No. 28/109/DKom
Indonesia's Balance of Payments (BOP) performance was maintained in the first quarter of 2026. The current account deficit remained low amid global economic moderation. Meanwhile, the capital and financial account recorded a manageable deficit amid heightened uncertainty in global financial markets. Accordingly, Indonesia's BOP recorded a deficit of USD9.1 billion in the first quarter of 2026, while reserve assets remained high at USD148.2 billion at the end of March 2026, equivalent to 5.8 months of imports and servicing government external debt, which is well above the international adequacy standard of around 3 months of imports.
The current account recorded a narrow deficit. In the first quarter of 2026, the current account posted a deficit of USD4.0 billion (1.1% of GDP, following a deficit of USD2.5 billion (0.7% of GDP)) in the fourth quarter of 2025. The non-oil and gas trade balance maintained a surplus, despite lower than previous period in line with global economic moderation and global supply chains disruptions. Meanwhile, the oil and gas trade deficit narrowed amid sustained domestic economic activity. On the other hand, the primary income account deficit widened due to higher coupon/interest payments, while the services trade balance improved in line with lower freight service imports.
Capital and financial account performance remained maintained despite heightened global financial markets uncertainty. Direct investment maintained a surplus, reflecting ongoing investor confidence in the promising domestic economic outlook and conducive investment climate. Portfolio investment also maintained a surplus, despite retreating from the fourth quarter of 2025 in line with increasing global uncertainty. Meanwhile, other investments recorded a deficit due to the repayment of maturing foreign loans and the placement of cash and deposits as well as other assets abroad. Consequently, the capital and financial account in the first quarter of 2026 recorded a 4.9 billion US dollar deficit, following a 9.0 billion US dollar surplus in the previous period.
Moving forward, Bank Indonesia will continue to monitor global economic dynamics that could affect the BOP outlook, while continuously strengthening its policy mix response, supported by close policy synergy with the Government and other relevant authorities to bolster external sector resilience. BOP performance in 2026 is expected to remain sound, underpinned by a narrow current account deficit ranging from 1.3% to 0.5% of GDP.
Further information and data are presented in the Q1/2026 Indonesia Balance of Payments Report , accessible via the official Bank Indonesia website.
Jakarta, 22th May 2026
Communication Department
Ramdan Denny Prakoso
Executive Director
