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​Communication Department

5/20/2024 10:00 AM
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Indonesia’s Balance of Payments Maintained in the First Quarter of 2024 Despite Increasing Global Uncertainty

Siaran Pers
Press Releases

No. 26/107/DKom

Indonesia's Balance of Payments (BOP) performance in the first quarter of 2024 was intact.  The current account recorded a remained low deficit against global economic slowdown. Meanwhile, the capital and financial account posted a manageable deficit in line with elevated global financial market uncertainty.  Consequently, Indonesia's BOP in the first quarter of 2024 recorded a USD6,0 billion deficit, and the position of reserve assets at the end of March 2024 remained high at USD140,4 billion, equivalent to 6.2 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 maintained a low deficit amidst global economic moderation. In the first quarter of 2024, the current account incurred a USD2.2 billion deficit (0.6% of GDP), deeper than a USD1.1 billion deficit (0.3% of GDP) recorded in the fourth quarter of 2023. The non-oil and gas goods trade balance remained in surplus, albeit smaller than the previous quarter, owing to a fall in non-oil and gas export performance in line with global economic moderation. On the other hand, service trade performance improved, bolstered by higher tourism receipts. Meanwhile, the primary income account deficit experienced a modest bump on the back of a high for longer global interest rate.

Capital and financial account performance was solid, supported by direct investment, despite persistently elevated global financial market uncertainty.  Direct investment booked an increasing surplus compared to previous quarter, reflecting maintained positive investor perception concerning the promising domestic economic outlook and domestic investment climate. Meanwhile, portfolio investment recorded a deficit, mainly driven by foreign capital outflows from domestic debt securities in line with increasing global financial market uncertainty. Other investments also recorded a deficit contributed by higher private investment on several financial instruments abroad. Consequently, the capital and financial account in the first quarter of 2024 amassed a USD2.3 billion deficit, after recorded a USD11.1 billion surplus in the previous period.

Moving forward, Bank Indonesia will remain vigilant regarding global economic dynamics that may impact the BOP outlook and will continue strengthening its policy mix response, supported by close policy synergy with the Government and other relevant authorities to reinforce external sector resilience. Overall, BOP performance in 2024 is projected to be maintained underpinned by a low and manageable current account deficit in the 0.1%-0.9% of GDP range.  Meanwhile, Bank Indonesia expects the capital and financial account surplus to persist on the back of foreign capital inflows as global financial market uncertainty eases and positive investor perception of the promising domestic economic outlook along with attractive yields on financial assets for investment.

Further information and data are presented in the First Quarter of 2024 Indonesia Balance of Payments Report​ accessible via the official Bank Indonesia website.

Jakarta 20th May 2024

Communication Department

Erwin Haryono

Governor Asistant


Contact Center BICARA : (62 21) 131
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Halaman ini terakhir diperbarui 5/20/2024 10:05 AM
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