No. 27/194/DKom
Indonesia's Balance of Payments (BOP) performance in the second quarter of 2025 was maintained. The current account deficit remained low despite global economic moderation and slower commodity prices' growth. Meanwhile, the capital and financial account recorded a manageable deficit amid persistently high global financial market uncertainty. Consequently, the BOP in the second quarter of 2025 recorded a 6.7 billion US dollars deficit, while the position of reserve assets at the end of June 2025 remained high at 152.6 billion US dollars, equivalent to 6.1 months of imports and servicing government external debt, which is well above the international adequacy standard of around three months of imports.
The current account recorded a narrow deficit. In the second quarter of 2025, the current account deficit stood at 3.0 billion US dollars (0.8% of GDP), increasing from a 0.2 billion US dollars deficit (0.1% of GDP) in the first quarter of 2025. The surplus of non-oil and gas trade balance remains maintained, albeit lower than the previous period in line with subdued global economic growth and commodity prices. On the other hand, the oil and gas trade deficit narrowed as global oil prices lowered. Meanwhile, the primary income account deficit expanded from the previous period due to an increase in dividend and interest/coupon payments in line with quarterly trends. In addition, the secondary income account surplus widened given increasing grants and remittances from Indonesian migrant workers (PMI) placed abroad.
The capital and financial account remained manageable amid persistently high global financial market uncertainty. Direct investment booked a larger surplus than in the first quarter of 2025, thus reflecting maintained investor confidence in the promising domestic economic outlook and solid investment climate. Portfolio investment recorded a deficit, primarily attributable to foreign capital outflows in the form of domestic debt securities. Meanwhile, other investments posted a surplus, influenced by withdrawals of foreign loans in the private sector. The capital and financial account, therefore, recorded a 5.2 billion US dollars deficit in the second quarter of 2025.
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. Overall, BOP performance in 2025 is expected to remain sound, underpinned by a maintained capital and financial account surplus and a manageable current account deficit in the 0.5%-1.3% of GDP range. The capital and financial account surplus is supported by foreign capital inflows due to 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 Q2/2025 Indonesia Balance of Payments Report , accessible via the official Bank Indonesia website.
Jakarta, 21st August 2025|
Communication Department
Junanto Herdiawan
Executive Director
