ProdukHukum BankIndonesia
kang
INDO
BALA
REPO
FIRST QU
ONES
ANC
ORT
UARTER 2
SIA’S
E OF
2010
S
PAY
YMEN
NTS
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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
FIRST QUARTER 2010
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SUMMARY ……… 1
INDONESIA’S BALANCE OF PAYMENTS IN Q1/2010, AND ITS CONTRIBUTING FACTORS ……… 3
CURRENT ACCOUNT 1. Non-Oil and Gas Trade Balance ……… 5
1.1. Non-Oil and Gas Exports ……… 6
1.2. Non-Oil and Gas Imports ……… 11
2. Oil and Gas Trade Balance ……… 13
2.1. Oil ……… 13
2.2. Gas ……… 14
3. Services Account ……… 15
4. Income Account ……… 16
5. Current Transfers ……… 17
CAPITAL AND FINANCIAL ACCOUNT 1. Capital Account ……… 19
2. Financial Account ……… 19
2.1. Public Sector ……… 20
2.2. Private Sector ……… 25
RESERVE ASSETS ……… 29
INDICATORS OF EXTERNAL SUSTAINABILITY ……… 31
BOX : Issuance of Global Bond by Indonesian Private Companies in Q1/2010 ……… 33
LIST OF CONTENTS
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LIST OF TABLES
Page Page
Table 1 Indonesia’s Balance of Payments and Several Economic Indicators in Q1/2010
4 Table 16 Imports of Non-Oil and Gas Based on Major Countries of Origin (C&F)
11
Table 2 Growth of Non-Oil and Gas Exports by Sector 6 Table 17 Imports of Consumption Goods Based on Major Countries of Origin (C&F)
12
Table 3 Exports to Major Destination Countries 6 Table 18 Imports of Raw Material Based on Major Coutries of Origin (C&F)
12
Table 4 GDP Growth (%, yoy) of Several Non-Oil and Gas Export Destination Countries
6 Table 19 Imports of Capital Goods Based on Major Countries of Origin (C&F)
13
Table 5 Export Growth of Major Non-Oil and Gas Commodities
7 Table 20 Oil Trade Balance 13
Table 6 Rubber Exports to Several Major Countries of Destination
7 Table 21 Demand and Supply of World Oil 14
Table 7 Coal Exports to Major Countries of Destination
8 Table 22 Gas Trade Balance 15
Table 8 Exports of TTP to Several Major Countries of Destination
8 Table 23 Non Investment Grant 18
Table 9 Exports of Machinery and Mechanical Appliances to Several Major Countries of Destination
8 Table 24 Investment Grant 19
Table 10 Copper Exports to Several Major Countries of Destination
9 Table 25 Indonesia’s Sovereign Rating 20
Table 11 CPO Exports to Major Countries of Destination
9 Table 26 Government Program Loan Position by Major Creditors
23
Table 12 Exports of Chemical Products to Major Countries of Destination
10 Table 27 Government Project Loan Position by Major Creditors
24
Table 13 Electronic Exports to Major Countries of Destination
10 Table 28 Government Foreign Loan Position by Major Creditors
24
Table 14 Paper Exports to Major Countries of Destination
11 Table 29 Government Foreign Loan Position by Major Currencies
24
Table 15 Imports of Non-Oil and Gas Based on Types of Goods (C&F)
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LIST OF CHARTS
Page Page
Chart 1 Current Account 5 Chart 18 BI Rate and Fed Fund Rate 21
Chart 2 Non-Oil and Gas Trade Balance 6 Chart 19 SBI Rate 21
Chart 3 World Rubber Price 7 Chart 20 SUN & SBI Owned by Foreign Investors 22
Chart 4 World Coal Price 7 Chart 21 Disbursement and Repayment of
Government Loan
22
Chart 5 World Copper Price 9 Chart 22 Program Loan Disbursement 23
Chart 6 World CPO Price 10 Chart 23 Project Loan Disbursement 23
Chart 7 Economic Growth and Non-Oil and Gas Imports
11 Chart 24 Government Foreign Loan Position 24
Chart 8 World Oil Prices 14 Chart 25 Financial Account of Private Sector 25
Chart 9 Fuel Consumption 14 Chart 26 Foreign Direct Investment 26
Chart 10 Services Account 15 Chart 27 Foreign Direct Investment (net) based on Country of Origin
26
Chart 11 Travel Services 15 Chart 28 Foreign Direct Investment (net) based on Economic Sector
26
Chart 12 Income Account 16 Chart 29 Oil and Gas Foreign Direct Investment (Net) 27
Chart 13 Workers’ Remittances 17 Chart 30 Non-Oil and Gas Foreign Direct Investment 27
Chart 14 Capital and Financial Account 19 Chart 31 Foreign Transaction in Indonesia Stock Exchange and Indonesia Stock Index
28
Chart 15 Growth of Capital and Financial Account by Sector
20 Chart 32 Loan Disbursement and Repayment of Private Sector
28
Chart 16 Financial Account of Public Sector 20 Chart 33 Reserves Assets 29
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SUMMARY
In the first quarter of 2010, Indonesia's balance of payments charted yet another surplus at a robust USD6.6 billion, marking significant improvement over the Q4/2009 surplus recorded at USD4.0 billion. Key to the upbeat performance in the balance of payments was both surpluses in the current account and the capital and financial account. In response, international reserves at end-Q1/2010 mounted to USD71.8 billion, equivalent to 5.7 months of imports and official external debt service payments.
In Q1/2010, the current account registered a USD1.6 billion surplus, down from the Q4/2009 surplus at USD3.6 billion. The reduced current account surplus is explained primarily by a downturn in the balance of trade caused by rising imports of oil and gas as well as non-oil and gas. Surging non-oil and gas imports were reflected not only in consumer goods, but also in increasing imports of raw materials and capital goods in support of growing domestic production and investment. At the same time, oil imports also climbed in response to accelerated domestic economic activity. On the other hand, non-oil and gas exports grew ahead of initial expectations on the improved recovery in the world economy led by vibrant economic growth at the regional level. However, growth in non-oil and gas exports (35.5%, yoy) fell short of the steep rise in non-oil and gas imports (44.5%, yoy). Even so, the current account still managed a respectable surplus, bolstered in part by the reduction in the services deficit related to lower overseas travel by Indonesians, which had soared in the preceding quarter due to the hajj pilgrimage season.
In Q1/2010, the capital and financial account registered a USD4.3 billion surplus, up significantly from the Q4/2009 surplus of USD1.3 billion. Key to this increased surplus was more vigorous performance in direct investment and portfolio investments. Direct investment climbed mainly in response to the more conducive investment climate, improved macroeconomic conditions and government measures to streamline procedures for foreign investors in Indonesia. Improved global liquidity conditions and relatively attractive yield fueled inflows of foreign portfolio capital and contributed to the successful issuance of government’s foreign currency bonds. Added boost for the capital and financial account surplus came from a comparatively high draw down of private sector external borrowings in response to improved access for Indonesian companies to financing sources on international financial markets.
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The global economic recovery, mainly the rapid growth of Asian region, contributed to the improvement in Indonesia’s balance of payments in Q1/2010 that recorded a USD6.6 billion surplus, higher than the USD4.0 billion surplus in Q4/2009. This positive performance was bolstered by current account surplus of USD1.6 billion and capital and financial accounts surplus of USD4.3 billion. This conducive economic condition contributed to the upward trend of non oil-gas export. On the other side, the increasing domestic demand as reflected from high economic growth and the rising need of imported-base export raw material led import to grow higher than export. Consequently, current account recorded a lower surplus compared to the preceding quarter. This surplus, however, was still relatively high due to the reduction in the services and income account deficits.
The contracted surplus of current account was compensated by capital and financial accounts that experiencing a higher surplus compared to the previous quarter due to the support of portfolio and direct investments performance. In Q1/2010, the relatively stable domestic macroeconomic condition and the improved liquidity condition in global market contributed to the mounting inflow of portfolio investment and direct investment. In line with this development of Indonesia’s balance of payment, the amount of foreign reserves at the end of the period (March 2010) rose to USD71.8 billion (USD66.1 billion in Q4/2009) or equivalent to 5.7 months of imports and official debt service payments.
The following factors contributed to the Indonesia’s balance of payments during Q1/2010:
• World economy continued to accelerate and more distributed. China, being the main engine of Asian
economy, registered a 11.9% (y.o.y) economic growth. Improvement was also shown by several macroeconomic indicators in several developed countries such as the US, Japan and European Union countries. • The strengthening world demand accompanied by global economic recovery led to hike in prices of several
primary export commodities. Prices of commodities such as rubber, copper, coal and CPO experienced increases while the unit price of crude oil export rose from USD73.1/barrel to USD75.2/barrel. Similar condition was also reflected from the price of LNG.
• Indonesian GDP also improved from 5.4% to 5.7% (y.o.y) in the reporting period. Investment sector posted
more important contribution to GDP growth than consumption sector.
• Indonesian inflation at the end of March 2010 was recorded at 3.4%. The relatively maintained inflation
during the reporting period was attributed to the policy of Bank Indonesia to sustain BI rate at 6.5% since mid-2009. This stable inflation contributed to the strengthening Rupiah exchange rate against USD from an average rate of Rp9,473 (Q4/2009) to Rp9,254 (Q1/2010). The domestic inflation was also influenced by external factor related to low inflation in several Indonesian trading partners.
• In Q1/2010, oil production reached 0.955 million barrels per day (mbpd), slightly higher than 0.951 mbpd in
the preceding quarter. Meanwhile, oil consumption contracted to 82.8 million barrel from 89.7 million barrel. This drop was driven by seasonal factors such as a number of religious celebrations and end of year activities in Q4/2009.
INDONESIA’S BALANCE OF PAYMENTS IN Q1/2010
AND ITS CONTRIBUTING FACTORS
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Table 1
Indonesia’s Balance of Payments and
Several Economic Indicators in Q1/2010
2010
Total Q1 Q2 Q3 Q4 Total Q1
WORLD ECONOMIC INDICATORS Economic Growth
‐ United States of America % (y.o.y) 2.1 0.4 ‐3.3 ‐3.8 ‐2.6 0.1 ‐2.4 2.5
‐ Japan % (y.o.y) 3.5 ‐1.2 ‐8.9 ‐5.7 ‐5.2 ‐1.0 ‐5.2 n.a
‐ European Union % (y.o.y) 2.8 0.5 ‐5.0 ‐4.9 ‐4.1 ‐2.2 ‐4.1 0.5
‐ Singapore % (y.o.y) 8.5 1.8 ‐8.9 ‐1.7 1.8 3.8 ‐1.3 15.5
‐ China % (y.o.y) 12.1 9.1 6.2 7.9 9.1 10.7 8.5 11.9
World Price Commodity
‐ Crude Oil (OPEC) USD/barel 69.1 94.5 43.0 58.7 67.6 74.3 61.1 75.5
‐ Coal USD/metric ton 66 127 72 66 71 78 72 95
‐ Copper USD/metric ton 7,118 6,956 3,428 4,663 5,859 6,648 5,150 7,232
‐ CPO USD/ton 780 949 577 743 679 732 683 808
‐ Rubber cent USD/kg 248 284 166 187 221 285 215 345
International Interest Rates ¹⁾
‐ United States of America % (y.o.y) 5.1 2.1 0.25 0.25 0.25 0.25 0.30 0.25
‐ Japan % (y.o.y) 0.5 0.5 0.1 0.1 0.1 0.1 0.1 0.1
‐ European Union % (y.o.y) 3.9 3.9 1.8 1.1 1.0 1.1 1.3 0.0
‐ Singapore % (y.o.y) 2.7 1.3 0.7 0.7 0.7 0.7 0.7 0.7
‐ China % (y.o.y) 6.8 7.0 5.3 5.3 5.3 5.3 5.3 5.3
Inflation ²⁾
‐ United States of America % (y.o.y) 4.1 0.1 ‐0.4 ‐1.4 ‐1.3 2.7 2.7 ‐0.4
‐ Japan % (y.o.y) 0.7 0.4 ‐0.3 ‐1.8 ‐2.2 ‐1.7 ‐1.7 ‐0.3
‐ European Union % (y.o.y) 3.1 1.6 0.6 ‐0.1 ‐0.3 0.9 0.9 0.6
‐ Singapore % (y.o.y) 4.4 4.3 1.6 ‐0.5 ‐0.4 0.2 0.2 1.6
‐ China % (y.o.y) 6.5 1.2 ‐1.2 ‐1.7 ‐0.8 1.9 1.9 ‐1.2
DOMESTIC ECONOMIC INDICATORS
GDP % (y.o.y) 6.3 6.0 4.5 4.1 4.2 5.4 4.5 5.7
CPI Inflation ²⁾ % (y.o.y) 6.6 11.1 7.9 3.7 2.8 2.8 2.8 3.4
Exchange Rates ¹⁾ (Rp/USD) 9,140 9,700 11,631 10,531 10,002 9,473 10,395 9,254
Average Price of Crude Oil Export USD/barel 70.1 93.5 41.8 56.9 66.5 73.1 59.6 75.2
Oil Production mbpd 0.952 0.976 0.962 0.941 0.943 0.951 0.949 0.955
Fuel Consumption mbpy 382.8 381.4 80.7 84.5 88.3 89.7 343.1 82.8
Gas Export (LNG) mbtu 1,080 1,068 257 228 244 301 1,030 277
Gas Export Average Price (LNG) USD/mbtu 9.0 11.9 5.5 6.3 8.2 7.8 7.0 7.8
BI Rate 1) % (annual) 8.6 8.7 8.25 7.25 6.58 6.50 7.15 6.50
INDONESIAN BALANCE OF PAYMENTS
‐ Current Account million USD 10,492 126 2,508 2,480 2,157 3,602 10,746 1,554
‐ Capital and Financial Account million USD 3,593 ‐1,832 1,593 ‐1,822 2,507 1,270 3,548 4,297
‐ Total million USD 14,085 ‐1,706 4,101 658 4,664 4,872 14,294 5,851
‐ Net Errors and Omissions million USD ‐1,370 ‐239 ‐146 394 ‐1,118 ‐918 ‐1,788 770
‐ Overall Balance million USD 12,715 ‐1,945 3,955 1,052 3,546 3,954 12,506 6,621
‐ Foreign Exchange Reserves million USD 56,920 51,639 54,840 57,576 62,287 66,105 66,105 71,823
Source: CEIC, IMF, World Bank, Bank Indonesia, and other sources
¹⁾ an interest rate policy sets by central bank / monetary authority (calculated as the average monthly) ²⁾ end‐month position of the relevant quarter
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In Q1/2010 current account posted a USD1.6 billion surplus, lower than the USD3.6 billion surplus in the preceding quarter. This was mainly due to the contracted surplus in non-oil & gas and oil & gas trade balances.
Chart 1 Current Account
The decreased surplus in non-oil & gas trade balance was related to the declining export value in the midst of higher non-oil & gas imports compared to the preceding quarter. These development of exports was also due to seasonal factors occurring every first quarter. The annual growth of exports, however, still indicated a high increase (35.5%) compared to the previous quarter (17.5%). Meanwhile, the non-oil & gas imports jumped in response to the rising of domestic economic growth and demand of raw materials for exports. The surge in investment and production activities were led to the rising import demand for consumption goods, raw materials and capital goods. On annual basis, the growth of non-oil and gas imports exceeded the exports growth .
Oil & gas trade balance posted a contracted surplus compared to Q4/2009, mainly due to the increasing demand of oil imports in line with the mounted economic growth and the decreased LNG export volume pursuant to the transfer of gas production to fulfill domestic demand.
Meanwhile, services balance deficit slightly decreased due to the declining of Indonesian travelers abroad that marked a sharp increase in the preceding quarter due to seasonal factor such as hajj pilgrimage. The downturn of income balance deficit was mainly due to the decrease of government and private debt service payments.
1. Non-Oil Gas Trade Balance
In Q1/2010 non-oil and gas trade balance recorded a USD5.9 billion surplus, lower than the USD8.4 billion surplus in Q4/2009. The declining surplus was affected by export performance that recorded a negative growth of 4.6% (q.t.q) which was presumed
due to seasonal pattern. In the contrary, non-oil and gas imports grew positive 5.8% (q.t.q) in line with the upward trend of investment and production activities.
However, based on annual growth, non-oil and gas exports still recorded an accelerated growth compared to Q4/2009. Export growth of non-oil and gas improved from 17.5% (y.o.y) in Q4/2009 to 35.5% (y.o.y) in the reporting period. Meanwhile, non-oil and gas imports experienced a significant increase from -8.4% (y.o.y) to 44.5% (y.o.y) in Q1/2010.
-5,000 -3,000 -1,000 1,000 3,000 5,000 7,000 9,000 11,000
Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1
2007 2008 2009* 2010**
million USD
Services Income Trade Balance Current Trans. Current Account
CURRENT ACCOUNT
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Chart 2
Non-Oil and Gas Trade Balance
1.1. Non-Oil and Gas Exports
In Q1/2010, non-oil and gas exports reached USD27.8 billion, decreased by 4.6% (q.t.q) compared to the previous quarter (USD29.1 billion). The weakening performance of export value was related to mining and manufacturing exports which declined by 4.2% and -6.6% (q.t.q) respectively. Meanwhile exports in agricultural sector still posted a positive growth of 5.4% from the previous period.
Table 2
Growth of Non-Oil and Gas Exports by Sector
Although exports in mining and manufacturing sectors declined from the previous quarter, all sectors still posted positive annual growth. Agricultural sector recorded a growth of 52.2% (y.o.y) far higher than previous period (6.3%, y.o.y). Manufacturing sector posted a growth of 29.1% (y.o.y), showed an
improvement compared to the preceding quarter (7.6%, y.o.y). Meanwhile, mining sector grew by 50.1% (y.o.y), slower than the previous period (55.9%).
The declining of non-oil & gas exports was also reflected from the export performance to several major countries of destination, such as Japan (decreased by 9.9%, q.t.q) and Singapore (decreased by 0.8%, q.t.q). On annual basis, however, export performance to major countries of destination still recorded a positive growth in line with the improving economic condition in Europe, Asia and America.
Table 3
Exports to Major Destination Countries
The annual growth of exports was in line with the prediction of improving economic activities in major countries of destination during the reporting period compared to previous year.
Table 4
GDP Growth (%, yoy) of
Several Non-Oil and Gas Export Destination Countries
Several commodities supporting the performance of non-oil and gas exports in this period were: rubber, coal, textile and textile products and machinery & mechanic. The increased exports of those commodities were partly supported by price factor (rubber, coal and
1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 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 Q.3 Q.4 Q.1
2007 2008 2009* 2010**
million USD million USD
Exports Imports Non Oil & Gas Trade Balance (RHS)
Q4 Q1 Q4 Q1 Q4 Q1
Agriculture
Value 11.6 12.9 16.9 5.4 6.3 52.2
Volume 2.4 2.0 9.9 -18.4 12.9 25.5
Mining
Value 27.7 27.8 12.4 -4.2 55.9 50.1
Volume 83.5 87.6 15.3 2.8 53.2 89.9
Manufacturing
Value 59.6 58.3 13.6 -6.6 7.6 29.1
Volume 14.1 10.5 16.7 -27.6 14.3 -1.6
Total
Value 100.0 100.0 13.8 -4.6 17.5 35.5
Volume 100.0 100.0 15.3 -2.0 45.0 71.5 % Share % Growth % Growth
(q.t.q) (y.o.y)
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
Uni Eropa 3,881 14.0 1.5 28.3
Jepang 3,242 11.7 -9.9 27.3
Cina 3,022 10.9 4.9 116.1
Amerika Serikat 2,990 10.8 3.6 26.2
Singapura 2,400 8.6 -0.8 11.4
Lainnya 12276 44.1 -9.3 35.8
Total 27,811 100.0 -4.6 35.5
Q.I-2010
Singapore ‐9.5 ‐3.3 0.6 5.1 8.9
Japan ‐8.6 ‐6.0 ‐4.7 ‐1.2 2.6
China 6.1 7.9 8.9 10.4 11.1
USA ‐3.3 ‐3.8 ‐2.6 0.1 2.5
Euro Zone ‐5.0 ‐4.8 ‐4.1 ‐1.7 0.7
Source: Consensus Forecast *) provisional figures
2009 2010
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machinery and mechanical appliances) and volume (textile and textile products).
Table 5
Export Growth of Major Non-Oil and Gas Commodities
Rubber
Rubber exports in Q1/2010 reached USD1.5 billion or grew by 44.5% from the preceding period. The increase of rubber export value was contributed by the rise of rubber price by 21.6%.
Rubber price in Q1/2010 reached USD346.1 cent/kg, higher than USD284.7 cent/kg in Q4/2009. The rise in rubber price was supported by the increasing rubber demand in line with the recovery of world automotive industries. This increasing demand was also reflected from export volume that grew by 8.5% from the previous period. The rise in price was also triggered by the limited rubber supply due to the high rainfall in the producing countries (Indonesia, Malaysia and Thailand).
Chart 3 World Rubber Price
On annual basis, rubber exports grew by 142.7% in contradiction with the preceding period (-0.6%, y.o.y). The main export destination were the United States (share of 24.4%), China (18.4%) and Japan (12.6%).
Table 6
Rubber Exports to Several Major Countries of Destination
Coal
Coal exports in Q1/2010 reached USD4.2 billion or grew by 4.0% from the previous quarter. The performance of coal exports was supported by the rise in coal price during the reporting period. The coal price reached USD95.2/MTon or rose by 22.6% from the previous period (USD77.7 M/Ton). This condition was in line with the strengthening world oil price that ultimately pushed other commodity prices went up.
Chart 4 World Coal Price
On the other side, demand of coal also showed an increase as reflected from the growth of exports volume by 2.8% (q.t.q) from the preceding period. The demand
Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1
Rubber 4.2 3.0 0.5 0.5 26.4 44.5 ‐6.8 8.5 ‐0.6 142.7 8.9 20.4
Copper 3.4 7.7 0.7 0.7 23.7‐10.5 13.3 ‐9.7 215.6 50.2 141.8 ‐1.7
Coal 12.6 12.4 69.2 72.7 8.1 4.0 11.7 2.8 29.0 64.6 50.3 124.5
CPO 11.7 8.2 0.1 0.0 29.6‐35.6 26.1‐42.1 20.9 34.3 12.6 ‐6.5
Chemical Product 6.0 6.0 2.4 1.9 17.6 ‐2.0 22.3‐22.4 28.7 52.4 49.0 21.0
Electrical Appl. 10.3 9.8 0.2 0.2 4.2 ‐4.0 9.3 ‐3.4 16.2 41.7 20.3 43.6
Paper 4.3 4.7 1.7 1.6 19.8 ‐2.9 15.5 ‐8.3 15.9 24.0 13.3 ‐4.0
Mach. & Mechanic 8.7 7.5 0.3 0.3 11.5 7.2 52.0 ‐6.5 ‐24.9 13.5 ‐45.6 1.2
Nickel 1.5 1.0 3.5 4.1‐15.2‐57.8 11.5 14.5 16.8‐13.0 127.6 273.3
Textile & Tex. Prod 9.3 10.9 0.5 0.5 ‐0.8 8.1 7.4 4.1 6.0 18.7 24.3 23.5
Share (%) % Growth (q.t.q) % Growth (y.o.y)
Value Volume Value Volume Value Volume
0 50 100 150 200 250 300 350 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
c/kg
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
USA 362 24.4 42.7 149.9
China 273 18.4 101.6 71.0
Japan 187 12.6 23.9 110.9
European Union 179 12.0 49.4 331.5
Singapore 81 5.4 40.9 243.6
Others 405 27.3 29.8 162.3
Total 1,486 100.0 44.5 142.7
Q.I-2010 0 20 40 60 80 100 120 140 160 180
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
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for Indonesia’s coal mainly came from China (share 28.1%), Japan (15.4%) and South Korea (13.3%). On annual basis, coal exports jumped from 29% (y.o.y) in Q4/2009 to 64.6% (y.o.y) in the reporting period.
Table 7
Coal Exports to Several Major Countries of Destination
Textile and Textile Product
Textile and Textile Product (TTP) exports started to show a positive growth. In Q1/2010, TTP exports reached USD2.6 billion or grew by 8.1% from the preceding period. This growth was sustained by the export volume increased by 4.1% (q.t.q). The improving economic condition of developed countries was presumed sustaining the performance of TTP exports, as reflected in the exports to the United States and European Union with market shares of 38.9% and 16.5% respectively.
Table 8
Exports of TTP to Several Major Countries of Destination
The improved TTP export performance was also shown on its annual growth which rose from 6.0% (y.o.y) in Q4/2009 to 18.7% (y.o.y) in the reporting quarter.
Machinery and Mechanical Appliances
Exports of machinery & mechanical appliances in Q1/2010 reached USD1.7 billion, grew by 7.2% from the preceding period (USD1.6 billion). The main export destinations were Singapore, Thailand and European Union, with market shares of 33.7%, 12.3% and 9.3% respectively.
Table 9
Exports of Machinery and Mechanic to Several Major Countries of Destination
Machinery and mechanical appliances exports showed a significant improvement compared to the same period in the previous year. In Q1/2010, machinery and mechanical appliances exports climbed by 13.5% (y.o.y) in contradiction with the preceding period (-24%, y.o.y).
Meanwhile, despite the positive annual growth, several major commodities experienced slowing performance on quarterly basis such as: copper, CPO, chemical products, electronic and paper. The decreased export performance of those commodities due to seasonal factor.
Copper
In Q1/2010, copper exports reached USD2.4 billion or decreased by 10.5% from the previous quarter. The declining was triggered by the diminish of export volume by 9.7% as related to declining exports to several importing countries such as South Korea and Japan with a downturn of 41.4% (q.t.q) and 21.1% (q.t.q) respectively.
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
USA 1,176 28.1 12.3 1185.1
European Union 644 15.4 24.6 35.8
Japan 557 13.3 14.4 82.2
South Korea 496 11.9 10.3 -8.2
China 338 8.1 -22.1 0.6
Others 969 23.2 -10.6 22.3
Total 4,179 100.0 4.0 64.6
Q.I-2010
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
USA 1,029 38.9 14.2 16.7
European Union 435 16.5 -1.7 5.8
Japan 144 5.4 5.2 26.1
South Korea 107 4.1 13.8 63.4
China 63 2.4 11.9 47.5
Others 867 32.8 6.2 21.5
Total 2,646 100.0 8.1 18.7
Q.I-2010
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
Singapore 587 33.7 24.2 12.4
Thailand 214 12.3 3.8 99.7
European Union 161 9.3 68.8 115.5
Japan 147 8.5 21.4 24.2
Malaysia 119 6.8 13.0 -8.9
Others 510 29.3 -17.9 -11.9
Total 1,738 100.0 7.2 13.5
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Table 10
Copper Exports to Several Major Countries of Destination
On annual basis, however, copper exports still posted a positive growth albeit in lower magnitude than the preceding period, from 215.6% (y.o.y) in Q4/2009 to 50.2% (y.o.y) in the reporting period.
Chart 5 World Copper Price
The copper price rose by 8.8% to USD7,232/MTon compared to USD6,648/MTon in the preceding quarter. The increasing price was contributed by the rising demand from Asia, mainly from China. Although China’s consumption on copper this year is projected to reach 39% of total world copper consumption (about 18 million tons), China had not been included as major destination countries for Indonesia copper exports. China utilizes copper to back the construction industry, energy infrastructure development and other industrial activities.
CPO
After reaching its peak in September-October last year, in line with the CPO production cycle, the production of CPO in the beginning of the year became lower. As a result, the value of exports of CPO also decreased 35.6% (q.t.q) to USD2.3 billion from the previous period (USD3.5 billion). Nevertheless, compared to the same period in the previous year, CPO exports continued to improve, with growth in Q1/2010 reached 34.3% (y.o.y), higher than the previous period (20.9%, y.o.y).
The weakening exports performance in the reporting period compared to previous periods occurred in almost all major destination countries, such as India, European Union, and China. Besides the declining in CPO production as cyclical factor, the decrease of CPO exports to the European region was related to the negative campaign on Indonesian CPO regarding the issues of land clearing and environmental degradation.
Table 11
CPO Exports to Major Countries of Destination
Although the export volume decreased
compared to the previous quarter, CPO price rose by 10.3% (q.t.q) which sustained the downturn of export value. In this period, CPO price elevated to USD808/Mton from USD732/Mton in Q4/2009,
driven by increased demand from India and China. CPO consumption in both countries was estimated to reach 7.3 million tons (India) and 750 thousand tons (China). Currently, Indonesia has controlled
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
Japan 693 29.3 -21.1 40.3
European Union 367 15.5 151.8 36.0
South Korea 348 14.7 -41.4 93.6
India 249 10.5 13.3 58.7
Malaysia 230 9.7 20.9 331.2
Others 477 20.2 -22.1 13.5
Total 2,363 100.0 -10.5 50.2
Q.I-2010
3,000 4,000 5,000 6,000 7,000 8,000 9,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
USD/MTon
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
India 716 31.5 -34.4 17.0
European Union 451 19.8 -32.8 50.2
China 246 10.8 -40.9 -10.6
Malaysia 168 7.4 -44.5 257.3
Singapore 144 6.3 17.2 158.2
Others 546 24.0 -40.7 36.3
Total 2,271 100.0 -35.6 34.3
(18)
83% CPO’s market in India, while in China, Indonesia ranks the second supplier after Malaysia with a share of 31.5%.
Chart 6 World CPO Price Chemical Products
In Q1/2010, export of chemical products reached USD1.9 billion or contracted by 2.0% (q.t.q.), primarily as a result of declining export volume (-22.4%, q.t.q). The down sliding exports occurred mainly to Malaysia and European Union. On annual basis, however, the exports performance of chemical products still improved and grew by 52.4% (y.o.y) in Q1/2010 higher than the preceding period (28.7%, y.o.y).
Exports performance of chemical products and products containing chemical materials to European Union (EU) was slightly hampered by the implementation of REACH (Registration, Evaluation, and Authorization of Chemicals) by the European Union. REACH was the new regulation on the safe use of chemical materials. REACH was gradually applied since June 2007 until year 2018. Currently, REACH is still in the stage of registration and each product entering EU countries shall be accompanied by reports that contain data of raw material composition of the products, mainly related to any chemical content. This report is then registered to the ECHA (European Chemicals Agency).
Table 12
Exports of Chemical Products to Major Countries of Destination
Electrical Appliances
Exports of electronic products in Q1/2010 reached USD2.9 billion or dropped by 4.0% from the previous quarter. The decreased exports value was in line with the declining volume of 3.4%.
The decline in export was mainly to Japan (down
15.9%), United States (-12.2%) and Hong Kong (-7.1%). The competition from China diminished
Indonesian’s portion of electronic exports. On an annual basis, however, the performance of electronic exports still grew 41.7% (y.o.y), higher than the previous quarter (16.2%, y.o.y).
Table 13
Electronic Exports to Major Countries of Destination
Paper
Paper exports in Q1/2010 reached USD1.2 billion or dropped by 2.9% from the previous quarter. Although paper prices in the international market increased, the value of exports declined due to the decreased volume of 8.3% (q.t.q), as the result of lower supply of raw materials. Raw materials that had to be 0
200 400 600 800 1,000 1,200 1,400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
USD/MTon Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
China 316 16.7 21.7 107.4
Japan 158 8.4 17.7 69.0
European Union 184 9.7 -2.0 56.0
Malaysia 136 7.2 -3.9 21.3
Singapore 130 6.9 11.6 89.2
Others 965 51.1 -11.3 38.9
Total 1,889 100.0 -2.0 52.4
Q.I-2010
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
Singapore 646 22.6 1.4 33.4
European Union 418 14.6 -6.8 56.4
Japan 336 11.8 -15.9 31.7
USA 324 11.3 -12.2 20.7
Hongkong 135 4.7 -7.1 106.1
Others 998 34.9 2.1 47.8
Total 2,857 100.0 -4.0 41.7
(19)
imported was conifer, a sort of wood with long and sharp leaves, used as raw materials of pulp. Although paper exports declined compared to previous period (q.t.q), but compared to the same period in the previous year, the export performance recorded positive growth (24.0%, y.o.y), higher than the preceding period (15.9%,y.o.y).
Paper exports in this period was mainly intended to China (share 14.5%), Japan (11.4%) and South Korea (6.8%).
Table 14
Paper Exports to Major Countries of Destination
1.2. Non-Oil and Gas Imports
In Q1/2010, non-oil & gas imports reached USD22.0 billion (f.o.b), higher than USD20.8 billion (f.o.b) in the preceding quarter. The increase of non oil and gas imports was also reflected in the annual growth that jumped from -8.4 % (y.o.y) in Q4/2009 to 44.5% (y.o.y) in the reporting period which was driven by rising domestic demand.
Chart 7
Economic Growth and Non-Oil and Gas Imports
Imports of consumption goods increased by 25.9% (q.t.q), followed by imports of raw material which also rose by 6.7% (q.t.q). Meanwhile, imports of capital goods fell 0.9% from the preceding period.
Table 15
Imports of Non-Oil and Gas Based on Types of Goods (C&F)
Most of the imported goods were from Asian region such as China, Japan, and Singapore. The other countries of origin of Indonesian imports were the United States and the European Union.
Table 16
Imports of Non-Oil and Gas Based on Major Countries of Origin (C&F)
Imports of Consumption Goods
In Q1/2010, imports of consumption goods posted USD2.1 billion or grew by 25.9% compared to the preceding quarter. Consumer goods that mostly imported were semi-durable goods, processed foods & beverages for household, milk and dairy products, motor vehicles and non-industrial transport equipment.
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
China 174 14.5 -10.9 4.3
Japan 137 11.4 1.3 18.1
South Korea 82 6.8 1.1 127.5
Malaysia 81 6.7 26.2 42.2
USA 60 5.0 -24.9 20.5
Others 667 55.5 -2.1 22.9
Total 1,202 100.0 -2.9 24.0
Q.I-2010 -40 -30 -20 -10 0 10 20 30 40 50 4.0 4.5 5.0 5.5 6.0 6.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1*
2008 2009* 2010
Gross Domestic Product Non Oil & Gas Growth (y.o.y) - RHS
%, y.o.y %, y.o.y
Sumber: DSM dan DKM
Q4 Q1 Q4 Q1 Q4 Q1
Consumption Goods
Value 7.3 8.6 -7.7 25.9 -14.6 65.7
Volume 4.5 7.8 -3.3 72.8 8.0 78.7
Raw Material
Value 66.3 66.9 10.2 6.7 -9.3 52.2
Volume 91.0 88.7 8.6 -2.5 21.3 66.7
Capital Goods
Value 25.4 23.7 13.2 -0.9 -5.3 22.1
Volume 4.5 3.5 27.8 -23.8 13.9 -6.7
Total
Value 100.0 100.0 9.5 5.8 -8.4 44.5
Volume 100.0 100.0 8.7 -0.1 20.3 63.1
% Share % Growth % Growth (q.t.q) (y.o.y)
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
China 4,101 17.2 3.2 48.9
Japan 3,509 14.7 22.1 65.6
Singapore 2,777 11.6 14.0 26.5
USA 2,227 9.3 1.3 39.1
European Union 2,033 8.5 -12.4 7.2
Others 9249 38.7 5.4 55.0
Total 23,896 100.0 5.8 44.5
(20)
On annual basis, imports of consumption goods grew significantly from -14.6% (y.o.y) in Q4/2009 to 65.7% (y.o.y) in the reporting period. Imports of consumption goods were mainly from Thailand (share 29.0%), China (21.0%), and Japan (9.5%). Types of commodity imported from China were foods, beverages and shoes.
Table 17
Imports of Consumption Goods Based on Major Countries of Origin (C&F)
Imports of Raw Materials
Imports of raw materials in Q1/2010 reached USD16.0 billion (C&F), grew by 6.7% compared to the previous period. The strengthening in imports of raw materials was presumed in line with the increase in production activities in manufacturing sector during the reporting period. Compared to the same period in the previous year, imports of raw materials grew rapidly from -9.3% (y.o.y) in Q4/2009 to 52.2% (y.o.y).
Primary imported raw materials was hydrocarbon which was chemical raw materials for pharmaceutical industry. These raw materials have yet to be produced domestically and imported from abroad. Besides hydrocarbon chemicals, other imported raw materials in Q1/2010 were spare-parts and accessories. Imports of
raw materials were mainly from Japan (share 14.8%), China (12.8%) and Singapore (12.4%).
Table 18
Imports of Raw Material Based on Major Coutries of Origin (C&F)
Imports of Capital Goods
Imports of capital goods in Q1/2010 reached USD5.7 billion (C&F) or fell 0.9% from the preceding period. Types of imported capital goods in this period were telecommunications equipment, aircraft and equipment, motor vehicles for transportation industry and electronic machinery & apparatus. The increasing activities in communication technology and transportation, as well as growth in the commercial aviation industry in Indonesia encouraged imports of these capital goods. Most capital goods were imported from China (share 25.3%), Japan (15.3%) and the United States (14.3%).
Although lower than the previous period, but capital goods imports on an annual basis increased significantly. The growth of capital goods imports amounted to 22.1% (y.o.y), in contrast to the previous quarter at -5.3% (y.o.y). The increase in imports was in line with improving production and investment activities in the country.
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
Thailand 597 29.0 70.2 240.2
China 432 21.0 14.9 39.2
Japan 195 9.5 28.0 136.3
Singapore 182 8.9 63.1 135.3
Australia 159 7.7 9.3 27.8
Others 495 24.0 -1.2 4.6
Total 2,061 100.0 25.9 65.7
Q.I-2010
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
Japan 2,372 14.8 24.3 72.7
China 2,049 12.8 -3.5 55.7
Singapore 1,979 12.4 36.2 36.6
USA 1,226 7.7 7.7 51.0
European Union 1,049 6.6 0.8 26.9
Others 7,310 45.7 0.0 54.6
Total 15,986 100.0 6.7 52.2
(21)
Table 19
Imports of Capital Goods Based on Major Countries of Origin (C&F)
2. Oil and Gas Trade Balance
In Q1/2010, oil and gas trade balance posted a USD2.1 billion surplus, lower than USD3.0 billion surplus recorded in Q4/2009. The improved of domestic economic activities in Q1/2010, as reflected from the economic growth of 5.7% (y.o.y), contributed to the increase of oil import. In the midst of declining oil export performance, this condition caused a higher deficit in oil trade balance. Meanwhile, the surplus of gas trade balance has also contracted due to the decrease in LNG export volume and the transfer of LPG production to fulfill the domestic demand. The higher demand on LPG related to the conversion program from fuel to LPG had led to a higher imports of LPG compared to Q4/2009.
2.1. Oil
Oil trade balance experienced a USD732 million deficit in Q1/2010, higher than deficit USD85 million in Q4/2009, mainly due to the increasing of oil import volume that was in line with the acceleration ofdomestic economic activities. The increasing of oil import volume was also driven by disturbance of domestic fuel supply due to the maintenance of the main refinery.
Table 20 Oil Trade Balance
Oil exports during the reporting period was recorded USD3.5 billion or contracted by 7.4% compared to the preceding quarter. This was mainly due to the decrease of crude oil exports from USD2.7 billion to USD2.5 billion. Indonesian crude oil export destinations were mainly Australia, Japan, United State and Korea.
Oil imports was recorded USD4.2 billion, higher than the preceding quarter (USD3.6 billion). This increase, both for crude oil and refinery products, was presumed to fulfill domestic oil demand as the implication of the escalating domestic activities. The increasing of oil import was also driven by interference of domestic fuel supply due to the refinery maintenance activities. The upturn of oil import was also contributed by the increase of oil prices. In line with world oil price movement, the average of import oil price¹ during the reporting period rose from USD77.4/barrel to USD79.5/barrel.
Similar to the previous periods, crude oil import was used as intake to several refineries such as Cilacap, Balikpapan and Balongan, being the main refineries of oil domestic supply. Crude oil for refinery intake were mainly originated from Saudi Arabia (Arab Light Crude), Sudan (Nile Blend) and crude oil from Brunei, China and Malaysia.
Country Value % Share % Growth % Growth
(mill. USD) q.t.q y.o.y
China 1,436 25.3 8.7 46.3
Japan 870 15.3 15.4 53.5
USA 813 14.3 -8.7 28.6
Singapore 498 8.8 -35.7 -10.0
Thailand 411 7.2 21.8 208.5
Others 1,644 29.0 -0.2 -7.6
Total 5,672 100.0 -0.9 22.1
Q.I-2010
Exports 3,556 47 3,459 43
Crude Oil 2,699 37 73.0 2,459 33 75.1
Refinery Products 856 10 86.3 1,000 11 93.5
Imports 3,640 47 0.0 4,190 53 0.0
Crude Oil 1,438 20 73.0 1,540 22 71.4
Refinery Products 2,202 27 80.6 2,651 31 85.1
Oil Trade Balance ‐85 ‐732
Sources: BPMigas & PT Pertamina (Processed)
2010 Q1 Value (mill. USD) Volume (mbbl) Price (USD/barel) Value (mill. USD) Volume (mbbl) Price (USD/barel) 2009 Q4 Details
(22)
Table 21
Demand and Supply of World Oil
The increasing of world oil price was reflected from the movement of crude oil price of OPEC basket and WTI with an average rise from respectively USD74.3/barrel and USD76.1/barrel to USD75.5/barrel and USD78.7/barrel. Several economic variables in various countries indicates the world economic recovery became the main contributing factor that pushed upward trend of world oil price movement, even though there was a Greek debt crises along that period. Based on OPEC report, oil demand in Q1/2010 was lower than the preceding period. However, demand was still increased compared to the same period in the previous year. By assuming that OPEC still provides oil in accordance with the volume of Q4/2009, the increasing demand indicated that there would be a deficit in the world oil balance. This condition was confirmed that oil price movement was triggered by the expectation of improving economic growth.
Chart 8 World Oil Prices
In the reporting period, the average Indonesian oil production reached 0.955 million barrel per day (mbpd), higher than the production of the previous quarter (0.951 mbpd). This condition was driven,
among others, by the implementation of steps in optimizing production with the objective of
sustaining natural declining in old wells which experiencing 12% drop every year. Despite the increase in the reporting period, this production, however, was still lower than the target stated in the revised 2010 government budget or APBN-P 2010 (0.965 mbpd).
On the other hand, fuel consumption during the reporting period decreased to 82.8 million barrel or lower than Q4/2009 (89.7 million barrel). The fall in fuel consumption during Q1/2010 was driven by the decrease in use by industrial, household and transportation sectors. The condition pertaining to the first two sectors, industrial and household, was presumed due to the policy of fuel conversion to LPG/gas. Fuel consumption by electrical sector (PLN) was still high due to, among others, the limited gas supply for domestic market.
Chart 9 Fuel Consumption
2.2. Gas
Gas trade balance, as the main support of oil and gas trade balance, recorded a USD2.8 billion surplus, lower than USD3.1 billion surplus in Q4/2009. Based on 2010
Q1 Q2 Q3 Q4 Q1
Oil Demand
Northern America 25.5 24.2 23.5 22.9 23.2 23.4 23.6
China 7.6 8.0 7.6 8.4 8.6 8.3 8.1
Western Europe 15.3 15.3 14.9 14.2 14.6 14.8 14.5
Others 37.6 38.2 38.0 37.7 38.3 39.0 38.5
Total Oil Demand 86.0 85.7 84.0 83.2 84.7 85.5 84.7 Oil Supply
OPEC 30.2 31.2 28.5 28.5 28.9 29.0 0.0
Non OPEC 54.5 54.5 55.2 55.0 55.4 56.0 56.1
Total Oil Supply 84.7 85.7 83.8 83.5 84.3 85.0 n.a Netto Demand ‐ Supply ‐1.4 0.0 ‐0.4 0.3 ‐0.4 ‐0.5 n.a
Source: OPEC Oil Monthly Report ‐ Januari 2010 Details
(in mbpd) 2007 2008
2009 30 40 50 60 70 80 90 100 110 120 130 140
Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar
2008 2009 2010
USD/barel
SLC
Indonesia's Export Price WTI
OPEC
Source: OPEC, Ditjen Migas
0.0 20.0 40.0 60.0 80.0 100.0 120.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1*
2008 2009 2010
Series5 Series4 Series3 Series2 Series1 Million Kilo Litre
(23)
its components, LNG and natural gas export still made the biggest contribution in reaching gas trade balance performance. Meanwhile, the declining surplus was influenced by the decreasing LNG export volume (seasonal factor) and the transfer of LPG export production in order to fulfill domestic LPG demand.
All cargo of LNG and natural gas products was exported in fulfillment of the current contract. Exported LNG during the reporting period was recorded USD2.2 billion, lower than the previous quarter amounting to USD2.3 billion. This decrease was pertaining to the declining export volume from 301 million mmbtu to 277 million mmbtu while natural gas posted a slight increase from 78 million mbtu (USD824 million) in Q4/2009 to 84 million mbtu (USD853 million). Domestic demand for LPG grew as the implication of household fuel conversion program from kerosene to LPG. In response to this program, there was no LPG export in Q1/2010.
Table 22 Gas Trade Balance
3. Services Account
The deficit on services account in Q1/2010 reached USD3.6 billion, lower than the deficit in the preceding quarter (deficit of USD4.6 billion). The decreased deficit was among others triggered by the improved surplus of travel services pertaining to the decrease of Indonesian travelers abroad, which had soared in the previous quarter related to hajj pilgrimage season. Meanwhile, in line with the increase of domestic economic activities,
the transportation expenses related to imported goods rose during the reporting period. The improved domestic economic activities also raised the deficit of construction and financial services.
Chart 10 Services Account
In contradiction with the deficit of USD41 million in Q4/2009, tourism sector (travel services) recorded a USD364 million surplus. Travel expenses fell from USD1.7 billion to USD1.3 billion due to the absence of foreign exchange expenses for hajj pilgrimage in the reporting period. Meanwhile, foreign exchange revenue from international travelers visiting Indonesia declined to USD1.6 billion compared to the previous quarter (USD1.7 billion).
Chart 11 Travel Services
The number of international travelers visiting Indonesia (inbound traveler) in Q1/2010 reached 1,642 thousand people, slightly lower than 1,726 thousand Exports
LNG 2,326 301 7.8 2,169 277 7.8
LPG 48 88 545.5 ‐ ‐ ‐
Natural Gas 824 78 10.5 853 84 10.1
Trade Balance 3,091 2,812
Exports 3,198 3,022
Imports 107 210
* LNG and Natural gas in million mmbtu, LPG in thousand Metric Ton ** LNG and Natural Gas in USD/million mmbtu, LPG in USD/thousand Metric Ton Source: BPMIGAS
2009 Details Value (million USD) Tw. IV Volume* 2010 Tw. I Value
(million USD) Volume* Price** Price** -5000 -4000 -3000 -2000 -1000 0 1000
Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1
2007 2008 2009* 2010*
Transportation Travel Other services Services, net million USD
-1,000.00 -800.00 -600.00 -400.00 -200.00 0.00 200.00 400.00 600.00 800.00
J F M AM J J A S O N D J F M AM J J A S O N D J F M AM J J A S O N D J F M
2007 2008 2009 2010
Inflows (million USD) Outflows (million USD) Trav. Balance (million USD) mill. USD
(24)
people in Q4/2009 but still better than the same period in the previous year (1,464 thousand people). Several international tourism events organized by Ministry of Culture and Tourism contributed to the inflow of inbound travelers to Indonesia. Several
examples of international events are Strait Regata, international water sport competition in Batam, Borneo International Kite Festival in Balikpapan in February with the participation of 15 countries and The Java Jazz Festival in Jakarta in March involving 65 international musicians.
Unlike the previous quarter, majority inbound traveler are from Malaysia (share of 16.2%), Singapore (14.8%) and Australia (10.4%). Bali was still the favorite destination of international travelers visiting Indonesia (share of 34.8%), followed by Jakarta (26.2%) and Batam (15.0%).
The number of Indonesian people going abroad in Q1/2010 also dropped from 1,673 thousand people to 1,486 thousand people. The significant downturn was related to the absence of hajj pilgrimage season. The drop was followed by the decrease of foreign exchange expenses from USD1,742 million to USD1,253 million.
Asia-Oceania countries remained the main destination of Indonesian travelers, such as Singapore (share of 31.5%), Malaysia (27.5%), Australia (8.4%) and Thailand (5.0%). For North American region, the US (3.6%) was still the main destination of Indonesian travelers.
In Q1/2010, transportation services recorded a USD2,931 million deficit, slightly higher than in Q4/2009 (deficit of USD2,848 million). This increased deficit was mainly triggered by the expanding foreign exchange expenses for freight services related to the rise of imports. The effort in minimizing this deficit through the empowerment of national shipping industry (cabotage) was still restrained by several issues such as lack of domestic banking support for fleet procurement, especially related to the obligation of
providing additional collateral (such as in the form of land or house certificate) amounting to as high as 60%
of the total loan. .
Other business services in the reporting period recorded a lower deficit (deficit of USD0.4 billion) than the preceding period (deficit of USD1.0 billion). This declining deficit was mainly driven by the lowering rental expenses of heavy equipment and transportation equipment. As in the previous years, transportation and mining companies generally settled their payments with foreign partners for the operational leasing of heavy/transportation equipment at the end of every years.
4. Income Account
The income account in Q1/2010 posted a USD4.0 billion deficit, lower than USD4.6 billion deficit in the preceding quarter. The declining deficit was mainly triggered by the decrease of dividend payments of direct investment and interest payments of other investment. This was despite of the increase of interest payments of portfolio investment. In the mean time, net transaction pursuant to compensation of employees, generated from the difference between salaries of Indonesian labor working abroad for period less than one year and salaries of foreigners working in Indonesia with the same duration, during the reporting period was relatively stable.
Chart 12 Income Account -5,000
-4,500 -4,000 -3,500 -3,000 -2,500 -2,000 -1,500 -1,000 -500 0
Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1
2007 2008 2009* 2010*
Income, net Inv. Income DI Income PI Income OI Income
(25)
The income from direct investment posted a USD2.6 billion deficit, lower than USD2.7 billion in the preceding quarter. The drop in deficit was mainly triggered by the decrease of profit transfer of oil and gas companies to USD1.3 billion from USD1.4 billion in the previous period. This condition was related to the payment schedule of profit transfer that was generally implemented during the last quarter of the year.
Income from other investment also recorded a declining deficit, reaching USD0.4 billion from
USD0.9 billion previously. This was due to
interest payment schedule of government loan which was generally lower in Q1 and Q3. In the same period, the lowering corporate interest payment in line with the declining position of foreign debt in the preceding quarter had decreased the deficit of other investment income.
On the other hand, the income from portfolio investment posted a USD809 million deficit in Q1/2010, higher than USD790 million in the preceding quarter. The rise in deficit was mainly triggered by the increase of interest payment of domestic bonds owned by non-residents.
In line with the growth of foreign ownership on government bonds denominated in Rupiah (SUN) and Bank Indonesia Certificate (SBI), the payment of SUN coupons in Q1/2010 increase to USD784 million compared to USD427 million in the preceding period, and the payment of SBI interest to non-residents also increased from USD90 million to USD122 million.
5. Current Transfers
In Q1/2010, the current transfer posted a USD1.2 billion surplus slightly lower than USD1.3 billion in the previous quarter. This lowering surplus was contributed by the declining of remittance inflows from Indonesian working abroad, and after taking into account the
remittance outflows of foreigners working in Indonesia. The other related factor was the drop of non-investment grant received by the government from donor institutions during the reporting period.
Chart 13 Workers’ Remittances
In the reporting period, revenues from remittances of Indonesian working abroad reached USD1,650 million, lower than USD1,707 million in the previous quarter. This decreased inflows of remittances was presumed related to the diminishing number of Indonesian workers abroad since mid 2009 up to the reporting period. Likewise, outflows from remittances of foreign workers in Indonesia slightly declined from USD445 million to USD441 million.
In the mean time, the total inflows related to non-investment grants reached USD52 million in the reporting quarter, lower than USD61 million in 4/2009. Most of the grants were received by Non-Government Organization (NGO) managed by private sector. Grants received by private sector during this quarter were, among others, the aid from German government amounting to Euro7.5 million (around USD10 million) to the Indonesian Forest Ecosystem Conservation Foundation (KEHI) for the safety and protection of tropical rain forest in Sumatera and an amount of USD65 thousand from Japanese government to the Faculty of Letters of Dr. Soetomo University related to
-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 Q.3 Q.4 Q.1
2007 2008 2009* 2010*
Indonesian Worker (inflow) Foreign Worker (outflow) worker remittance, net million USD
(26)
the supply of language laboratory equipment. During the same period, the government also received a USD182 thousand grant from the Japanese government
destinated for the regional government of East Java for the school renovation in Jombang, Mojokerto
and Sidoarjo.
Table 23 Non Investment Grant
(Million USD) Non Investment Grant
(Current Transfers) Q.1. Q.2. Q.3. Q.4. Q.1.
Total 73 31 40 61 52
Government 4 14 20 52 3
Private 69 17 20 9 49
Source: Financial Department
(1)
45
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 18.841 100,0 -27,0 20.622 100,0 -24,3 22.579 100,0 -8,4 23.896 100,0 44,5 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 1.474 7,8 -37,5 1.773 8,6 -34,8 1.637 7,3 -14,6 2.061 8,6 65,7
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 12,2 234 1,2 2,0 256 1,2 3,5 219 1,0 47,9 241 1,0 -4,8 122 - 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 -35,1 323 1,7 -39,5 353 1,7 -36,7 379 1,7 1,6 617 2,6 100,9 510 - 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 -62,4 95 0,5 -26,9 144 0,6 75,2 176 0,7 454,6 522 - 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 88 0,5 -16,3 200 1,0 125,5 76 0,3 1,7 105 0,4 42,4 610 - 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 -47,4 207 1,1 -43,1 260 1,3 -11,9 213 0,9 5,1 297 1,2 114,5 620 - 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 -62,6 225 1,2 -63,0 248 1,2 -75,8 275 1,2 -59,1 267 1,1 58,5 630 - 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 -32,2 312 1,7 -14,0 296 1,4 -19,2 317 1,4 -1,0 305 1,3 26,4 700 - 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 31 0,2 175,9 64 0,3 508,1 15 0,1 -66,3 51 0,2 80,2
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 12.142 64,4 -34,6 13.589 65,9 -27,3 14.978 66,3 -9,3 15.986 66,9 52,2
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 -28,1 772 4,1 -19,1 674 3,3 -11,7 636 2,8 -16,3 772 3,2 34,4 121 - 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 -15,8 453 2,4 63,6 378 1,8 32,2 495 2,2 99,5 380 1,6 74,9 210 - 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 -54,6 697 3,7 -48,2 755 3,7 -44,4 929 4,1 -15,8 847 3,5 76,8 220 - 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 6.816 36,2 -36,7 7.812 37,9 -29,2 8.629 38,2 -7,1 9.262 38,8 57,9 310 - 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 5 0,0 -10,9 5 0,0 -47,5 5 0,0 -71,9 5 0,0 -5,1 322 - 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 -42,3 36 0,2 -49,1 56 0,2 27,9 38 0,2 72,6 420 - 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 2.524 13,4 -28,7 2.947 14,3 -18,5 3.096 13,7 -5,5 3.187 13,3 36,6 530 - 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 -34,2 844 4,5 -47,6 982 4,8 -36,8 1.132 5,0 -36,3 1.496 6,3 47,8
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 5.086 27,0 7,2 5.058 24,5 -10,0 5.724 25,4 -5,3 5.672 23,7 22,1
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 3.088 16,4 -19,3 3.459 16,8 -17,0 3.705 16,4 -13,6 4.036 16,9 35,8 510 - 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 -62,4 95 0,5 -26,9 144 0,6 75,2 176 0,7 454,6 521 - 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 1.943 10,3 152,3 1.503 7,3 13,5 1.875 8,3 12,2 1.460 6,1 -11,1
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 -8,5 138 0,7 -14,3 201 1,0 -4,7 240 1,1 50,0 178 0,7 29,2
* Provisional figures
Q1 Value Share
(%) Growth
(%)
Commodities Q2
Value Share (%)
Growth (%) Q1
Value Share (%)
Growth (%)
Q3 Value Share
(%) Growth
(%) Value Share
(%) Growth
(%) 2008
Q2 Q3
Value Share (%)
Growth (%) Value
Share (%)
Growth (%)
Q4
2009
Q4 Value Share
(%) Growth
(%)
2010* Q1 Value Share
(%) Growth
(%)
Table 2.4
NON OIL AND GAS IMPORTS VALUE BY BROAD ECONOMIC CATEGORIES (BEC)
(2)
46
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 14.025 100,0 -20,1 15.373 100,0 -7,9 16.716 100,0 20,3 16.704 100,0 63
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 -34,6 757 5,4 -28,9 780 5,1 -27,9 754 4,5 8,1 1.304 7,8 79
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 3,2 338 2,4 3,0 326 2,1 -12,9 288 1,7 41,7 314 1,9 -19 122 - 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 -56,8 213 1,5 -53,1 242 1,6 -42,8 262 1,6 -5,1 772 4,6 261 510 - 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 -58,0 10 0,1 -27,7 15 0,1 69,1 18 0,1 430 522 - 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 26 0,2 24,9 18 0,1 -3,7 15 0,1 27,8 18 0,1 86 610 - 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 43 0,3 -42,1 43 0,3 -33,1 46 0,3 12,2 47 0,3 52 620 - 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 67 0,5 -33,1 76 0,5 -35,8 73 0,4 -21,3 61 0,4 35 630 - 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 52 0,4 -28,9 51 0,3 -24,6 54 0,3 -7,4 74 0,4 83 700 - 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 12 0,1 2.278,6 13 0,1 2.556,0 0 0,0 -91,6 2 0,0 197
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 12.684 90,4 -19,9 14.000 91,1 -6,1 15.203 91,0 21,3 14.823 88,7 67
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 1.965 14,0 13,1 1.701 11,1 25,9 1.643 9,8 17,1 1.762 10,5 56 121 - 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 -3,3 978 7,0 211,2 716 4,7 90,0 820 4,9 125,2 589 3,5 78 210 - 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 2.915 20,8 -20,8 3.294 21,4 -8,4 3.833 22,9 23,2 3.544 21,2 75 220 - 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 6.482 46,2 -31,2 7.903 51,4 -11,5 8.425 50,4 20,3 8.472 50,7 67 310 - 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 22 0,2 -8,5 15 0,1 -60,6 12 0,1 -74,8 19 0,1 10 322 - 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 -43,2 32 0,2 -31,1 53 0,3 81,9 28 0,2 39 420 - 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 -43,4 188 1,3 -52,0 214 1,4 -32,7 264 1,6 -29,5 238 1,4 27 530 - 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 -51,8 126 0,8 -51,1 152 0,9 -24,6 171 1,0 74
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 -6,8 584 4,2 -10,7 593 3,9 -15,0 759 4,5 13,8 578 3,5 -7
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 -30,3 322 2,3 -31,0 344 2,2 -29,3 366 2,2 -27,2 360 2,2 10 510 - 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 -58,0 10 0,1 -27,7 15 0,1 69,1 18 0,1 430 521 - 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 57,6 256 1,8 48,0 239 1,6 20,9 378 2,3 143,6 200 1,2 -31
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 0 0,0 0,0 0 0,0 0,0 0 0,0 0
* Provisional figures
2009 2010*
Q1 Vol Share
(%) Growt
h (%) Q4
Vol Share (%)
Growt h (%) Growt
h (%) Vol Share
(%) Growt
h (%) Q2
2008
Q1 Vol Share
(%) Growt h (%) Q1
Vol Commodities
Share (%)
Growt h (%)
Q3 Vol Share
(%)
Q3 Vol Share
(%) Growth
(%) Q4
Vol Share (%)
Growth (%)
Q2 Vol Share
(%) Growth
(%)
Table 2.5
NON OIL AND GAS IMPORTS VOLUME BY BROAD ECONOMIC CATEGORIES (BEC)
(3)
47
TOTAL 23.225 100,0 41,2 25.819 100,0 44,1 27.250 100,0 44,7 24.637 100,0 32,0 16.533 100,0 -28,8 18.841 100,0 -27,0 20.622 100,0 -24,3 22.579 100,0 -8,4 23.896 100,0 44,5
AFRICA 166 0,7 9,6 281 1,1 71,3 360 1,3 80,1 356 1,4 144,1 97 0,6 -41,8 132 0,7 -53,1 204 1,0 -43,4 243 1,1 -31,9 223 0,9 130,8
AMERICA 2.757 11,9 59,8 3.284 12,7 70,3 3.372 12,4 57,3 3.159 12,8 34,8 2.222 13,4 -19,4 2.650 14,1 -19,3 2.691 13,0 -20,2 3.059 13,5 -3,2 2.988 12,5 34,5
U S A 1.721 7,4 44,9 2.127 8,2 57,1 2.243 8,2 66,4 2.057 8,3 30,5 1.601 9,7 -7,0 1.624 8,6 -23,6 1.650 8,0 -26,4 2.199 9,7 6,9 2.227 9,3 39,1 Western Hemesphere 584 2,5 102,2 545 2,1 75,6 577 2,1 18,8 675 2,7 52,2 284 1,7 -51,4 555 2,9 1,9 738 3,6 27,8 561 2,5 -16,9 444 1,9 56,6 Canada 424 1,8 84,6 571 2,2 131,4 507 1,9 75,3 359 1,5 17,5 270 1,6 -36,3 276 1,5 -51,6 256 1,2 -49,5 252 1,1 -29,7 268 1,1 -1,0 Others 28 0,1 44,9 42 0,2 136,5 45 0,2 124,2 68 0,3 292,9 67 0,4 134,6 195 1,0 360,2 47 0,2 4,5 47 0,2 -31,2 49 0,2 -27,0
ASIA 16.092 69,3 43,9 17.435 67,5 42,6 18.463 67,8 46,1 16.276 66,1 30,9 11.096 67,1 -31,0 12.600 66,9 -27,7 13.994 67,9 -24,2 15.201 67,3 -6,6 16.901 70,7 52,3 ASEAN 5.681 24,5 25,1 5.992 23,2 26,4 6.442 23,6 32,4 5.154 20,9 3,7 3.859 23,3 -32,1 4.466 23,7 -25,5 5.075 24,6 -21,2 5.112 22,6 -0,8 5.954 24,9 54,3
- Brunei Darussalam 3 0,0 1.863,4 6 0,0 128,2 0 0,0 477,4 7 0,0 467,5 1 0,0 -68,0 1 0,0 -89,4 0 0,0 -7,2 0 0,0 -94,6 1 0,0 -18,1 - Malaysia 952 4,1 35,8 1.024 4,0 47,4 1.125 4,1 47,5 1.096 4,5 47,5 655 4,0 -31,3 824 4,4 -19,5 851 4,1 -24,3 946 4,2 -13,7 1.042 4,4 59,2 - Philipina 182 0,8 48,0 214 0,8 67,7 169 0,6 18,1 266 1,1 91,2 84 0,5 -54,2 124 0,7 -42,0 185 0,9 9,6 159 0,7 -40,0 136 0,6 62,7 - Singapore 2.893 12,5 15,8 3.011 11,7 15,4 3.215 11,8 21,5 2.429 9,9 -11,8 2.196 13,3 -24,1 2.342 12,4 -22,2 2.644 12,8 -17,8 2.436 10,8 0,3 2.777 11,6 26,5 - Thailand 1.525 6,6 46,5 1.591 6,2 43,4 1.750 6,4 51,1 1.104 4,5 -5,8 817 4,9 -46,4 1.058 5,6 -33,5 1.279 6,2 -26,9 1.380 6,1 25,0 1.775 7,4 117,3 - Vietnam 118 0,5 -27,7 134 0,5 -28,6 174 0,6 16,3 212 0,9 36,2 92 0,6 -22,3 100 0,5 -25,2 110 0,5 -36,9 184 0,8 -13,1 210 0,9 128,2 - Myanmar 7 0,0 -40,6 12 0,0 15,7 9 0,0 95,5 20 0,1 280,0 9 0,1 23,9 13 0,1 6,4 4 0,0 -53,9 1 0,0 -96,2 10 0,0 12,6 - Cambodia 0 0,0 -53,9 1 0,0 92,1 1 0,0 22,6 14 0,1 3.580,5 1 0,0 151,6 1 0,0 -0,8 1 0,0 24,2 1 0,0 -95,1 0 0,0 -58,7
ASIA EXCL.ASEAN 10.410 44,8 56,8 11.443 44,3 52,8 12.021 44,1 54,7 11.121 45,1 49,0 7.237 43,8 -30,5 8.134 43,2 -28,9 8.919 43,3 -25,8 10.089 44,7 -9,3 10.948 45,8 51,3
- Hongkong 643 2,8 43,7 637 2,5 29,4 609 2,2 34,2 495 2,0 -5,3 302 1,8 -52,9 387 2,1 -39,2 400 1,9 -34,3 408 1,8 -17,6 307 1,3 1,5 - India 655 2,8 53,3 712 2,8 45,0 712 2,6 95,6 1.262 5,1 173,8 399 2,4 -39,1 516 2,7 -27,5 549 2,7 -22,9 633 2,8 -49,8 615 2,6 54,0 - Iraq 0 0,0 359,0 0 0,0 180,9 0 0,0 -99,7 30 0,1 24.305,9 0 0,0 240,8 0 0,0 194,1 0 0,0 48.283,8 0 0,0 -99,2 0 0,0 -42,1 - Japan 3.538 15,2 56,0 3.578 13,9 57,3 3.532 13,0 46,4 3.947 16,0 63,4 2.119 12,8 -40,1 2.253 12,0 -37,0 2.507 12,2 -29,0 2.874 12,7 -27,2 3.509 14,7 65,6 - South Korea 1.121 4,8 36,1 1.354 5,2 30,4 1.320 4,8 22,5 1.018 4,1 23,9 749 4,5 -33,2 951 5,0 -29,7 961 4,7 -27,2 1.105 4,9 8,6 1.197 5,0 59,9 - Pakistan 13 0,1 -26,4 24 0,1 1,4 13 0,0 -2,3 45 0,2 263,3 10 0,1 -22,9 10 0,1 -57,3 17 0,1 35,4 26 0,1 -41,5 17 0,1 77,6 - China 3.263 14,1 64,7 3.800 14,7 61,0 4.504 16,5 73,7 3.623 14,7 50,5 2.755 16,7 -15,6 3.111 16,5 -18,1 3.525 17,1 -21,7 3.974 17,6 9,7 4.101 17,2 48,9 - Saudi Arabia 139 0,6 83,0 160 0,6 149,9 172 0,6 51,4 174 0,7 76,8 86 0,5 -38,5 118 0,6 -26,3 130 0,6 -24,5 127 0,6 -27,2 154 0,6 79,8 - Taiwan 670 2,9 47,0 754 2,9 31,5 706 2,6 18,7 628 2,5 15,1 422 2,6 -37,0 473 2,5 -37,3 482 2,3 -31,7 596 2,6 -5,1 635 2,7 50,4 - Others 368 1,6 155,4 424 1,6 148,6 454 1,7 204,3 820 3,3 364,7 395 2,4 7,4 314 1,7 -26,0 347 1,7 -23,6 344 1,5 -58,0 413 1,7 4,4
AUSTRALIA & OCEANIA 1.117 4,8 34,2 1.277 4,9 35,2 1.419 5,2 51,2 935 3,8 6,9 783 4,7 -29,9 1.032 5,5 -19,2 1.158 5,6 -18,4 1.141 5,1 22,0 1.102 4,6 40,8
EUROPE 3.093 13,3 20,8 3.542 13,7 33,9 3.635 13,3 24,4 3.912 15,9 36,1 2.336 14,1 -24,5 2.427 12,9 -31,5 2.576 12,5 -29,1 2.935 13,0 -25,0 2.681 11,2 14,8 EUROPEAN COMMUNITY 2.382 10,3 8,3 2.655 10,3 20,1 2.824 10,4 13,0 3.352 13,6 36,6 1.897 11,5 -20,4 2.190 11,6 -17,5 2.170 10,5 -23,2 2.320 10,3 -30,8 2.033 8,5 7,2
- Belgium 115 0,5 55,3 156 0,6 52,7 200 0,7 78,9 185 0,8 95,1 97 0,6 -16,0 106 0,6 -31,8 114 0,6 -43,2 121 0,5 -34,6 115 0,5 19,4 - France 364 1,6 64,5 246 1,0 -43,6 303 1,1 -33,6 752 3,1 45,4 297 1,8 -18,3 413 2,2 67,7 457 2,2 50,7 472 2,1 -37,2 206 0,9 -30,6 - Germany 753 3,2 8,6 814 3,2 33,9 926 3,4 34,8 598 2,4 -6,5 519 3,1 -31,0 556 2,9 -31,7 618 3,0 -33,3 651 2,9 8,9 656 2,7 26,2 - Italy 238 1,0 60,9 296 1,1 63,6 265 1,0 30,6 316 1,3 41,4 183 1,1 -23,0 184 1,0 -38,0 166 0,8 -37,4 207 0,9 -34,3 210 0,9 14,5 - Netherlands 156 0,7 26,8 160 0,6 -3,9 174 0,6 23,6 580 2,4 208,7 128 0,8 -17,9 111 0,6 -30,7 141 0,7 -19,0 169 0,7 -70,8 157 0,7 22,8 - United Kingdom 217 0,9 5,1 232 0,9 28,0 280 1,0 56,8 294 1,2 33,6 185 1,1 -14,5 209 1,1 -9,9 153 0,7 -45,6 189 0,8 -35,6 191 0,8 2,9 - Others 539 2,3 -26,4 751 2,9 40,0 676 2,5 -6,5 627 2,5 9,7 487 2,9 -9,8 611 3,2 -18,6 522 2,5 -22,7 510 2,3 -18,7 497 2,1 2,2 Russia 243 1,0 129,8 383 1,5 155,2 283 1,0 157,5 249 1,0 222,4 118 0,7 -51,5 61 0,3 -84,2 125 0,6 -55,6 253 1,1 1,6 256 1,1 116,4 Others 467 2,0 83,6 504 2,0 77,4 528 1,9 69,7 311 1,3 -9,0 321 1,9 -31,3 176 0,9 -65,0 281 1,4 -46,8 362 1,6 16,4 393 1,6 22,3
* Provisional figures
Q4 Value Growth (%) Value Share (%) Value Q3 Growth (%) Share (%) 2008 Q1 COUNTRY Share (%) Growth (%) Q2 Value Q2 Value Share (%) Growth (%) Q1 Value Share (%) Growth (%) Q3 Value Share (%) Growth (%) 2009 Q4 Value Share (%) Growth (%) Share (%) Growth (%) 2010* Q1 Value Share (%) Growth (%)
Table 2.6
NON OIL AND GAS IMPORTS VALUE BY COUNTRY OF ORIGIN
(C&F, millions of USD)
(4)
48
Table 3.1
TRAVEL INFLOWS
Grow th
Grow th
Period
Main Gates
Other Gates
y.o.y
y.t.d
(number of people)
(number of people)
(% )
(% )
(1)
(2)
(3)
(4) = (2)+ (3)
(5)
(6)
(7)
2004
4.541.165
779.941
5.321.106
4.798
18,8
18,8
2005
4.074.354
927.747
5.002.101
4.522
-5,8
-5,8
Q1
1.003.616
215.625
1.219.241
1.102
0,8
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
-1,6
Q1
871.817
204.589
1.076.406
983
-10,8
-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
20,2
Q1
1.001.697
213.289
1.214.986
1.180
20,0
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
7.377
38,0
38,0
Q1
1.190.102
260.861
1.450.963
1.663
41,0
41,0
Q2
1.264.023
273.231
1.537.254
1.771
31,7
36,0
Q3
1.397.827
329.773
1.727.600
1.975
37,9
36,7
Q4
1.385.519
327.691
1.713.210
1.969
41,6
38,0
2009
5.756.050
695.716
6.451.766
6.317
-14,4
-14,4
Q1
1.309.381
154.904
1.464.285
1.409
-15,3
-15,3
Q2
1.430.543
159.608
1.590.151
1.558
-12,0
-13,6
Q3
1.506.690
164.162
1.670.852
1.650
-16,5
-14,6
Q4
1.509.435
217.043
1.726.478
1.701
-13,6
-14,4
2010*
Q1
1.509.164
132.952
1.642.116
1.617
14,7
14,7
* Provisional figures
(number of people)
(I n millions of USD)
(5)
49
Table 3.2
TRAVEL OUTFLOWS
Hajj Hajj
Growth
Growth
Period
Main Gates
Other Gates
Pilgrimage Total1) Pilgrimage Value1) y.o.y y.t.d(number of people) (number of people) (number of people) (number of people) (In millions of USD) (In millions of USD) (%) (%)
(1)
(2)
(3)
(4)
(5) = (2)+(3)
(6)
(7)
(8)
(9)
2004
3.736.436
101.061
204.945
3.837.497
452
3.507
13,8
14
2005
4.106.225
105.288
267.501
4.211.513
511
3.584
2,2
2
Q1
948.509
24.321
205.382
972.830
394
992
-6,3
-6
Q2
991.334
25.419
0
1.016.753
0
792
14,5
2
Q3
1.024.447
26.268
0
1.050.715
0
819
-1,9
1
Q4
1.141.935
29.280
62.119
1.171.215
117
981
6,5
2
2006
4.261.998
705.405
207.064
4.967.403
466
4.030
12,4
12
Q1
953.983
198.417
144.945
1.152.400
272
1.026
3,4
3
Q2
1.081.620
192.710
0
1.274.330
0
954
20,4
11
Q3
1.082.682
162.702
0
1.245.384
0
932
13,8
12
Q4
1.143.713
151.576
62.119
1.295.289
194
1.118
14,0
12
2007
4.593.183
563.859
209.319
5.157.042
515
4.903
21,7
22
Q1
1.055.961
169.520
104.660
1.225.481
195
1.188
15,8
16
Q2
1.103.889
142.136
0
1.246.025
0
1.106
15,9
16
Q3
1.146.177
127.774
0
1.273.951
0
1.130
21,2
18
Q4
1.287.156
124.429
104.660
1.411.585
320
1.479
32,3
22
2008
4.718.290
604.102
259.564
5.322.391
516
5.634
14,9
15
Q1
1.077.171
176.301
41.864
1.253.472
80
1.390
17,0
17
Q2
1.167.747
150.088
0
1.317.835
0
1.330
20,3
19
Q3
1.193.452
138.353
0
1.331.805
0
1.357
20,1
19
Q4
1.279.920
139.360
217.700
1.419.280
436
1.557
5,3
15
2009
4.969.835
764.583
207.753
5.734.419
506
5.165
-8,3
-8
Q1
1.026.173
165.796
0
1.191.969
0
1.005
-27,7
-28
Q2
1.201.882
171.603
0
1.373.485
0
1.158
-13,0
-20
Q3
1.304.510
190.976
0
1.495.486
0
1.261
-7,1
-10
Q4
1.437.271
236.208
207.753
1.673.478
506
1.742
11,9
-8
2010*
Q1
1.316.174
169.753
0
1.485.927
0
1.253
24,7
25
1) I ncluding hajj pilgrimage
(6)
50
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 Q.3 Q.4 Q.1
A. Private Sector 1
1 Bonds 192 270 225 351 361 200 185 250 298 249 254 287 186
2 Medium Term Notes 285 289 293 267 300 367 361 231 228 230 228 239 238
3 Floating Rate Notes - - -
-4 Commercial Papers 16 16 16 14 15 19 15 19 19 19 19 19 19
5 Promissory Notes 1.474 1.445 1.538 1.490 1.524 1.488 1.618 1.410 1.412 1.410 1.421 1.414 1.417
Total 1.966 2.020 2.071 2.123 2.200 2.075 2.180 1.910 1.957 1.908 1.922 1.958 1.861
B. Public Sector
1 Govt. Bond (Rp. Denomination)/SUN 6.978 9.033 8.711 8.298 8.760 10.200 11.171 8.001 6.897 8.524 9.630 11.489 14.532
2 Govt. Bond (Foreign Exch. Denomination) 6.370 6.370 6.370 6.370 8.320 10.446 10.446 10.446 1.366 13.964 14.354 14.343 16.199
3 SBI 2.127 4.201 4.436 2.971 3.330 3.643 2.157 772 1.428 2.025 3.772 4.700 6.927
Total 15.475 19.604 19.517 17.639 20.410 24.289 23.774 19.218 9.691 24.513 27.756 30.532 37.658
1 Source : Custodian Bank
* Provisional figures
2010* 2009
2007 2008