Indonesias Balance of Payments BOP in Q42021 Remained Solid External Resilience Maintained

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No. 24/58/DKom

Indonesia’s Balance of Payments (BOP) continued to
perform soundly in Q4/2021, thereby reinforcing external resilience. The BOP recorded a low
deficit at USD0.8 billion in Q4/2021, supported by a maintained current account
surplus amidst a capital and financial account deficit. For the year,
therefore, the BOP amassed a relatively high surplus of USD13.5 billion in
2021. The position of reserve assets increased to USD144.9 billion at the end
of December 2021, equivalent to 7.8 months of imports and servicing
Government’s external debt, which is well above the international adequacy

The current account continued to book surplus in
Q4/2021, supported by remained high goods trade surplus. In the reporting period, the current
account extended USD1.4 billion surplus (0.4% GDP), despite moderated from
USD5.0 billion surplus (1.7% of GDP) achieved in the previous quarter. A goods
trade surplus bolstered the current account surplus as global demand and rising
commodity prices, especially coal prices, edged up export performance. In line
with the recovering domestic economic activity and solid exports, imports also
grew steadily, thereby restraining a further surplus in the goods trade
balance. The performance of current account was also supported by an increase in the
secondary income account surplus due to higher receipts of Government grants in
the health sector for handling the Covid-19 pandemic. Meanwhile, the services
trade balance deficit widened, mainly due to the increasing transportation
services deficit affected by rising import freight services payments.
Furthermore, primary income account deficit widened in line with the
improvement of corporate performance during the reporting period.    The performance
of the capital and financial account remained solid in the fourth quarter of
2021, primarily supported by direct investment surplus amidst the continuation
of global financial market uncertainty. Investor optimism concerning the promising domestic economic outlook induced the increasing net inflow of direct investment totaling USD3.4 billion
in Q4/2021 from the USD3.2 billion surplus achieved in the previous quarter. On
the other hand, the continuing uncertainty in global financial market has led
to adjustments in capital outflows for portfolio investment, especially in the
form of domestic Government Securities (SBN), amidst the surplus in stock
instruments. In addition, other investments recorded a deficit, partly induced
by rising repayments on maturing external debts in the private sector. Consequently, the capital and financial account in Q4/2021 posted a
USD2.4 billion deficit (0.7% GDP).

For the year, therefore, the balance of
payments recorded a high surplus in 2021, hence maintaining external sector
resilience. The BOP surplus was recorded at USD13.5 billion in 2021,
significantly higher than the previous year’s surplus of USD2.6 billion. The
BOP surplus originated from a current account surplus coupled with capital and
financial account surplus. In 2021, the current account booked a USD3.3 billion
surplus (0.3% GDP), after recording USD4.4 billion deficit (0.4% GDP) in 2020.
The surplus was mainly supported by rapid export performance in line with
increasing demand from trading partner countries and high global commodity
prices, amidst increasing imports as the domestic economic recovery progressed.
In addition, the capital and financial account in 2021 also booked a USD11.7
billion, higher than a USD7.9 billion surplus achieved in the previous year,
mainly supported by direct investment and portfolio investment.    

Looking forward, Bank Indonesia will carefully
observe global economic dynamics that can affect Indonesia’s BOP outlook,
continually strengthen the policy mix to maintain economic stability, and
continue policy coordination with the Government and relevant authorities to
bolster the external sector resilience.

information and data are presented in Q4/2021 Indonesia’s Balance of Payments Report on the Bank Indonesia website.

Jakarta, 18th February 2022

Head of Communication Department

Erwin Haryono

Executive Director

Information on Bank Indonesia

Tel. 021-131, email: [email protected]

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