Wa0021

November 2018
INDONESIA’S BALANCE OF PAYMENTS REPORT 2018

3/2018
payments (BOP) recorded
a deficit in the third quarter of 2018 because the capital
and financial account surplus was insufficient
billion USD billion USD
20 150
15
120
10
90
to fully offset the larger current account deficit. The 5
0 -
current account deficit increased to 3.37% of GDP 60
5 -
in the reporting period, primarily driven by a decline 10 30
in the goods trade performance, specifically a bum -15

0
p in the oil and gas trade deficit, coupled with
Q4 Q1* Q2* Q3**
Q3
Q3
Q1
Q3
Q1
Q4
Q2
Q4
Q2
Q4
Q2
Q4
Q2
Q4
Q2
Q4
Q1
Q3
Q
Q
2Q
Q
2
2010 2011 2012 2013 2014 2015 2016 2017* 2018
lacklustre gains in the non-oil and gas trade

in the balance of payments totalling USD4.4 billion.
surplus. The current account deficit was also
Consequently, the position of reserve assets at the
exacerbated by a growing services trade deficit, led
end of September 2018 stood at USD114.8 billion,
by transportation services, in line with an surge of
equivalent to 6.3 months of imports and servicing
goods and the hajj pilgrimage. Meanwhile, the
government external debt, which is well above the
capital and financial account recorded a significant
international standard of three months of imports
surplus, reflecting strong investor confidence in the
(Chart 1).
domestic economic outlook and supported by an
increase in the net inflow of direct investment
capital. In addition, non-resident investors booked a
net inflow to tradeable government securities (SBN)
and the corporate sector was inclined to borrow
offshore. Notwithstanding, the capital and financial
account surplus was inadequate to fully offset the
current account deficit, leading to an overall deficit
* provisional figures
** very provisional figures
Cap & Fin Account Curr. Account account deficit stood at 2.86% of GDP as of the
Overall Balance Reserve Assets (RHS)
Chart 1 third quarter of 2018.
The larger current account deficit was caused by

CURRENT ACCOUNT a decline in the goods trade performance combined
During the third quarter of 2018, the current with an increase in the services trade deficit. The
account deficit increased on stronger domestic goods trade balance reversed the previous surplus to
demand. The current account deficit was recorded record a deficit in the reporting period due to a larger
at USD8.8 billion in the reporting period, or 3.37% of oil and gas trade deficit, while only limited gains were
GDP, increasing from USD8.0 billion in the previous achieved in the non-oil and gas trade surplus. A surge
period or 3.02% of GDP. Cumulatively, the current of oil imports against rising global oil prices contributed
to the wider oil and gas trade deficit.
3
On the other hand, improvements in the non-oil An increase in the oil and gas trade deficit amid a
and gas trade surplus were restrained by remained relatively stable non-oil and gas trade surplus
high non-oil and gas imports in response to stronger precipitated the goods trade deficit.
domestic demand along with subdued non-oil and

The goods trade deficit recorded in the third
gas export growth. The larger current account deficit
quarter of 2018 also contradicted the USD5.3 billion
also stemmed from an increase in the services trade
surplus registered in the same period one year
deficit, particularly transportation services, in line
earlier due to faster import growth, particularly oil
with goods imports and the hajj pilgrimage.
and gas imports, together with sluggish export
Nevertheless, a larger current account deficit was
performance. Import growth has surged in line with
negated by a growth surge of manufacturing exports
the higher global oil price and the ongoing build-up
together with an increasing travel services trade
of domestic economic activity, while slower growth
surplus as the number of international travellers
of world trade volume and sliding international
visiting Indonesia increased, particularly to attend
commodity prices have undermined export growth.
the Asian Games held in Jakarta and Palembang.
Non-Oil and Gas Trade Balance
The current account deficit registered in the
third quarter of 2018 was also larger than the deficit The non-oil and gas trade balance recorded a
recorded in the same period one year ago totalling
USD3.1 billion surplus in the third quarter of 2018,
USD4.6 billion (1.75% of GDP) due to a narrower
up slightly on the previous period as non-oil and gas
non-oil and gas trade surplus and increasing oil and
export growth was negated by non-oil and gas
gas trade deficit (Chart 2).
imports. Furthermore, the current non-oil and gas
Q
Q
1
billion trade surplus was also lower than the USD6.5

USD 15
billion surplus recorded in the same period one year
10 5 0 -
ago due to a growth surge of non-oil and gas
5 -10 -
15 -20
imports (Chart 3).
Q
Q
2
50 12
40
10
30
Q
Q
1
3
*
*
*
20
8
2010 2011 2012 2013 2014 2015 2016 2017* 2018 10
Q
Q
1
0 6
* provisional figures Secondary Inc. Primary Inc.
** very provisional figures Services OG Trade Balance -10
NOG Trade Balance Curr. Account -20
4
Chart 2 -30
Current Account 2
-40
-50 0
Q
Q
2
Q
1
3
*
*
*
Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1
Goods Trade Balance

2010 2011 2012 2013 2014 2015 2016 2017* 2018
The goods trade balance reversed the USD0.3 Imports Exports NOG Trade Balance (RHS)
* provisional figures ** very provisional figures
billion surplus recorded in the previous period to Chart 3
post a USD0.4 billion deficit in the third quarter of Non-oil and Gas Trade Balance
2018.
4
Non-Oil and Gas Exports
(%)
30.0
Non-oil and gas exports stood at USD43.1 25.0 25.0
billion in the third quarter of 2018, increasing 9.6% 20.0
15.0
(qtq) on the USD39.3 billion recorded in the second 10.6 9.9 9.6
10.0 9.0
quarter of 2018 (Chart 4). 5.0
0.0
Annually, non-oil and gas export growth -5.0 -2.4
-10.0
decelerated to 9.0% (yoy) in the third quarter of -15.0
-20.0
2018 from 9.9% (yoy) in the previous period due to Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2* Q3**
a deeper real export contraction, particularly exports 2015 2016 2017* 2018
of primary goods. On the other hand, export prices y.o.y q.t.q
maintained stable growth (Table 1). Chart 4

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

2017* 2018
Description
2017* 2018**
Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3**
A. Primary Product
Nominal 52.0 50.9 41.8 27.4 34.6 13.9 28.0 7.8 9.4 7.3
Real 54.9 53.1 10.7 8.0 16.5 -0.3 7.9 -0.9 -3.5 -4.8
Price Index - - 28.1 18.0 15.5 14.2 18.7 8.8 13.4 12.8
Agricultural Products
Nominal 31.6 27.7 45.2 21.2 33.0 4.7 24.1 -9.2 -5.0 -1.0
Real 35.3 34.2 19.0 17.4 33.0 2.4 16.6 -4.2 -6.0 -0.8
Price Index - - 22.0 3.2 0.0 2.2 6.4 -5.1 1.1 -0.2
Foods
Nominal 24.3 21.1 42.7 17.8 28.6 -1.1 19.7 -9.5 -5.2 -1.3
Real 27.3 26.6 18.6 20.3 34.3 -0.7 16.3 -4.1 -6.9 1.1
Price Index - - 20.3 -2.1 -4.2 -0.4 2.9 -5.6 1.8 -2.4
Raw Materials
Nominal 7.4 6.6 54.4 33.3 49.1 30.8 41.3 -8.2 -4.3 0.0
Real 8.0 7.7 21.4 9.6 28.8 15.9 18.5 -4.9 -3.5 -5.9
Price Index - - 27.1 21.7 15.7 12.9 19.3 -3.4 -0.8 6.3
Fuels & Mining Products
Nominal 20.3 23.2 35.7 38.3 37.3 29.4 34.7 39.5 31.8 20.0
Real 20.0 20.4 -1.8 -4.2 -2.4 -0.9 -2.4 11.2 5.8 -4.2
Price Index - - 38.3 44.4 40.6 30.5 38.0 25.4 24.6 25.2
B. Manufacture Products
Nominal 46.4 47.4 6.1 -7.3 15.2 9.6 5.5 9.7 9.8 11.1
Real 43.7 45.1 -3.7 -16.5 5.4 -0.4 -4.2 0.9 1.5 1.8
Price Index - - 10.2 11.1 9.3 10.0 10.1 8.8 8.2 9.2
C. Others
Nominal 1.6 1.7 0.7 15.7 50.2 42.7 28.0 65.4 31.2 -2.3
Real 1.7 2.0 -2.9 15.4 57.8 36.8 27.1 51.7 26.3 1.8
Price Index - - 3.7 0.2 -4.8 4.3 0.7 9.0 3.9 -4.0
Total
Nominal 100.0 100.0 21.9 8.1 25.0 12.3 16.5 9.4 9.9 9.0
Riil 100.0 100.0 3.7 -4.7 11.9 0.3 2.6 0.6 -0.7 -1.7
Price Index - - 17.6 13.4 11.7 12.0 13.6 8.8 10.7 10.8
*) provisional figures
**) very provisional figures
5
Non-Oil and Gas Exports by Major Destination increased to fuel additional coal-fired power stations
Country built in Japan.
Non-oil a major Exports to Singapore suffered a deeper

trading partners grew 10.7% (yoy) in the third quarter contraction due to slower export growth of articles
of 2018, down from 12.1% (yoy) in the second quarter of basic metals and processed foods as well as
of 2018, in line with economic moderation in several decreasing exports of chemicals, accounting for
trading partners. The slower pace of export growth 18.2% of total non-oil and gas exports to Singapore.
was seen in In contrast, exports of electrical equipment, as the
partners (Table 2). dominant non-oil and gas export commodity to
Table 2
Singapore, increased in the reporting period.
Non-Oil and Gas Exports by Major Destination Country
Weaker export performance to Malaysia was
Shares (%) Growth (%, yoy)
attributable to slower coal exports, coupled with
Description 2017* 2018
2017* 2018** export contractions affecting articles of basic metals
Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3**
1 China 14.0 15.1 66.6 35.0 48.5 26.4 41.1 34.7 33.7 14.5 and processed foods, which accounted for 42.0% of
2 USA 11.2 10.7 18.1 -4.0 19.9 5.7 9.3 3.1 1.5 4.1
3 Japan 9.6 10.2 4.3 3.6 26.8 11.2 11.4 21.1 21.6 12.5 total non-oil and gas exports to Malaysia. On the
4 India 9.1 8.2 60.7 47.7 33.9 25.0 40.2 -5.9 -10.9 13.3
5 Singapore 5.8 5.4 -5.0 -8.1 20.5 8.3 3.4 13.3 -0.7 -10.8 other hand, vegetable oil exports (10.3% share) to
6 Malaysia 4.6 4.8 24.0 11.9 32.6 10.0 18.9 10.3 15.4 14.4
7 South Korea 4.1 4.5 28.6 14.8 19.7 17.9 20.1 4.4 17.5 34.2
Malaysia achieved significant growth after
8 Philipines 4.3 4.2 46.5 11.8 21.2 29.0 25.7 6.6 16.8 6.3
9 Thailand 3.5 3.6 18.3 11.1 29.0 13.1 17.7 15.7 7.7 3.6
contracting for three consecutive periods, driven by
10 Vietnam 2.3 2.6 31.3 23.6 29.2 -0.6 18.3 15.5 22.5 32.4
increasing palm oil production.
Total 10 Countries 68.4 69.3 27.9 13.3 29.3 15.9 21.2 13.1 12.1 10.7
Slower growth of exports to Philippines
affected by weaker exports growth of vehicles &
Non-oil and gas exports destined to China
parts as well as processed foods, and contraction of
experienced slower growth in the third quarter of 2018
copper ore exports which contribute 44.2% of total
due to export contractions affecting coal and vegetable
non-oil and gas exports to Philippines. Meanwhile,
oil, along with weaker export growth of articles of basic
coal exports (22.0% share) keep increasing.
metals. Those three commodities accounted for 48.7%
of total non-oil and gas exports to China. The coal
Slower growth of non-oil and gas exports to
export contraction was prompted by import restrictions
Thailand in the reporting period was triggered by an
imposed in China to protect the domestic
export contraction affecting articles of basic metals
along with fewer shipments of machinery and
calorie coal than what is supplied by Indonesia. mechanical appliances, which accounted for 21.4% of
Further non-oil and gas export declines to China total non-oil and gas exports to Thailand. Conversely,
were offset, however, by a significant increase in exports of coal as well as motor vehicles and
copper ore exports to meet strong metal demand components (34.2% share) continued to accelerate.
from China to meet domestic consumption.
Bucking the pervasive downward trend, exports to
A contraction of copper ore exports, accounting the United States (US) accelerated compared with
for 8.6% of total non-oil and gas exports to Japan, was conditions in the previous period, driven by rising
the main drag on exports to Japan in the reporting consignments of textiles and footwear, and a shallower
period. Nonetheless, further moderation was negated declining of processed natural rubber. The three
by faster export growth of coal, electrical equipment as commodities account for 51.6% of total non-oil and gas
well as textiles (34.6% share of the total). Coal exports exports to the United States. However, further
6
export gains were stifled by slower export growth of gas exports to South Korea). Article of basic metal
processed foods. and copper ore exports from Indonesia were used
to fuel increasing manufacturing production in South
After two consecutive quarters of contraction,
Korea. In contrast, coal and textile exports (37.4%
non-oil and gas exports to India achieved significant
share) posted slower growth.
growth in the reporting period on the back of coal
shipments, consistent with lower Indonesian coal Non-oil and gas exports to Vietnam also
prices. In addition, more exports of processed enjoyed buoyant growth in the reporting period,
rubber together with a shallower export contraction induced by motor vehicles and components as well
of vegetable oil, occasioned by dwindling domestic as electrical aparatus (accounting for 17.3% of total
supply due to fewer imports in the previous period, non-oil and gas exports to Vietnam). Further export
were also a boon for non-oil and gas exports gains were curbed, however, by slower export
destined to India. On the other hand, exports of growth affecting coal and article of basic metals.
articles of basic metals maintained solid growth
despite moderating compare to the previous period. Exports of Major Non-Oil and Gas Commodities
The four commodities accounted for 76.2% of total
Non-oil and gas export growth of the ten major
non-oil and gas exports to India.
commodities during the third quarter of 2018
Non-oil and gas exports to South Korea also accelerated to 8.6% (yoy) from 7.2% (yoy) in the
accelerated compared to the previous period, led by previous period. The uptick was predominantly due
strong export growth of articles of basic metals and to improving real exports and rising prices of
copper ores (accounting for 21.4% of total non-oil and several major commodities (Table 3).
Table 3
Exports of Major Non-Oil and Gas Commodities (based on HS)
Growth (%,yoy)
Share (%)
Nominal Real Price Index
Description 2017* 2018 2017* 2018 2017* 2018
2017* 2018** Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3** Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3** Q1 Q2 Q3 Q4 TOTAL Q1* Q2* Q3**
1. Coal 13.3 14.7 45.0 48.7 45.5 27.2 40.4 27.0 21.2 19.8 4.2 2.2 0.7 -0.3 1.3 6.0 0.5 -5.2 39.2 45.6 44.4 27.7 38.5 19.8 20.7 26.4
2. Vegetable Oil 14.3 11.8 62.5 29.3 34.2 -5.5 25.7 -18.3 -11.2 -4.1 16.2 26.4 36.3 -3.5 16.3 -4.5 -3.6 11.9 39.9 2.3 -1.5 -2.0 8.1 -14.5 -7.9 -14.3
3. Textile & Textile Products 8.2 8.2 4.1 -11.1 23.4 10.2 5.9 7.9 8.1 6.0 -6.7 -20.7 9.3 0.4 -5.1 0.2 -0.5 -3.2 11.6 12.1 12.9 9.8 11.6 7.7 8.6 9.5
4. Articles of Basic Metals 6.2 7.7 32.0 13.6 29.4 35.7 27.7 50.6 46.7 34.0 6.4 -5.6 14.0 19.1 8.5 29.1 21.4 16.9 24.0 20.4 13.5 14.0 17.7 16.7 20.8 14.6
5. Electrical Aparatus, etc 5.8 5.7 5.8 -1.1 15.8 2.1 5.5 3.2 2.8 7.4 -6.1 -16.1 1.2 -13.2 -8.8 -10.6 -4.9 -1.4 12.6 17.9 14.5 17.7 15.7 15.5 8.1 8.9
6. Processed Foods 4.7 4.6 9.6 0.6 20.0 12.1 10.7 9.4 11.0 9.2 5.1 -3.6 16.8 10.8 7.3 5.7 7.6 8.8 4.3 4.4 2.7 1.2 3.1 3.5 3.2 0.4
7. Vehicles & Parts 4.5 5.1 37.1 -0.1 25.8 9.3 16.5 3.8 9.2 11.9 30.1 -6.8 19.0 5.7 10.6 1.9 7.1 11.1 5.3 7.2 5.7 3.3 5.4 1.8 1.9 0.8
8. Processed Rubber 4.7 3.9 67.3 29.3 28.1 4.8 30.6 -21.8 -17.6 -6.2 17.9 4.2 14.6 -0.5 8.7 -5.1 -3.0 -1.7 41.8 24.1 11.8 5.3 20.2 -17.6 -15.1 -4.7
9. Machinery & Mechanical Appl. 3.7 3.8 19.8 -7.8 5.0 13.4 6.7 2.4 -0.9 -3.4 9.6 -16.3 -1.4 3.5 -2.0 -4.7 -6.3 -11.5 9.2 10.2 6.4 9.5 8.8 7.4 5.7 9.1
10. Footwear 3.2 3.0 8.1 -7.9 21.2 6.1 5.8 7.0 2.4 3.8 -2.1 -13.4 19.9 11.3 2.7 11.9 3.9 4.3 10.3 6.4 1.1 -4.7 3.0 -4.3 -1.5 -0.6
Total 10 Commodities 68.7 68.5 31.6 12.8 27.8 10.8 20.1 5.2 7.2 8.6 11.5 -1.1 15.7 2.4 6.7 1.4 2.2 2.7 18.1 14.1 10.5 8.2 12.5 3.8 4.9 5.8
*) provisional figures **) very provisional figures
7
As of the third quarter of 2018, coal exports Exports of electrical aparatus accelerated
remained be the dominant non-oil and gas export significantly from 2.8% (yoy) in the second quarter
commodity from Indonesia replacing vegetable oil, of 2018 to 7.4% (yoy) in the third quarter of 2018 on
accounting for a 14.7% share of the total the back of higher growth of export prices and a
non-oil and gas export. In the reporting period, coal shallower real export contraction. The gains were
exports moderated slightly to 19.8% (yoy) from 21.2% led by exports to Singapore, Japan, and Thailand.
(yoy) previously due to lower real exports. The
Processed food exports posted 9.2% (yoy)
slowdown was primarily the result of declining exports
growth in the reporting period, down from 11.0%
to China, among other due to import barriers on coal
(yoy) in the second quarter of 2018 due to slower
growth of export prices. Processed food exports
from Indonesia were held back by slower export
high-calorie coal. In addition, coal exports to South growth to the United States and Philippines as well
Korea also recorded slower growth. Nevertheless, as declining exports to Malaysia and China.
coal exports to India and Japan continued to
Exports of vehicles and components improved
accelerate.
on increasing real exports in the reporting period.
Vegetable oil exports (dominated by crude palm Exports accelerated to three main export
oil) experienced a shallower contraction in the destination countries (Thailand, Japan, and
reporting period. The smaller contraction was due to Vietnam) dominating 27.5% of total vehicle exports.
positive growth of real exports after three consecutive Meanwhile, slower export growth was recorded to
periods of decline. On the other hand, export prices the Philippines, as the dominant export destination
posted sharper falls under pressure from related edible for Indonesian motor vehicles and components.
oil prices particularly soybean combined with abundant
The ongoing contraction of processed rubber
palm oil stock in Indonesia and Malaysia. The recent
exports eased in the third quarter of 2018, bolstered
export gains have been driven by vegetable oil exports
by improving prices and real exports. The shallower
to India and the Netherlands, which posted significantly
contraction was evident in exports destined to the
shallower export declines. United States, Japan, and China, while exports to
Exports of textiles and textile products (TTP) grew India continued to track an upward trend.
6.0% (yoy) in the third quarter of 2018, decreasing A deeper real export contraction was the main
from 8.1% (yoy) in the previous period due to a deeper contributor to declining shipments of machinery and
real export contraction. Slower TTP export growth mechanical appliances (-3.4% yoy). The declines
stemmed primarily from an export contraction to China affected exports to Singapore, Japan, and the
and moderating export growth to South Korea. In United States, while exports to Thailand
contrast, exports of textiles and textile products to the experienced slower growth compared to the
United States and Japan accelerated. conditions in the previous period.
Growth of articles of basic metal exports Footwear exports expanded by 3.8% (yoy) in
decelerated in the reporting period to 34.0% (yoy) due the third quarter of 2018, improving from 2.4% (yoy)
to lower growth of real exports and prices. China and in the previous period on the back of real exports
Japan were the main contributors to slower articles of and higher export prices. Exports of footwear
basic metal export growth, contrasting the faster pace soared to the United States, China, and Belgium,
of export growth to Taiwan and South Korea. contrasting slower export growth to Japan.
8
Non-Oil and Gas Imports Table 4
Non-Oil and Gas Imports (c.i.f) by Commodity Group
Non-oil and gas imports (c.i.f) maintained a fast

Shares (%) Growth (% yoy)
pace of growth during the third quarter of 2018 as 2017* 2018
Description
2017* 2018**
domestic demand continued to increase. Non-oil Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
and gas import grew 10.2% (qtq) in the reporting Consumption Goods
Nominal 10.2 10.6 1.0 19.7 17.4 19.9 14.4 22.3 22.1 36.0
Real 9.2 9.4 -6.7 8.4 2.8 9.9 3.6 8.9 10.9 31.6
period, up significantly from 1.9% (qtq) in the Price Index - - 8.3 10.4 14.2 9.0 10.5 12.3 10.0 3.4
Raw Materials
previous quarter. Nominal 70.0 68.3 9.0 5.6 25.2 17.8 14.3 21.0 17.4 17.2
Real 72.5 69.9 2.1 -2.8 16.2 7.3 5.6 9.6 7.2 11.4
Price Index - - 6.7 8.7 7.8 9.8 8.3 10.4 9.5 5.3
Capital Goods
(%) 30.0 25.0 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 - Nominal 18.8 19.2 6.0 -4.4 24.1 19.6 11.6 26.7 38.2 22.7
20.0 Real 17.5 18.8 -3.6 -10.7 14.6 14.1 3.8 24.1 34.4 26.9
Price Index - - 9.9 7.1 8.3 4.9 7.5 2.1 2.8 -3.4
Total
Nominal 100.0 100.0 8.1 5.2 25.0 17.4 13.9 22.8 23.5 21.2
Real 100.0 100.0 0.5 -3.1 15.1 8.1 5.1 12.9 14.2 17.4
Price Index - - 7.5 8.6 8.5 8.6 8.3 8.8 8.1 3.2
Imports of raw materials posted 17.2% (yoy)

growth in the third quarter of 2018, down slightly
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2* Q3**
2015 2016 2017* 2018 from 17.4% (yoy) in the second quarter of 2018 as a
result of slower rising import prices. Meanwhile, real
y.o.y q.t.q
imports tended to accelerate on the back of
Chart 5
Non-oil and Gas Import Growth telecommunication equipment and component
parts. Furthermore, real imports of motor vehicle
Annually, non-oil and gas imports decelerated accessories and components as well as electrical
slightly from 23.4% (yoy) in the second quarter of apparatus for making and breaking electrical circuits
2018 to 21.1% (yoy) in the third quarter of 2018 due maintained positive growth despite moderating.
to slower rising prices, while real imports keep
Imports of capital goods slowed down
accelerated (Chart 5). By taking into account the
significantly to 22.7% (yoy) in the third quarter of
share to the total non-oil and gas imports, import
2018, held back by weaker real import growth and a
growth contributions of raw materials, capital goods,
contraction of import prices. The main drag on
and consumption goods to total growth of non-oil
capital goods imports were imports of automatic
and gas import were 11.8%, 4.3%, and 3.8%
data processing machines, motor vehicles for the
respectively (Table 4).
transports of goods, civil engineering and contractor
Imports of consumption goods spiked plant and equipment, as well as other machines
considerably in the third quarter of 2018 due to a specialized for particular industry. Robust import
growth surge of real imports. Increased imports growth of capital goods was congruent with solid
were primarily on account of rice, fruits, and articles Gross Fixed Capital Formation (GFCF) growth of
of plastic. 6.96% (yoy) in the third quarter of 2018.
9
Non-Oil and Gas Imports by Country of Origin
Q
1
4
15 15
Based on country of origin, faster non-oil and gas
10 10
5 5
major trading partners, led by China. Non-oil and 0 0
-5 -5
gas imports from the 10 major countries of origin
-10 -10
accelerated from 22.8% (yoy) in the second quarter
Q
1
4
-15 -15
Q
of 2018 to 23.2% (yoy) in the third quarter of 2018
3
*
*
*
Q1Q2Q 3Q4Q 1Q2 Q3Q4
(Table 5). 2010 2011 2012 2013 2014 2015 2016 2017* 2018
Gas Imports Gas Exports

Table 5 * provisional figures
Oil Imports Oil Exports
** very provisional figures
Non-Oil and Gas Imports (c.i.f) OG Trade Balance (RHS)
by Major Country of Origin Chart 6

Oil and Gas Trade Balance
Shares (%) Growth (%, yoy) Oil Exports

Description 2017* 2018
2017* 2018**
Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
In the third quarter of 2018, oil exports remained
1 China 25.5 26.4 7.6 -1.1 22.2 16.8 11.3 25.7 27.9 34.2
2 Japan 11.5 11.4 13.8 5.0 29.7 25.5 18.6 27.8 26.9 12.9 relatively stable at USD2.2 billion, supported by a
3 Singapore 7.3 7.9 14.4 16.0 42.3 30.0 25.8 43.1 39.1 28.4
4 Thailand 6.7 6.7 -11.0 2.3 13.4 15.0 4.2 16.2 20.7 16.6 higher oil price while export volume, particularly of
5 USA 5.8 5.7 10.7 5.4 0.6 7.7 5.9 15.2 21.5 17.3
6 South Korea 5.6 5.0 34.6 16.3 36.2 21.7 26.9 3.6 5.8 7.4 refined products, experienced a decline (Table 6).
7 Malaysia 3.9 3.9 10.4 -9.2 21.3 13.5 8.3 17.4 28.2 20.5
8 Australia & Oceania 4.4 3.8 14.6 7.6 36.4 -2.0 12.7 0.9 -9.3 9.9
9 India 2.8 2.9 29.3 42.9 23.2 31.3 31.4 17.8 23.7 46.7
Indonesia reduced crude oil lifting by 1.5%
10 Germany 2.6 2.6 2.9 11.3 18.2 10.6 10.9 37.1 13.3 19.3
(qtq) in the third quarter of 2018 to 0.780 million
Total 10 Countries 76.0 76.3 10.1 4.9 23.6 17.7 14.1 22.2 22.8 23.2
*) provisional figures barrels per day from 0.791 million barrels per day in
the previous period due to unplanned shutdowns at
Oil and Gas Trade Balance
the Plaju and Dumai wells.
The oil and gas trade balance recorded a USD3.5 Annually, oil exports soared 19.7% (yoy) in the
billion deficit in the third quarter of 2018, increasing on third quarter of 2018 compared with conditions in
the deficits posted in the previous period as well as the same period one year earlier on rising global oil
during the same period last year (Chart 6). prices despite a decline of export volume.
Table 6
Based on granular commodity data, the larger Oil Exports
oil and gas trade deficit in the reporting period was
2018
primarily attributed to a wider oil trade deficit Q2* Q3**
Description
compared with conditions in the previous period and Value Volume Price¹ Value Volume Price¹
(mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel)
the same period in 2017. Meanwhile, the gas trade Exports 2,168.5 29.4 2,203.1 28.7
Crude 1,409.0 19.8 70.7 1,431.5 19.8 72.5
surplus remained stable compared to conditions in
Refinery Products 759.5 9.6 79.2 771.5 8.9 86.7
the previous period despite exceeding the surplus
¹⁾ export value divided by export volume
posted in the third quarter of 2017. Sources: SKK Migas and Pertamina (processed) *
provisional figures ** very provisional figures
10
Table 7
Meanwhile, the export prices of crude oil and
Oil Imports (f.o.b)
refined products continued to track upward trends,
2018
mirroring global oil prices. The average prices of Q2* Q3**
Description
Value Volume Price¹ Value Volume Price¹
SLC, Brent, WTI, and OPEC increased respectively (mill USD) (mbbl) (USD/barel) (mill USD) (mbbl) (USD/barel)
from USD70.8/barrel, USD74.5/barrel, Imports 6,533.2 83.4 7,323.3 90.0
Crude 2,080.0 28.4 73.2 2,703.4 35.2 76.6
USD67.9/barrel, and USD71.9/barrel in the second Refinery Products 4,453.2 54.9 80.9 4,619.9 54.7 84.5
quarter of 2018 to USD72.5/barrel, USD75.5/barrel, ¹⁾ import value divided by import volume
Sources: SKK Migas and Pertamina (processed)
USD69.7/barrel, and USD74.2/barrel in the third * provisional figures ** very provisional figures
quarter of 2018 (Chart 7). Commitment from OPEC

Gas Exports and Imports
and Russia to cut production, combined with market
concerns stoked by the possible reinstatement of Gas exports continued to expand on a quarterly
US sanctions against Iran has reduced supply and (6.8% qtq) and annual basis (21.2% yoy) in the
therefore pushed up the global oil price. reporting period, with LNG (7.5% qtq) and natural gas
(10.6%, qtq) confirmed as the main contributors due to
USD/barel
140
the higher gas export price (Table 8).
130 Table 8
120
110
Gas Exports
100
90 2018
80 Q2* Q3**
Description
Value Value
70
(mill USD) Volume¹ Price² (mill USD) Volume¹ Price²
60 SLC
Exports 2,296.8 - 2,453.5 -
50 Unit Price
LNG 1,556.5 199.7 7.8 1,673.2 199.9 8.4
40 WTI
Natural Gas 705.3 66.6 10.6 780.2 67.0 11.6
30 OPEC
LPG 0.1 0.1 0.0 0.0 0.3 0.0
20
J AJO J AJO J AJO J AJ O JA J O J AJO J AJO J AJO AJ
Other Gas 34.9 2.4 13.1 0.1 0.0 10.2
J
¹⁾ LNG, natural gas & other gas vol. are in million mmbtu, LPG vol. are in thousand m/t, total vol. are in mmbtu
2010 2011 2012 2013 2014 2015 2016 2017 2018
²⁾ LNG & natural gas prices are in USD/million mmbtu, LPG prices are in USD/thousand metric ton
Source: Ditjen Migas, BOP, Bloomberg Source: SKK Migas

Chart 7
International Oil Prices
On the other hand, gas imports increased
Oil Imports 24.2% (qtq) to USD0.8 billion in the third quarter of
2018 from USD0.7 billion in the previous period.
Oil imports grew 12.1% (qtq) from USD6.5 billion
Annually, however, gas imports rose steeply by
in the second quarter of 2018 to USD7.3 billion in the
52.6% (yoy), driven by volume to meet the recent
third quarter of 2018, induced by increasing import
spike in consumption.
prices in line with the rising global oil price and higher
import volume of refined products as domestic fuel Services Trade Balance
consumption increased (Table 7).
The services trade deficit stood at USD2.2
Annually, oil imports soared 59.8% (yoy) from billion in the third quarter of 2018, increasing from
USD4.6 billion in the third quarter of 2017, elevated USD2.0 billion in the previous period on a larger
by a higher import volume and rising oil price. transportation services deficit (Chart 8).
11
billion USD Travel services payments were recorded at USD2.8
2
billion in the third quarter of 2018, up from USD2.0
1
billion in the previous period, prompted by an
0
increase in the number of Indonesian traveller visits
Q
Q
1
4
-1
abroad from 2.39 million in the second quarter of
-2
Q
2
4
-3
2018 to 2.47 million, coupled with more spending by
-4 Indonesian travellers during the reporting period.
Q
1
3
*
*
*
Q 1 Q 2Q 3 Q 4Q 1 Q 2Q 3 Q 4Q 1 Q 2 Q 3Q 4 Q 1
2010 2011 2012 2013 2014 2015 2016 2017* 2018 On the other hand, travel services receipts
Other Services Travel Transportation Services (net) climbed to USD4.1 billion in the third quarter of
* provisional figures ** very provisional figures 2018 from USD3.1 billion in the second quarter of
Chart 8
Services Trade Balance 2018. The increase was explained by a 16.6% (qtq)
rise in the number of international traveller visits to
As the dominant contributor to the services Indonesia from 3.17 million to 3.70 million during
trade deficit, transportation services recorded a the reporting period and further bolstered by a
larger deficit in the third quarter of 2018. The higher greater propensity to spend. More international
deficit stemmed from a bump in passenger travellers were drawn to Indonesia during the
transportation services payments in line with an reporting period in order to attend the 2018 Asian
increase in the number of Indonesian traveller visits Games held in Jakarta and Palembang.
abroad, including those making the hajj pilgrimage,
Most international travellers visiting Indonesia
along with a rise in freight services payments
during the third quarter of 2018 originated from
consistent with the import surge of goods (Chart 9).
Malaysia, Singapore, and Australia, with Bali,
Jakarta, and Batam still recognised as the preferred
destinations.
Q
Q
1
0 0.0
-5 Import Freight Import (RHS)
-0.5
-10 billion USD
-15
-1.0 5
-20
4
-25 -1.5
Q
Q
1
3
-30
-2.0 2
-35
1
-40
-2.5 0
-45
-1
Q
Q
2
-50 -3.0
Q
Q
1
3
*
*
*
-2
-3
2010 2011 2012 2013 2014 2015 2016 2017* 2018
-4
Q
Q
1
3
*
*
*
Q2
Q3
Q 1Q 2Q 3 Q 4Q 1Q 2Q 3 Q 4Q 1Q 2Q 3Q 4 Q 1
Q 4Q 1Q 2 Q 3Q 4 Q 1Q 2 Q 3Q 4
* provisional figures; ** very provisional figures

2010 2011 2012 2013 2014 2015 2016 2017* 2018
Chart 9
Freight Services Payments
Imports Exports Travel (net)
Chart 10
Meanwhile, the travel services trade surplus Travel Services Trade Balance
increased from USD1.1 billion in the second quarter
Primary Income Balance
of 2018 to USD1.3 billion in the third quarter of 2018
on the back of a 30.8% (qtq) uptick in travel services The primary income account recorded a stable
receipts (exports) that outpaced the 38.3% (qtq) USD8.0 billion deficit in the third quarter of 2018
increment in travel services payments (imports) in because the larger direct investment income deficit
the reporting period (Chart 10). was effectively compensated by narrower deficits
12
affecting portfolio investment income and other billion USD
3.0
investment income (Chart 11).
2.5
2.0
The larger direct investment income deficit was 1.5
1.0
influenced by an increase in income payments on
Q
1
4
0.5
equity capital in line with the improving financial 0.0
-0.5
performance of companies listed on the Indonesia -1.0
Q1Q
2Q3
Q1*Q2*Q3**
Q4
Q
Q
1
4
Q
Q
1
4
Stock Exchange. The direct investment income was -1.5
Q1Q2Q3Q4
mostly reinvested that, in turn, boosted direct 2010 2011 2012 2013 2014 2015 2016 2017* 2018
investment inflows to Indonesia. Meanwhile, the Payments Receipts Personal Transfers (net)
portfolio investment income deficit narrowed on * provisional figures; ** very provisional figures
Chart 12
fewer dividend payments, which surpassed the Personal Transfers
increase in interest payments on government debt

securities following historical trends. In addition, the In the third quarter of 2018, remittances
received from Indonesian migrant workers stood at
smaller other investment income deficit was
USD2.7 billion. By country of origin, Indonesian
primarily attributed to a decline in government and
migrant workers located in the Asia-Pacific region
private interest payments on offshore loans.
were the main contributors of remittances, totalling
billion USD USD1.6 billion, followed by the Middle East and
0 Africa at USD1.1 billion.
-1
-2
-3 At the end of the third quarter of 2018, a total of 3.5
-4
-5
million Indonesians were employed as migrant workers
-6
-7
abroad. Data from the National Board for the Placement
Q
Q
2
-8
and Protection of Overseas Workers (BNP2TKI) indicated
-9
-10
around 70% of Indonesian migrant workers were placed
Q
Q
1
3
*
*
*
Q1Q2Q 3Q4Q 1Q2 Q3Q4 Q1
Q1Q2Q 3Q4Q 1Q2 Q3Q4
Q1Q2Q 3Q4Q 1Q2 Q3Q4
2010 2011 2012 2013 2014 2015 2016 2017* 2018

in the Asia-Pacific region, dominated by Malaysia, Hong
Kong, Taiwan, and Singapore. Meanwhile, the remainder
Direct Inv. Income Other Inv. Income Portfolio Inv. Income Primary Income (net)
* provisional figures; ** very provisional figures were located in the Middle East and Africa, primarily in
Chart 11
Saudi Arabia, United Arab Emirates, and Jordan (Chart
Primary Income Account
13).
Secondary Income Balance

Europe
America 0.2%
The secondary income account recorded a 0.1%
USD1.8 billion surplus in the third quarter of 2018, up

from USD1.6 billion in the previous period. Such Malaysia
53.5%
Middle East &
developments were explained by an increase in private Africa Asia Pacific,
29.8% 69.9%
and government grant receipts associated with the
devastating earthquake on Lombok. In addition,
Taiwan, Brunei,
personal transfer receipts in the form of remittances Other 5.0% 0.8%
1.2%
Hongkong,
from Indonesian migrant workers remained significant, South Korea
5.6%
0.7% Singapore
Source: BNP2TKI
hence becoming the primary source of the secondary 2.7%
Chart 13
income account surplus (Chart 12).
Stock of Indonesian Migrant Workers in Q3/2018
13
CAPITAL AND FINANCIAL ACCOUNT
side). Compared with the same period one year ago,
the direct investment surplus has decreased due to
The capital and financial account recorded a
large-scale financing of unicorn start-ups in Indonesia
significant surplus in the third quarter of 2018,
during the third quarter of 2017 (Chart 15).
reflecting strong investor confidence in the domestic
economic outlook. The capital and financial account billion
USD 15
surplus was buoyed by increased influx of direct
10
investment. In addition, non-resident capital inflows to
5
Q
1
1
tradable government securities (SBN) and corporate
0
foreign loans were also regained their upward
Q
2
3
-5
momentum. The overall capital and financial account
-10
surplus amounted to USD4.2 billion in the third quarter
-15
of 2018, reduced from USD4.5 billion in the previous
**
Q
Q
1
3
*
*
period due to an increase of domestic private 2010 2011 2012 2013 2014 2015 2016 2017* 2018
DI Liabilities DI Asset Direct Investment (net)
placements in offshore deposits and other overseas
claims by the domestic banking industry (Chart 14). Chart 15

Direct Investment1
billion USD
20
On the asset side, the net outflow of direct
15
investment booked by residents was recorded at
10
5 USD1.9 billion in the reporting period, increasing from

0 USD1.2 billion in the previous period and from USD1.0
-5
billion in the same period one year earlier. The larger
-10
net outflow originated from the acquisition of an
Q
Q
1
-15
Q
Q
1
Q
Q1
Q4
Q1
3
*
*
*
Q2
Q2
Q3
Q3
Q
4
Australian coal mine by an Indonesian mining

Q4
Q4
Q4Q1Q2Q3
Q4Q1Q2Q3
Q1Q2Q 3Q4Q 1Q2 Q3
2010 2011 2012 2013 2014 2015 2016 2017* 2018

company. Furthermore, the net outflow also stemmed
Other Invesment Portfolio Investment Direct Investment Cap & Financial Account
* provisional figures; ** very provisional figures from loans extended by several domestic
Chart 14 manufacturing companies to their affiliates abroad.
Capital and Financial Account
Direct Investment On the liability side, direct investment recorded

a net foreign inflow (surplus) totalling USD5.9
The direct investment surplus expanded in the billion, up significantly from USD3.9 billion in the
third quarter of 2018 on improving domestic investment previous quarter. The notable gain was primarily
performance. Accordingly, the direct investment influenced by a net withdrawal of inter-affiliated
surplus stood at USD3.9 billion in the third quarter of debt, dominated by trade credit, by manufacturing
2018, increasing from USD2.7 billion because the and transportation companies. Moreover, equity
increased inflows of foreign direct investment (liability capital inflow decreased on the previous period,
side) exceeded the increased outflows of Indonesia among other due to a Singaporean company
direct investment abroad (asset divesting shares in an Indonesian mining company.
1 with bank stocks also followed suit, divesting offshore entities (inflow on
Direct investment developments in the fourth quarter of 2016 were dominated
by crossing transactions on banking sector stocks in the domestic stock the asset side) of the same value (Bank Indonesia, Balance of Payments
exchange. Foreign direct investment (FDI) previously recorded in the banking Report, Q4/2016 Edition, page 15)
sector originated from domestic funds (round-tripping FDI), thus when foreign
divestment occurred (outflow on the liability side), domestic investors
14
By sector, the net inflow of direct investment on worth USD6.1 billion, higher than USD5.1 billion in
the liability side fed through to the non-oil and gas the previous period (Chart 16).
sector, while direct investment in the oil and gas

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17* Q2-17* Q3-17* Q4-17* Q1-18* Q2-18* Q3-18**
Million USD
sector recorded a net outflow as the rising global oil 4,000
price edged up cost recovery. 2,000
The recent influx of direct investment reflects the -2,000
investor confidence in the national economic outlook -4,000
-6,000
despite increasing global financial market uncertainty -8,000
and competition. Direct investment has also increased -10,000
-12,000
as a result of improvements in the investment climate,
-14,000
as evidenced by Indonesia climbing up the Global Agriculture,

Fishery&Forestry
Mining &
Quarrying
Manufacturing Construction Financial
Intermediaries
Trade/Commerce Others (incl.
Services,
(incl. Insurance) Properties)
Competitiveness Index from 47th (out of 135 countries) *provisional figures; ** very provisional figures
Chart 16
in 2017 to 45th (out of 140 countries) in 20182.
FDI by Economic Sector4
The increase of direct investment was also
Investment activity from Singapore and Thailand
consistent with solid domestic investment activity,
contributed to the FDI deluge in the manufacturing
as indicated by a faster pace of Gross Fixed Capital
sector. Meanwhile, Japan and Singapore were the
Formation (GFCF) growth in the reporting period.
dominant investors in the trade sector.
Such findings were corroborated by the Business
Survey (SKDU) conducted by Bank Indonesia, By country of origin, the ASEAN region (led by
which revealed a weighted net balance (WNB) of Singapore, Thailand, and Malaysia) continued to
14.23% in the reporting period, thus pointing to dominate the gross FDI inflow booked in the third
business expansion in the third quarter of 2018. The quarter of 2018, followed by Japan and emerging
manufacturing sector was the main driver of markets in Asia (including China), contributing
business growth, with the Prompt Manufacturing USD3.7 billion, USD1.8 billion, and USD0.9 billion
respectively, totalling USD6.4. billion (Chart 17).
Index (PMI) rising to 52.02%3 in the third quarter of
2018 on strong domestic demand. Million USD Q1-16 Q2-16 Q3-16 Q4-16 Q1-17* Q2-17* Q3-17* Q4-17* Q1-18* Q2-18* Q3-18**
5,000
Based on the direction of investments, the net
3,000
inflow of foreign direct investment (FDI) to Indonesia
1,000
in the third quarter of 2018 reached USD5.9 billion, -1,000
declining slightly from USD6.0 billion in the previous -3,000
-5,000
period and from USD8.8 billion in the same period
-7,000
last year.
-9,000
-11,000
By sector, the manufacturing industry, trade
-13,000
sector as well as agricultural, forestry and fishing Japan USA Europe Emerging Markets of ASEAN Other
Asia (incl. China)
sector dominated FDI inflows during the third quarter of
Chart 17
2018, with the three sectors recording investments
FDI by Country of Origin5
4
2 Bank Indonesia, op. cit.
Based on a World Economic Forum publication in the Global
Competitiveness Report 2018. 5
Bank Indonesia, op. cit.
3
A Prompt Manufacturing Index reading above 50% indicates an expansion in
the manufacturing industry.
15
On an annual basis, the FDI inflow recorded in net deficit of USD0.1 billion in the third quarter of
the third quarter of 2018 decreased by 32.2% (yoy) in 2018, thus reversing the USD0.1 billion surplus in
line with the FDI realisation data published by the the previous period (Chart 18).
Indonesia Investment Coordinating Board (BKPM)6. bilion
According to BKPM data, FDI realisation in the third USD
10 8 6
quarter of 2018 stood at Rp89.1 trillion (equivalent to
4 20-
USD6.1 billion), falling 20.2% (yoy) on the Rp111.7 2 -4 -6
Q
2
1
trillion (equivalent to USD7.6 billion) posted in the
same period one year earlier or down 6.9% compared
Q
2
4
with the Rp95.7 trillion (equivalent to USD6.5 billion)
recorded in the second quarter of 2018. By sector,
**
Q
Q
1
3
*
*
Q 1 Q 2Q 3 Q 4Q 1 Q 2Q 3 Q 4Q 1 Q 2 Q 3Q 4 Q 1
BKPM reported that FDI realisation in the third quarter 2010 2011 2012 2013 2014 2015 2016 2017* 2018
of 2018 was concentrated in the utilities sector Portfolio Inv. - Liabilities Portfolio Inv. - Assets Portfolio Investment (net)
(electricity, water and gas supply) worth USD1.2. Chart 18

Portfolio Investment
billion (18.2% share of total FDI), followed by the
transportation, storage and telecommunications sector
with USD1.0 billion (15.1% share), the residential, In the third quarter of 2018, the net foreign
industrial, and office sector with USD0.7 billion (10.6% inflow to government debt instruments increased to
share), and the mining sector with USD0.6 billion

USD1.2 billion from USD0.9 billion in the second
(9.1% share). Based on country of origin, Singapore,

quarter of 2018. The inflow was triggered by a
deluge of non-resident capital to rupiah
Japan, Hong Kong, Malaysia, and China were the
denominated SUN instruments totalling USD2.0
largest investors, providing USD1.6 billion, USD1.4
billion after recording a USD0.7 billion outflow in the
billion, USD0.5 billion, USD0.5 billion, and USD0.5
previous period. Furthermore, the increase was also
billion respectively to account for 68.2% of total FDI.
explained by a significantly smaller net foreign sell
Portfolio Investment of conventional and Islamic Treasury Bills (SPN)
from USD1.3 billion in the second quarter of 2018 to
High global financial market uncertainty
USD0.4 billion in the reporting period.
restrained non-resident capital inflows to portofolio
instruments in Indonesia. In the third quarter of 2018, Despite the net buy booked by non-resident
portfolio investment liability recorded a net inflow investors, foreign holdings of rupiah SUN declined
totalling USD1.4 billion, up slightly on the value from 44.9% in the second quarter of 2018 to 44.6%
recorded in the previous quarter. On the asset side, of total SUN at the end of the reporting period. On
however, Indonesian residents booked a net buy of the other hand, mirroring conditions in the previous
foreign securities (outflow) totalling USD1.5 billion, period, no foreign holdings of Bank Indonesia
increasing from USD1.3 billion in the second quarter of Certificates (SBI) were recorded in the third quarter
2018. Consequently, portfolio investment recorded a of 2018 (Chart 19).
6 flows received directly by FDI companies from direct investors as well as

FDI realisation data from BKPM includes the total value of realised projects in
one period but excludes investment in the oil and gas sector, banking industry offshore companies within the same group over a defined period and
and other financial institutions as well as home industries. Meanwhile, FDI data includes direct investment in all economic sectors.
recorded in the Indonesian balance of payments (BOP) covers data on capital
16
billion USD billion USD contrasting the gains reported in Thailand and
70 1.8
1.6
Singapore. Regionally, the stock markets traded up
60
1.4 on the positions recorded at the end of the second
50
1.2 quarter of 2018 (Chart 21).
40 1.0
2010 = 100
30 0.8
0.6 Indonesia Malaysia Philippines Singapore Thailand

20
0.4 290
10
0.2
0 0.0 240
JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJAS
2012 2013 2014 2015 2016 2017 2018
190
SUN SBI (rhs)
Chart 19
Foreign Holdings of SBI and Government Debt Securities 140
(SUN)
90
J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J AS
Meanwhile, payments on government global 2012 2013 2014 2015 2016 2017 2018
Source: CEIC (processed)

bonds maturing in August 2018 were recorded at Chart 21
USD0.2 billion in the third quarter of 2018. ASEAN Stock Market Developments
Stock market developments remained under the

Indonesia Stock Exchange activity in the third
influence of growing uncertainty in the global financial
quarter of 2018 was backed by 16 additional new issuers
markets. Non-resident investors booked another net
of initial public offerings (IPO), with a total value of
sell of stocks in the third quarter of 2018, totalling
Rp25.3 trillion, equivalent to USD1.7 billion. The total fell
USD0.1 billion, which was considerably lower than the
short of the Rp45.2 trillion, or USD3.2 million, recorded by
USD1.9 billion net sell recorded in the second quarter
17 new issuers in the previous period.
of 2018. Despite the net sell booked by non-resident
investors in the third quarter of 2018, point to point the Consequently, the portfolio investment deficit
Jakarta Composite Index (JCI) rallied to close at a recorded in the third quarter of 2018 primarily
level of 5,976.6, increasing from 5,799.2 at the end of stemmed from the private sector, which posted a net
the second quarter of 2018 (Chart 20). deficit of USD1.5 billion, higher than USD1.0 billion in
the previous period. On the other hand, the public
billion Rp JCI
25,000 sector continued to register a net inflow of portfolio
6,600
20,000
5,900
investment, increasing to USD1.4 billion from USD1.1
15,000
10,000 5,200 billion in the previous period (Chart 22).
5,000 4,500
0 billion USD
3,800
(5,000) 10
3,100
(10,000) 8
2,400
(15,000)
6
(20,000) 1,700
Foreign Net Buy/Sell JCI (RHS) 4
(25,000) 1,000
Q
Q
1
JAJOJAJOJAJOJAJOJAJOJAJOJAJOJAJ 2
Q
Q
1
2011 2012 2013 2014 2015 2016 2017 2018 0
Source: IDX -2
Q
Q
2
Chart 20 -4
Foreign Transactions on the IDX and JCI Developments
-6
Q
Q
1
3
*
*
*
2010 2011 2012 2013 2014 2015 2016 2017* 2018

In the third quarter of 2018, the Jakarta Public sector - Portfolio Inv. Private sector - Portfolio Inv. Portfolio Investment (net)
Composite Index (JCI) reflected the corrections Chart 22
reported in the Philippines and Malaysia, while Portfolio Investment by Institutional Sector
17
Other Investments
the USD2.7 billion surplus posted in the second
quarter of 2018. The increase was prompted by a
In the third quarter of 2018, other investments
net increase of foreign loans disbursement to
recorded a modest USD0.2 billion surplus,
finance the massive 35,000MW electrification
decreasing from USD1.7 billion in the second
project, amongst others (Chart 25).
quarter of 2018. The surplus narrowed due to other
billion
investment transactions on the asset side, which USD 6
recorded a net outflow after achieving a net inflow in 5
Q
1
3
4
the previous period (Chart 23). 3
1
billion
USD 0
10 8 6 -1
4 2 0 -2 -2
-4 -6 -8 -3
Q
Q
1
-10 -12 -4
2*Q3*
Q1*Q
Q
Q
1
*
Q1Q2Q 3Q4Q 1Q2 Q3Q4

2010 2011 2012 2013 2014 2015 2016 2017* 2018
Trade Credit Other liabilities Currency & Deposits Loans Other Inv. - Liabilities
Chart 25
**
Q
Q
1
3
*
Other Investment Liabilities of the Private Sector

Q1Q2Q 3Q4Q 1Q2 Q3Q4
2010 2011 2012 2013 2014 2015 2016 2017* 2018

Other Inv. - Liabilities Other. Inv - Assets Other Investment (net)
Other investment liabilities in the public sector
Chart 23 recorded a USD0.3 billion surplus in the third quarter

Other Investments of 2018, reversing the previous USD1.7 billion deficit in
the second quarter of 2018. The surplus was triggered
On the asset side, other investments by the private
by a USD0.5 billion net withdrawal of foreign loans by
sector experienced a USD2.9 billion deficit in the
the government after servicing USD1.5 billion of
reporting period, reversing the USD0.7 billion
external debt in the previous period (Chart 26). The
surplus posted in the previous period. The deficit
stemmed from private sector placements of deposits
together with other claims by the domestic banking drawn in the reporting period were in the form of
sector on banks abroad (Chart 24). program loans, with the remainder as project loans.
The Government borrowed most foreign loans from
billion USD
8
international organisations, namely the Asian
6
Development Bank (ADB) and the International
4
2 Bank for Reconstruction and Development (IBRD).
0
-2 bilion USD
-4 3
-6 -
8 - 2
Q
Q
2
10
-12 1
**
Q
Q
1
3
*
*
Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1
0
2010 2011 2012 2013 2014 2015 2016 2017* 2018

-1
Other Assets Currency & Deposits Loans Other Investment - Assets
* provisional figures; ** very provisional figures -2
Chart 24
-3
Other Investment Assets of the Private Sector Q1* Q2* Q3**
Q2
Q1
Q2
Q3
Q4
2Q
4Q
2Q
4Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
3
1
2
2
3
3
4
3
4
4
1
1
1
2010 2011 2012 2013 2014 2015 2016 2017* 2018
On the liability side, other investment transactions Repayments Drawings Loans (net)
by the private sector recorded a net inflow (surplus) of Chart 26
USD2.8 billion in the reporting period, up slightly from Public Sector Foreign Loans
18
EXTERNAL SUSTAINABILITY INDICATORS
Weaker than previously projected global deeper contraction compared with conditions in the
economic growth, coupled with widespread second quarter of 2018 in line with persistently high
uncertainty overshadowing the global financial imports and weaker export performance. The ratio
of accumulated exports and imports of goods and
third quarter of 2018, as reflected in several external services to GDP (indicating the degree of economic
sustainability indicators. The current account deficit to openness) was observed to increase in the
GDP ratio increased on the previous period in line with reporting period, demonstrating a surge of trade
the deeper current account deficit as a corollary of the activity between Indonesia and the international
weaker goods trade balance and larger services trade community in the third quarter of 2018.
deficit. Meanwhile, the ratio of net goods and services
On the other hand, the external debt indicators
increased on the previous period, induced by an
contribution to the domestic economy, experienced a increase in the position of external debt.
Table 9
External Sustainability Indicators
2015 2016 2017* 2018

INDICATORS
Total Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
Current Account / GDP (% ) 1) -2.22 -1.82 -0.92 -1.82 -1.75 -2.28 -1.70 -2.17 -3.02 -3.37
Exports - Imports of Goods and Services / GDP (% ) 1) 0.6 0.9 1.8 1.1 1.2 0.3 1.1 0.3 -0.6 -1.0
Exports + Imports of Goods and Services / GDP (% ) 1) 39.2 35.1 36.7 34.4 36.8 40.4 37.1 39.5 38.7 43.1
Total Foreign Debt Position / GDP (% ) 2) 36.1 34.3 34.4 34.4 34.6 34.7 34.7 34.8 34.2 34.5
Short-Term Foreign Debt Position3 ) / GDP (% ) 2) 6.4 5.9 5.9 5.9 5.6 5.4 5.4 5.6 5.1 5.5
Total Foreign Debt Position / Reserve Assets (% ) 293.3 275.0 270.9 274.1 266.8 271.1 271.1 285.4 297.5 313.3
Short Term Foreign Debt Position 3)
/Reserve Assets(% ) 52.4 47.0 46.0 47.2 43.0 42.1 42.1 45.8 44.8 49.6
Notes :
1) 2)
Using quarterly GDP at current price Using annualized GDP at current price (sum of GDP for four quarters backwards)
3)
by remaining maturity
*) Provisional figures **) Very provisional figures
19
This Page is Intentionally Left Blank
20
ALANCE OF PAYMENTS OUTLOOK
The BOP outlook for Indonesia remains promising in the amount of capital inflows due to global
despite several looming global risks amid the positive uncertainty and divergent global economic growth.
domestic economic outlook. The current account deficit The capital and financial account surplus is
in 2018 is expected to exceed that recorded in 2017, expected to be supported by long-term financing
enlarged by strong imports to fuel domestic economic sources, including direct investment, in line with the
momentum backed by solid domestic demand. positive national economic outlook.
Furthermore, oil and gas imports are increasing on the Nevertheless, several global risks continue to
rising global oil price. In contrast, subdued export demand vigilance, including the tighter monetary policy
growth is predicted, restrained by stance and fiscal reforms in the United States,
escalating trade tensions between the United States
commodities along with limited global demand. and several key trading partners, the rising oil price
Moving forward, the trade balance is forecasted and policy normalisation in several advanced
to improve in line with the concrete measures taken by economies that could trigger a capital reversal from
the Government in conjunction with Bank Indonesia to emerging markets (EMs), including Indonesia.
stimulate exports and reduce imports, which are Moving forward, Bank Indonesia will continue to
expected to trickle down and reduce the current monitor the various external and domestic risks that
account deficit. In general, the current account deficit could influence the BOP outlook. Furthermore, Bank
in predicted to expand in 2018 but not exceed the Indonesia constantly strengthens its policy mix and
manageable threshold of 3% of GDP. policy coordination with the Government to expedite
Meanwhile, the capital and financial account structural reforms, thereby maintaining economic
surplus will be maintained despite a potential reduction stability and reinforcing external resilience.
21
22
Box 1
Changes in BOP Data from Q2/2018 Publication
There were several changes in this edition of the BOP Report to the data released in the second quarter
of 2018. The changes are based on updates to various data sources as follows:
Table 1
Comparison of BOP Publications
million USD
2016 2017* 2018
Items TOTAL Q1 Q2 Q3 Q4 TOTAL Q1* Q2*
Old New Old New Old New Old New Old New Old New Old New Old New
Current Account -16,951 -16,951 -2,175 -2,215 -4,705 -4,608 -4,626 -4,594 -5,822 -5,891 -17,327 -17,307 -5,717 -5,600 -8,028 -7,977
Goods 15,318 15,318 5,635 5,635 4,835 4,835 5,258 5,258 3,057 3,057 18,785 18,785 2,324 2,323 289 297
Services -7,084 -7,084 -1,230 -1,272 -2,223 -2,129 -2,122 -2,099 -2,233 -2,334 -7,808 -7,834 -1,554 -1,656 -1,790 -1,856
Primary Income -29,646 -29,646 -7,718 -7,716 -8,310 -8,307 -8,939 -8,930 -7,835 -7,804 -32,803 -32,756 -7,900 -7,681 -8,155 -8,017
Secondary Income 4,460 4,460 1,138 1,138 993 993 1,176 1,176 1,190 1,190 4,498 4,498 1,414 1,414 1,627 1,599
Capital & Financial Account 29,346 29,346 6,795 6,748 5,342 5,349 10,199 10,331 6,893 6,975 29,229 29,403 2,448 2,361 4,018 4,533
Direct Investment 16,136 16,136 2,804 2,757 4,358 4,376 7,351 7,412 4,905 4,740 19,417 19,285 2,931 3,263 2,487 2,734
Portfolio Investment 18,996 18,996 6,536 6,536 8,126 8,126 4,030 4,030 1,957 2,207 20,649 20,899 -1,151 -1,271 53 104
Financial Derivative -9 -9 -72 -72 25 25 -12 -12 -69 -69 -128 -128 60 60 12 12
Other Investment -5,817 -5,817 -2,473 -2,474 -7,171 -7,182 -1,189 -1,118 78 74 -10,755 -10,700 551 251 1,462 1,680
* provisional figures
Goods Transactions - the data changes in the first and second quarters of 2018 were the result of
updates to import and export data.
Services Transactions - the data changes since the first quarter of 2017 were based on updated
spending data for international travellers according to the latest Passenger Exit Survey (PES), as well
as updated data in the Foreign Exchange Flow Report (LLD), External Debt Report (ULN) and Monthly
Commercial Bank Report (LBU).
Primary Income Transactions - the data changes since the first quarter of 2017 were based on updated
data in the Foreign Exchange Flow Report (LLD) and External Debt Information System (SIUL), while
the data changes in the first quarter of 2018 were due to updates in the estimated return on equity for
direct investment companies.
Secondary Income Transactions - the data changes in the second quarter of 2018 were based on
updates to the wage data of Indonesian migrant workers.
Direct Investment Transactions - the data changes since the first quarter of 2017 were related to
updated external debt (ULN) data and Foreign Exchange Flow Report (LLD) data as well as updates in
the estimated return on equity for direct investment companies.
Portfolio Investment Transactions - the data changes since the fourth quarter of 2017 were related to
updated external debt (ULN) data and Foreign Exchange Flow Report (LLD) data.
Other Investment Transactions - the data changes since the first quarter of 2017 were related to
updated external debt (ULN) data and Foreign Exchange Flow Report (LLD) data.
23
24
APPENDICES
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...................... 30
Table 6 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, DIRECT INVESTMENT...................... 31
INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, PORTFOLIO
Table 7 INVESTMENT...................... 32
Table 8 INDONESIA'S BALANCE OF PAYMENTS: FINANCIAL ACCOUNT, OTHER INVESTMENT...................... 33
25
26
TABLE 1
SUMMARY
(millions of USD)
November, 2018
2016 2017* 2018

ITEMS
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1* Q2* Q3**
I. Current Account -4.634 -5.570 -4.951 -1.797 -16.952 -2.215 -4.608 -4.594 -5.891 -17.307 -5.600 -7.977 -8.846
A. Goods 2.598 3.733 3.892 5.095 15.318 5.635 4.835 5.258 3.057 18.785 2.323 297 -398
- Exports 33.042 36.287 34.898 40.243 144.470 40.763 39.167 43.392 45.531 168.854 44.374 43.759 47.722
- Imports -30.444 -32.554 -31.006 -35.147 -129.152 -35.128 -34.332 -38.133 -42.475 -150.069 -42.050 -43.463 -48.120
1. General Merchandise 2.302 3.501 3.675 5.266 14.744 5.470 4.575 5.042 2.799 17.886 2.021 478 -100
- Exports 32.703 35.983 34.561 39.857 143.105 40.439 38.811 42.824 44.899 166.973 43.748 43.263 47.250
- Imports -30.401 -32.482 -30.886 -34.592 -128.360 -34.969 -34.237 -37.781 -42.100 -149.087 -41.727 -42.785 -47.350
a. Non-Oil and Gas 3.203 4.938 5.003 6.371 19.516 7.647 6.115 6.323 5.150 25.236 4.432 3.240 3.428
- Exports 29.849 32.753 31.292 36.294 130.188 36.479 35.388 38.958 40.574 151.400 39.654 38.798 42.594
- Imports -26.646 -27.815 -26.289 -29.923 -110.672 -28.832 -29.273 -32.635 -35.425 -126.164 -35.223 -35.558 -39.166
b. Oil and Gas -901 -1.437 -1.328 -1.106 -4.772 -2.177 -1.540 -1.281 -2.351 -7.349 -2.411 -2.761 -3.528
- Exports 2.854 3.230 3.269 3.563 12.916 3.960 3.423 3.865 4.325 15.573 4.094 4.465 4.657
- Imports -3.755 -4.667 -4.597 -4.669 -17.688 -6.137 -4.964 -5.146 -6.675 -22.922 -6.505 -7.227 -8.184
2. Other Goods 295 231 217 -170 574 165 260 216 258 899 303 -182 -298
- Exports 339 304 337 386 1.365 324 356 568 633 1.881 626 496 472
- Imports -44 -72 -120 -556 -792 -159 -96 -352 -375 -982 -323 -678 -770
B. Services -1.172 -2.450 -1.724 -1.739 -7.084 -1.272 -2.129 -2.099 -2.334 -7.834 -1.656 -1.856 -2.215
- Exports 5.773 5.308 5.801 6.441 23.324 5.782 5.645 6.499 6.868 24.794 6.970 6.469 7.525
- Imports -6.945 -7.758 -7.525 -8.180 -30.407 -7.054 -7.775 -8.598 -9.202 -32.628 -8.626 -8.325 -9.740
C. Primary Income -7.291 -7.970 -8.124 -6.263 -29.647 -7.716 -8.307 -8.930 -7.804 -32.756 -7.681 -8.017 -8.026
- Receipts 713 861 1.177 1.298 4.048 1.601 1.711 1.530 1.708 6.550 1.845 1.941 1.712
- Payments -8.003 -8.830 -9.300 -7.561 -33.695 -9.317 -10.018 -10.460 -9.512 -39.306 -9.525 -9.958 -9.738
D. Secondary Income 1.231 1.116 1.004 1.109 4.460 1.138 993 1.176 1.190 4.498 1.414 1.599 1.793
- Receipts 2.447 2.540 2.373 2.472 9.832 2.356 2.490 2.550 2.595 9.990 2.835 3.095 3.021
- Payments -1.217 -1.423 -1.368 -1.363 -5.371 -1.217 -1.497 -1.374 -1.405 -5.493 -1.422 -1.496 -1.228
II. Capital Account 1 6 6 29 41 0 5 19 22 46 58 3 9
- Receipts 1 6 6 29 41 0 5 19 22 46 58 3 9
- Payments 0 0 0 0 0 0 0 0 0 0 0 0 0
III. Financial Account 4.419 7.102 10.059 7.726 29.306 6.748 5.344 10.312 6.952 29.356 2.303 4.530 4.164
- Assets -659 -4.768 3.086 18.261 15.920 -4.361 -8.051 -3.815 -2.009 -18.236 -4.911 -1.651 -6.025
- Liabilities 5.077 11.870 6.973 -10.534 13.386 11.108 13.395 14.127 8.962 47.592 7.214 6.181 10.189
1. Direct Investment 2.827 3.174 6.594 3.541 16.136 2.757 4.376 7.412 4.740 19.285 3.263 2.734 3.949
a. Assets -370 -1.372 466 12.870 11.594 -451 -101 -1.042 -540 -2.134 -772 -1.212 -1.944
b. Liabilities 3.197 4.545 6.129 -9.329 4.542 3.208 4.476 8.454 5.280 21.419 4.035 3.946 5.894
2. Portfolio Investment 4.438 8.304 6.563 -309 18.996 6.536 8.126 4.030 2.207 20.899 -1.271 104 -104
a. Assets -167 402 1.938 46 2.218 -1.019 -223 -732 -1.382 -3.356 -1.409 -1.251 -1.472
b. Liabilities 4.605 7.902 4.625 -355 16.778 7.555 8.349 4.761 3.589 24.255 138 1.355 1.368
- Public Sector 2) 4.919 7.213 3.211 1.492 16.835 6.437 4.529 6.107 4.807 21.880 2.569 893 1.232
- Private Sector 3) -314 690 1.414 -1.847 -57 1.119 3.820 -1.345 -1.218 2.375 -2.431 462 136
3. Financial Derivatives -22 -25 -28 66 -9 -72 25 -12 -69 -128 60 12 91
4. Other Investment -2.825 -4.351 -3.070 4.429 -5.817 -2.474 -7.182 -1.118 74 -10.700 251 1.680 228
a. Assets -398 -3.969 522 5.344 1.499 -3.075 -7.850 -2.130 -132 -13.187 -2.920 663 -2.851
b. Liabilities -2.426 -382 -3.592 -915 -7.316 602 668 1.012 206 2.488 3.171 1.017 3.079
- Public Sector 2) -25 -1.255 -1.094 5 -2.369 121 -923 48 -597 -1.353 650 -1.724 306
- Private Sector 3) -2.402 872 -2.498 -919 -4.947 481 1.591 964 804 3.840 2.521 2.741 2.772
IV. Total (I + II + III) -215 1.537 5.114 5.958 12.394 4.533 741 5.737 1.084 12.095 -3.239 -3.444 -4.673
V. Net Error and Omissions -72 625 594 -1.453 -305 -19 -2 -378 -110 -509 -616 -864 286
VI. Overall Balance (IV + V) -287 2.162 5.708 4.505 12.089 4.514 739 5.359 974 11.586 -3.855 -4.309 -4.386
4)
VII. Reserves and Related Items 287 -2.162 -5.708 -4.505 -12.089 -4.514 -739 -5.359 -974 -11.586 3.855 4.309 4.386
A. Reserve Asset Transactions 287 -2.162 -5.708 -4.505 -12.089 -4.514 -739 -5.359 -974 -11.586 3.855 4.309 4.386
B. Credit and Loans with IMF 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
Memorandum:
- Reserve Assets Position 107.543 109.789 115.671 116.362 116.362 121.806 123.094 129.402 130.196 130.196 126.003 119.839 114.848
In Months of Imports & Official Debt Repayment 7,7 8,0 8,5 8,4 8,4 8,6 8,6 8,6 8,3 8,3 7,7 6,9 6,3
- Current Account (% GDP) -2,14 -2,41 -2,03 -0,74 -1,82 -0,92 -1,82 -1,75 -2,28 -1,70 -2,17 -3,02 -3,37
Notes
1)Based on BPM6, but use of the signs "+" and "-" is in accordance with BPM5
2)Consist of Government and Central Bank
3)Consist of Banks and Non Banks
4)Negative represents surplus and positive represents deficit .
*Provisional figures ** Very provisional figures
27
TABLE 2
CURRENT ACCOUNT
GOODS
(millions of USD)
November, 2018
2016 2017* 2018

ITEMS
1)
Goods 2.598 3.733 3.892 5.095 15.318 5.635 4.835 5.258 3.057 18.785 2.323 297 -398
- Exports 33.042 36.287 34.898 40.243 144.470 40.763 39.167 43.392 45.531 168.854 44.374 43.759 47.722
- Imports -30.444 -32.554 -31.006 -35.147 -129.152 -35.128 -34.332 -38.133 -42.475 -150.069 -42.050 -43.463 -48.120
A. General merchandise 2.302 3.501 3.675 5.266 14.744 5.470 4.575 5.042 2.799 17.886 2.021 478 -100
1. Non-oil and gas 3.203 4.938 5.003 6.371 19.516 7.647 6.115 6.323 5.150 25.236 4.432 3.240 3.428
a. Exports 29.849 32.753 31.292 36.294 130.188 36.479 35.388 38.958 40.574 151.400 39.654 38.798 42.594
b. Imports -26.646 -27.815 -26.289 -29.923 -110.672 -28.832 -29.273 -32.635 -35.425 -126.164 -35.223 -35.558 -39.166
2. Oil -2.030 -2.463 -2.621 -2.566 -9.680 -3.486 -2.902 -2.741 -3.687 -12.816 -4.064 -4.365 -5.120
a. Exports 1.221 1.816 1.631 1.600 6.267 1.962 1.548 1.841 2.151 7.503 1.818 2.169 2.203
b. Imports -3.250 -4.279 -4.252 -4.166 -15.947 -5.448 -4.450 -4.582 -5.838 -20.319 -5.882 -6.533 -7.323
3. Gas 1.129 1.026 1.293 1.460 4.908 1.309 1.361 1.460 1.336 5.467 1.653 1.603 1.593
a. Exports 1.633 1.414 1.638 1.963 6.649 1.997 1.875 2.024 2.174 8.070 2.275 2.297 2.454
b. Imports -505 -388 -345 -503 -1.741 -689 -514 -564 -837 -2.604 -623 -693 -861
B. Other goods 295 231 217 -170 574 165 260 216 258 899 303 -182 -298
o/w Nonmonetary gold 295 231 217 -170 574 165 260 216 258 899 303 -182 -298
a. Exports 339 304 337 386 1.365 324 356 568 633 1.881 626 496 472
b. Imports -44 -72 -120 -556 -792 -159 -96 -352 -375 -982 -323 -678 -770
Memorandum:
1. Nominal
a. Total exports (fob) 33.042 36.287 34.898 40.243 144.470 40.763 39.167 43.392 45.531 168.854 44.374 43.759 47.722
- Non-oil and gas 30.188 33.057 31.629 36.680 131.554 36.804 35.744 39.526 41.207 153.281 40.280 39.294 43.065
- Oil and gas 2.854 3.230 3.269 3.563 12.916 3.960 3.423 3.865 4.325 15.573 4.094 4.465 4.657
b. Total imports (fob) -30.444 -32.554 -31.006 -35.147 -129.152 -35.128 -34.332 -38.133 -42.475 -150.069 -42.050 -43.463 -48.120
- Non-oil and gas -26.689 -27.888 -26.409 -30.478 -111.464 -28.991 -29.368 -32.987 -35.799 -127.146 -35.546 -36.236 -39.936
- Oil and gas -3.755 -4.667 -4.597 -4.669 -17.688 -6.137 -4.964 -5.146 -6.675 -22.922 -6.505 -7.227 -8.184
2. Growth (%, yoy)
a. Total exports (fob) -13,0 -9,1 -3,6 14,9 -3,1 23,4 7,9 24,3 13,1 16,9 8,9 11,7 10,0
- Non-oil and gas -9,7 -5,7 -2,4 18,1 -0,3 21,9 8,1 25,0 12,3 16,5 9,4 9,9 9,0
- Oil and gas -36,8 -34,0 -13,9 -10,4 -24,8 38,7 6,0 18,2 21,4 20,6 3,4 30,4 20,5
b. Total imports (fob) -12,4 -8,5 -2,9 7,1 -4,4 15,4 5,5 23,0 20,8 16,2 19,7 26,6 26,2
- Non-oil and gas -8,4 -3,1 1,0 8,4 -0,6 8,6 5,3 24,9 17,5 14,1 22,6 23,4 21,1
- Oil and gas -33,4 -31,0 -20,7 -0,3 -22,7 63,4 6,4 11,9 43,0 29,6 6,0 45,6 59,0
3. Crude oil unit prices (USD/barrel) 28,7 41,3 40,6 46,5 39,3 50,8 45,8 48,9 59,0 51,1 63,8 70,7 72,5
4. Crude oil production (million barrels per day) 0,836 0,834 0,833 0,823 0,831 0,815 0,802 0,800 0,791 0,802 0,778 0,779 0,763
Notes:
1)
In terms of free on board (fob)
28
TABLE 3
CURRENT ACCOUNT
SERVICES
(millions of USD)
November, 2018
2016 2017* 2018

ITEMS
Services -1.172 -2.450 -1.724 -1.739 -7.084 -1.272 -2.129 -2.099 -2.334 -7.834 -1.656 -1.856 -2.215
- Exports 5.773 5.308 5.801 6.441 23.324 5.782 5.645 6.499 6.868 24.794 6.970 6.469 7.525
- Imports -6.945 -7.758 -7.525 -8.180 -30.407 -7.054 -7.775 -8.598 -9.202 -32.628 -8.626 -8.325 -9.740
A. Manufacturing services 83 89 94 84 351 90 86 86 92 354 90 98 102
- Exports 83 89 94 84 351 90 86 86 92 354 90 98 102
- Imports 0 0 0 0 0 0 0 0 0 0 0 0 0
B. Maintenance and repair services -113 -71 -108 -61 -353 -53 -25 -59 -42 -178 -63 -37 -32
- Exports 91 88 99 133 411 51 43 34 41 169 45 56 72
- Imports -204 -159 -207 -194 -764 -104 -68 -93 -83 -348 -108 -93 -105
C. Transport -1.215 -1.376 -1.336 -1.617 -5.544 -1.389 -1.573 -1.775 -2.127 -6.864 -1.876 -2.074 -2.421
- Exports 886 948 917 822 3.572 827 842 894 909 3.472 801 873 912
- Imports -2.100 -2.324 -2.254 -2.439 -9.116 -2.215 -2.415 -2.669 -3.036 -10.336 -2.677 -2.947 -3.333
a. Passenger -143 -251 -293 -319 -1.006 -112 -223 -375 -394 -1.105 -219 -274 -417
- Exports 331 317 387 324 1.360 374 440 383 354 1.552 344 367 414
- Imports -474 -568 -681 -643 -2.366 -487 -663 -759 -747 -2.656 -563 -641 -831
b. Freight -1.090 -1.035 -985 -1.277 -4.387 -1.253 -1.315 -1.395 -1.618 -5.581 -1.610 -1.640 -1.845
- Exports 412 497 402 366 1.676 331 265 319 367 1.283 326 388 365
- Imports -1.502 -1.532 -1.387 -1.643 -6.064 -1.584 -1.580 -1.714 -1.986 -6.865 -1.937 -2.028 -2.210
c. Other 18 -90 -58 -21 -151 -23 -35 -4 -115 -178 -47 -160 -159
- Exports 143 134 128 131 536 121 136 192 188 637 131 118 134
- Imports -125 -224 -186 -152 -687 -144 -172 -196 -303 -815 -178 -278 -292
D. Travel 1.089 590 849 1.111 3.639 1.366 897 1.037 942 4.242 1.636 1.108 1.297
- Exports 2.722 2.359 3.023 3.101 11.206 3.085 2.875 3.566 3.004 12.531 3.489 3.131 4.094
- Imports -1.633 -1.769 -2.174 -1.990 -7.566 -1.719 -1.979 -2.529 -2.062 -8.289 -1.853 -2.023 -2.798
E. Construction 32 5 12 43 93 14 39 44 86 183 130 75 10
- Exports 63 44 43 75 226 51 132 57 129 369 170 95 49
- Imports -31 -39 -31 -33 -133 -36 -94 -13 -43 -186 -40 -20 -39
F. Insurance and pension services -142 -182 -147 -190 -661 -155 -124 -146 -223 -647 -174 -150 -193
- Exports 7 13 17 43 80 7 14 18 44 83 8 14 18
- Imports -149 -195 -164 -233 -741 -162 -137 -164 -267 -730 -181 -164 -211
G. Financial services -181 -108 -110 -177 -577 -147 -62 -201 -32 -442 -157 -31 -161
- Exports 76 93 89 78 336 110 107 103 320 640 254 204 83
- Imports -257 -202 -199 -255 -913 -257 -168 -305 -352 -1.081 -410 -235 -245
H. Charges for the use of intellectual property -358 -635 -319 -374 -1.686 -388 -565 -389 -460 -1.801 -420 -416 -402
- Exports 13 10 8 15 47 9 18 10 11 50 11 15 20
- Imports -371 -645 -327 -389 -1.732 -397 -583 -399 -471 -1.851 -431 -430 -422
I. Telecommunications, computer, and information services -207 -467 -200 -302 -1.175 -367 -459 -379 -211 -1.416 -449 -369 -421
- Exports 194 226 224 327 970 168 188 285 371 1.012 306 349 331
- Imports -400 -693 -424 -629 -2.146 -535 -646 -665 -582 -2.428 -755 -718 -752
J. Other business services -318 -477 -654 -386 -1.836 -413 -525 -510 -499 -1.947 -530 -260 -220
- Exports 1.454 1.231 1.078 1.595 5.359 1.186 1.126 1.197 1.753 5.261 1.601 1.403 1.581
- Imports -1.773 -1.708 -1.732 -1.981 -7.194 -1.599 -1.651 -1.706 -2.252 -7.208 -2.131 -1.663 -1.801
K. Personal, cultural, and recreational services -1 11 15 10 36 10 11 20 33 74 7 19 25
- Exports 15 25 26 23 89 24 25 33 49 131 23 44 50
- Imports -16 -14 -11 -12 -53 -14 -14 -13 -16 -57 -17 -24 -25
L. Government goods and services 158 172 180 119 630 159 169 173 106 607 149 181 202
- Exports 169 182 182 146 678 174 188 216 145 723 173 188 212
- Imports -11 -9 -2 -26 -48 -16 -19 -42 -38 -115 -23 -7 -10
Memorandum:
Number of traveler (thousands of people)
- Inbound 2.427 2.551 2.921 2.960 10.860 2.802 3.014 3.501 2.882 12.199 2.941 3.170 3.696
- Outbound 2.068 2.075 2.184 2.182 8.509 2.178 2.284 2.263 2.352 9.077 2.339 2.393 2.468
29
TABLE 4
CURRENT ACCOUNT
PRIMARY INCOME
(millions of USD)
November, 2018
2016 2017* 2018

ITEMS
Primary Income -7.291 -7.970 -8.124 -6.263 -29.647 -7.716 -8.307 -8.930 -7.804 -32.756 -7.681 -8.017 -8.026
- Receipts 713 861 1.177 1.298 4.048 1.601 1.711 1.530 1.708 6.550 1.845 1.941 1.712
- Payments -8.003 -8.830 -9.300 -7.561 -33.695 -9.317 -10.018 -10.460 -9.512 -39.306 -9.525 -9.958 -9.738
A. Compensation of employees -360 -367 -407 -419 -1.553 -366 -335 -397 -411 -1.509 -361 -365 -383
- Receipts 55 63 50 51 219 57 64 52 53 226 59 67 55
- Payments -415 -430 -457 -470 -1.772 -423 -399 -449 -464 -1.735 -421 -432 -438
B. Investment income -6.931 -7.602 -7.717 -5.844 -28.094 -7.351 -7.971 -8.533 -7.393 -31.248 -7.319 -7.652 -7.643
- Receipts 657 798 1.127 1.247 3.829 1.544 1.647 1.478 1.655 6.324 1.785 1.874 1.657
- Payments -7.588 -8.400 -8.844 -7.092 -31.923 -8.894 -9.618 -10.011 -9.048 -37.571 -9.105 -9.526 -9.300
a. Direct investment income -4.294 -4.518 -4.756 -4.025 -17.593 -4.871 -4.738 -5.338 -5.213 -20.161 -4.599 -3.998 -4.424
1) Income on equity capital -3.979 -4.337 -4.396 -3.845 -16.557 -4.556 -4.559 -5.078 -5.010 -19.203 -4.331 -3.659 -4.218
- Receipts 196 199 403 302 1.101 713 721 756 787 2.976 941 943 850
- Payments -4.175 -4.536 -4.799 -4.147 -17.658 -5.268 -5.280 -5.833 -5.797 -22.179 -5.273 -4.602 -5.068
2) Income on debt (interest) -315 -181 -360 -180 -1.036 -315 -179 -260 -203 -957 -268 -339 -206
- Receipts 2 33 5 34 74 1 1 8 3 14 5 2 31
- Payments -317 -214 -365 -214 -1.109 -317 -180 -268 -206 -971 -273 -340 -238
b. Portfolio investment income -2.201 -2.404 -2.586 -1.127 -8.318 -2.133 -2.553 -2.621 -1.530 -8.837 -2.317 -2.970 -2.761
1) Income on equity capital -200 -1.363 -206 -150 -1.920 -185 -1.565 -347 -360 -2.457 -209 -1.637 -570
- Receipts 56 147 306 319 828 111 89 33 162 395 76 193 95
- Payments -256 -1.510 -512 -469 -2.748 -296 -1.654 -379 -522 -2.852 -285 -1.830 -665
2) Income on debt (interest) -2.001 -1.041 -2.380 -977 -6.398 -1.948 -988 -2.274 -1.170 -6.380 -2.108 -1.333 -2.192
- Receipts 246 251 242 393 1.134 530 617 502 508 2.157 561 534 448
- Payments -2.248 -1.292 -2.622 -1.370 -7.532 -2.478 -1.605 -2.776 -1.678 -8.537 -2.668 -1.867 -2.640
c. Other investment income -435 -680 -375 -692 -2.183 -347 -680 -574 -649 -2.250 -403 -684 -457
- Receipts 157 167 171 199 694 189 219 179 195 782 202 202 232
- Payments -592 -847 -546 -891 -2.876 -536 -899 -753 -844 -3.032 -605 -886 -690
TABLE 5
CURRENT ACCOUNT
SECONDARY INCOME
(millions of USD)
November, 2018
2016 2017* 2018

ITEMS
Secondary Income 1.231 1.116 1.004 1.109 4.460 1.138 993 1.176 1.190 4.498 1.414 1.599 1.793
- Receipts 2.447 2.540 2.373 2.472 9.832 2.356 2.490 2.550 2.595 9.990 2.835 3.095 3.021
- Payments -1.217 -1.423 -1.368 -1.363 -5.371 -1.217 -1.497 -1.374 -1.405 -5.493 -1.422 -1.496 -1.228
A. General government 6 50 52 259 365 -1 41 169 202 411 8 22 75
- Receipts 6 50 53 259 366 1 42 171 202 416 8 22 75
- Payments 0 0 -1 0 -1 -2 -1 -2 0 -5 0 0 0
B. Other sectors 1.225 1.067 953 850 4.095 1.139 952 1.007 988 4.087 1.406 1.577 1.718
1. Personal transfers 1.495 1.390 1.299 1.126 5.309 1.352 1.352 1.322 1.291 5.316 1.822 1.959 1.856
- Receipts 2.270 2.229 2.146 2.042 8.687 2.177 2.187 2.198 2.222 8.785 2.643 2.802 2.711
- Payments -775 -840 -847 -916 -3.378 -825 -835 -876 -932 -3.468 -821 -843 -855
2. Other current transfers -270 -323 -346 -275 -1.214 -213 -400 -315 -302 -1.230 -416 -382 -138
- Receipts 172 261 174 171 778 178 261 180 171 790 185 271 234
- Payments -442 -583 -520 -446 -1.992 -391 -660 -495 -473 -2.019 -601 -653 -372
Memorandum:
- Number of Indonesian migrant worker/TKI (thousands of people) 3.680 3.631 3.556 3.511 3.511 3.494 3.485 3.492 3.496 3.496 3.513 3.523 3.539
- Number of foreign migrant worker/TKA (thousands of people) 83 89 93 97 97 80 91 92 96 96 87 89 90
30
TABLE 6
FINANCIAL ACCOUNT
DIRECT INVESTMENT
(millions of USD)
November, 2018
ITEMS 2016 2017* 2018

Direct Investment 2.827 3.174 6.594 3.541 16.136 2.757 4.376 7.412 4.740 19.285 3.263 2.734 3.949
A. Assets -370 -1.372 466 12.870 11.594 -451 -101 -1.042 -540 -2.134 -772 -1.212 -1.944
1)
1. Equity capital -659 -1.746 -53 13.134 10.676 -513 -265 -1.253 -698 -2.729 -787 -896 -1.662
2. Debt instuments 289 375 519 -264 918 61 164 211 157 595 15 -317 -282
B. Liabilities 3.197 4.545 6.129 -9.329 4.542 3.208 4.476 8.454 5.280 21.419 4.035 3.946 5.894
1)
1. Equity capital 3.543 5.259 4.448 -8.567 4.684 3.155 4.832 7.375 4.375 19.738 3.560 5.571 4.559
2. Debt instuments -346 -714 1.680 -763 -142 53 -355 1.079 905 1.681 475 -1.624 1.334
a. Inflow 12.071 13.234 13.184 12.149 50.638 11.426 11.295 13.977 12.706 49.404 13.418 12.337 12.388
b. Outflow -12.417 -13.948 -11.504 -12.912 -50.780 -11.373 -11.650 -12.898 -11.801 -47.723 -12.943 -13.961 -11.054
Memorandum:
Direct investment based on directional principle 2.827 3.174 6.594 3.541 16.136 2.757 4.376 7.412 4.740 19.285 3.263 2.734 3.949
A. Direct investment abroad 56 -479 1.586 11.052 12.215 -278 -972 -1.356 -37 -2.642 -630 -3.217 -1.999
1. Equity capital
1)
-192 -819 -60 13.129 12.058 -465 -270 -1.266 -698 -2.698 -787 -892 -1.683
2. Debt instruments 248 340 1.646 -2.077 156 187 -702 -90 661 56 158 -2.325 -317
B. Direct investment in Indonesia 2.771 3.653 5.008 -7.511 3.921 3.035 5.347 8.768 4.777 21.927 3.892 5.951 5.948
1. Equity capital 1)
3.076 4.331 4.455 -8.561 3.301 3.107 4.836 7.388 4.375 19.706 3.560 5.567 4.580
2. Debt instruments -305 -678 553 1.050 620 -72 511 1.380 401 2.220 333 385 1.369
Notes:
1)
Direct invesment developments in the fourth quarter of 2016 were dominated by crossing transactions on banking sector stocks in the domestic stock exchange.
31
TABLE 7
FINANCIAL ACCOUNT
PORTFOLIO INVESTMENT
(millions of USD)
November, 2018
2016 2017* 2018

ITEMS
Portfolio Investment 4.438 8.304 6.563 -309 18.996 6.536 8.126 4.030 2.207 20.899 -1.271 104 -104
A. Assets -167 402 1.938 46 2.218 -1.019 -223 -732 -1.382 -3.356 -1.409 -1.251 -1.472
1. Public Sector 174 -53 1.579 96 1.795 -123 18 6 90 -9 -173 198 204
a. Equity capital 0 0 0 0 0 0 0 0 0 0 0 0 0
b. Debt securities 174 -53 1.579 96 1.795 -123 18 6 90 -9 -173 198 204
2. Private Sector -340 455 359 -50 423 -896 -241 -737 -1.472 -3.346 -1.236 -1.449 -1.676
a. Equity capital -146 -118 269 -215 -210 -406 -136 -259 -759 -1.560 -579 65 -443
b. Debt securities -195 573 90 164 633 -490 -105 -479 -713 -1.787 -657 -1.514 -1.233
B. Liabilities 4.605 7.902 4.625 -355 16.778 7.555 8.349 4.761 3.589 24.255 138 1.355 1.368
1. Public Sector 4.919 7.213 3.211 1.492 16.835 6.437 4.529 6.107 4.807 21.880 2.569 893 1.232
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
b. Debt securities 4.919 7.213 3.211 1.492 16.835 6.437 4.529 6.107 4.807 21.880 2.569 893 1.232
1) Central bank 68 248 86 -287 114 396 66 -531 -37 -105 0 0 0
2) Government 4.851 6.965 3.125 1.779 16.720 6.040 4.463 6.637 4.844 21.985 2.569 893 1.232
a) Short term -172 176 124 -572 -444 1.731 1 337 -350 1.718 727 -1.272 -434
b) Long term 5.022 6.789 3.001 2.351 17.164 4.310 4.462 6.301 5.195 20.267 1.841 2.165 1.666
2. Private Sector -314 690 1.414 -1.847 -57 1.119 3.820 -1.345 -1.218 2.375 -2.431 462 136
a. Equity capital 314 667 1.637 -1.299 1.319 626 1.029 -2.039 -2.154 -2.538 -1.871 -1.862 -118
b. Debt securities -628 23 -223 -548 -1.376 493 2.791 693 936 4.912 -560 2.324 255
1) Short term -480 35 -89 242 -291 -29 107 -26 254 305 -396 -460 -154
2) Long term -148 -12 -135 -790 -1.085 522 2.684 719 682 4.607 -164 2.784 409
Memorandum:
Government's debt securities, liabilities 4.851 6.965 3.125 1.779 16.720 6.040 4.463 6.637 4.844 21.985 2.569 893 1.232
1. Denominated in Rupiah 3.501 2.862 3.125 -1.441 8.047 4.305 3.558 3.756 1.178 12.797 1.693 -2.025 1.435
2. Denominated in foreign currency 1.350 4.103 0 3.221 8.673 1.735 905 2.882 3.666 9.188 876 2.918 -203
Notes:
N/A : Not Applicable
32
TABLE 8
FINANCIAL ACCOUNT
OTHER INVESTMENT
(millions of USD)
November, 2018
2016 2017* 2018

ITEMS
Other Investment -2.825 -4.351 -3.070 4.429 -5.817 -2.474 -7.182 -1.118 74 -10.700 251 1.680 228
A. Assets -398 -3.969 522 5.344 1.499 -3.075 -7.850 -2.130 -132 -13.187 -2.920 663 -2.851
1. Public Sector 0 -269 0 0 -269 0 0 0 0 0 0 0 0
2. Private Sector -398 -3.700 522 5.344 1.768 -3.075 -7.850 -2.130 -132 -13.187 -2.920 663 -2.851
a. Currency and deposits -1.250 -1.912 836 5.265 2.940 -1.837 -4.935 -2.301 1.180 -7.893 -1.699 1.095 -300
b. Loans 329 -721 -321 233 -480 -832 -1.243 -237 -110 -2.422 -649 -836 -1.300
c. Trade credit and advances 118 -722 73 -193 -725 -234 146 -656 -521 -1.265 -682 -101 -254
d. Other assets 405 -344 -66 38 33 -173 -1.817 1.064 -681 -1.607 110 506 -997
B. Liabilities -2.426 -382 -3.592 -915 -7.316 602 668 1.012 206 2.488 3.171 1.017 3.079
1. Public Sector -25 -1.255 -1.094 5 -2.369 121 -923 48 -597 -1.353 650 -1.724 306
a. Currency and deposits 0 0 0 0 0 0 0 0 0 0 0 0 0
b. Loans 149 -1.308 485 101 -574 -3 -905 53 -507 -1.362 477 -1.526 510
1) Central bank 1)
0 -24 0 -24 -48 0 -24 -121 0 -145 0 0 0
a) Drawings 0 0 0 0 0 0 0 0 0 0 0 0 0
b) Repayments 0 -24 0 -24 -48 0 -24 -121 0 -145 0 0 0
2) Government 149 -1.284 485 125 -525 -3 -881 174 -507 -1.217 477 -1.526 510
a) Drawings 873 757 1.194 1.796 4.619 704 805 908 1.228 3.645 1.312 219 1.516
(1) Program 522 280 900 1.070 2.772 400 381 446 385 1.612 1.039 4 1.300
(2) Project 351 477 294 726 1.847 304 424 462 843 2.033 273 215 216
(3) Other 0 0 0 0 0 0 0 0 0 0 0 0 0
b) Repayments -724 -2.040 -709 -1.672 -5.145 -706 -1.687 -734 -1.735 -4.862 -835 -1.745 -1.007
c. Other liabilities -174 53 -1.579 -96 -1.795 123 -18 -6 -90 9 173 -198 -204
2. Private Sector -2.402 872 -2.498 -919 -4.947 481 1.591 964 804 3.840 2.521 2.741 2.772
a. Currency and deposits -820 1.056 -34 -673 -471 -137 86 -86 324 186 -414 537 -210
b. Loans -1.761 -695 -2.713 -114 -5.282 277 1.057 19 464 1.817 2.243 2.306 2.724
1) Drawings 3.556 5.586 4.088 7.171 20.400 5.404 5.247 5.272 7.096 23.018 6.183 7.708 10.691
2) Repayments -5.318 -6.280 -6.800 -7.284 -25.683 -5.127 -4.190 -5.253 -6.632 -21.201 -3.939 -5.401 -7.967
c. Trade credit and advances 147 558 277 16 998 142 433 757 288 1.621 386 -205 412
d. Other liabilities 33 -47 -29 -148 -192 199 16 274 -272 216 306 102 -153
Notes:
1)
Excludes credit and loans with IMF
33

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November 2018

INDONESIA’S BALANCE OF PAYMENTS REPORT 2018

in the goods trade performance, specifically a bum -15

2010 2011 2012 2013 2014 2015 2016 2017* 2018

lacklustre gains in the non-oil and gas trade

The larger current account deficit was caused by

domestic demand along with subdued non-oil and

billion trade surplus was also lower than the USD6.5

billion USD billion USD

Goods Trade Balance

of primary goods. On the other hand, export prices y.o.y q.t.q

maintained stable growth (Table 1). Chart 4

Shares (%) Growth (% yoy)

Non-oil a major Exports to Singapore suffered a deeper

Non-oil and gas imports (c.i.f) maintained a fast

Imports of raw materials posted 17.2% (yoy)

major trading partners, led by China. Non-oil and 0 0

Gas Imports Gas Exports

by Major Country of Origin Chart 6

Shares (%) Growth (%, yoy) Oil Exports

provisional figures ** very provisional figures

quarter of 2018 (Chart 7). Commitment from OPEC

Source: Ditjen Migas, BOP, Bloomberg Source: SKK Migas

* provisional figures; ** very provisional figures

increase in interest payments on government debt

Q1Q2Q 3Q4Q 1Q2 Q3Q4

2010 2011 2012 2013 2014 2015 2016 2017* 2018

Secondary Income Balance

USD1.8 billion surplus in the third quarter of 2018, up

claims by the domestic banking industry (Chart 14). Chart 15

5 USD1.9 billion in the reporting period, increasing from

Australian coal mine by an Indonesian mining

2010 2011 2012 2013 2014 2015 2016 2017* 2018

Direct Investment On the liability side, direct investment recorded

sector, while direct investment in the oil and gas

price edged up cost recovery. 2,000

The recent influx of direct investment reflects the -2,000

investor confidence in the national economic outlook -4,000

and competition. Direct investment has also increased -10,000

as evidenced by Indonesia climbing up the Global Agriculture,

declining slightly from USD6.0 billion in the previous -3,000

Indonesia Investment Coordinating Board (BKPM)6. bilion

According to BKPM data, FDI realisation in the third USD

(electricity, water and gas supply) worth USD1.2. Chart 18

share), and the mining sector with USD0.6 billion

(9.1% share). Based on country of origin, Singapore,

6 flows received directly by FDI companies from direct investors as well as

0.6 Indonesia Malaysia Philippines Singapore Thailand

2012 2013 2014 2015 2016 2017 2018

Source: CEIC (processed)

Stock market developments remained under the

2011 2012 2013 2014 2015 2016 2017 2018 0

2010 2011 2012 2013 2014 2015 2016 2017* 2018

recorded a net outflow after achieving a net inflow in 5

the previous period (Chart 23). 3

Q1Q2Q 3Q4Q 1Q2 Q3Q4

* provisional figures; ** very provisional figures

Other Investment Liabilities of the Private Sector

2010 2011 2012 2013 2014 2015 2016 2017* 2018

Chart 23 recorded a USD0.3 billion surplus in the third quarter

2010 2011 2012 2013 2014 2015 2016 2017* 2018

2010 2011 2012 2013 2014 2015 2016 2017* 2018

2015 2016 2017* 2018