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2/20/2023 12:00 AM
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Indonesia Balance of Payments Surplus in Q4-2022, External Resilience Maintained

Government Press Release


Indonesia's Balance of Payments (BOP) in the fourth quarter of 2022 remained solid and contributed to bolstering external resilience.  The balance of payments amassed a USD4.7 billion surplus in the fourth quarter of 2022, increased from the USD1.3 billion deficit recorded in the previous period. The improvement was supported by a high current account surplus and an improvement in the capital and financial account deficit. 

The current account maintained a surplus, boosted by a persistently high surplus of goods trade balance. The current account recorded a USD4.3 billion surplus (1.3% of GDP), after posting a USD4.5 billion surplus (1.3% of GDP) in the third quarter of 2022.  Current account performance was primarily supported by a maintained non-oil and gas trade surplus, supported by high export commodity prices.  In addition, the oil and gas trade deficit narrowed on the downward global oil price trend, amidst higher domestic fuel demand during Christmas National Religious Holiday (HBKN) and New Year festive period. The services trade deficit also improved on higher inbound international travellers in response to the hosting of several international events in the reporting period and seasonal year-end trends.  A larger secondary income account surplus, stemming from higher receipts of government grants, further strengthened the current account surplus.  Meanwhile, the primary income account deficit increased due to higher investment income payments to non-resident investors in line with the business cycle and the rising interest rate trend.

Capital and financial account performance in the fourth quarter of 2022 improved on an influx of direct investment.  The capital and financial account deficit narrowed from USD5.5 billion (1.6% of GDP) in the third quarter of 2022 to USD0.4 billion deficit (0.1% of GDP) in the fourth quarter of 2022.  Such development was primarily supported by direct investment, which booked a larger surplus in line with investor optimism in the promising economic outlook and the conducive domestic investment climate.  Outflow pressures on portfolio investment also began to fade as inflows returned to the domestic government securities (SBN) market since the middle of the fourth quarter of 2022.  In addition, other investment transactions experienced a shallower deficit, among others, caused by private sector investments withdrawal amid an increase of external debt servicing obligations.

For the whole year of 2022, the balance of payments recorded a surplus given strong export performance which bolstered external sector resilience.  The current account surplus in 2022 increased significantly to USD13.2 billion (1.0% of GDP) compared with a USD3.5 billion surplus (0.3% of GDP) in 2021.  This was primarily supported by higher exports in line with buoyant international commodity prices and robust demand for Indonesian commodities, with imports also rising to fuel the domestic economic improvements.  Meanwhile, the capital and financial account in 2022 recorded an USD8.9 billion deficit in line with elevated global financial market uncertainty.  The overall balance in 2022, therefore, booked a USD4.0 billion surplus after recording a USD13.5 billion surplus one year earlier. The position of reserve assets at the end of December  2022 was solid  at USD137,2 billion, equivalent to 5.9 months of imports and servicing government's external debt, which is well above the international adequacy standard.

Moving forward, Bank Indonesia will remain vigilant of global economic dynamics that could influence the BOP outlook and continue strengthening the policy mix, supported by close policy synergy with the Government and other relevant authorities to reinforce external sector resilience. 

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


Jakarta, 20 February 2023 

Communication Department

Erwin Haryono

Executive Director


Contact Center BICARA : (62 21) 131
E-mail :
​Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time​​​​​​​
Halaman ini terakhir diperbarui 2/20/2023 1:50 PM
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