 -17.9 -10.7 -16.3 -22.6 10.8 36.6 9.0 -0.8 14.6 -12.5 -28.7 -21.2 -22.4 -23.7 -17.2 -22.1 -4.4 8.5
2. Coal 12.1 10.2 -17.7 -24.9 -24.9 -26.5 -23.4 -28.4 -22.5 -6.9 -12.6 -13.1 -20.1 -12.3 -24.3 -22.7 -11.6 -14.1 -13.6 -8.1 -12.6 -5.5 0.3
3. Textile & Textile Products 9.4 9.9 -2.6 -2.7 -5.8 -4.8 -4.0 -4.7 1.1 2.0 2.9 -0.4 0.8 1.5 0.0 4.5 -4.5 -5.5 -5.4 -5.5 -5.4 -4.7 -3.3
4. Electrical Aparatus, etc 6.7 6.6 -12.1 -11.8 -14.0 -14.7 -13.2 -8.6 -3.9 -5.9 -4.6 -7.7 -12.9 -7.5 -7.7 1.6 -6.5 -7.5 -6.9 -2.1 -6.1 -0.6 -5.4
5. Articles of Basic Metals 5.8 5.3 -3.7 -16.1 -18.7 -24.9 -16.2 -24.4 -12.5 1.9 -8.6 -0.3 -5.5 -3.3 -12.3 -5.6 -5.4 -8.2 -18.4 -20.5 -13.4 -13.8 -7.3
6. Processed Foods 4.8 4.9 3.5 -0.4 -6.9 1.4 -0.6 1.7 -0.8 3.4 -0.3 4.0 13.4 5.1 13.0 6.1 0.1 -0.1 -10.5 -10.6 -5.4 -9.9 -6.6
7. Vehicles & Parts 4.1 4.4 9.4 20.5 3.8 -16.4 3.3 -14.1 14.8 3.0 14.1 1.1 -19.5 -1.4 -16.7 10.5 6.2 5.5 2.7 3.9 4.8 3.1 3.8
8. Processed Rubber 4.4 4.2 -31.7 -13.2 -6.6 -12.1 -16.8 -13.0 -10.4 -23.8 -4.0 16.5 19.3 -0.2 14.3 4.7 -10.4 -9.5 -19.8 -26.3 -16.6 -23.9 -14.4
9. Machinery & Mechanical Appl. 3.9 4.1 -15.8 -13.4 -9.1 -23.1 -15.5 -9.3 13.4 -14.7 -12.4 -8.5 -21.2 -14.3 -7.5 15.7 -1.3 -1.1 -0.6 -2.4 -1.4 -2.0 -1.9
10. Processed Woods 2.9 2.9 -2.2 0.4 -4.2 -3.5 -2.3 -3.1 -5.8 12.8 31.8 34.7 40.6 29.6 31.2 10.0 -13.3 -23.9 -28.9 -31.3 -24.6 -26.1 -14.3
Total 10 Commodities 67.6 64.5 -11.0 -8.1 -13.6 -16.3 -12.2 -14.6 -9.5 -2.6 2.8 1.3 -2.9 0.0 -5.6 -5.9 -8.6 -10.6 -14.7 -13.8 -12.3 -9.5 -3.8
*) provisional figures **) very provisional figures
Q2 Q3 Q4 TOTAL Q1* Q2**
Share (%)Pertumbuhan (%, yoy)
Nominal Real Price Index
2016**
2015* 2016 2015 2016 2015* 2016
Q2 Q3 Q4 TOTAL Q1* Q2** Q2 Q3 Q4 TOTAL Q1* Q2**
Description
Q12015*
Q1 Q1
Consumption GoodsNominal 8.7 10.4 -6.1 -8.8 -9.3 -14.9 -6.3 -9.9 27.3 6.5
Real 7.4 8.6 -13.1 -7.7 -7.1 -13.0 -6.1 -8.1 25.4 0.8
Price Index - - 8.1 -1.2 -2.4 -2.2 -0.3 -1.9 1.5 5.7
Raw MaterialsNominal 69.5 70.5 -3.4 -1.7 -15.2 -17.7 -13.8 -12.3 -9.5 -2.6
Real 81.2 82.0 -0.8 5.2 -8.0 -10.3 -6.4 -4.4 -0.8 7.2
Price Index - - -2.7 -6.6 -7.9 -8.3 -8.0 -8.3 -8.8 -9.2
Capital GoodsNominal 21.0 18.7 -4.7 -8.7 -21.7 -20.6 -10.9 -15.6 -19.0 -12.2
Real 11.5 9.4 -15.5 -21.5 -32.8 -29.2 -15.7 -26.3 -23.2 -19.7
Price Index - - 12.8 16.3 16.5 12.2 5.7 14.5 5.5 9.4
TotalNominal 100.0 100.0 -3.9 -3.9 -16.3 -17.4 -11.4 -12.4 -8.6 -3.4
Real 100.0 100.0 -6.6 -4.7 -16.4 -16.4 -9.1 -11.9 -6.2 -2.8
Price Index - - 2.8 0.8 0.2 -1.1 -2.5 -0.5 -2.5 -0.6
*) provisional figures
**) very provisional figures
Q2 Q3 Q4 Total Q1* Q2**
2015**
Growth (% yoy)
2016Description
2014* 2015**
Shares (%)
2014
TOTAL Q1
9
Table 5
Imports (c.i.f) of Major Non-Oil and Gas Commodities
Non-Oil and Gas Imports by Country of Origin
Based on country of origin, imports from all
countries, except China and Thailand, experienced
declines (Table 6). Growth of imports from China
were driven by machinery and mechanical
equipment, articles of basic metals, and textile
products with a 46.4% share of total imports from
China. Meanwhile, imports from Thailand increased
on the back of processed foods, machinery and
mechanical apparatus as well as electrical
equipment, accounting for 38.4% of total imports
from Thailand.
Despite remaining negative, imports from Japan,
South Korea, Australia and Oceania, Malaysia as well
as Germany displayed early indications of a rebound.
Conversely, imports from Singapore, United States,
and Vietnam continued to track a downward trend,
most notably from Singapore due to fewer shipments
of chemicals, articles of basic metals and mechanical
machinery, accounting for a 35.8% share of the total
imports from Singapore.
Table 6
Non-Oil and Gas Imports (c.i.f)
by Major Country of Origin
Oil and Gas Trade Balance
The oil and gas trade balance deteriorated in the
second quarter of 2016 on a quarterly basis but the
annualised data showed signs of improvement. The
oil and gas trade deficit stood at USD1.4 billion in the
reporting period, expanding from USD0.8 billion
previously but down from the USD2.1 billion deficit
recorded in the second quarter of 2015. The larger
deficit was caused by an increase of imports that
outpaced the corresponding increase of exports
(Chart 5).
TOTAL IMPORTS 100.0 100.0 -3.9 -16.3 -17.4 -11.4 -12.4 -8.6 -3.4 -4.7 -16.4 -16.4 -9.1 -11.8 -6.2 -2.8 0.8 0.2 -1.1 -2.5 -0.7 -2.5 -0.60.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
I. Consumption Goods, o/w: 8.7 10.4 -8.8 -9.3 -14.9 -6.3 -9.9 27.3 6.5 -7.7 -7.0 -13.0 -6.1 -8.4 25.4 0.8 -1.2 -2.4 -2.2 -0.3 -1.5 1.5 5.7
Rice 0.3 0.8 7.8 15.6 -80.1 4.8 -9.4 1,279.1 -33.0 1.8 13.0 -79.2 -1.5 -11.6 1,262.5 -32.8 6.0 2.4 -4.4 -1.5 2.4 1.2 -0.3
Arms And Ammunition 0.4 0.7 -63.1 114.2 -12.9 273.8 9.7 574.3 218.9 -62.5 118.5 -9.3 284.8 12.7 580.9 215.4 -1.6 -2.0 -4.0 284.8 -2.6 -1.0 1.1
Fruit And Nut,Fresh or Dried 0.6 0.6 -31.6 -15.0 -11.8 -3.9 -15.7 39.3 -10.9 -49.0 -24.4 -16.0 -1.8 -24.1 64.7 -2.8 34.0 12.5 5.0 -1.8 11.2 -15.4 -8.4
Edible Product and Preparations 0.5 0.5 8.3 -13.7 2.0 -4.8 -3.0 2.3 4.4 8.9 -16.2 -0.9 -12.1 -6.2 -3.9 -7.4 -0.6 3.0 2.9 -12.1 3.4 6.5 12.7
Medicaments Incl.Veterinari Med. 0.5 0.5 23.3 28.1 -1.8 -16.4 5.8 12.1 -11.9 30.5 32.3 -4.1 -13.0 8.6 16.9 -2.1 -5.5 -3.2 2.5 -13.0 -2.6 -4.1 -10.0
II. Raw Materials & Auxiliary Goods, o/w: 69.5 70.5 -1.7 -15.2 -17.7 -13.8 -12.3 -9.5 -2.6 5.2 -8.0 -10.2 -6.4 -5.0 -0.8 7.2 -6.6 -7.9 -8.3 -8.0 -7.7 -8.8 -9.2
Telecomunication Equipment N.E.S And Parts 1.6 2.4 -31.1 29.2 60.6 84.2 25.3 71.8 40.3 -27.3 34.7 66.3 88.6 30.2 80.9 47.8 -5.2 -4.1 -3.4 88.6 -3.8 -5.0 -5.1
Wheat And Meslin,Unmilled 1.8 2.3 -0.3 -19.4 -17.1 -11.4 -12.8 31.3 11.6 -1.6 -18.3 -17.3 -3.0 -10.9 44.4 34.0 1.3 -1.4 0.3 -3.0 -2.1 -9.1 -16.7
Parts & Accessories, N.E.S of the Motor Vehicles 2.1 2.2 -8.1 -16.8 -12.5 -26.4 -15.9 -9.1 7.8 -9.3 -18.2 -14.6 -29.0 -17.8 -12.7 4.5 1.3 1.7 2.4 -29.0 2.3 4.1 3.2
Electrical Appr. for Making & Breaking Electrical Circuit 2.2 2.0 -1.8 2.5 4.9 14.2 4.9 -1.7 -4.1 4.1 9.2 12.2 22.5 12.0 6.1 3.1 -5.7 -6.1 -6.5 22.5 -6.3 -7.3 -7.0
Feeding Stuff for Animals 2.3 1.9 24.2 -23.3 -40.3 -7.4 -17.0 -24.1 -20.6 23.9 -16.7 -38.0 -5.8 -14.2 -19.7 -14.7 0.3 -7.9 -3.7 -5.8 -3.3 -5.5 -6.9
III. Capital Goods, o/w: 21.0 18.7 -8.7 -21.7 -20.6 -10.9 -15.6 -19.0 -12.2 -21.5 -32.8 -29.2 -15.8 -25.0 -23.2 -19.7 16.3 16.5 12.2 5.7 12.5 5.5 9.4
Automatic Data Processing Machines & Units there of 2.0 1.7 9.5 -27.2 -15.6 7.4 -6.2 -20.5 -4.9 12.1 -26.2 -14.0 10.4 -4.3 -18.7 -3.6 -2.3 -1.3 -1.9 10.4 -2.1 -2.2 -1.4
Other Machine & Equip't Specialized for Particular Industry 1.7 1.5 -6.9 -5.2 -9.6 -15.8 -9.2 -7.8 -22.7 -4.7 -3.0 -7.8 -13.8 -7.2 -6.6 -22.0 -2.3 -2.3 -1.9 -13.8 -2.2 -1.4 -0.8
Telecomunication Equipment N.E.S And Parts 2.6 1.4 -20.5 -37.4 -35.0 -22.9 -29.2 -52.9 -49.6 -16.2 -34.8 -32.7 -21.0 -26.4 -50.4 -46.9 -5.2 -4.1 -3.4 -21.0 -3.8 -5.0 -5.1
Heating &Cooling Equipmentand Parts there of,N.E.S 1.2 1.1 20.6 -16.8 18.4 27.1 13.2 -21.1 67.2 18.5 -18.2 16.4 24.2 11.1 -22.7 64.3 1.8 1.7 1.7 24.2 1.9 2.1 1.8
Pumps & Compressors, Fans & Blowers, Centrifuges & Parts 1.1 1.1 -2.1 -13.2 -7.2 26.6 0.0 14.1 -5.3 -4.6 -15.4 -9.7 23.0 -2.7 10.0 -8.6 2.6 2.6 2.8 23.0 2.7 3.7 3.6
*) provisional figures
**) very provisional figures
Q1* Q2**Q3 Q4 TOTALQ2Q4 TOTAL Q1* Q2**Q2 Q3Q2**Q3 Q4 TOTAL Q1*
Share (%)Growth (y.o.y, %)
Nominal Real Price Index
2016**
2015* 2016 2015* 2016 2015* 2016
Q2
Imports Group
2015*Q1 Q1 Q1
1 China 24.7 26.0 4.3 -9.6 -7.0 -4.1 -4.2 -4.5 7.8
2 Japan 11.2 10.9 -11.5 -20.9 -30.0 -22.7 -21.3 -19.1 -6.7
3 Thailand 6.8 7.9 -9.5 -21.9 -20.9 -16.3 -17.3 11.7 5.3
4 Singapore 7.6 6.4 -13.0 -11.8 -7.9 -4.3 -9.2 -6.4 -20.5
5 USA 6.4 5.9 -6.8 -7.5 -14.0 3.3 -6.3 -10.6 -19.5
6 South Korea 5.3 5.1 -5.6 -30.5 -21.8 -26.3 -21.6 -18.8 -7.8
7 Australia & Oceania 4.5 4.6 -7.7 -6.8 -27.3 -22.6 -16.2 -11.1 -9.1
8 Malaysia 4.2 4.2 -12.0 -12.8 -15.6 -12.8 -13.2 -12.0 -2.6
9 Vietnam 2.7 2.7 25.2 -15.4 -12.0 -2.6 -1.9 -6.5 -7.9
10 Germany 2.9 2.6 -0.5 -24.2 -21.9 -15.7 -16.0 -26.0 -13.4
Total 10 Countries 76.3 76.2 -4.2 -15.1 -16.6 -11.3 -12.4 -8.8 -4.1*) provisional figures
**) very provisional figures
Q2**
Description2015* 2016**
Shares (%) Growth (%, yoy)
2015*
Q2 Q3 Q4 Q1*TOTALQ1
2016
10
Chart 5
Oil and Gas Trade Balance
Oil Exports
Oil exports rose 43.0% (qtq) on the previous
quarter, increasing from USD1.3 billion to USD1.8
billion (Table 7). The quarterly bump in oil exports was
influenced by crude oil and refined products, which
enjoyed growth of 53.4% and 8.7% respectively, in
terms of both export volume and prices.
Congruent with the surge in crude oil exports in
the second quarter of 2016, oil lifting rose 3.7% (qtq)
from 0.802 million barrels per day to 0.832 million
barrels per day, which was indicative of momentum in
the upstream oil sector in Indonesia.
Table 7
Oil Exports
In terms of prices, the higher oil price was
inextricably linked to the rising global oil price in the
second quarter of 2016. The average price in the
second quarter of 2016 for SLC, WTI, Brent, and
OPEC oil increased respectively from USD33.8/barrel,
USD37.1/barrel, USD37.6/barrel, and USD33.5/barrel
in the first quarter of 2016 to USD44.1/barrel,
USD45.6/barrel, USD47.0/barrel, and USD42.3/barrel
(Chart 6).
Chart 6
International oil Prices
Oil Imports
Oil imports soared 31.6% (qtq) in the second
quarter of 2016 to USD4.3 billion from USD3.2
billion, driven by rising prices and increased volume.
The import volume of crude increased, while refined
products were noted to moderate (Table 8).
Table 8
Oil Imports (f.o.b)
Gas Exports
Gas exports fell 13.0% (qtq) in the second
quarter of 2016 to USD1.4 billion, primarily due
to liquefied petroleum gas (LPG) (-21.6% qtq) as a
result of lower prices and export volume
(Table 9).
Table 9
Gas Exports
-4
-2
0
2
4
6
8
10
12
-15
-10
-5
0
5
10
15Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Th
ou
san
ds
Gas Imports Gas Exports
Oil Imports Oil Exports
OG Trade Balance (RHS)
billion USD billion USD
* provisional figures** very provisional figures
Exports 1,253 40.3 1,793 43.5
Crude 961 32.2 29.8 1,474 35.5 41.6
Refinery Products 293 8.1 36.0 318 8.0 39.6
¹⁾ export value divided by export volume
Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures
Description
2016
Q1*
Value
(mill USD)
Volume
(mbbl)
Q2**
Value
(mill USD)
Volume
(mbbl)
Price¹
(USD/barel)
Price¹
(USD/barel)
20
30
40
50
60
70
80
90
100
110
120
130
140
JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJ
2010 2011 2012 2013 2014 2015 2016
USD/barel
SLC
Unit Price
WTI
OPEC
Source: Ditjen Migas, BOP, Bloomberg
Imports 3,250 83.5 4,279 88.2
Crude 1,295 36.6 35.3 1,897 42.4 44.8
Refinery Products 1,956 46.8 41.8 2,382 45.8 52.0
¹⁾ import value divided by import volume
Sources: SKK Migas and Pertamina (processed)
* provisional figures ** very provisional figures
Description
2016
Q1*
Value
(mill USD)
Volume
(mbbl)
Price¹
(USD/barel)
Q2**
Value
(mill USD)
Volume
(mbbl)
Price¹
(USD/barel)
Exports 1,662 - 1,445 -
LNG 1,325 213.5 6.2 1,038 205.5 5.0
Natural Gas 331 73.9 4.5 400 72.2 5.5
LPG 0 0.1 0.2 0 0.1 0.0
Other Gas 6 0.3 19.2 6 0.3 19.2
¹⁾ LNG, natural gas & other gas vol. are in million mmbtu, LPG vol. are in thousand m/t, total vol. are in mmbtu
²⁾ LNG & natural gas prices are in USD/million mmbtu, LPG prices are in USD/thousand metric ton
Source: SKK Migas
* provisional figures ** very provisional figures
Description
2016
Q1*
Value
(mill USD)Volume¹ Price²
Q2**
Value
(mill USD)Volume¹ Price²
11
Services Trade Balance
The services trade balance recorded a deficit of
USD2.0 billion in the reporting period, widening from
USD1.1 billion previously due to a narrower travel
services surplus in line with seasonal trends
(Chart 7).
Chart 7
Services Trade Balance
In the reporting period, the travel services surplus
narrowed from USD1.2 billion to USD0.8 billion due
to a deeper decline of travel services receipts (-13.0%,
qtq) than travel services payments (-1.1%, qtq) (Chart
8).
Chart 8
Travel Services
Travel services receipts from international
travellers fell from USD2.9 billion in the first quarter of
2016 to USD2.5 billion in the second quarter of 2016
as international travellers were less inclined to spend
despite visiting in greater numbers, increasing from
2.43 million to 2.55 million people.
A similar trend was noted on the payment side
of travel services. The number of Indonesian travellers
visiting abroad increased slightly from 2.07 million to
2.08 million but spending by Indonesian travellers
decreased. Therefore, travel services payments
remained relatively stable on the previous period at
USD1.7 billion.
Most international travellers visiting Indonesia in
the second quarter of 2016 originated from
Singapore, Malaysia, and Australia, with Bali, Jakarta,
and Batam recognised as the preferred destinations.
Freight services, as the main contributor to the
services trade deficit, remained relatively stable.
Freight services payments were recorded at USD1.5
billion in the second quarter of 2016, which was
relatively unchanged from the previous quarter after
the 24.3% (qtq) increase in oil and gas import
freight payments was offset by the -1.2% (qtq)
decline in non-oil and gas import freight payments
(Chart 8).
Chart 9
Freight Services Payments
Primary Income Balance
The primary income account deficit in the
second quarter of 2016 remained relatively
unchanged from the previous period, totalling
USD7.6 billion (Chart 10), due to less attribution of
direct investment income to non-resident investors
that was compensated by an increase in interest
payments on the goverment and private sector
foreign loans.
-4
-3
-2
-1
0
1
2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Other Services Travel Transportation Services (net)
billion USD
* 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
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Imports Exports Travel (net)
billion USD
* provisional figures; ** very provisional figures
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
-50
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Th
ou
san
ds
Import Freight Import (RHS)
billion USD
* provisional figures **very provisional figures
billion USD
12
Chart 10
Primary Income Account
Secondary Income Balance
The secondary income balance was also relatively
unchanged from the first quarter of 2016, posting a
surplus of USD1.2 billion again in the second quarter
of 2016. Such conditions were the result of a decline
in net receipts of personal transfers that was offset by
a decrease in net payments of other transfers. During
the reporting period, personal transfers in the form of
remittances from Indonesian migrant workers (TKI)
totalled USD2.3 billion, while the remittances of
foreign workers in Indonesia amounted to USD0.8
billion (Chart 11).
Chart 11
Personal Transfers
By country of origin, most personal transfers
sent
from the Asia-Pacific region, totalling USD1.2 billion,
followed by the Middle East and Africa at USD0.9
billion and other regions at USD0.2 billion.
By the end of the second quarter of 2016, a total
of 3.8 million Indonesians were employed as migrant
workers abroad. BNP2TKI data indicated that 67.1%
of Indonesian migrant workers (TKI) were placed in
Asia-Pacific, dominated by Malaysia, Taiwan, Hong
Kong, and Singapore. Meanwhile, around 32.0%
were located in the Middle East and Africa, mostly in
Saudi Arabia, the United Arab Emirates, and Jordan
(Chart 12).
Chart 12
Stock of Indonesian Migrant Workers in Q2-2016
CAPITAL AND FINANCIAL ACCOUNT
The positive perception of non-resident investors
concerning the domestic economic outlook, coupled
with less uncertain global financial markets triggered
an influx of foreign capital flows. In the second
quarter of 2016, the capital and financial account
recorded a surplus of USD7.4 billion, increasing
sharply on the USD4.6 billion posted last period and
USD2.0 billion in the same period one year earlier
(Chart 13).
A net inflow of portfolio investment totalling
USD8.4 billion, the majority of which was supported
by government issuances of global bonds and non-
resident investors booking a net buy on the stock and
rupiah SBN markets, contributed to the swollen
capital and financial account surplus. Furthermore,
the direct investment surplus was also noted to
increase from USD2.7 billion to USD3.0 billion, while
the other investment deficit also increased as
residents bolstered their assets abroad.
-9
-8
-7
-6
-5
-4
-3
-2
-1
0Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Direct Inv. Income Other Inv. Income Portfolio Inv. Income Primary Income (net)
billion USD
* provisional figures; ** very provisional figures
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Payments Receipts Personal Transfers (net)
billion USD
* provisional figures; ** very provisional figures
Middle East & Africa, 32.0%
America, 0.6%
Europe0.3%
Malaysia, 52.1%
Singapore, 3.1%
Brunei,1.0%
Hongkong,3.9%
Taiwan,5.0%
South Korea, 0.7%
Other, 1.3%
Asia Pacific, 67.1%
13
Chart 13
Capital and Financial Account
Direct Investment
Non-resident investors were attracted to direct
investments in Indonesia as a result of the promising
domestic economic outlook coupled with a more
favourable investment climate. In the reporting
period, capital inflows of direct investment surged
from USD2.7 billion to USD3.0 billion due to an influx
of direct investment on the liability side as the
domestic economy gained momentum. Such
developments were confirmed by the results of the
Business Survey conducted by Bank Indonesia that
revealed an acceleration in business activity growth on
the previous period but still down from the USD3.9
billion reported in the same period one year earlier.
On the liability side, direct investment recorded a
net inflow (surplus) of USD4.2 billion, up from USD3.7
billion in the previous period due to a surge of foreign
capital inflows in the form of equity, among other
linked to rights issues performed by several foreign
capital firms listed on the Indonesia Stock Exchange.
Meanwhile, net debt payments to affiliates abroad
also increased on the previous period.
On the asset side, the net outflow of direct
investment also increased in the reporting period from
USD1.0 billion to USD1.2 billion, primarily affecting
equity capital, while claims on affiliates abroad in the
form of debt declined, reflecting a surge of net inflow
to debt instruments (Chart 14).
Chart 14
Direct Investment
Based on investment direction, foreign direct
investment (FDI) in Indonesia booked a net inflow of
USD3.64 billion, up from USD2.8 billion in the first
quarter of 2016 but down from USD5.1 billion one
year ago.
By sector, the manufacturing industry, other
sector (including services and property) as well as the
trade sector attracted the most FDI in the reporting
period (Chart 15). The three aforementioned sectors
accounted for 99.2% of total FDI in the second
quarter of 2016, equivalent to USD3.61 billion, up
from 78.4%, or USD2.18 billion, in the first quarter of
2016.
Chart 15
FDI by Economic Sector
Based on country of origin, ASEAN countries
continued to dominate FDI inflows to Indonesia,
followed by Japan and Europe (Chart 16). During the
second quarter of 2016, the three regions contributed
-15
-10
-5
0
5
10
15
20Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
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
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Liabilities Asset Direct Investment (net)
billion USD
* provisional figures; ** very provisional figures
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
Agriculture,Fishery&Forestry
Mining &Quarrying
Manufacturing Construction FinancialIntermediaries
(incl. Insurance)
Trade/Commerce Others (incl.Services,
Properties)
Q1-15* Q2-15* Q3-15* Q4-15* Q1-16* Q2-16**
billion USD
* provisional figures; ** very provisional figures
14
USD3.8 billion to foreign direct investment (FDI) in
Indonesia, up from USD2.5 billion previously. FDI from
ASEAN member states totalled USD1.5 billion,
accounting for 41.7% of total FDI. In contrast, foreign
direct investment (FDI) from other countries recorded
a net outflow or deficit of USD0.7 billion.
Chart 16
FDI by Country of Origin
Favourable FDI performance in the reporting
period was substantiated by FDI realisation data
published by the Indonesia Investment Coordinating
Board (BKPM)1. According to the BKPM report, FDI
realisation in the second quarter of 2016 reached
Rp99.4 trillion (equivalent to USD7.1 billion), up 3.1%
on the Rp96.1 trillion (USD6.9 billion) posted one
period earlier and up 7.9% on the same period one
year earlier.
By sector, BKPM reported that FDI realisation in
the second quarter of 2016 tended to concentrate in
the basic metals, metal products, machinery and
electronics industry to the tune of USD0.9 billion (a
12.5% share of total FDI); the mining sector worth
USD0.7 billion (10.0% share); basic chemicals,
chemical and pharmacy products with a value of
USD0.6 billion (8.3% share); housing, commercial
zones and offices with USD0.6 billion (7.9% share); as
well as the commercial food industry with USD0.5
1 FDI realisation data from BKPM encompasses the total value of
realised projects within a period but excludes investment in the oil
and gas sector, banks and other financial institutions, and home
industries. Meanwhile, FDI data recorded in the Indonesian balance
of payments (BOP) covers data on capital inflows received by FDI
companies only from their direct investors and offshore companies
within the same group over a defined period, and encompasses
direct investment in all economic sectors.
billion (7.3% share). Those five economic sectors
accounted for USD3.9 billion or 54.2% of total FDI.
By country of origin, however, FDI realisation
originated from Singapore, Japan, Hong Kong, China,
and Malaysia, totalling USD2.0 billion, USD1.3 billion,
USD0.6 billion, USD0.5 billion, and USD0.4 billion
respectively, with the five countries contributing 68%
of total FDI.
Portfolio Investment
A number of auspicious developments on global
and domestic financial markets pushed and pulled an
influx of net portfolio investment, which nearly
doubled from USD4.4 billion to USD8.4 billion in the
reporting period (Chart 17). This development was
due to a net inflow of foreign portfolio capital (liability
side) totalling USD7.9 billion in the second quarter of
2016, increasing significantly from USD4.6 billion
posted in the previous quarter. The dramatic increase
stemmed from government issuances of global bonds
in June 2016 and a large net buy booked by non-
resident investors of rupiah tradeable government
securities (SBN) and stocks.
The larger net portfolio investment surplus on
the asset side was the result of a net sell of foreign
securities by domestic investors worth USD0.5 billion,
reversing the previous net buy of USD0.2 billion.
Chart 17
Portfolio Investment
The majority of foreign capital during the second
quarter of 2016 flowed to public sector portfolio
instruments in the form of government issuances of
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Japan USA Europe Emerging Markets ofAsia (incl. China)
ASEAN Other
billion USD
Q1-15* Q2-15* Q3-15* Q4-15* Q1-16* Q2-16**
* provisional figures; ** very provisional figures
-6
-4
-2
0
2
4
6
8
10
Q1
Q2
Q3
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Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net)
bilion USD
* provisional figures; ** very provisional figures
15
global bonds, accounting for USD4.1 billion of the
USD4.3 billion total in June 2016.
In addition, non-resident investors also targeted
rupiah denominated government debt securities (SUN)
valued at USD2.5 billion. Nonetheless, the foreign
capital inflow to rupiah SUN instruments was less
than that recorded in the previous quarter at USD3.5
billion, primarily due to a net outflow in May 2016
along with growing uncertainty on global financial
markets linked to the proposed FFR hike.
Congruous with the net buy booked by non-
resident investors in the second quarter of 2016,
foreign SUN holdings denominated in rupiah
increased to USD47.2 billion (44.6% of total rupiah
SUN) at the end of the reporting period from
USD44.3 billion (44.0% of the total). Furthermore,
foreign investors also booked a net buy of Bank
Indonesia Certificates (SBI) worth USD0.2 billion, up
from USD0.1 billion previously. Consequently, foreign
SBI holdings increased to USD0.3 billion (5.3% of
total SBI) from USD0.1 billion (1.3% of the total) in
the previous quarter (Chart 18).
Chart 18
Foreign Holdings of SBIand SUN
External dynamics and positive investor
sentiment concerning the domestic economic outlook
underpinned stock exchange performance during the
reporting period. On the stock market, non-resident
investors booked a net buy totalling USD0.7 billion,
exceeding the USD0.3 billion recorded in the first
quarter of the year.
A point-to-point rally on the Jakarta Composite
Index (JCI), which closed up 3.53% from 4,845.4 in
the first quarter of 2016 to a level of 5,016.6, further
demonstrated robust stock market performance in the
reporting period.
Chart 19
Foreign Transactions on the IDX and JCI
In the second quarter of 2016, the Jakarta
Composite Index (JCI) mirrored the positive gains
reported by other regional bourses in Southeast Asia.
Accordingly, stock prices on regional stock markets
rallied during the reporting period to close up on the
position reported in the first quarter of 2016 (Chart
20).
Chart 20
ASEAN Stock Index Developments
The entry of five new issuers going public (IPO),
namely Bank Ganesha (BGTG), Cikarang Listrindo
(POWR), Silo Maritime Perdana (SHIP), Duta Intidaya
(DAYA), and Graha Andrasentra Propertindo (JGLE),
buoyed activity on the Indonesia Stock Exchange with
0.0
0.2
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
50
J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ
2012 2013 2014 2015 2016
billion USD
SUN SBI (rhs)
billion USD
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
-2500
-2000
-1500
-1000
-500
0
500
1000
1500
2000
2500
J A J O J A J O J A J O J A J O J A J O J A J O J A
2010 2011 2012 2013 2014 2015 2016
Net Beli/Jual Asing IHSG (RHS)
million USD JCI
Source: IDX
90
110
130
150
170
190
210
230
250
270
290
J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ
2012 2013 2014 2015 2016
Indonesia Malaysia Philippines Singapore Thailand
Source: CEIC (processed)
2010 = 100
16
a total value of Rp3.7 trillion (equivalent to USD277.3
million), which greatly surpassed the Rp0.2 trillion or
USD12.9 million recorded last period from three new
issuers.
Consequently, the public sector was the main
contributor to the net portfolio investment surplus
with a net inflow of USD7.2 billion, up from the
USD5.1 billion registered in the first quarter. In
addition, the private sector also contributed USD1.2
billion, reversing the previous USD0.6 billion deficit
(Chart 21).
Chart 21
Portfolio Investment by Institutional Sector
Other Investments
Other investment transactions recorded a deficit
of USD3.9 billion in the second quarter of 2016, up
from USD2.5 billion in the first quarter of 2016 but
smaller than the USD7.4 billion posted one year ago.
The deficit stemmed from an increase of domestic
private sector placements abroad (Chart 22).
Chart 22
Other Investments
On the asset side, other investment transactions
in the private sector experienced a deficit (net
outflow) of USD3.0 billion, reversing the USD4 million
surplus recorded in the first quarter of 2016. The
deficit was attributed to an increase of domestic
private sector placements abroad (Chart 23).
Chart 23
Other Investment Assets of the Private Sector
On the liability side, other investment
transactions in the private sector during the reporting
period recorded a surplus of USD2.4 billion due to a
decline in the net payment of offshore loans by the
banking sector after withdrawing more foreign loans.
Furthermore, liabilities in the form of non-resident
deposits held at domestic banks also recorded a net
inflow (Chart 24).
Chart 24
Other Investment Liabilities of the Private Sector
Other investment liabilities in the public sector
recorded a deficit of USD1.8 billion in the second
quarter of 2016, increasing from USD0.1 billion
previously. A seasonal increase in the net payment of
-6
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0
2
4
6
8
10
Q1
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Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
billion USD
* provisional figures; ** very provisional figures
-12
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q1
Q2
Q3
Q4
Q1
Q2
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Q3
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Q1
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Q3
Q4
Q1
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Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Other Inv. - Liabilities Other. Inv - Assets Other Investment (net)
billion USD
* provisional figures; ** very provisional figures
-12
-10
-8
-6
-4
-2
0
2
4
6
Q1
Q2
Q3
Q4
Q1
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Q1
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Q1
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Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Other Assets Currency & Deposits Loans Other Investment - Assets
billion USD
* provisional figures; ** very provisional figures
-3
-2
-1
0
1
2
3
4
5
6
Q1
Q2
Q3
Q4
Q1
Q2
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Q1
Q2
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Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Trade Credit Other liabilities Currency & Deposits
Loans Other Inv. - Liabilities
billion USD
* provisional figures; ** very provisional figures
17
offshore loans by the government contributed to the
broader deficit. In general, government foreign debt
repayments have increased since the same period last
year in line with the ongoing loan repayment program
(Chart 25).
In the second quarter of 2016, government
withdrawals of foreign loans stood at USD0.5 billion,
of which USD0.3 billion was in the form of program
loans and the remainder in the form of project loans.
All program loans originated from the International
Bank for Reconstruction and Development (IBRD).
Chart 25
Public Sector Foreign Loans
-3
-2
-1
0
1
2
3
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
*
Q2
**
2010 2011 2012 2013 2014 2015* 2016
Repayments Drawings Loans (net)
bilion USD
* provisional figures; ** very provisional figures
18
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19
during the second quarter of 2016 were reflected in
a number of external sustainability indicators. The
current account deficit to GDP ratio improved from
2.2% to 2.0% in the reporting period as the current
account deficit narrowed. The ratio improved in line
with the set of policy measures taken by Bank
Indonesia and the Government to maintain
macroeconomic and financial system stability,
primarily to manage the current account deficit.
A surge in exports of goods and services that
eclipsed the corresponding increase in imports of
goods
contribution to the domestic economy (ratio of net
exports of goods and services to GDP), while
the degree of economic openness in Indonesia (ratio
of accumulated exports and imports of goods and
services to GDP) increased on the previous
period.
The position of official reserve assets increased in
the second quarter of 2016 on the previous quarter,
therefore the capacity to meet short-term liabilities
also improved, as evidenced by the smaller ratio of
short-term external debt to reserve assets.
Table 10
External Sustainability Indicators
Total Q1 Q2 Q3 Q4 Total Q1** Q2**
Current Account / GDP (%)1) -3.09 -1.94 -1.96 -1.92 -2.39 -2.05 -2.19 -2.02
Exports - Imports of Goods and Services / GDP (%)1) -0.34 0.58 0.68 0.94 0.10 0.58 0.72 0.74
Exports + Imports of Goods and Services / GDP (%)1) 45.0 40.1 40.3 37.5 38.1 39.0 34.9 35.1
Total Foreign Debt Position / GDP (%)2) 32.9 33.5 34.5 34.8 36.0 36.0 36.6 36.8
Short-Term Foreign Debt Position3) / GDP (%)2) 6.7 6.4 6.4 6.5 6.4 6.4 6.6 5.1
Total Foreign Debt Position / Reserve Assets (%) 262.2 268.1 282.3 297.1 292.8 292.8 294.6 294.9
Short Term Foreign Debt Position3) /Reserve Assets(%) 53.0 51.4 52.6 55.3 52.4 52.4 53.4 40.6
Notes :1) Using quarterly GDP at current price
2) Using annualized GDP at current price (sum of GDP for four quarters backw ards)
3) by remaining maturity
4) includes the pay ment of principal and interest on long-term debt and interest pay ments on short-term debt
*) Prov isional figures **) Very prov isional figures
2014 2015* 2016INDICATORS
EXTERNAL SUSTAINABILITY INDICATORS
20
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21
is
predicted to continue improving moving forward.
An increasingly optimistic domestic economic
outlook, especially after enforcement of the Tax
Amnesty Act, is expected to drive infrastructure
development by the government. Such conditions are
expected to increase domestic demand and non-oil
and gas imports. Furthermore, non-oil and gas
exports are forecasted to rebound as the international
commodity price slide eases. In general, Bank
Indonesia projects the current account deficit to
increase slightly in 2016 but remain below the 3%-of-
GDP threshold.
Although overshadowed by sentiment on global
financial markets, more foreign capital is expected to
flow into Indonesia on the back of improved
economic fundamentals in line with ongoing
structural reforms, including positive sentiment
surrounding implementation of the tax amnesty. The
expected influx of foreign capital should bolster the
capital and financial account surplus and therefore
exceed the current account deficit.
Moving forward, Bank Indonesia will remain
vigilant of external and domestic risks that could
undermine BOP performance. Bank Indonesia expects
BOP performance to continue improving, supported
by the monetary and macroprudential policy mix as
well as stronger policy coordination with the
Government to accelerate structural reforms in order
to improve the investment climate and boost
economic competitiveness, including supporting
implementation of the Tax Amnesty Law.
ALANCE OF PAYMENTS OUTLOOK
22
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23
Box 1:
Changes in BOP Figures from Q1/2016 Publication
There are a number of changes in this edition of the BOP Report to the data released in the first quarter of
2016. The changes are due to updates from various data sources as follows:
Table 1
Comparison of BOP Publications
Goods Transactions the changes in the first quarter of 2016 stem from updates to oil and gas as well as non-
oil and gas data.
Services Transactions the changes in the first quarter of 2016 are due to a correction in the data of national
travellers by BPS-Statistics Indonesia at other entry points since January 2016.
Primary Income Transactions the changes are the result of updates to External Debt data for the first and third
quarter of 2015, while the changes to data for the fourth quarter of 2015 and the first quarter of 2016 are due to
updated oil and gas sector direct investment income data.
Direct Investment Transactions - the changes are the result of updates to External Debt data and direct
investment data in the oil and gas sector, particularly in the fourth quarter of 2015.
Portfolio Investment Transactions - the changes are the result of updates to External Debt data for 2015 and
Foreign Exchange Flow Report (LLD) data for the first quarter of 2016.
Other Investment Transactions - the changes are the result of updates to External Debt data for 2015 and
Foreign Exchange Flow Report (LLD) data for the first quarter of 2016.
Old New Old New Old New Old New Old New Old New
Current Account -4,136 -4,141 -4,286 -4,286 -4,156 -4,154 -5,075 -5,115 -17,654 -17,697 -4,668 -4,762
Goods 3,063 3,063 4,125 4,125 4,141 4,141 1,961 1,961 13,289 13,289 2,779 2,709
Services -1,816 -1,816 -2,634 -2,634 -2,111 -2,111 -1,740 -1,740 -8,301 -8,301 -1,133 -1,148
Primary Income -6,811 -6,815 -7,202 -7,202 -7,459 -7,458 -6,678 -6,718 -28,151 -28,194 -7,547 -7,556
Secondary Income 1,428 1,428 1,426 1,426 1,273 1,273 1,382 1,382 5,508 5,508 1,234 1,234
Capital & Financial Account 5,004 4,956 1,846 2,035 223 219 9,838 9,888 16,911 17,099 4,174 4,591
Direct Investment 1,659 1,617 3,677 3,890 1,834 1,833 2,773 3,295 9,943 10,635 2,208 2,679
Portfolio Investment 8,509 8,509 5,592 5,571 -2,218 -2,202 4,868 4,857 16,750 16,735 4,410 4,447
Financial Derivative 93 93 -3 -3 231 231 -301 -301 20 20 -94 -22
Other Investment -5,258 -5,263 -7,420 -7,424 375 356 2,485 2,024 -9,819 -10,308 -2,350 -2,513
* provisional figures
Q4Q1 Q2 Q3 TOTAL
2015*
million USD
Items Q1*
2016
24
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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)
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
I . Current Account -26,716 -4,141 -4,286 -4,154 -5,115 -17,697 -4,762 -4,679
A. Goods 7,776 3,063 4,125 4,141 1,961 13,289 2,709 3,718
- Exports 176,086 37,827 39,685 36,086 34,767 148,365 33,100 36,249
- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,531
1. General Merchandise 6,268 2,690 3,810 4,047 2,012 12,560 2,400 3,485
- Exports 174,554 37,450 39,366 35,728 34,421 146,965 32,747 35,944
- Imports -168,286 -34,760 -35,557 -31,680 -32,409 -134,406 -30,347 -32,458
a. Non-Oil and Gas 18,097 3,947 5,932 6,158 2,986 19,023 3,244 4,916
- Exports 145,802 33,068 34,722 32,038 30,713 130,541 29,836 32,708
- Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,792
b. Oil and Gas -11,830 -1,256 -2,122 -2,111 -973 -6,463 -843 -1,431
- Exports 28,752 4,382 4,644 3,690 3,708 16,424 2,912 3,236
- Imports -40,582 -5,638 -6,767 -5,801 -4,681 -22,887 -3,755 -4,667
2. Other Goods 1,509 372 315 94 -51 730 308 232
- Exports 1,533 376 319 358 346 1,400 352 305
- Imports -24 -4 -4 -264 -398 -670 -44 -73
B. Services -10,010 -1,816 -2,634 -2,111 -1,740 -8,301 -1,148 -1,999
- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,758 5,403
- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,402
C. Primary Income -29,703 -6,815 -7,202 -7,458 -6,718 -28,194 -7,556 -7,624
- Receipts 2,130 468 722 705 930 2,826 515 800
- Payments -31,832 -7,283 -7,925 -8,163 -7,649 -31,020 -8,072 -8,425
D. Secondary Income 5,220 1,428 1,426 1,273 1,382 5,508 1,234 1,227
- Receipts 9,374 2,521 2,645 2,540 2,655 10,362 2,478 2,567
- Payments -4,154 -1,094 -1,220 -1,267 -1,273 -4,853 -1,245 -1,340
I I . Capital Account 27 1 0 2 14 17 0 4
- Receipts 27 1 0 2 14 17 0 4
- Payments 0 0 0 0 0 0 0 0
I I I . Financial Account 44,916 4,955 2,034 218 9,875 17,082 4,590 7,415
- Assets -10,786 -8,302 -9,073 -3,787 -121 -21,283 -898 -3,854
- Liabilities 55,702 13,257 11,108 4,005 9,996 38,365 5,488 11,270
1. Direct Investment 14,733 1,617 3,890 1,833 3,295 10,635 2,679 2,991
a. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,204
b. Liabilities 25,121 5,067 7,284 3,178 4,525 20,054 3,690 4,195
2. Portfolio Investment 26,067 8,509 5,571 -2,202 4,857 16,735 4,447 8,382
a. Assets 2,587 24 -737 -683 427 -968 -168 481
b. Liabilities 23,480 8,484 6,309 -1,519 4,429 17,703 4,614 7,901
- Public Sector2) 15,380 6,942 3,808 891 5,728 17,369 4,919 7,250
- Private Sector3) 8,100 1,542 2,500 -2,410 -1,299 334 -305 652
3. Financial Derivatives -156 93 -3 231 -301 20 -22 -25
4. Other Investment 4,272 -5,263 -7,424 356 2,024 -10,308 -2,513 -3,933
a. Assets -3,427 -5,081 -5,171 -1,955 645 -11,562 4 -3,302
b. Liabilities 7,699 -182 -2,253 2,311 1,379 1,254 -2,518 -631
- Public Sector2) -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,548
- Private Sector3) 11,907 962 -887 646 1,002 1,723 -2,398 917
IV. Total (I + I I + I I I ) 18,226 815 -2,252 -3,935 4,773 -598 -172 2,741
V. Net Error and Omissions -2,978 488 -674 -630 316 -500 -115 -579
VI. Overall Balance (IV + V) 15,249 1,303 -2,925 -4,565 5,089 -1,098 -287 2,162
VII. Reserves and Related Items 4) -15,249 -1,303 2,925 4,565 -5,089 1,098 287 -2,162
A. Reserve Asset Transactions -15,249 -1,303 2,925 4,565 -5,089 1,098 287 -2,162
B. Credit and Loans with IMF 0 0 0 0 0 0 0 0
C. Exceptional Financing 0 0 0 0 0 0 0 0
Memorandum:
- Reserve Assets Position 111,862 111,554 108,030 101,720 105,931 105,931 107,543 109,789
In Months of Imports & Official Debt Repayment 6.4 6.6 6.8 6.8 7.4 7.4 7.7 8.0
- Current Account (% GDP) -3.00 -1.94 -1.96 -1.92 -2.39 -2.05 -2.19 -2.02
Notes
1) Based on BPM6, but use of the signs "+" and "-" is in accordance with BPM5
2) Consist of Government and Central Bank
3) Consist of Banks and Non Banks
4) Negative represents surplus and positive represents deficit .
*Provisional figures ** Very provisional figures
ITEMS2014
August, 2016
20162015*
28
TABLE 2
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
GOODS
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Goods 1) 7,776 3,063 4,125 4,141 1,961 13,289 2,709 3,718
- Exports 176,086 37,827 39,685 36,086 34,767 148,365 33,100 36,249
- Imports -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,531
A. General merchandise 6,268 2,690 3,810 4,047 2,012 12,560 2,400 3,485
1. Non-oil and gas 18,097 3,947 5,932 6,158 2,986 19,023 3,244 4,916
a. Exports 145,802 33,068 34,722 32,038 30,713 130,541 29,836 32,708
b. Imports -127,704 -29,122 -28,790 -25,880 -27,727 -111,518 -26,592 -27,792
2. Oil -23,903 -3,184 -3,658 -3,521 -2,743 -13,106 -1,997 -2,486
a. Exports 13,806 1,927 2,611 1,786 1,510 7,833 1,253 1,793
b. Imports -37,709 -5,111 -6,268 -5,307 -4,253 -20,938 -3,250 -4,279
3. Gas 12,074 1,927 1,535 1,410 1,770 6,643 1,154 1,055
a. Exports 14,946 2,455 2,034 1,904 2,198 8,592 1,658 1,443
b. Imports -2,873 -528 -498 -494 -429 -1,949 -505 -388
B. Other goods 1,509 372 315 94 -51 730 308 232
o/w Nonmonetary gold 1,509 372 315 94 -51 730 308 232
a. Exports 1,533 376 319 358 346 1,400 352 305
b. Imports -24 -4 -4 -264 -398 -670 -44 -73
Memorandum:
1. Nominal
a. Total exports (fob) 176,086 37,827 39,685 36,086 34,767 148,365 33,100 36,249
- Non-oil and gas 147,334 33,445 35,041 32,395 31,059 131,941 30,188 33,013
- Oil and gas 28,752 4,382 4,644 3,690 3,708 16,424 2,912 3,236
b. Total imports (fob) -168,310 -34,764 -35,561 -31,945 -32,806 -135,076 -30,391 -32,531
- Non-oil and gas -127,729 -29,126 -28,794 -26,144 -28,125 -112,189 -26,636 -27,865
- Oil and gas -40,582 -5,638 -6,767 -5,801 -4,681 -22,887 -3,755 -4,667
2. Growth (% , yoy)
a. Total exports (fob) -3.3 -13.9 -10.8 -17.2 -19.6 -15.4 -12.5 -8.7
- Non-oil and gas -0.8 -8.0 -5.3 -10.9 -15.7 -10.0 -9.7 -5.8
- Oil and gas -14.4 -42.3 -38.2 -49.2 -41.9 -42.9 -33.5 -30.3
b. Total imports (fob) -4.5 -14.3 -20.8 -24.0 -19.6 -19.7 -12.6 -8.5
- Non-oil and gas -3.9 -3.7 -15.8 -17.4 -11.1 -12.2 -8.5 -3.2
- Oil and gas -6.3 -45.5 -36.7 -44.2 -48.9 -43.6 -33.4 -31.0
3. Crude oil unit prices (USD/barrel) 95.8 50.7 59.1 45.8 39.6 48.8 28.7 41.3
4. Crude oil production (million barrels per day) 0.788 0.766 0.793 0.794 0.794 0.787 0.836 0.833
Notes:1) In terms of free on board (fob)
ITEMS2014
August, 2016
20162015*
29
TABLE 3
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
SERVICES
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Services -10,010 -1,816 -2,634 -2,111 -1,740 -8,301 -1,148 -1,999
- Exports 23,531 5,555 5,101 5,486 6,087 22,228 5,758 5,403
- Imports -33,541 -7,371 -7,736 -7,597 -7,826 -30,529 -6,907 -7,402
A. Manufacturing services 425 80 95 101 79 356 83 89
- Exports 425 80 95 101 79 356 83 89
- Imports 0 0 0 0 0 0 0 0
B. Maintenance and repair services -376 -78 -41 -61 -61 -241 -83 -37
- Exports 100 26 38 27 28 118 41 34
- Imports -476 -105 -79 -87 -89 -359 -125 -71
C. Transport -8,184 -1,520 -1,639 -1,584 -1,378 -6,122 -1,223 -1,357
- Exports 3,791 814 837 812 1,016 3,479 874 964
- Imports -11,975 -2,335 -2,476 -2,396 -2,395 -9,602 -2,098 -2,321
a. Passenger -1,275 -141 -294 -373 -406 -1,215 -141 -252
- Exports 1,306 334 323 325 311 1,293 333 316
- Imports -2,581 -476 -618 -698 -717 -2,508 -474 -568
b. Freight -6,707 -1,367 -1,372 -1,271 -1,171 -5,181 -1,088 -1,038
- Exports 1,751 354 362 317 396 1,429 411 492
- Imports -8,458 -1,721 -1,734 -1,588 -1,566 -6,610 -1,499 -1,531
c. Other -201 -12 27 60 198 273 5 -67
- Exports 735 126 151 171 310 758 130 156
- Imports -936 -138 -124 -111 -112 -484 -125 -222
D. Travel 2,579 1,059 609 827 974 3,469 1,172 815
- Exports 10,261 2,756 2,292 2,796 2,916 10,761 2,894 2,519
- Imports -7,682 -1,698 -1,683 -1,969 -1,942 -7,292 -1,722 -1,704
E. Construction 52 -5 -31 -77 38 -74 38 17
- Exports 712 117 82 102 77 378 70 54
- Imports -660 -122 -113 -178 -39 -453 -31 -37
F. Insurance and pension services -938 -215 -316 -206 -179 -916 -147 -190
- Exports 26 2 4 6 14 26 2 5
- Imports -964 -218 -321 -212 -193 -943 -150 -194
G. Financial services -398 -121 -156 -72 -132 -481 -185 -93
- Exports 223 45 54 98 67 264 71 80
- Imports -621 -166 -210 -170 -199 -744 -256 -173
H. Charges for the use of intellectual property -1,802 -328 -463 -290 -518 -1,598 -358 -624
- Exports 60 13 17 10 15 54 13 10
- Imports -1,862 -340 -479 -299 -534 -1,653 -371 -634
I . Telecommunications, computer, and information services -481 -193 -233 -137 -183 -746 -205 -291
- Exports 1,140 281 204 255 306 1,046 194 229
- Imports -1,621 -474 -437 -392 -488 -1,791 -399 -520
J. Other business services -940 -617 -563 -741 -543 -2,464 -398 -513
- Exports 6,032 1,230 1,271 1,108 1,390 4,999 1,331 1,212
- Imports -6,972 -1,847 -1,834 -1,849 -1,933 -7,463 -1,729 -1,725
K. Personal, cultural, and recreational services -94 -12 22 18 20 48 0 12
- Exports 150 26 32 25 31 115 16 25
- Imports -244 -38 -11 -7 -11 -67 -16 -14
L. Government goods and services 147 135 83 109 142 469 158 172
- Exports 611 163 176 146 147 632 169 181
- Imports -464 -28 -93 -37 -5 -163 -11 -9
Memorandum:
Number of traveler (thousands of people)
- Inbound 9,488 2,328 2,377 2,555 2,535 9,794 2,427 2,551
- Outbound 8,242 2,040 2,051 2,228 2,026 8,345 2,070 2,075
ITEMS2014
August, 2016
20162015*
30
TABLE 4
INDONESIA'S BALANCE OF PAYMENTS
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Primary Income -29,703 -6,815 -7,202 -7,458 -6,718 -28,194 -7,556 -7,624
- Receipts 2,130 468 722 705 930 2,826 515 800
- Payments -31,832 -7,283 -7,925 -8,163 -7,649 -31,020 -8,072 -8,425
A. Compensation of employees -1,200 -316 -322 -356 -367 -1,361 -360 -367
- Receipts 206 53 61 49 50 213 55 63
- Payments -1,406 -370 -383 -405 -416 -1,574 -415 -430
B. Investment income -28,503 -6,499 -6,880 -7,101 -6,352 -26,832 -7,196 -7,257
- Receipts 1,924 414 661 657 881 2,614 460 737
- Payments -30,426 -6,914 -7,542 -7,758 -7,233 -29,446 -7,656 -7,994
a. Direct investment income -19,271 -4,108 -4,395 -4,859 -4,775 -18,138 -4,528 -4,258
1) Income on equity capital -17,888 -3,809 -4,134 -4,407 -4,375 -16,725 -4,218 -4,087
- Receipts 140 23 23 9 17 72 2 31
- Payments -18,028 -3,832 -4,158 -4,416 -4,392 -16,797 -4,219 -4,118
2) Income on debt (interest) -1,383 -299 -261 -452 -400 -1,413 -310 -171
- Receipts 50 8 2 4 7 21 2 33
- Payments -1,432 -307 -264 -456 -407 -1,434 -312 -204
b. Portfolio investment income -7,106 -1,916 -1,750 -1,859 -879 -6,406 -2,234 -2,271
1) Income on equity capital -2,221 -217 -977 -367 -375 -1,936 -218 -1,348
- Receipts 399 58 88 38 98 283 59 151
- Payments -2,620 -275 -1,065 -405 -474 -2,219 -277 -1,499
2) Income on debt (interest) -4,885 -1,700 -773 -1,493 -504 -4,470 -2,016 -923
- Receipts 608 212 432 517 651 1,812 245 355
- Payments -5,492 -1,912 -1,205 -2,010 -1,155 -6,282 -2,261 -1,278
c. Other investment income -2,126 -475 -735 -382 -697 -2,288 -434 -728
- Receipts 728 113 115 89 108 426 152 167
- Payments -2,853 -588 -850 -471 -805 -2,714 -587 -895
ITEMS2014
August, 2016
2015* 2016
31
TABLE 5
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)
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Secondary Income 5,220 1,428 1,426 1,273 1,382 5,508 1,234 1,227
- Receipts 9,374 2,521 2,645 2,540 2,655 10,362 2,478 2,567
- Payments -4,154 -1,094 -1,220 -1,267 -1,273 -4,853 -1,245 -1,340
A. General government 232 8 2 15 124 149 0 38
- Receipts 239 8 3 15 124 150 5 38
- Payments -7 0 -1 0 0 -1 -5 0
B. Other sectors 4,988 1,419 1,424 1,258 1,258 5,360 1,234 1,189
1. Personal transfers 5,632 1,614 1,642 1,605 1,553 6,415 1,526 1,428
- Receipts 8,345 2,336 2,390 2,356 2,366 9,447 2,301 2,268
- Payments -2,713 -721 -747 -750 -812 -3,031 -775 -840
2. Other current transfers -644 -195 -218 -347 -295 -1,056 -292 -239
- Receipts 789 177 253 169 166 765 172 261
- Payments -1,434 -372 -471 -516 -461 -1,821 -464 -500
Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3,944 3,893 3,837 3,755 3,686 3,686 3,639 3,591
- Number of foreign migrant worker/TKA (thousands of people) 77 77 79 83 86 86 83 89
ITEMS2014 2015* 2016
August, 2016
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Direct Investment 14,733 1,617 3,890 1,833 3,295 10,635 2,679 2,991
A. Assets -10,388 -3,450 -3,394 -1,345 -1,230 -9,419 -1,011 -1,204
1. Equity capital -9,566 -2,706 -2,486 -1,605 -1,546 -8,343 -1,300 -1,640
2. Debt instuments -822 -744 -908 260 316 -1,076 289 436
B. Liabilities 25,121 5,067 7,284 3,178 4,525 20,054 3,690 4,195
1. Equity capital 21,895 4,335 5,199 4,539 5,612 19,685 3,501 5,514
2. Debt instuments 3,225 732 2,085 -1,361 -1,086 370 189 -1,319
a. Inflow 80,051 21,152 22,131 18,261 13,915 75,458 13,008 12,422
b. Outflow -76,826 -20,420 -20,046 -19,622 -15,001 -75,089 -12,819 -13,741
Memorandum:
Direct investment based on directional principle 14,733 1,617 3,890 1,833 3,295 10,635 2,679 2,991
A. Direct investment abroad -7,077 -2,155 -1,240 -2,257 -629 -6,281 -99 -646
1. Equity capital -5,408 -1,592 -1,549 -846 -595 -4,581 -347 -709
2. Debt instruments -1,670 -564 308 -1,411 -33 -1,700 248 62
B. Direct investment in Indonesia 21,811 3,772 5,130 4,090 3,924 16,917 2,777 3,637
1. Equity capital 17,737 3,221 4,261 3,780 4,660 15,923 2,548 4,583
2. Debt instruments 4,073 551 869 310 -737 993 230 -945
ITEMS2014 2015* 2016
August, 2016
32
TABLE 7
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Portfolio Investment 26,067 8,509 5,571 -2,202 4,857 16,735 4,447 8,382
A. Assets 2,587 24 -737 -683 427 -968 -168 481
1. Public Sector 2,965 713 -13 -180 -128 392 174 -53
a. Equity capital 0 0 0 0 0 0 0 0
b. Debt securities 2,965 713 -13 -180 -128 392 174 -53
2. Private Sector -379 -689 -724 -503 555 -1,360 -341 534
a. Equity capital -753 -258 -317 -180 148 -608 -147 -120
b. Debt securities 374 -431 -406 -323 407 -753 -195 654
B. Liabilities 23,480 8,484 6,309 -1,519 4,429 17,703 4,614 7,901
1. Public Sector 15,380 6,942 3,808 891 5,728 17,369 4,919 7,250
a. Equity capital N/A N/A N/A N/A N/A N/A N/A N/A
b. Debt securities 15,380 6,942 3,808 891 5,728 17,369 4,919 7,250
1) Central bank -117 -125 182 -194 2 -135 68 248
2) Government 15,497 7,067 3,627 1,084 5,725 17,503 4,851 7,002
a) Short term 118 296 51 -417 32 -38 -172 176
b) Long term 15,378 6,771 3,576 1,501 5,694 17,542 5,022 6,827
2. Private Sector 8,100 1,542 2,500 -2,410 -1,299 334 -305 652
a. Equity capital 3,259 437 -88 -1,200 -696 -1,547 314 667
b. Debt securities 4,841 1,105 2,589 -1,210 -603 1,881 -618 -15
1) Short term 1,317 -217 271 -1,154 -1,240 -2,340 -480 28
2) Long term 3,524 1,322 2,318 -56 637 4,221 -139 -43
Memorandum:
Government's debt securities, liabilities 15,497 7,067 3,627 1,084 5,725 17,503 4,851 7,002
1. Denominated in Rupiah 11,838 3,407 2,527 -992 2,575 7,518 3,501 2,862
2. Denominated in foreign currency 3,658 3,660 1,100 2,076 3,150 9,986 1,350 4,140
Notes:
N/A : Not Applicable
2014ITEMS
2015* 2016
August, 2016
33
TABLE 8
INDONESIA'S BALANCE OF PAYMENTS
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)
Total Q1 Q2 Q3 Q4 Total Q1* Q2**
Other Investment 4,272 -5,263 -7,424 356 2,024 -10,308 -2,513 -3,933
A. Assets -3,427 -5,081 -5,171 -1,955 645 -11,562 4 -3,302
1. Public Sector 0 0 0 0 0 0 0 -269
2. Private Sector -3,427 -5,081 -5,171 -1,955 645 -11,562 4 -3,033
a. Currency and deposits -2,279 -4,237 -3,073 -646 544 -7,411 -766 -1,903
b. Loans 616 -168 -443 -325 -99 -1,034 299 -21
c. Trade credit and advances -915 -523 -1,233 -436 210 -1,982 117 -764
d. Other assets -849 -153 -422 -549 -10 -1,134 355 -345
B. Liabilities 7,699 -182 -2,253 2,311 1,379 1,254 -2,518 -631
1. Public Sector -4,209 -1,144 -1,366 1,665 377 -469 -119 -1,548
a. Currency and deposits 0 0 0 0 0 0 0 0
b. Loans -1,243 -431 -1,380 1,485 249 -77 54 -1,601
1) Central bank 1) -15 0 -9 0 -24 -33 0 -24
a) Drawings 0 0 0 0 0 0 0 0
b) Repayments -15 0 -9 0 -24 -33 0 -24
2) Government -1,228 -431 -1,371 1,485 273 -44 54 -1,577
a) Drawings 4,035 237 382 2,134 2,077 4,829 778 463
(1) Program 1,540 0 74 2,000 1,815 3,889 529 280
(2) Project 2,494 237 308 134 262 940 249 183
(3) Other 0 0 0 0 0 0 0 0
b) Repayments -5,263 -668 -1,753 -649 -1,804 -4,874 -724 -2,040
c. Other liabilities -2,965 -713 13 180 128 -392 -174 53
2. Private Sector 11,907 962 -887 646 1,002 1,723 -2,398 917
a. Currency and deposits 2,381 -70 120 531 187 768 -820 1,056
b. Loans 8,785 960 -935 -628 1,207 605 -1,748 -896
1) Drawings 37,494 7,970 7,268 5,569 9,280 30,087 3,516 5,355
2) Repayments -28,709 -7,010 -8,204 -6,197 -8,073 -29,483 -5,265 -6,250
c. Trade credit and advances 209 -37 1 657 -150 471 165 792
d. Other liabilities 532 108 -72 86 -242 -120 5 -36
Notes:1) Excludes credit and loans with IMF
2015*ITEMS
2014 2016
August, 2016