Jakarta: Indonesia recorded a balance of payments surplus of $5.4 billion in the third quarter of 2017, an increase of $0.7 billion compared to the second quarter of 2017.
"The surplus led to an increase in official reserve assets from USD123.1 at the end of Q2/2017 to USD129.4 billion at the end of Q3/2017," Bank Indonesia said in a press release on Friday afternoon.
The amount of reserve assets was adequate to finance 8.6 months of imports and government external debt repayment. It was well above the international standards of reserve adequacy.
"The current account deficit was USD4,3 billion (1.65% of GDP), improved on USD4,8 billion (1.91% of GDP) defisit in the previous quarter," the central bank said.
Increase in goods trade surplus was driven by rising exports, both in value and volume, surpassing imports that also increased along with growing domestic demand. Meanwhile, decrease in primary income deficit was mainly influenced by a seasonal pattern of lower dividend payments.
"The capital and financial account surplus in Q3/2017 amounted to USD10.4 billion, increased considerably from USD5.8 billion surplus in the previous quarter," the central bank said.
The increased surplus was driven by a surge in direct investment inflows, in line with soaring domestic investment, and dwindling other investment deficit, particullarly on account of lesser outflows of domestic private deposits overseas. Further increase in capital and financial account surplus was detained by a decrease in portfolio investment surplus mainly due to outflow of foreign funds from the domestic stock market.
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