No. 28/44/DKom ​​​

Indonesia's Balance of Payments (BOP) performance improved in the fourth quarter of 2025, thereby supporting external resilience. The current account recorded a narrow deficit in the reporting period, underpinned by a sustained surplus in the goods trade balance, despite deficits in the services and primary income balances. Meanwhile, the capital and financial account experienced a surplus in line with capital inflows in the form of direct investment, portfolio investment and other investment. Consequently, Indonesia's BOP in the fourth quarter of 2025 recorded a 6.1 billion US dollar surplus.

The current account recorded a low deficit. In the fourth quarter of 2025, the current account amassed a deficit of 2.5 billion US dollars (0.7% of GDP), following a 4.0 billion US dollar surplus (1.1% of GDP) in the third quarter of 2025. The non-oil and gas trade balance maintained a narrower surplus relative to the previous period, in line with global economic moderation and ongoing commodity prices that continued to contract. The non-oil and gas trade balance maintained a narrower surplus relative to the previous period, in line with global economic moderation and ongoing contraction in commodity prices. On the other hand, the oil and gas trade balance recorded a higher deficit, in line with increasing domestic economic activity. Furthermore, the services trade deficit also increased as the number of inbound international travellers decreased. The primary income account deficit was edged upwards by higher dividend payments at the end of the year, while the secondary income account surplus increased due to higher remittance receipts from Indonesian migrant workers (PMI).

The capital and financial account recorded a surplus. The capital and financial account recorded a surplus of 8.3 billion US dollars in the fourth quarter of 2025, following a deficit of 8.0 billion US dollars in the third quarter of 2025. Direct investment maintained a surplus, thus reflecting ongoing investor confidence in the promising domestic economic outlook and conducive investment climate. Foreign capital inflows to various portfolio investment instruments also improved in line with remained attractive yields. Other investments also recorded a surplus on the back of increasing foreign loans.

Overall, in 2025, BOP performance indicated maintained external sector resilience amid persistent global financial market uncertainty. The current account in 2025 recorded a manageable deficit of 1.5 billion US dollars (0.1% of GDP), down from 8.6 billion US dollars (0.6% of GDP) in 2024. This development was influenced by a larger goods trade surplus as exports increased, particularly in manufactured products. The secondary income account surplus increased due to higher remittance receipts from Indonesian migrant workers (PMI). On the other hand, the services trade deficit increased in line with a larger telecommunication services trade deficit given stronger information and communication sector performance in 2025. The primary income account deficit increased due to higher dividend payments in line with maintained economic conditions. Meanwhile, the capital and financial account in 2025 recorded a 4.2 billion US dollar deficit in line with net capital outflows in the form of portfolio investment and other investment underpinned by persistently high global financial market uncertainty. The position of reserve assets increased from 155.7 billion US dollars at the end of December 2024 to 156.5 billion US dollars at the end of December 2025, equivalent to 6.2 months of imports and the servicing of government external debt, which is well above the international adequacy standard of around three months of imports.

Moving forward, Bank Indonesia will continue monitoring global economic dynamics that could impact 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 0.9-0.1% of GDP.

Further information and data are presented in the Q4/2025 Indonesia Balance of Payments Report​, accessible via the official Bank Indonesia website.