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kang

INDONESIA’S

BALANCE OF PAYMENTS

REPORT

SECOND QUARTER 2009

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Contact Address

Balance of Payments Bureau

Directorate of Economic and Monetary Statistics Bank Indonesia

Sjafruddin Prawiranegara Tower, 16th Floor Jl. M.H. Thamrin No. 2

Jakarta 10350

Phone : (021) 3817088

Fax : (021) 3800134

E-mail : BNP@bi.go.id

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INDONESIA’S

BALANCE OF PAYMENTS

REPORT

SECOND QUARTER 2009

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RINGKASAN ……… 1

SUMMARY INDONESIA’S BALANCE OF PAYMENTS IN Q2/2009 AND ITS CONTRIBUTING FACTORS ……… ……… 1 3 CURRENT ACCOUNT 1. Non-Oil and Gas Trade Balance ……… 7

1.1. Non-Oil and Gas Exports ……… 8

1.2. Non-Oil and Gas Imports ……… 14

2. Oil and Gas Trade Balance ……… 16

2.1. Oil ……… 16

2.2. Gas ……… 17

3. Services Account ……… 18

4. Income Account ……… 19

5. Current Transfers ……… 20

CAPITAL AND FINANCIAL ACCOUNT 1. Capital Account ……… 21

2. Financial Account ……… 21

2.1. Public Sector ……… 22

2.2. Private Sector ……… 26

RESERVE ASSETS ……… 31

INDICATORS OF EXTERNAL SUSTAINABILITY ……… 33

BOX : Issuance of SBSN or State Sukuk in Foreign Currency ……… 35

LIST OF CONTENTS

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LIST OF TABLES

Page Page

Table 1 Indonesia’s Balance of Payments and Several Economic Indicators in Q2/2009

5 Table 13 Major Non-Oil and Gas Commodities Imported from Major Countries of Origin

14 Table 2 Major Non-Oil and Gas Commodities Exported to

Major Countries of Destination

8 Table 14 Import Value of Raw Materials Based on Country of Origin (C&F)

15 Table 3 Coal Export Value to Major Countries of Destination 9 Table 15 Import Value of Consumption Goods Based on

Country of Origin (C&F)

15 Table 4 Machinery & Mechanical Appliances Export Value to

Major Countries of Destination

9 Table 16 Import Value of Capital Goods Based on Country of Origin (C&F)

15 Table 5 Electronics Export Value to Several Major Countries

of Destination

10 Table 17 Growth of 15 Major Import Commodities 15

Table 6 Value of Rubber Exports to Several Major Countries of Destination

10 Table 18 Oil Exports and Imports 16

Table 7 Value of Shrimp Exports to Several Major Countries of Destination

11 Table 19 Demand and Supply of World Oil 16

Table 8 Copper Export Value to Several Major Countries of Destination

11 Table 20 Exports of LNG, LPG, and Natural Gas 17

Table 9 Nickel Export Value to Several Major Countries of Destination

12 Table 21 Indonesia’s Gas Reserves (billion cubic feet) 18 Table 10 TTP Export Value to Several Major Countries of

Destination

12 Table 22 Non-Investment Grant 20

Table 11 Export Value of Chemical Product to Several Major Countries of Destination

13 Table 23 Investment Grant 21

Table 12 CPO Export Value

to Several Major Countries of Destination

14 Table 24 Indicator of External Sustainability 33

LIST OF CHARTS

Page Page

Chart 1 Current Account 7 Chart 10 World CPO Price 13

Chart 2 Non-Oil and Gas Trade Balance 8 Chart 11 Shares of Non-Oil and Gas Imports Based on Major Countries of Origin

14 Chart 3 Shares of Non-Oil and Gas Exports Based on Major

Countries of Destination

8 Chart 12 World Oil Prices 17

Chart 4 Coal Unit Price 9 Chart 13 Oil Consumption 17

Chart 5 World Rubber Price 10 Chart 14 Services Account 18

Chart 6 World Shrimp Price 11 Chart 15 Travel Services 19

Chart 7 World Copper Price 11 Chart 16 Income Account 19

Chart 8 World Nickel Price 12 Chart 17 Workers’ Remittances 20

Chart 9 Volume Of Textile and Textile Product (TTP) Exports to Several Major Countries of Destination

12 Chart 18 Capital and Financial Account by Type of Investment

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LIST OF CHARTS

Page Page

Chart 19 Capital and Financial Account by Sector 22 Chart 29 Government Foreign Loan Position 26

Chart 20 Financial Account of Public Sector 22 Chart 30 Financial Account of Private Sector 27

Chart 21 Yield of Indonesian Global Bond and US T-Note 23 Chart 31 Direct Investment in Indonesia 27

Chart 22 BI Rate and Fed Rate 24 Chart 32 Foreign Direct Investment Inflows in Oil and Gas

Sector

27 Chart 23 SUN & SBI Owned by Foreign Investors 24 Chart 33 Net Foreign Direct Investment in Non-Oil and Gas

Sector Based on Country

27 Chart 24 Disbursement and Repayment of Government Loan 24 Chart 34 Net Foreign Direct Investment in Non-Oil and Gas

By Sector

Chart 25 Program Loan Disbursement 25 Chart 35 Foreign Transactions in IDX and IHSG 28

Chart 26 Project Loan Disbursement 25 Chart 36 Debt Securities Issued by Private Sector 29

Chart 27 Loan Position by Major Creditor Countries 26 Chart 37 Loan Disbursement of Private Sector 29

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SUMMARY

During Q2/2009, Indonesia's current account posted a US$3.1 billion surplus, up from the US$2.9 billion surplus in Q1/2009. This surplus more than compensated for the deficit on the capital and financial account, bringing the overall balance of payments surplus to US$1.1 billion. In response, international reserves climbed further to US$57.6 billion at end Q2/2009, equivalent to about 5.5 months of imports and official debt service payments.

The current account surplus was bolstered by more robust surpluses in non-oil and gas trade balance, oil and gas trade balance and current transfers, with the surpluses in these accounts outweighing the escalation in the income and services account deficit. The strongest improvement over the preceding quarter was recorded in the non-oil and gas trade balance, with non-oil and gas exports posted a larger quarterly increase than non-oil and gas imports. An improving trend in non-oil and gas export performance was also visible in its annual growth (y.o.y), recorded at negative 17.3% in Q2/2009, a milder decline than in Q1/2009. Contrasting this was the negative 30.6% growth in non-oil and gas imports during Q2/2009, representing steeper decline compared to Q1/2009 performance of negative 28.8%. The significant improvement in non-oil and gas exports over the earlier quarter is explained primarily by persistent strong demand from some Asian economies and further increases in international market prices for key export products, led by primary commodities such as coal, copper and CPO. On the other hand, recovery in non-oil and gas imports was constrained by a slowing down in domestic demand growth.

In Q2/2009, the capital and financial account posted a US$2.4 billion deficit following the US$1.8 billion surplus of the preceding quarter. This deficit resulted from reduced inflows of foreign direct investment, increased domestic bank and non-bank placements in non-resident banks and higher levels of servicing of official external debt. The drop in foreign direct investment was consistent with the slowdown in domestic economic growth, while the rise in servicing of official external debt was due to seasonal factor. The increase in domestic bank and non-bank placements in non-resident banks should not be considered as a negative development as this condition took place when the current account recorded a surplus, portfolio capital inflow increased and the demand for foreign exchange was still limited. In other words, this was a reflection of the growing foreign exchange liquidity and the anticipation towards a higher demand for foreign exchange in Q2/2009 in line with the expectation of an improving domestic demand. The capital and financial account received a significant boost in Q2/2009 from portfolio investment, which recorded an increased surplus over the preceding quarter. Among the factors bolstering the portfolio investment performance were renewed investor confidence in Indonesia's economic stability and the calm, orderly national elections.

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Indonesia’s Balance of Payments (BOP) in Q2/2009 recorded a surplus of USD1.1 billion. The main

contributor was the current account with a surplus of USD3.1 billion. Meanwhile, the capital and financial accounts posted a deficit of USD2.4 billion. The current account surplus increased compared to the preceding quarter. The improved performance of current account was stemming from the increased surplus on non-oil and gas trade balance, oil and gas trade balance, and current transfers, with the surpluses in these accounts compensating the deficits on services and income account. The capital and financial account was in deficit, after registering a surplus in the previous quarter, due to the drop of direct investment inflows, the increased of domestic bank and non-bank placements in overseas banks, and higher levels of servicing of official external debt. Meanwhile portfolio investment posted a surplus related to the higher investor confidence in economic condition and security matters in Indonesia. In line with the overall BOP development, the amount of foreign reserves at the end of the period rose to USD57.6 billion or equivalent to 5.5 months of imports and official debt service payments.

Several fundamental factors contributed to the Indonesia’s Balance of Payments during Q2/2009, both

stemming from domestic and foreign aspects, such as:

Despite the fact that several developed countries that are the major trade partners of Indonesia—such as the US, Japan, and the European Union—were still recording negative growth, some Asian trade partners such as China and India posted positive growth contributing a positive impact to the demand and prices of several Indonesian prime export commodities. In the meantime, the slowing down of domestic demand in many countries contributed to inflation pressure that showed a declining tendency. Consequently most of monetary authorities continued to implement the policy of declining interest rate to sufficiently low level. This situation provoked investors to place their funds in countries providing high yield such as Indonesia.

The prospect for global economic recovery supported the increased demand for several key non oil and gas

export commodities, such as Crude Palm Oil (CPO), copper and rubber, which then induced the rise of the price of the said commodities compared to the previous quarter.

The average oil prices (export unit price) rose to USD56.9/bl in Q2/2009 from USD41.8/bl in Q1/2009. This rise in prices was related to the expectation of world’s demand recovery, especially in developed countries such as the US, European countries, and Japan. Furthermore, the impact of the weakened USD exchange rate against other main currencies also boosted oil price to a higher level. In line with the world’s oil price development, the price of gas (LNG) also rose from USD5.5/MBTU in Q1/2009 to USD6.5/MBTU during reporting period.

Indonesian economy grew by 4.0% (y.o.y) during Q2/2009, lower than 4.4% in Q1/2009. From demand side,

the slowing rate was related to the crawling condition of all domestic demand components especially household consumption. This situation was considered pertaining to the lower expenses of Presidential election compared to those of legislative election. The slow growth of domestic economy and the decline of exports became the contributing factors maintaining low import growth rate.

INDONESIA

’

S BALANCE OF PAYMENTS IN Q2/2009 AND ITS

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Indonesian inflation rate was 3.7% during the reporting period, lower than the preceding quarter (7.9%). This condition was in line with the weakening of domestic demand and the decrease of world commodity price. In terms of foreign exchange, rupiah strengthened during the reporting quarter with an average rate of Rp10,531/USD compared to the previous rate of Rp11,631/USD. In line with the low inflation rate and the strengthening of rupiah against USD and supporting the efforts to boost domestic economic growth, Bank Indonesia loosened its monetary policy by lowering BI interest rate.

Oil production declined despite the improving oil price. Indonesian oil production in Q2/2009 reached 0.947

million barrels per day, lower than 0.962 million barrels per day in the preceding quarter. In addition to the natural declining phenomenon, several technical problems on site were contributing to the downturn of oil production. During the same period, the gas (LNG) export volume lessened from 256.8 MBTU in Q1/2009 to 228.1 MBTU in Q2/2009. Likewise, natural gas export volume decreased from 77.6 MBTU to 76.8 MBTU during the reporting quarter. Meanwhile oil consumption reached 84.9 million barrels in Q2/2009, higher than 80.7 million barrels in the preceding quarter. The increasing oil demand was related to domestic economic activities that recorded higher level than the previous quarter, despite its slowing growth. It was also considered related to the election activities absorbing considerable demand for energy especially in transportation.

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Table 1

Indonesia’s Balance of Payments and

Several Economic Indicators in Q2/2009

Q1 Q2 Q3 Q4 Q1 Q2

WORLD ECONOMIC INDICATORS Economic Growth

‐ United States of America % 2.0 2.5 2.1 0.7 ‐0.8 ‐3.3 ‐3.9

‐ Japan % 2.4 1.3 0.6 ‐0.3 ‐4.3 ‐8.7 ‐6.4

‐ European Union % 2.7 2.2 1.5 0.6 ‐1.4 ‐4.6 ‐5.0

‐ Singapore % 7.8 6.7 2.5 0.0 ‐4.2 ‐9.5 ‐3.5

‐ China % 13.0 10.6 10.1 9.0 6.8 6.1 7.9

World Price Commodity

‐ Crude Oil (OPEC) USD/barrels 69.1 92.5 117.5 113.8 53.1 42.9 58.7

‐ Coal USD/metric ton 66 114 139 163 93 72 66

‐ Copper USD/metric ton 7,118 7,796 8,443 7,680 3,905 3,428 4,663

‐ CPO USD/ton 780 1,156 1,198 928 512 577 743

‐ Rubber cent USD/kg 248 293 312 329 203 166 187

International Interest Rates ¹⁾

‐ United States of America % 5.1 3.2 2.1 2.0 1.1 0,00 ‐ 0,25 0,00 ‐ 0,25

‐ Japan % 0.5 0.6 0.5 0.5 0.3 0.1 0.1

‐ European Union % 3.9 4.0 4.0 4.3 3.2 1.8 1.1

‐ Singapore % 2.7 1.5 1.3 1.4 1.0 0.7 0.7

‐ China % 6.8 7.5 7.5 7.4 5.9 5.3 5.3

Inflation ²⁾

‐ United States of America % 4.1 4.0 5.0 4.9 0.1 ‐0.4 ‐1.4

‐ Japan % 0.7 1.2 2.0 2.2 1.1 ‐0.3 ‐1.8

‐ European Union % 3.1 3.6 4.0 3.6 1.6 0.6 ‐0.1

‐ Singapore % 4.4 6.7 7.5 6.5 5.4 1.6 ‐0.5

‐ China % 6.5 8.3 7.1 4.6 1.0 ‐1.2 ‐1.7

DOMESTIC ECONOMIC INDICATORS

GDP (y.o.y, %) 6.3 6.2 6.4 6.4 5.2 4.4 4.0 CPI Inflation ²⁾ (y.o.y, %) 6.6 7.1 11.0 12.1 11.1 7.9 3.7 Exchange Rates ¹⁾ (Rp/USD) 9,136 9,260 9,264 9,219 11,023 11,630 10,531 Average Price of Crude Oil Export USD/barel 70.1 93.4 119.3 113.4 48.0 41.8 56.9 Oil Production million barrels per day 0.952 0.977 0.981 0.982 0.967 0.962 0.941 Fuel Consumption million barrels per year 382.8 95.4 99.0 100.8 86.3 80.7 84.9 Gas Export (LNG) mbtu 1,080 284 253 259 272 257 228 Gas Export Average Price (LNG) USD/mbtu 9.0 11.5 12.8 14.3 8.8 5.5 6.5 BI Rate 1) % 8.6 8.0 8.3 9.0 9.4 8.3 7.3

INDONESIAN BALANCE OF PAYMENTS

‐ Current Account million USD 10,493 2,817 ‐957 ‐891 ‐684 2,885 3,104

‐ Capital and Financial Account million USD 3,591 ‐1,430 2,512 904 ‐3,340 1,750 ‐2,414

‐ Total million USD 14,085 1,387 1,556 14 ‐4,024 4,634 690

‐ Net Errors and Omissions million USD ‐1,370 ‐355 ‐232 ‐103 ‐188 ‐680 362

‐ Overall Balance million USD 12,715 1,032 1,324 ‐89 ‐4,212 3,955 1,052

‐ Foreign Exchange Reserves million USD 56,920 58,987 59,453 57,108 51,639 54,840 57,576

Source: CEIC, IMF, World Bank, Bank Indonesia, and other sources ¹⁾ average

²⁾ end‐month position of the relevant quarter

*) temporary data from Forecast Consensus August 2009

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The current account in Q2/2009 posted a surplus of USD3.1 billion, higher than a surplus of USD2.9 billion in Q1/2009. The improved performance of current account was supported by the increasing surpluses on non-oil and gas trade balance, oil and gas trade balance, and current transfers. The larger surpluses in these three balances exceeded the increased deficits on services and income accounts.

-5,000 -3,000 -1,000 1,000 3,000 5,000 7,000 9,000

Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

2007 2008* 2009**

million USD

Services Income Trade Balance Current Trans. Current Account

Chart 1 Current Account

The increased surplus on non-oil and gas trade balance compared to the preceding quarter was resulted from the higher increase in non-oil and gas exports than the increase in non-oil and gas imports. Higher increase was recorded in the exports of natural-based commodities with low import content. In the midst of weakening domestic demand, such export profile would consequently impede import of non-oil and gas.

Meanwhile, the oil trade balance improved. It was due to the fact that the rise of oil export price was higher than the increase in oil import price. Despite

falling gas export volume, the surplus of gas trade balance increased supported by the gas price increase following the rise of oil price. The current transfers also improved as a result of a considerable inflow of workers’ remittances specifically from the Middle East.

On the other side, the increase deficit on services account was driven among others, by the increase in import freights. The rise in deficit of the income account was originated from the increased dividend payments of foreign direct investment companies, interest/coupon payments of securities, and the interest payments of external debt.

1. Non-Oil and Gas Trade Balance

In Q2/2009 the non-oil and gas trade balance recorded a surplus of USD6.6 billion, higher than USD5.3 billion surplus in Q1/2009. The improved performance of non oil and gas exports was also reflected in its annual growth (y.o.y) which improved to negative 17.3% in Q2/2009 compared to negative 22.2 % in Q1/2009. On the contrary, non oil and gas imports posted a negative growth of 30.6% in Q2/2009, steeper than minus 28.8% in Q1/2009.

The improvement in non-oil and gas exports compared to Q1/2009 was mainly due to the considerable demand from several Asian countries and the sustained increase in prices of several key export products in international market such as coal, copper and CPO. At the same time, the increase in non-oil and gas imports was hampered by the slowing growth of domestic demand.

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1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

3,000 8,000 13,000 18,000 23,000 28,000 33,000 38,000

Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

2007 2008* 2009**

juta USD juta USD

Export Import Trade Balance (RA)

Chart 2

Non-Oil and Gas Trade Balance

1.1. Non-Oil and Gas Exports

The non-oil and gas exports rose to USD23.1 billion in Q2/2009 compared to USD20.5 billion in Q1/2009. The strong demand for natural-based commodities such as mining products (coal) and manufacturing products (CPO) from several Asian countries had succeeded to raise export value. Amidst the ongoing global recession, Indonesian exports were concentrated in five major countries of destination namely the US (10.6%), Japan (10.3%), the European Union (10.1%), China (9.2%) and India (8.0%) with the following main commodities: clothing to the US and the

European Union, metalliferous ores & metal scrub to Japan, fixed vegetable oils & fats to China and India.

0.00 3.00 6.00 9.00 12.00 15.00 18.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009*

Sg Jpn EU USA India

(%)

Chart 3

Shares of Non-Oil and Gas Exports Based on Major Countries of Destination

Despite sustaining a negative annual growth, non-oil and gas exports showed a slowing rate of decline which was contributed as well by the improved export performance of most of major commodities. Performance of natural based commodities (SDA) such as rubber, copper, nickel, coal, CPO and chemical products improved significantly. Nevertheless, exports of several non-SDA manufacturing commodities such as electrical equipment and machinery & mechanical appliances also improved.

Table 2

Major Non-Oil and Gas Commodities Exported to Major Countries of Destination (based on 2digits SITC code, as a % shares of total non-oil and gas exports)

Commodity Share Commodity Share Commodity Share Commodity Share Commodity Share

Clothing 3.4 Metal Ore & scrub 1.6 Clothing 1.5 Vegetable Fats and Oils 2.0 Vegetable Fats and Oils 3.4

Telecommunication Device 1.0 Coal, Coke and Briquettes 1.5 Vegetable Fats and Oils 1.4 Coal, Coke and Briquettes 1.4 Coal, Coke and Briquettes 2.4

Fish and Shrimp 0.8 Non-Iron Metals 1.0 Footwear 1.0 Other Transportation Vehicles 1.0 Metal Ore & scrub 0.9

Coffee, Tea, Cocoa, and Spice 0.6 Electronic Machines 0.7 Telecommunication Device 0.7 Raw Rubber 1.0 Raw Rubber 0.2

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Coal

Coal exports reached USD2.9 billion in Q2/2009 or increased by 15.3% (y.o.y), slowing down compared to 40.1% increase in Q1/2009 following a weakening price. Despite the tardy annual growth of this export commodity, this result still showed an increase of 13.1% (q.t.q) compared to Q1/2009.

0 10 20 30 40 50 60 70 80 90

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

USD/MTon

Chart 4 Coal Unit Price

Most Coal exports were based on long term contracts. Consequently, despite a slight decline in volume, Indonesian coal still gained a considerable demand especially from Asian countries such as India, Taiwan, South Korea, and Malaysia. This demand was relatively stable due to the use of coal as a source of energy. The main destinations of coal exports were India (18.7%), Taiwan (18.6%), South Korea (14.9%), and Japan (11.5%).

Table 3 Coal Export Value to Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

India 280 11.2 571 19.9

Taiwan 365 14.6 568 19.8

South Korea 325 13.0 455 15.8

Japan 450 18.1 350 12.2

Others 1,072 43.0 928 32.3

Total 2,492 100 2,872 100

Quarter II-2008 Quarter II-2009

Machinery & Mechanical Appliances

Exports of machinery & mechanical appliances was USD2.2 billion in Q2/2009 or grew by 5.5% (y.o.y), higher than minus 18.6% in Q1/2009. The improved exports of machinery & mechanical appliances especially automotive (road vehicle) to Japan succeeded in supporting export value. The export destinations of machinery & mechanical appliances were mainly Singapore (40.5%), China (11.3%), and Japan (7.9%). In the framework of enhancing exports of machinery & mechanical appliances especially automotive products, Gaikindo will set up collaboration with Australia as the potential market for automotive industry.

Table 4

Machinery & Mechanical Appliances Export Value to Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

Singapore 457 21.7 972 43.7

China 44 2.1 271 12.2

Japan 268 12.7 190 8.5

Others 1,338 63.5 790 35.5

Total 2,107 100 2,223 100

Q2-2008 Q2-2009

Electronics

Export of electronic products stood at USD2.4 billion or grew by 4.9% (y.o.y). It was improved compared to minus 4.5% in Q1/2009. The increased exports were mainly driven by the exports of electronic goods from Batam to Singapore. Electronic goods exported by Indonesia were not classified as high-end products. Therefore, their demand were relatively stable despite the decrease of purchasing power of the importing country. The major destinations of electronics exports were Singapore (24.4%), the US (13.7%), and the European Union (11.5%).

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Table 5

Electronics Export Value

to Several Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

Singapore 730 31.5 547 22.5

United States of America 193 8.3 308 12.7

European Union 186 8.0 259 10.7

Japan 367 15.9 229 9.4

Others 839 36.2 1,085 44.7

Total 2,315 100 2,428 100

Q2-2008 Q2-2009

In line with the positive growth of electronics exports, the government plans to disperse the location of electronic industries. Currently electronic industries are concentrated in Java and Batam. In order to reach the growth target of 7% in 2009, various incentives had been implemented such as lowering Luxury Tax and tightening of import procedures. Furthermore, the Ministry of Industry will enhance product standardization as a strategy in facing the free trade era.

Rubber

Rubber exports was USD714 million in Q2/2009 or recorded a negative growth of 56.7% (y.o.y) compared to minus 57.9% in Q1/2009. The negative growth was in line with the decreasing export volume by 16% and the declining price by 40.0%.

However, compared to the preceding quarter, the rubber price improved as reflected in the climbing price in Q2/2009 to USD187.0 cent/kg compared to USD165.8 cent/kg in Q1/2009. The rise in rubber price was contributed by the high demand from China as the major consumer in the world for raw material of tire. In addition, the political turbulence in Thailand also driven a price rise due to the uneasiness of investors caused by the delay in rubber supply from this country, one of the largest rubber producers in the world.

0 50 100 150 200 250 300 350

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

c/kg

Chart 5 World Rubber Price

The main destinations of rubber exports in Q2/2009 were China, the US, and Japan with market shares of 32.2%, 15%, and 11.6% respectively.

Table 6

Value of Rubber Exports to Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

China 207 12.5 229 32.1 United States of America 460 27.9 107 15.0 Japan 280 17.0 83 11.6 Others 703 42.6 295 41.3

Total 1,650 100 714 100

Q2-2008 Q2-2009

Shrimp

In Q2/2009 the shrimp exports was USD154 million or recorded a negative growth by 35.6% (y.o.y) compared to minus 16.8% in Q1/2009. The decline of shrimp exports was in line with the decreasing volume of 73.6%. In addition, the ongoing slumping down of shrimp price in the world market also contributed to the decline of export value. In Q2/2009 shrimp price was USD970 cent/kg, lower than USD1,112 cent/kg in Q2/2008 and was also inferior to USD976 cent/kg in Q1/2009.

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11 900

950 1,000 1,050 1,100 1,150

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

c/kg

Chart 6 World Shrimp Price

The major destinations of shrimp exports were Japan (share 41.1%), the US (36.6%), and the European Union (14%).

Table 7

Value of Shrimp Exports

to Several Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

Japan 81 33.9 64 41.6 United Staes of America 100 41.8 57 37.0 European Union 35 14.6 22 14.3 Others 23 9.6 11 7.1

Total 239 100 154 100

Q2-2008 Q2-2009

Copper

In Q2/2009 copper exports stood at USD1.4 billion or grew by 3.8% (y.o.y), lower than 14.1% in Q1/2009. The slowing down of copper export growth was caused by, albeit starting to increase, lower price compared to the previous year price. The copper price was USD4,663/MTon in Q2/2009 contracted by 44.8% from the previous year price (USD8,443/MTon).

3,000 4,000 5,000 6,000 7,000 8,000 9,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

USD/MTon

Chart 7 World Copper Price

From demand side, copper exports were still promising and marked with the increase in its export volume by 48.1%. The demands mainly came from Japan (30.9%), South Korea (15.1%), and India (13.2%).

Table 8 Copper Export Value

to Several to Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

Japan 380 27.0 572 42.2

South Korea 193 13.7 230 17.0

India 2 0.1 202 14.9

Malaysia 153 10.9 122 9.0

Others 679 48.3 228 16.8

Total 1,407 100 1,354 100

Q2-2008 Q2-2009

Nickel

In Q2/2009 nickel exports was USD149 million or contracted by 68.5% (y.o.y), better than minus 73.4% in Q1/2009. This improvement was mainly supported by the price rise to USD12,920/MTon, higher than USD10.471/MTon in the preceding quarter. However, it was still inferior to the price in Q2/2008 (USD25,682/MTon).

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12 0 10,000 20,000 30,000 40,000 50,000 60,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

USD/MTon

Chart 8 World Nickel Price

A discourse has currently been developed in nickel market pertaining to the European Union resolution to classify nickel as one of dangerous substances. By putting pressures to the market of nickel, it seems that this issue was brought up with the objective of protecting the environment, people and products manufactured by the countries in the region. Since 2008, a certification is required for nickel exports to the European Union countries. Presently this discourse has been submitted for the validation of the WTO. It is petrified that this validation will affect the prospect of Indonesia nickel exports considering that the European Union is the potential market for nickel commodity despite its still insignificant share. Other destination countries for nickel exports were Japan (33.1%), China (13.9%), and South Korea (10.9%).

Table 9

Nickel Export Value to Several Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

Japan 246 52.0 67 45.0

China 98 20.7 28 18.8

South Korea 33 7.0 22 14.8

Others 96 20.3 32 21.5

Total 473 100 149 100

Q2-2008 Q2-2009

Textile and Textile Products

In Q2/2009 the export value of Textile and Textile Product (TTP) was USD2.4 billion or negatively grew by 11.6% (y.o.y), improving compared to negative 13.9% in Q1/2009. Despite the sharp drop in terms of value,

the volume only contracted by 1%. It was a result of the switch of the demand for TTP of the US, the European Union, and Japan from China to Indonesia.

0 20 40 60 80 100 120

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

thousand ton

USA EU Japan

Chart 9

Volume of Textile and Textile Product (TTP) Exports to Several Major Countries of Destination

In order to increase export value, TTP industries started to direct their export destinations toward the high potential market of ASEAN countries. ASEAN market currently absorbs 7% of Indonesian textile products and therefore opportunities exist to be developed. The major countries of destination for Indonesian TTP were the US (35.8%), the European Union (18%), and Japan (4.6%).

Table 10

TTP Export Value to Several Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

United States of America 971 36.4 845 35.8

European Union 479 17.9 425 18.0

Japan 132 4.9 109 4.6

Others 1,089 40.8 983 41.6

Total 2,671 100 2,362 100

Q2-2008 Q2-2009

With the objective of enhancing the performance of Indonesian TTP industries, the government launched a restructuring program of textile machinery. The registration of this program started on April 1, 2009 up to June 30, 2009. The mechanism of program disbursement is classified into 2 (two) schemes. Scheme I concerns the provision of discount facility in purchasing machinery/equipment for TTP company submitting an investment not less than Rp5 billion. The

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Scheme II is related to the low interest credit facility through startup capital. According to the Director General of Metal, Machinery, Textile and Multifarious Industries, the Ministry of Industry allocated a budget of Rp240 billion, divided into Rp213 billion for Scheme I and Rp27 billion for Scheme II. In Scheme I, a 10% discount will be provided for the total machinery price, while assistance in Scheme II is related to financing loan that will be provided under the condition that each participating company makes an investment of minimum Rp100 million and maximum Rp5 billion. The source of financing will be as follows: 70% from the Ministry of Industry, 10% from Lembaga Pengelola Program (LPP), and 20% self financing, with 7% interest during 5-years term. The number of companies targeted to participate in this program is 200. If this target is achieved it is expected that job opportunities will be available for 22,000 people and the TTP industries will be more efficient especially in energy consumption.

Chemical Products

In Q2/2009 export of chemical products was USD1.5 billion or contracted by 20.5% (y.o.y), better than minus 27.3% growth in Q1/2009. These falling exports were in line with the sharp decrease of volume by 40.6%. The reduced demand for chemical products was mainly stemmed from China, Malaysia, and Japan.

Table 11

Export Value of Chemical Products to Several Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

China 209 11.3 179 12.2

Malaysia 146 7.9 126 8.6

Japan 164 8.9 114 7.8

Others 1,327 71.9 1,049 71.5

Total 1,846 100 1,468 100

Q2-2008 Q2-2009

Crude Palm Oil (CPO)

In Q2/2009 exports of CPO stood at USD2.1 billion or contracted by 36.5% (y.o.y), better than minus 50.9% growth in Q1/2009. These falling exports were due to the remain low price of CPO, while the volume increased by 14.4%.

CPO price was USD744/MTon in Q2/2009, higher than USD577/MTon in Q1/2009 but still lower than the previous year (USD1,198/MTon). The strengthening CPO price was mainly supported by the increased demand from China and India as well as the increased crude oil price in international market.

0 200 400 600 800 1,000 1,200 1,400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

USD/MTon

Chart 10 World CPO Price

In response to the strengthening of CPO price during this period, the government set up an Export Standard Price (HPE) of USD700/MTon with an export duty of 3% starting from June 1, 2009. This export duty will be valid for one month and subject to reevaluation in the following month.

Export volume rose by 14.4%. Despite the decreased exports to Pakistan and the European Union, this situation was compensated by the considerable demand from China and India. Drop of exports to Pakistan were due to the import duty which was applied higher for Indonesian CPO (10%) than CPO from Malaysia (5%). In solving this problem, the government tried to negotiate on a Preferential Trade Agreement (PTA) with Pakistan with the objective of enhancing CPO export volume to that country.

Table 12

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to Several Major Countries of Destination

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

India 1,081 32.7 769 36.6

China 393 11.9 361 17.2

European Union 478 14.5 246 11.7

Others 1,354 41.0 723 34.4

Total 3,306 100 2,099 100

Q2-2008 Q2-2009

1.2. Non-Oil and Gas Imports

In Q2/2009 imports of non-oil and gas rose to USD16.5 billion or higher than USD15.2 billion in Q1/2009. Nevertheless, non-oil and gas imports during this period posted a sharper negative annual growth of 30.6% compared to minus 28.8% in Q1/2009.

Imports of raw material posted the steepest negative annual growth followed by imports of consumption goods and capital goods. The decrease of non-oil and gas imports was mostly caused by the contracted volume as a consequence of the weakening real domestic demand in Q2/2009.

In Q2/2009 imports of non-oil and gas were mainly originated from China (16.9%), Singapore (12.5%), Japan (11.8%), the European Union (8.6%), and the US (8.4%). Major imported commodities were telecommunication equipment from China, electronics

equipment from Singapore, road vehicles from Japan, and other means of transportation from the European Union and the United States.

0 2 4 6 8 10 12 14 16 18

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009*

Sg Jpn

China USA

EU (%)

Chart 11

Shares of Non-Oil and Gas Imports Based on Major Countries of Origin

The imports of raw material were USD11.7 billion in Q2/2009 or drop by 36.7% from the previous year (Q1/2009: -36.9%). This negative growth signaled the still weak demand for imports of raw materials for exports and domestic consumption that put pressure to import value in this period.

Table 13

Major Non-Oil and Gas Commodities Imported from Major Countries of Origin (based on 2digit SITC code, as a% shares of total non-oil and gas imports)

Commodity Share Commodity Share Commodity Share Commodity Share Commodity Share

Telecommunication Device 2.4 Electronic Machines 1.8 Vehicles 2.1 Other Transportation Vehicles 1.7 Other Transportation Vehicles 1.9

Electronic Machines 1.5 Other Transportation Vehicles 1.2 Iron and Steel 1.3 Public Industrial Machines 1.0 Nuts & Oil Seeds 0.8

yarn, fabrics, and textile produc 1.2 Paper 1.1 Public Industrial Machines 1.2 Certain Industrial Machines 0.7 Public Industrial Machines 0.6

Energy Generating Machine 1.2 Public Industrial Machines 1.0 Certain Industrial Machines 1.0 Electronic Machines 0.5 Textile Fibers 0.5

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Imports of raw materials were generally from China (13.7%), Singapore (13.2%), and Japan (12.6%).

Table 14

Import Value of Raw Materials Based on Country of Origin (C&F)

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

China 2,353 12.7 1,612 13.7

Singapore 2,261 12.2 1,550 13.2

Japan 2,567 13.8 1,479 12.6

Others 11,376 61.3 7,104 60.5

Total 18,557 100 11,745 100

Q2-2008 Q2-2009

In Q2/2009 imports of consumption goods was USD1.6 billion (C&F) or grew negatively by 31.3% (y.o.y) compared to minus 39.8% in Q1/2009. The decline in imports of consumption goods was in line with the weak domestic demand. Imports of consumption goods were mainly from China (31.6%), Thailand (12.9%), and India (6.5%).

Table 15

Import Value of Consumption Goods Based on Countries of Origin (C&F)

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

China 629 38.7 645 39.7

Thailand 480 29.5 263 16.2

India 75 4.6 132 8.1

Others 441 27.1 585 36.0

Total 1,625 100 1,625 100

Q2-2008 Q2-2009

Meanwhile imports of capital goods were USD4.4 billion in Q2/2009 or contracted by 7% compared to 6.6% in Q1/2009. Despite this negative growth, the decrease was slower than the contraction of other group of products. This situation was contributed by the high imports of air transportation and automotive equipment. Imports of capital goods were mainly from China (18.8%), the European Union (15.2%), and Singapore (14%).

Table 16

Import Value of Capital Goods Based on Country of Origin (C&F)

Period

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

China 814 17.2 784 17.8

European Union 639 13.5 632 14.3

Singapore 579 12.2 582 13.2

Others 2,710 57.1 2,411 54.7

Total 4,742 100 4,409 100

Q2-2008 Q2-2009

Almost all of the 15 biggest non-oil and gas import products recorded negative growth except airplane and its equipment. Several products recorded negative import growth rate higher than Q1/2009 such as telecommunication equipment, processed steel products, construction/civil engineering equipment, and electrical equipment.

Table 17

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2. Oil and Gas Trade Balance

In Q2/2009 the oil and gas trade balance recorded a surplus of USD2.1 billion, higher than a USD1.6 billion surplus in Q1/2009. Both oil trade balance and gas trade balance improved. After experiencing deficit for a long time, oil trade balance posted a surplus of USD69 million.

The surplus on gas trade balance was higher due to the trend of increasing gas price pursuant to the world oil price movement. The positive price effect was much stronger than the negative volume effect in which demand for gas weakened in response to the world economic slowdown.

2.1. Oil

The increasing oil prices started to bring an advantageous effect to the oil trade balance in Q2/2009. In the reporting period the oil trade balance recorded a USD69 million surplus compared to USD155 million deficit in Q1/2009. The surplus was mainly resulted from the increase in crude oil exports.

Table 18 Oil Exports and Imports

Export 41.2 1,817 41.5 2,405

Crude Oil 31.5 1,328 42.2 31.6 1,775 56.2

Refinery Products 9.8 490 50.1 9.9 630 63.9

Import 39.6 1,973 40.1 2,337

Crude Oil 18.7 744 39.8 17.3 857 49.4

Refinery Products 20.9 1,228 58.7 22.8 1,480 65.0

Oil Trade Balance ‐155 69

Source: BPMigas and PT Pertamina (processed) Volume (mbbl)

Value (million USD)

Price (USD/barrel) Details 2009 Q1 Q2 Volume (mbbl) Value (million USD)

Price (USD/barrel)

Oil exports during the reporting period rose to USD2.4 billion or increased by 33.2% compared to the preceding quarter (USD1.8 billion). As previously stated, the higher oil exports were primarily affected by oil price. This was reflected from the slight increase in oil export volume but in terms of value recorded a relatively considerable increase. Based on types of export product, crude oil export volume increased from 31.5 million barrel in Q1/2009 to 31.6 million barrel in Q2/2009. Exports of oil product increased from 9.8

million barrel in Q1/2009 to 9.9 million barrel in Q2/2009.

Indonesian crude oil export destinations (with share of 70% of total oil exports) were mainly Japan, Australia, Singapore, and Korea. Among the existing 48 types of domestic crude oil, the largest export volumes were SLC, Duri, Senipah and Belanak.

From import side, oil value in Q2/2009 was USD2.3 billion, also higher than the preceding quarter value of USD2.0 billion. Similar to the export trend, this increase was also contributed by the rise in oil prices. In average oil import1

price increased from USD49.2/barrel to USD65.3/barrel and oil import volume showed a slight increase from 39.6 million barrel to 40.1 million barrel.

Imports of crude oil for refinery intake were mainly originated from Saudi Arabia with ALC (Arab Light Crude) oil type and followed by crude oil from Brunei, Africa and Malaysia. These types of oil were used for the need of Cilacap refinery as well as refineries in Balikpapan and Balongan.

Table 19

Demand and Supply of World Oil

Q1 Q2 Q3 Q4 Q1 Q2

Oil Demand

North America 25.5 24.8 24.5 23.7 24.1 23.5 22.9

China 7.6 8.0 8.2 8.1 7.7 7.6 8.3

West Europe 15.3 15.2 14.9 15.4 15.3 14.9 14.4

Others 37.5 38.7 37.8 37.8 38.1 37.9 37.4

Total Oil Demand 85.9 86.7 85.4 85.0 85.2 83.9 83.0

Oil Supply

OPEC 30.1 31.2 31.2 31.5 30.3 28.3 28.4

Non OPEC 54.5 55.0 55.0 54.2 54.9 55.6 55.0

Total Oil Supply 84.6 86.3 86.3 85.7 85.2 83.9 83.4

Netto Demand ‐ Supply ‐1.2 ‐0.4 0.9 0.8 0.0 0.0 0.4

Source: OPEC

Details (in mbpd) 2007

2008 2009

With reference to the oil price, the rise in Indonesian crude oil export price was closely linked to the average development of OPEC and WTI basket crude oil prices in which both reaching USD42.9 per barrel, higher than the preceding quarter. Several international institutions projected that the improved world economic condition in 2010 and the decreased production of world oil supported the hike in oil prices.

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17 30 40 50 60 70 80 90 100 110 120 130 140

J J A S O N D J F M A M J J A S O N D J F M A M J

2007 2008 2009

USD/barel

SLC Export Price WTI OPEC

Source: OPEC, Ditjen Migas

Chart 12 World Oil Prices

The average of Indonesian oil production reached 0.941 million barrel per day, lower than the average production of the preceding quarter (0.962 million barrel per day). The average production was below the target stated in the 2009 government budget or APBN-P 2009 (0.960 million barrel per day).

Oil consumption during Q2/2009 increased (84.9 million barrels) compared to Q1/2009 (80.7 million barrels). Pertaining to user sectors, the rise in oil consumption were registered in industrial, electrical, and transportation sectors while the use in household sector showed a decrease. The oil consumption did not increase sharply due to the ongoing conversion program to replace fuels with LPG and coal and the slowing domestic economy.

7.2 7.4 7.6 7.8 8.0 8.2 8.4 8.6 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 Household

Industry Electricity Transportation (RHS)

billion litre billion litre

Sumber: Pertamina

Chart 13 Oil Consumption

2.2. Gas

A surplus on gas trade balance increased to USD2.0 billion from USD1.9 billion in Q1/2009. The higher surplus was driven by the growing trend of gas price as reflected by the gas export price at the end of

June 2009 that had already increased by 32.3%2

compared to the price in March 2009.

Table 20

Exports of LNG, LPG and Natural Gas

Q1 Q2 Q3 Q4 Q1 Q2

LNG

Volume (mmbtu) 1,080 284 253 259 272 257 228 Value (million USD) 9,723 3,275 3,462 3,699 2,350 1,417 1,483 Price (USD/mmbtu) 9 12 13 14 9 5 6

LPG

Volume (000 metric ton) 337 66 35 0 0 0 0 Value (million USD) 210 51 28 0 0 0 0 Price (USD/MTon) 605 777 802 0 0 0 0

Natural Gas

Volume (mmbtu) 293 69 78 84 74 78 77 Value (million USD) 2,443 747 978 1,164 580 441 565 Price (USD/mmbtu) 8 11 12 14 8 6 7

Gas Trade Balance 12,407 4,073 4,501 4,945 3,000 1,926 2,048

Export (million USD) 12,376 4,073 4,468 4,863 2,929 1,858 2,048 Import (million USD) ‐31 0 ‐34 ‐82 ‐70 ‐67 0

Source: BPMigas

Details 2007 2008 2009

The impact of global crisis on the demand for gas from the major destination countries (Japan, Korea, and Taiwan) decreased LNG export volume from 256.8 mbtu to 228.1 mbtu.

Gas exports still maintained its high potential due to Indonesia’s current gas reserves of 170.1 TSCF (trillion standard cubic feet) which consist of 112.5 TSCF of proven reserves and 57.7 TSCF of potential reserves. Gas reserves in 2008 was higher compared to 2007.

2_{The average export price of LNG and natural gas} Source : Pertamina

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Table 21

Indonesia’s Gas Reserves (billion cubic feet) Year

Reserves

Proven 91 91 97 94 106 113 Potential 87 98 89 93 59 58 Total 178 188 186 187 165 170

2007 2008

2003 2004 2005 2006

3. Services Account

The deficit on services account in Q2/2009 reached USD3.2 billion, higher than the deficit in the preceding quarter (deficit of USD2.5 billion). The increased deficit was mainly triggered by the increase in import freights and was consistent with the increase in imports compared to the previous quarter. In addition, several other services imports still showed an increase compared to Q1/2009 such as construction services and computer and information services. Meanwhile, net travel services still managed to maintain the same level of surplus as the preceding quarter.

-3500 -3000 -2500 -2000 -1500 -1000 -500 0 500 1000

Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

2007 2008* 2009**

Transportation Travel Other services Services, net

million USD

Chart 14 Services Account

Transportation services recorded a higher deficit of USD1.9 billion than that in Q1/2009 (USD1.7 billion). This increased deficit was originated from freight services rising from USD1.5 billion to USD1.7 billion in line with the hike in import volume. The high deficit on transportation services was related to the domination of foreign fleet in transportation of import products. The

empowerment of national shipping industry in supporting international trade through the obligation to use domestic fleet in shipping national commodities was still difficult to be implemented.

Tourism sector (travel services) remained at the same rate as in Q1/2009 by posting a surplus of USD0.3 billion in Q2/2009. The surplus was contributed by the foreign exchange receipts from international travelers climbing from USD1.4 billion to USD1.6 billion. This increased surplus, however, was offset by foreign exchange expenses by Indonesian travelers abroad mounting from USD1.1 billion to USD1.3 billion.

The number of international travelers visiting Indonesia (inbound) reached 1,590 thousand people increased from 1,464 thousand people in Q1/2009. This increase reflected that Indonesia was still an interesting travel destination amidst the slowing global economic growth. Several international tourism agenda also supported the growth of international travelers such as the World Ocean Congress (WOC), the Coral Triangle Initiatives, and the 42nd

Annual General Meeting of Asian Development Bank (ADB) in Bali, that all took place in May 2009.

In Q2/2009 the countries of origin of international travelers were still dominated by Singapore (18%), Malaysia (16%), Australia (10%), Japan (7%), and China (6%). Three out of these five countries namely Malaysia, Australia, and China showed a positive growth during the reporting period. Travelers from Saudi Arabia and France grew significantly by 40% (y.o.y) albeit their shares were still relatively small.

The main destinations of travelers visiting Indonesia were Bali with 44% share, followed by Jakarta (26%), and Batam (18%). The countries having the largest number of travelers visiting Bali were Australia (17%), Japan (13%), China (8%), and France (6%).

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19 -600 -400 -200 0 200 400 600 800 -600 -500 -400 -300 -200 -100 0 100 200 300 400 500 600 700

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

2007 2008 2009

million USD

Inbound (thousand people) Outbound (thousand people) Trav. Balance (thousand people) Inflows (million USD) RHS Trav. Balance (million USD) RHS Outflows (million USD) RHS thousand people

Chart 15 Travel Services

The number of Indonesians going abroad also grew to 1,289 thousand people or higher 13% than the preceding quarter (1,142 thousand people). This rise was followed by an increase in foreign exchange travel expenses to USD1.2 billion, from USD1.1 billion in the previous quarter.

Neighbouring ASEAN countries still remained the main destination of Indonesian travelers such as Singapore (44%), Malaysia (25%), and Thailand (4%). While Australia (6%) and the US (4%) were the main destination of Indonesian travelers outside ASEAN countries. The annual growth of Indonesian travelers visiting Singapore contracted in May 2009 while those visiting Malaysia increased.

According to the information from Malaysia Tourism Promotion Board (MTPB), the number of Indonesian tourists visiting Malaysia slightly increased by 3.1% (y.o.y) reaching 195 thousand from a total of 1.89 million. Singapore Tourism Board reported that the number of Indonesian tourists decreased by 5.9% (y.o.y) reaching 129 thousand from a total of 725 thousand.

4. Income Account

In Q2/2009 the income account recorded a USD3.7 billion deficit, higher than USD2.7 billion deficit in Q1/2009. Deficit on income account reflected a higher resident’s liabilities to non-resident than resident’s

claims on non-resident. The higher deficit was contributed by the increased deficits on other investment income, portfolio investment income as well as direct investment income.

-6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0

Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

2007 2008* 2009**

Income, net Inv. Income DI Income PI Income OI Income

million USD

Chart 16 Income Account

Other investment income posted a deficit of USD0.9 billion, higher than USD0.4 billion in the preceding quarter. This deficit was triggered by a scheduled increase in interest payments of government external debt.

The deficit on net portfolio investment income rose to USD0.7 billion from USD0.4 billion deficit in Q1/2009. This increased deficit was as a result of a rise in dividend payments on securities owned by foreign investors to USD0.4 billion from USD0.1 billion. The increased payments of dividend were consistent with the growth of foreign ownership of domestic shares in the previous periods.

The deficit on direct investment income also widened to USD2.1 billion from USD1.7 billion in Q1/2009. This higher deficit was due to the increased profit transfers reported by oil and gas companies (Contractor of Production Sharing Contract) from USD0.6 billion to USD0.8 billion.

5. Current Transfers

The current transfers in Q2/2009 posted a USD1.2 billion surplus, slightly higher than USD1.1 billion in Q1/2009. The inflows of current transfers were mainly

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contributed by remittances from Indonesian workers abroad amounting to USD1.8 billion, slightly increased from USD1.7 billion in the preceding period. Outflows of remittances by foreigners working in Indonesia reached USD423 million in Q2/2009, higher than USD404 million in Q1/2009.

-1000 -500 0 500 1000 1500 2000

Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

2007 2008* 2009**

TKI Inflow TKA Outflow worker remittance, net million USD

Chart 17 Workers’ Remittances

The placement of Indonesian workers abroad reached 158.2 thousand people in Q2/2009, 1.5% lower than the placement in Q1/2009. This was as a result of a fall in demand for Indonesian workers especially from countries in Asia-Pacific region such as Malaysia, Singapore, and Taiwan. On the contrary, the placement of Indonesian workers in the Middle East region especially in Saudi Arabia and Bahrain increased.

The number of Indonesian workers abroad at the end of Q2/2009 were 4.39 million, lower than 4.42 million at the end of Q1/2009. This decrease was driven by the falls in total placements of both formal and informal workers. Placement of formal Indonesian

workers posted a steep drop compared to informal workers. This was considered as a result of global financial crisis negatively affecting the economy of the placement destination especially in the Asia-Pacific region.

The other component contributing to the surplus of current transfers was the inflows of non-investment grants in the form of aids of non-durable goods such as food, clothes and medicines. Inflows of grants reached USD32 million, lower than USD73 million in Q1/2009. The grants received by the Government amounting to USD15 million, higher than USD4 million in the preceding quarter. The grants received by NGO was USD17 million, lower than USD69 million in the previous quarter.

In Q2/2009 several activities financed by foreign grants were, among others, technical assistance from Norway with an agreement signed at the end of April 2009 for the implementation of capacity building in Fisheries and Aquaculture. Technical assistance from ADB related to the bureaucracy reformation of central and regional government was agreed in April 2009.

Table 22 Non-Investment Grant

(million USD)

Investment Grants

(Capital Transfer)

Total 17 61 186 29 19 29

Public (Govt.) 4 6 7 3 2 3

Private (NGO) 13 55 179 26 17 26

Source: Indonesian Ministry of Finance, United Nations

2008* 2009**

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The capital and financial account posted a USD2.4 billion deficit in Q2/2009 after recording a USD1.8 billion surplus in Q1/2009. This deficit was stemmed from decreased inflows of direct investment, increased domestic bank and bank placements in non-resident banks abroad, and the increase in external debt repayments by the government. The falls in direct investment inflows were consistent with the slowing growth of domestic economy.

Within the capital and financial account, the portfolio investment still recorded a robust surplus compared to the previous quarter. The renewed investor confidence in Indonesian economic stability and the calm, orderly national elections were several factors contributing to the improved performance of portfolio investment.

-5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000

Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

2007 2008* 2009**

Direct Investment Portfolio Investment

Other Investment Financial Account

million USD

Chart 18

Capital and Financial Account by Type of Investment

1. Capital Account

The capital account in Q2/2009 recorded a USD29 million surplus, higher than a surplus of USD19 million in the previous quarter. This surplus was contributed by the investment grants, such as those for construction of

housing, bridges, roads, schools, and others. The entire grants were provided in the framework of aids for

natural disaster’s victims in several locations of

Indonesia. Most of the grants (90%) were distributed through private sector (NGO) amounting to USD26 million, while the rest were through public sector (government) amounting to USD3 million.

The investment grants were represented among others by the aid from Global Partnership on Output-Based Aid (GPOBA) through the World Bank for the development of internet access for the people living in isolated areas in Java and Sumatera which was signed in April 2009 between GPOBA and Indonesian government (Ministry of Communication and Information).

Table 23 Investment Grant

(million USD) Investment Grants

(Capital Transfer)

Total 17 61 186 29 19 29

Public (Govt.) 4 6 7 3 2 3

Private (NGO) 13 55 179 26 17 26

Source: Indonesian Ministry of Finance, United Nations

2008* 2009**

Q1 Q2 Q3 Q4 Q1 Q2

2. Financial Account

The financial account in Q2/2009 posted a deficit of USD2.4 billion compared to a surplus of USD1.7 billion in Q1/2009. This was due to the deficits on other investment and direct investment while portfolio investment still posted a surplus.

The financial account deficit was primarily due to a low direct investment inflows and increased domestic bank and non-bank placements in non-resident banks abroad as well as a scheduled rise in the government’s foreign debt repayments. The slowing down of

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47

Table 2.4

NON OIL AND GAS IMPORT VALUE BY BROAD ECONOMIC CATEGORIES (BEC)

(C&F, millions of USD)

Import Total 23,228 100.0 41.2 25,819 100.0 44.1 27,250 100.0 44.7 24,637 100.0 31.7 16,533 100.0 -28.8 17,913 100.0 -30.6

I. Consumption Goods 2,065 8.9 23.9 2,359 9.1 33.1 2,720 10.0 34.8 1,917 7.8 7.5 1,243 7.5 -39.8 1,625 9.1 -31.1

112 - Food & Beverages (Primary), Mainly for Household 226 1.0 34.2 229 0.9 3.7 247 0.9 12.4 148 0.6 -21.4 253 1.5 12.2 240 1.3 4.6 122 - Food & Beverages (Processed), Mainly for Household 474 2.0 0.4 533 2.1 -6.4 558 2.0 1.4 373 1.5 -22.1 307 1.9 -35.1 328 1.8 -38.5 510 - Passenger Motor Cars 119 0.5 59.0 145 0.6 105.5 131 0.5 64.3 82 0.3 -26.6 32 0.2 -73.2 55 0.3 -62.3 522 - Transport Equipment, non-industrial 142 0.6 121.9 105 0.4 154.6 89 0.3 16.1 74 0.3 26.6 74 0.4 -48.0 86 0.5 -18.5 610 - Durable Consumption Goods 264 1.1 -14.3 363 1.4 66.4 295 1.1 1.3 203 0.8 -12.0 139 0.8 -47.4 211 1.2 -41.9 620 - Semi-durable Consumption Goods 450 1.9 55.2 608 2.4 84.5 1,024 3.8 130.1 672 2.7 56.0 168 1.0 -62.6 365 2.0 -40.0 630 - Non-durable Consumption Goods 356 1.5 34.8 363 1.4 26.7 366 1.3 24.1 320 1.3 24.0 242 1.5 -32.2 320 1.8 -11.9 700 - Goods Not Elsewhere Specified 34 0.1 34.0 11 0.0 -68.0 10 0.0 -82.8 46 0.2 65.9 28 0.2 -16.9 21 0.1 84.2

II. Raw Materials & Auxiliary Goods 16,652 71.7 41.5 18,557 71.9 44.4 18,697 68.6 40.4 16,519 67.0 31.5 10,506 63.5 -36.9 11,745 65.6 -36.7

111 - Food & Beverages (Primary), Mainly for Industry 798 3.4 73.0 955 3.7 78.6 763 2.8 39.5 760 3.1 62.7 574 3.5 -28.1 697 3.9 -27.0 121 - Food & Beverages (Processed), Mainly for Industry 258 1.1 10.7 277 1.1 14.0 286 1.0 -1.4 248 1.0 10.7 218 1.3 -15.8 322 1.8 16.4 210 - Raw Materials (Primary), for Industry 1,054 4.5 32.6 1,344 5.2 70.8 1,358 5.0 72.8 1,103 4.5 39.9 479 2.9 -54.6 736 4.1 -45.2 220 - Raw Materials (Processed), for Industry 9,681 41.7 47.8 10,773 41.7 46.2 11,037 40.5 47.0 9,292 37.7 29.7 5,864 35.5 -39.4 6,749 37.7 -37.4 310 - Fuels & Lubricants (Primary) 5 0.0 145.2 6 0.0 317.0 9 0.0 114.0 18 0.1 936.8 5 0.0 0.6 4 0.0 -21.5 322 - Fuels & Lubricants (Processed) 47 0.2 1.2 56 0.2 22.8 71 0.3 42.8 44 0.2 44.1 22 0.1 -52.8 32 0.2 -42.7 420 - Parts & Accessories for Capital Goods 3,271 14.1 22.7 3,538 13.7 28.3 3,617 13.3 17.7 3,277 13.3 15.6 2,333 14.1 -28.7 2,363 13.2 -33.2 530 - Parts & Accessories for Transport Equipment 1,538 6.6 52.0 1,609 6.2 44.0 1,555 5.7 46.8 1,777 7.2 69.5 1,012 6.1 -34.2 842 4.7 -47.7

III. Capital Goods 4,357 18.8 52.1 4,742 18.4 51.3 5,622 20.6 66.8 6,041 24.5 46.3 4,646 28.1 6.6 4,409 24.6 -7.0

410 - Capital Goods (except Transport Equipment) 3,375 14.5 39.7 3,827 14.8 53.5 4,167 15.3 55.3 4,288 17.4 39.2 2,972 18.0 -11.9 2,945 16.4 -23.1 510 - Passenger Motor Cars 119 0.5 59.0 145 0.6 105.5 131 0.5 64.3 82 0.3 -26.6 32 0.2 -73.2 55 0.3 -62.3 521 - Transport Equipment for Industry 863 3.7 131.1 770 3.0 35.0 1,324 4.9 118.0 1,671 6.8 78.3 1,642 9.9 90.2 1,409 7.9 83.0

IV. Others 151 0.7 -1.9 161 0.6 6.6 211 0.8 62.3 160 0.65 -30.78 138 0.8 -8.5 134 0.7 -16.9

* Provisional figures

Share (%)

Growth (%) Value Share

(%) Growth

(%)

Q2 Value Share

(%) Growth

(%) 2009*

Q1 Value Commodities

2008 Q1

Value Share (%)

Growth (%)

Q2 Q3

Value Share (%)

Growth (%) Value

Share (%)

Growth (%)

(2)

48

Table 2.5

NON OIL AND GAS IMPORT VOLUME BY BROAD ECONOMIC CATEGORIES (BEC)

(thousands of tons)

Import Total 17,669 100.0 20.1 17,563 100.0 13.6 16,692 100.0 10.2 13,898 100.0 -1.2 10,239 100.0 -42.0 13,500 100.0 -23.1

I. Consumption Goods 1,115 6.3 -11.6 1,064 6.1 -30.1 1,082 6.5 -18.6 698 5.0 -38.9 730 7.1 -34.6 760 5.6 -28.6

112 - Food & Beverages (Primary), Mainly for Household 375 2.1 44.2 328 1.9 -5.6 375 2.2 19.2 203 1.5 -19.4 387 3.8 3.2 344 2.5 5.0 122 - Food & Beverages (Processed), Mainly for Household 495 2.8 -37.1 454 2.6 -51.0 423 2.5 -43.3 276 2.0 -59.1 214 2.1 -56.8 219 1.6 -51.7 510 - Passenger Motor Cars 12 0.1 16.8 14 0.1 37.8 14 0.1 43.1 9 0.1 -29.9 3 0.0 -72.5 6 0.0 -57.9 522 - Transport Equipment, non-industrial 21 0.1 101.7 21 0.1 93.7 19 0.1 -0.5 12 0.1 -9.5 10 0.1 -54.7 15 0.1 -29.0 610 - Durable Consumption Goods 50 0.3 -2.8 74 0.4 31.6 64 0.4 -18.0 41 0.3 -12.6 31 0.3 -39.2 44 0.3 -40.9 620 - Semi-durable Consumption Goods 89 0.5 8.7 101 0.6 -0.4 119 0.7 28.0 93 0.7 18.0 45 0.4 -49.7 68 0.5 -32.8 630 - Non-durable Consumption Goods 71 0.4 20.1 72 0.4 4.0 68 0.4 0.7 59 0.4 -4.5 40 0.4 -43.7 54 0.4 -25.0 700 - Goods Not Elsewhere Specified 1 0.0 36.1 1 0.0 -63.9 0 0.0 -60.3 5 0.0 1,130.0 1 0.0 -52.3 11 0.1 1,943.4

II. Raw Materials & Auxiliary Goods 15,889 89.9 22.7 15,844 90.2 17.2 14,912 89.3 11.9 12,534 90.2 1.0 8,890 86.8 -44.0 12,207 90.4 -23.0

111 - Food & Beverages (Primary), Mainly for Industry 1,740 9.8 12.8 1,738 9.9 2.4 1,351 8.1 -20.8 1,403 10.1 6.7 1,131 11.0 -35.0 1,813 13.4 4.3 121 - Food & Beverages (Processed), Mainly for Industry 343 1.9 -31.0 314 1.8 -23.2 377 2.3 -9.8 364 2.6 31.8 332 3.2 -3.3 619 4.6 97.0 210 - Raw Materials (Primary), for Industry 3,788 21.4 17.6 3,682 21.0 7.1 3,595 21.5 15.0 3,112 22.4 0.8 2,027 19.8 -46.5 2,979 22.1 -19.1 220 - Raw Materials (Processed), for Industry 9,387 53.1 30.3 9,424 53.7 26.3 8,930 53.5 19.4 7,001 50.4 -2.4 5,078 49.6 -45.9 6,458 47.8 -31.5 310 - Fuels & Lubricants (Primary) 38 0.2 95.3 24 0.1 113.0 39 0.2 38.7 49 0.4 257.8 18 0.2 -53.3 19 0.1 -19.5 322 - Fuels & Lubricants (Processed) 39 0.2 15.3 44 0.3 -5.9 46 0.3 -24.3 29 0.2 16.3 20 0.2 -47.8 25 0.2 -43.5 420 - Parts & Accessories for Capital Goods 331 1.9 24.6 393 2.2 34.6 318 1.9 -7.3 374 2.7 29.7 187 1.8 -43.4 186 1.4 -52.7 530 - Parts & Accessories for Transport Equipment 223 1.3 34.9 225 1.3 37.8 257 1.5 54.2 202 1.5 -11.2 98 1.0 -56.1 109 0.8 -51.7

III. Capital Goods 665 3.8 32.0 654 3.7 56.3 698 4.2 42.4 666 4.8 26.6 619 6.0 -6.8 532 3.9 -18.6

410 - Capital Goods (except Transport Equipment) 469 2.7 32.5 467 2.7 27.7 487 2.9 20.1 502 3.6 14.9 327 3.2 -30.3 314 2.3 -32.7 510 - Passenger Motor Cars 12 0.1 16.8 14 0.1 37.8 14 0.1 43.1 9 0.1 -29.9 3 0.0 -72.5 6 0.0 -57.9 521 - Transport Equipment for Industry 184 1.0 31.9 173 1.0 306.9 198 1.2 160.8 155 1.1 102.9 289 2.8 57.6 212 1.6 22.7

IV. Others 0 0.0 0.0 0 0.0 1.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0

* Provisional figures

Q2 Vol Share

(%) Growth

(%) 2009*

Growth (%) Vol

Share (%)

Growth (%) Q2

2008

Q1 Vol Share

(%) Growth

(%) Q1

Vol

Commodities Q4

Vol Share (%)

Growth (%) Share

(%) Growth

(%)

Q3 Vol Share

(3)

49

Table 2.6

NON OIL AND GAS IMPORT VALUE BY COUNTRY OF ORIGIN

(C&F, millions of USD)

TOTAL 23,225 100.0 29.7 25,819 100.0 37.1 27,250 100.0 46.0 24,637 100.0 6.1 16,533 100.0 -36.0 17,913 100.0 -34.3

AFRICA 166 0.7 1.2 281 1.1 40.7 360 1.3 146.6 356 1.4 114.6 97 0.6 -65.6 129 0.7 -64.1

AMERICA 2,757 11.9 43.0 3,284 12.7 53.2 3,372 12.4 43.9 3,159 12.8 14.6 2,222 13.4 -32.4 2,361 13.2 -30.0

U S A 1,721 7.4 27.1 2,127 8.2 57.7 2,243 8.2 42.3 2,057 8.3 19.5 1,601 9.7 -24.7 1,523 8.5 -32.1

Western Hemesphere 584 2.5 88.2 545 2.1 12.1 577 2.1 30.1 675 2.7 15.6 284 1.7 -47.9 507 2.8 -12.2

Canada 424 1.8 72.0 571 2.2 97.5 507 1.9 65.9 359 1.5 -15.4 270 1.6 -52.6 290 1.6 -42.8

Others 28 0.1 59.3 42 0.2 110.0 45 0.2 162.2 68 0.3 137.6 67 0.4 58.0 41 0.2 -9.5

ASIA 16,092 69.3 31.6 17,435 67.5 38.0 18,463 67.8 48.5 16,276 66.1 1.1 11,096 67.1 -36.4 11,998 67.0 -35.0

ASEAN 5,681 24.5 19.8 5,992 23.2 23.2 6,442 23.6 29.6 5,154 20.9 -9.3 3,859 23.3 -35.6 3,978 22.2 -38.2

- Brunei Darussalam 3 0.0 4.3 6 0.0 15,902 0 0.0 -83.7 7 0.0 175.6 1 0.0 -85.4 1 0.0 195.0

- Malaysia 952 4.1 37.2 1,024 4.0 34.2 1,125 4.1 51.3 1,096 4.5 15.1 655 4.0 -36.1 743 4.1 -34.0

- Philipina 182 0.8 43.1 214 0.8 49.6 169 0.6 21.4 266 1.1 45.7 84 0.5 -60.9 124 0.7 -26.5

- Singapore 2,893 12.5 10.9 3,011 11.7 13.8 3,215 11.8 16.8 2,429 9.9 -16.0 2,196 13.3 -27.1 1,959 10.9 -39.1 - Thailand 1,525 6.6 37.5 1,591 6.2 37.4 1,750 6.4 49.2 1,104 4.5 -27.6 817 4.9 -48.7 1,034 5.8 -40.9

- Vietnam 118 0.5 -37.1 134 0.5 -10.5 174 0.6 12.2 212 0.9 79.0 92 0.6 -31.5 100 0.6 -42.8

- Myanmar 7 0.0 -33.9 12 0.0 186.8 9 0.0 63.5 20 0.1 177.1 9 0.1 -29.2 13 0.1 55.9

- Cambodia 0 0.0 34.4 1 0.0 28.5 1 0.0 69.3 14 0.1 2,864.7 1 0.0 76.0 1 0.0 56.1

ASIA EXCL.ASEAN 10,410 44.8 39.0 11,443 44.3 47.3 12,021 44.1 61.1 11,121 45.1 6.8 7,237 43.8 -36.8 8,020 44.8 -33.3

- Hongkong 643 2.8 30.4 637 2.5 40.5 609 2.2 16.4 495 2.0 -22.9 302 1.8 -52.5 318 1.8 -47.8

- India 655 2.8 33.4 712 2.8 95.6 712 2.6 54.5 1,262 5.1 92.6 399 2.4 -43.9 512 2.9 -28.1

- Iraq 0 0.0 -38.4 0 0.0 -38.2 0 0.0 -99.4 30 0.1 96,813 0 0.0 -25.3 0 0.0 59,259

- Japan 3,538 15.2 55.5 3,578 13.9 48.3 3,532 13.0 46.2 3,947 16.0 11.6 2,119 12.8 -40.8 2,205 12.3 -37.6 - South Korea 1,121 4.8 8.0 1,354 5.2 25.6 1,320 4.8 60.7 1,018 4.1 -9.2 749 4.5 -44.7 985 5.5 -25.4

- Pakistan 13 0.1 -46.1 24 0.1 81.3 13 0.0 2.5 45 0.2 259.6 10 0.1 -59.1 9 0.0 -32.6

- China 3,263 14.1 38.3 3,800 14.7 46.5 4,504 16.5 87.1 3,623 14.7 11.0 2,755 16.7 -27.5 3,069 17.1 -31.9

- Saudi Arabia 139 0.6 117.5 160 0.6 41.2 172 0.6 74.2 174 0.7 25.0 86 0.5 -46.5 117 0.7 -31.9

- Taiwan 670 2.9 16.8 754 2.9 26.8 706 2.6 29.4 628 2.5 -6.2 422 2.6 -44.0 478 2.7 -32.3

- Others 368 1.6 115.8 424 1.6 183.9 454 1.7 157.4 820 3.3 122.9 395 2.4 -6.8 327 1.8 -28.0

AUSTRALIA & OCEANIA 1,117 4.8 18.3 1,277 4.9 36.0 1,419 5.2 62.3 935 3.8 -16.3 783 4.7 -38.7 1,012 5.7 -28.7

EUROPE 3,093 13.3 16.9 3,542 13.7 21.2 3,635 13.3 26.5 3,912 15.9 26.5 2,336 14.1 -34.0 2,414 13.5 -33.6

EUROPEAN COMMUNITY 2,382 10.3 7.7 2,655 10.3 6.2 2,824 10.4 15.1 3,352 13.6 40.7 1,897 11.5 -28.6 2,178 12.2 -22.9

- Belgium 115 0.5 12.7 156 0.6 39.7 200 0.7 110.4 185 0.8 60.9 97 0.6 -38.0 108 0.6 -46.1

- France 364 1.6 -16.7 246 1.0 -46.0 303 1.1 -41.4 752 3.1 106.8 297 1.8 20.6 410 2.3 35.3

- Germany 753 3.2 23.8 814 3.2 18.5 926 3.4 44.7 598 2.4 -20.6 519 3.1 -36.2 557 3.1 -39.8

- Italy 238 1.0 31.6 296 1.1 45.8 265 1.0 18.8 316 1.3 32.6 183 1.1 -38.1 170 0.9 -36.1

- Netherlands 156 0.7 -6.2 160 0.6 13.2 174 0.6 -7.1 580 2.4 271.9 128 0.8 -19.8 112 0.6 -35.8

- United Kingdom 217 0.9 19.7 232 0.9 29.7 280 1.0 27.5 294 1.2 35.4 185 1.1 -20.0 207 1.2 -26.0

- Others 539 2.3 0.6 751 2.9 3.9 676 2.5 18.2 627 2.5 16.2 487 2.9 -35.2 614 3.4 -9.1

Russia 243 1.0 62.1 383 1.5 248.8 283 1.0 266.4 249 1.0 2.3 118 0.7 -69.2 64 0.4 -77.5

Others 467 2.0 64.6 504 2.0 61.8 528 1.9 54.5 311 1.3 -33.5 321 1.9 -36.2 172 1.0 -67.4

* Provisional figures

Q2 Value Share (%) Growth (%) 2009* Q1 Value Share (%) Growth (%) Share (%) Growth (%) Q2 Value COUNTRY 2008 Q1 Value Q3 Growth (%) Share (%) Growth (%) Value Share (%) Share (%) Growth (%) Q4 Value

(4)

50

Table 3.1

TRAVEL INFLOWS

Grow t h

Period

Main Gat es

Ot her Gat es

( y.o.y)

( y.t.d)

(number of people)

(% )

(1)

(2)

(3)

(4)

(5)

(6)

2004

4,541,165

779,941

5,321,106

4,798

18.8 2005

4,074,354

927,747

5,002,101

4,522

-5.8

Q1

1,003,616

215,625

1,219,241

1,102

0.8 Q2

1,045,871

228,421

1,274,292

1,152

-0.8

0.0 Q3

1,183,757

239,116

1,422,873

1,286

-4.7

-1.8

Q4

841,110

244,585

1,085,695

981 -17.8

-5.8

2006

3,977,482

893,869

4,871,351

4,448

-1.6

Q1

871,817

204,589

1,076,406

983 -10.8

Q2

1,023,099

227,472

1,250,571

1,142

-0.9

-5.7

Q3

1,038,857

233,972

1,272,829

1,162

-9.6

-7.2

Q4

1,043,709

227,836

1,271,545

1,161

18.3 -1.6

2007

4,541,458

964,301

5,505,759

5,346

20.2 Q1

1,001,697

213,289

1,214,986

1,180

20.0 Q2

1,142,077

242,394

1,384,471

1,344

17.7

18.8 Q3

1,215,723

258,803

1,474,526

1,432

23.2

20.3 Q4

1,181,961

249,815

1,431,776

1,390

19.7

20.2 2008

5,237,470

1,191,556

6,429,026

7,374

37.9 Q1

1,190,102

260,861

1,450,963

1,663

40.9 Q2

1,264,023

273,231

1,537,254

1,770

31.6

36.0 Q3

1,397,827

329,773

1,727,600

1,974

37.9

36.7 Q4

1,385,519

327,691

1,713,210

1,968

41.5

37.9 2009*

Q1

1,188,556

275,729

1,464,285

1,422

-14.5

Q2

1,331,782

258,324

1,590,106

1,572

-11.2

-12.8

* Provisional figures

(number of people)

(In millions of USD)

BOP

(5)

51

Table 3.2

TRAVEL OUTFLOWS

Hajj BOP

Growth

Period

Main Gates

Other Gates

Pilgrimage

(2+3)

Pilgrimage

Value

(y.o.y)

(y.t.d)

(number of people)

(In millions of USD)

(%)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

2004

3,941,381

101,061

204,945

3,837,497

452 3,507

13.8 2005

4,106,225

105,288

267,501

4,211,513

511 3,584

2.2 Q1

948,509

24,321

205,382

972,830

394

992 -6.3

Q2

991,334

25,419

0 1,016,753

0

792

14.5

1.9 Q3

1,024,447

26,268

0 1,050,715

0

819 -1.9

0.7 Q4

1,141,935

29,280

62,119

1,171,215

117

981

6.5

2.2 2006

4,261,998

705,405

207,064

4,967,403

466 4,030

12.4 Q1

953,983

198,417

144,945

1,152,400

272 1,026

3.4 Q2

1,081,620

192,710

0 1,274,330

0

954

20.4

11.0 Q3

1,082,682

162,702

0 1,245,384

0

932

13.8

11.9 Q4

1,143,713

151,576

62,119

1,295,289

194 1,118

14.0

12.4 2007

4,593,183

563,859

209,319

5,157,042

515 4,903

21.7 Q1

1,055,961

169,520

104,660

1,225,481

195 1,188

15.8 Q2

1,103,889

142,136

0 1,246,025

0 1,106

15.9 Q3

1,146,177

127,774

0 1,273,951

0 1,130

21.2

17.6 Q4

1,287,156

124,429

104,660

1,411,585

320 1,479

32.3

21.7 2008

4,718,290

604,102

259,564

5,322,391

516 5,606

14.3 Q1

1,077,171

176,301

41,864

1,253,472

80 1,269

6.8 Q2

1,167,747

150,088

0 1,317,835

0 1,332

20.4

13.4 Q3

1,193,452

138,353

0 1,331,805

0 1,358

20.2

15.6 Q4

1,279,920

139,360

217,700

1,419,280

436 1,647

11.3

14.3 2009*

Q1

974,685

167,037

0 1,141,722

0 1,101

-13.3

Q2

1,143,133

146,369

0 1,289,502

0 1,243

-6.7

-9.9

_{Including hajj pilgrimage}

(6)

52

Table 4

STOCK OF DEBT SECURITIES OWNED BY NON-RESIDENTS

(millions of USD)

Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

A. Private Sector

1 Bonds

192

270

225

351

361

200

185

250

298

249 2 Medium Term Notes

285

289

293

267

300

367

361

231

228

230 3 Floating Rate Notes

-

-4 Commercial Papers

16

14

15

19

15

19 5 Promissory Notes

1,474

1,445

1,538

1,490

1,524

1,488

1,618

1,410

1,412

1,410

Total

1,966

2,020

2,071

2,123

2,200

2,075

2,180

1,910

1,957

1,908

B. Public Sector

1 Govt. Bond (Rp. Denomination)/SUN

6,978

9,033

8,711

8,298

8,760

10,200

11,037

7,983

6,787

8,462

2 Govt. Bond (USD Denomination)

6,370

8,322

10,450

13,370

13,968

3 SBI

2,127

4,201

4,436

3,330

3,643

2,157

772 1,428

2,025

Total 15,475

19,604

19,517

20,412

24,293

23,644

19,204

21,585

24,455

1 _{Source : Custodian Bank}

* Provisional figures * * Very Provisional figures