BI Icon

​Communication Department​

11/18/2022 12:00 AM
Hits: 163

Current Account Surplus in the Q3 2O22 Increased, External Resilience Maintained

Government Press Release


Indonesia's Balance of Payments (BOP) in the third quarter of 2022 remained solid, thereby reinforcing external resilience.  The current account in the third quarter of 2022 maintained solid performance as reflected by a larger surplus that offset stress on the BOP caused by intense pressures on the capital and financial account in line with increasing global financial market uncertainty.  Consequently, the BOP recorded a USD1.3 billion deficit in the third quarter of 2022 and the position of reserve assets at the end of September 2022 stood at USD130.8 billion, equivalent to 5.7 months of imports and servicing government external debt, which is well above the international adequacy standard.

Current account performance was solid in the third quarter of 2022, with the surplus continuing an upward trend on the back of stronger non-oil and gas export performance.  The current account amassed a USD4.4 billion surplus (1.3% of GDP) in the reporting period, up from USD4.0 billion (1.2% of GDP) in the second quarter of 2022.  Current account performance improved given a larger non-oil and gas trade surplus in line with persistently strong export demand from trading partner countries and high international commodity prices, coupled with a narrower oil and gas trade deficit on the downward global oil price.  A marginally lower primary income account deficit was also recorded in response to lower income payments on direct investment.  On the other hand, the services trade deficit widened as public mobility increased and domestic economic recovery momentum accelerated.  The secondary income account surplus narrowed slightly, which stifled further gains in the current account surplus.

Despite increasing global financial market uncertainty, capital and financial account performance in the third quarter of 2022 was bolstered by direct investment.  The capital and financial account recorded a USD6.1 billion deficit (1.8% of GDP) in the reporting period, up from USD1.2 billion deficit (0.3% of GDP) in the second of 2022. Foreign Direct Investment (FDI) maintained high surplus in line with investor optimism concerning the promising economic outlook and conducive domestic investment climate.  Meanwhile, the net outflow of portfolio investment increased due to elevated global financial market uncertainty and increasing payments on maturing private debt securities. Other investment transactions also recorded a larger deficit in response to an increase of private assets, particularly in relation to business operational activities.

Moving forward, Bank Indonesia will carefully monitor global economic dynamics that could impact Indonesia's BOP outlook and strengthen the policy mix supported by policy coordination with the Government and other relevant authorities to reinforce external sector resilience.

Further information and data are presented in the Q3/2022 Indonesia Balance of Payments Report available on the official Bank Indonesia website.



Jakarta, 18 November 2022

Communication Department

Erwin Haryono

Executive Director


Contact Center Bank Indonesia Bicara: (62 21) 131
e-mail :
​​Jam operasional Senin s.d. Jumat Pkl. 08.00 s.d 16.00 WIB

Halaman ini terakhir diperbarui 11/21/2022 1:11 PM
Was this page useful?
Thank You! Would you like to give more detail?

Other Articles