August 2009

kang

INDONESIAS BALANCE OF PAYMENTS REPORT

SECOND QUARTER 2009

Contact Address Balance of Payments Bureau Directorate of Economic and Monetary Statistics Bank Indonesia th Sjafruddin Prawiranegara Tower, 16 Floor Jl. M.H. Thamrin No. 2 Jakarta 10350 Phone : (021) 3817088 Fax : (021) 3800134 E-mail : BNP@bi.go.id Website : www.bi.go.id

August 2009

INDONESIAS BALANCE OF PAYMENTS REPORT

SECOND QUARTER 2009

LIST OF CONTENTS
RINGKASAN 1

SUMMARY

INDONESIAS BALANCE OF PAYMENTS IN Q2/2009 AND ITS CONTRIBUTING FACTORS CURRENT ACCOUNT 1. Non-Oil and Gas Trade Balance 1.1. 1.2. 2. Non-Oil and Gas Exports Non-Oil and Gas Imports

7 8 14 16 16 17 18 19 20

Oil and Gas Trade Balance 2.1. 2.2. Oil Gas

3. 4. 5.

Services Account Income Account Current Transfers

CAPITAL AND FINANCIAL ACCOUNT 1. 2. Capital Account Financial Account 2.1. 2.2. Public Sector Private Sector 21 21 22 26 31 33

RESERVE ASSETS INDICATORS OF EXTERNAL SUSTAINABILITY BOX :

Issuance of SBSN or State Sukuk in Foreign Currency

35

LIST OF TABLES
Page
Table 1 Indonesias Balance of Payments and Several Economic Indicators in Q2/2009 Table 2 Major Non-Oil and Gas Commodities Exported to Major Countries of Destination Table 3 Coal Export Value to Major Countries of Destination 9 Table 15 8 Table 14 5 Table 13 Major Non-Oil and Gas Commodities Imported from Major Countries of Origin Import Value of Raw Materials Based on Country of Origin (C&F) Import Value of Consumption Goods Based on Country of Origin (C&F) Table 4 Machinery & Mechanical Appliances Export Value to Major Countries of Destination Table 5 Electronics Export Value to Several Major Countries of Destination Table 6 Value of Rubber Exports to Several Major Countries of Destination Table 7 Value of Shrimp Exports to Several Major Countries of Destination Table 8 Copper Export Value to Several Major Countries of Destination Table 9 Nickel Export Value to Several Major Countries of Destination Table 10 TTP Export Value to Several Major Countries of Destination Table 11 Export Value of Chemical Product to Several Major Countries of Destination Table 12 CPO Export Value to Several Major Countries of Destination 14 Table 24 Indicator of External Sustainability 33 13 Table 23 Investment Grant 21 12 Table 22 Non-Investment Grant 20 12 Table 21 Indonesias Gas Reserves (billion cubic feet) 18 11 Table 20 Exports of LNG, LPG, and Natural Gas 17 11 Table 19 Demand and Supply of World Oil 16 10 Table 18 Oil Exports and Imports 16 10 Table 17 9 Table 16 Import Value of Capital Goods Based on Country of Origin (C&F) Growth of 15 Major Import Commodities 15 15 15 15

Page
14

LIST OF CHARTS
Page
Chart 1 Chart 2 Current Account Non-Oil and Gas Trade Balance 7 8 Chart 10 Chart 11 World CPO Price Shares of Non-Oil and Gas Imports Based on Major Countries of Origin Chart 3 Shares of Non-Oil and Gas Exports Based on Major Countries of Destination Chart 4 Chart 5 Chart 6 Chart 7 Chart 8 Chart 9 Coal Unit Price World Rubber Price World Shrimp Price World Copper Price World Nickel Price Volume Of Textile and Textile Product (TTP) Exports to Several Major Countries of Destination 9 10 11 11 12 12 Chart 13 Chart 14 Chart 15 Chart 16 Chart 17 Chart 18 Oil Consumption Services Account Travel Services Income Account Workers Remittances Capital and Financial Account by Type of Investment 17 18 19 19 20 21 8 Chart 12 World Oil Prices 17

Page
13 14

LIST OF CHARTS
Page
Chart 19 Chart 20 Chart 21 Chart 22 Capital and Financial Account by Sector Financial Account of Public Sector Yield of Indonesian Global Bond and US T-Note BI Rate and Fed Rate 22 22 23 24 Chart 29 Chart 30 Chart 31 Chart 32 Government Foreign Loan Position Financial Account of Private Sector Direct Investment in Indonesia Foreign Direct Investment Inflows in Oil and Gas Sector Chart 23 SUN & SBI Owned by Foreign Investors 24 Chart 33 Net Foreign Direct Investment in Non-Oil and Gas Sector Based on Country Chart 24 Disbursement and Repayment of Government Loan 24 Chart 34 Net Foreign Direct Investment in Non-Oil and Gas By Sector Chart 25 Chart 26 Chart 27 Chart 28 Program Loan Disbursement Project Loan Disbursement Loan Position by Major Creditor Countries Loan Position by Type of Major Currencies 25 25 26 26 Chart 35 Chart 36 Chart 37 Chart 38 Foreign Transactions in IDX and IHSG Debt Securities Issued by Private Sector Loan Disbursement of Private Sector Reserve Assets 28 29 29 31 28 27

Page
26 27 27 27

SUMMARY

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.

INDONESIAS BALANCE OF PAYMENTS IN Q2/2009 AND ITS CONTRIBUTING FACTORS

Indonesias 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 Indonesias 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 Indonesiasuch as the US, Japan, and the European Unionwere 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 worlds 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 worlds 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.

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.

Table 1 Indonesias Balance of Payments and Several Economic Indicators in Q2/2009

COMPONENTS
WORLDECONOMICINDICATORS EconomicGrowth UnitedStatesofAmerica Japan EuropeanUnion Singapore China WorldPriceCommodity CrudeOil(OPEC) Coal Copper CPO Rubber InternationalInterestRates UnitedStatesofAmerica Japan EuropeanUnion Singapore China Inflation UnitedStatesofAmerica Japan EuropeanUnion Singapore China DOMESTICECONOMICINDICATORS GDP CPIInflation ExchangeRates AveragePriceofCrudeOilExport OilProduction FuelConsumption GasExport(LNG) GasExportAveragePrice(LNG) BIRate1) INDONESIANBALANCEOFPAYMENTS CurrentAccount CapitalandFinancialAccount Total NetErrorsandOmissions OverallBalance ForeignExchangeReserves
millionUSD millionUSD millionUSD millionUSD millionUSD millionUSD (y.o.y,%) (y.o.y,%) (Rp/USD) USD/barel millionbarrelsperday millionbarrelsperyear mbtu USD/mbtu %

UNIT

2007

2008
Q1 Q2 Q3 Q4 Q1

2009
Q2

% % % % %

2.0 2.4 2.7 7.8 13.0

2.5 1.3 2.2 6.7 10.6

2.1 0.6 1.5 2.5 10.1

0.7 0.3 0.6 0.0 9.0

0.8 4.3 1.4 4.2 6.8

3.3 8.7 4.6 9.5 6.1

3.9 6.4 5.0 3.5 7.9

USD/barrels USD/metricton USD/metricton USD/ton centUSD/kg % % % % % % % % % %

69.1 66 7,118 780 248 5.1 0.5 3.9 2.7 6.8 4.1 0.7 3.1 4.4 6.5

92.5 114 7,796 1,156 293 3.2 0.6 4.0 1.5 7.5 4.0 1.2 3.6 6.7 8.3

117.5 139 8,443 1,198 312 2.1 0.5 4.0 1.3 7.5 5.0 2.0 4.0 7.5 7.1

113.8 163 7,680 928 329 2.0 0.5 4.3 1.4 7.4 4.9 2.2 3.6 6.5 4.6

53.1 93 3,905 512 203 1.1 0.3 3.2 1.0 5.9 0.1 1.1 1.6 5.4 1.0

42.9 72 3,428 577 166 0,000,25 0.1 1.8 0.7 5.3 0.4 0.3 0.6 1.6 1.2

58.7 66 4,663 743 187 0,000,25 0.1 1.1 0.7 5.3 1.4 1.8 0.1 0.5 1.7

6.3 6.6 9,136 70.1 0.952 382.8 1,080 9.0 8.6

6.2 7.1 9,260 93.4 0.977 95.4 284 11.5 8.0

6.4 11.0 9,264 119.3 0.981 99.0 253 12.8 8.3

6.4 12.1 9,219 113.4 0.982 100.8 259 14.3 9.0

5.2 11.1 11,023 48.0 0.967 86.3 272 8.8 9.4

4.4 7.9 11,630 41.8 0.962 80.7 257 5.5 8.3

4.0 3.7 10,531 56.9 0.941 84.9 228 6.5 7.3

10,493 3,591 14,085 1,370 12,715 56,920

2,817 1,430 1,387 355 1,032 58,987

957 2,512 1,556 232 1,324 59,453

891 904 14 103 89 57,108

684 3,340 4,024 188 4,212 51,639

2,885 1,750 4,634 680 3,955 54,840

3,104 2,414 690 362 1,052 57,576

Source:CEIC,IMF,WorldBank,BankIndonesia,andothersources average endmonthpositionoftherelevantquarter *)temporarydatafromForecastConsensusAugust2009

CURRENT ACCOUNT
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.
million USD 9,000 7,000 5,000 3,000 1,000 -1,000 -3,000 -5,000 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

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
2007 2008*
Trade Balance Current Trans.

2009**
Current Account

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

Services

Income

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 naturalbased commodities with low import content. In the

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.

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

juta USD 38,000 33,000 28,000 23,000 18,000 13,000 8,000 3,000 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

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

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

18.00 15.00 12.00 9.00 6.00 3.00 0.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 Export Import

2008*

2009** Trade Balance (RA)

Chart 2 Non-Oil and Gas Trade Balance

2007 Sg Jpn EU

2008 USA

2009* India

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

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

Despite sustaining a negative annual growth, nonoil and gas exports showed a slowing rate of decline which was contributed as well by the improved export performance of most of major commodities.

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

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)
United States of America Commodity Clothing Telecommunication Device Fish and Shrimp Coffee, Tea, Cocoa, and Spice Share Japan Commodity Share European Union Commodity Share China Commodity Share India Commodity Share 3.4 2.4 0.9 0.2

3.4 Metal Ore & scrub 1.0 Coal, Coke and Briquettes 0.8 Non-Iron Metals 0.6 Electronic Machines

1.6 Clothing 1.5 Vegetable Fats and Oils 1.0 Footwear 0.7 Telecommunication Device

1.5 Vegetable Fats and Oils 1.4 Coal, Coke and Briquettes 1.0 Other Transportation Vehicles 0.7 Raw Rubber

2.0 Vegetable Fats and Oils 1.4 Coal, Coke and Briquettes 1.0 Metal Ore & scrub 1.0 Raw Rubber

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.
USD/MTon 90 80 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

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 Q2-2008 Q2-2009

2007

2008

2009

Chart 4 Coal Unit Price

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) Singapore China 457 44 268 1,338 2,107 21.7 2.1 12.7 63.5 100 972 271 190 790 2,223 43.7 12.2 8.5 35.5 100

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

Japan Others Total

Electronics Export of electronic products stood at USD2.4 billion or grew by 4.9% (y.o.y). It was improved

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 Quarter II-2008 Quarter II-2009

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

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) India Taiwan South Korea Japan Others Total 280 365 325 450 1,072 2,492 11.2 14.6 13.0 18.1 43.0 100 571 568 455 350 928 2,872 19.9 19.8 15.8 12.2 32.3 100

electronics exports were Singapore (24.4%), the US (13.7%), and the European Union (11.5%).

Table 5 Electronics Export Value to Several Major Countries of Destination

Period Q2-2008 Q2-2009 Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) Singapore United States of America European Union Japan Others Total 730 193 186 367 839 2,315 31.5 8.3 8.0 15.9 36.2 100 547 308 259 229 1,085 2,428 22.5 12.7 10.7 9.4 44.7 100

c/kg 350 300 250 200 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007

2008

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
Period

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
Q2-2008 Q2-2009

standardization as a strategy in facing the free trade era.

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) China United States of America Japan 207 460 280 703 1,650 12.5 27.9 17.0 42.6 100 229 107 83 295 714 32.1 15.0 11.6 41.3 100

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.

Others Total

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.

10

c/kg 1,150 1,100 1,050 1,000 950 900 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

USD/MTon 9,000 8,000 7,000 6,000 5,000 4,000 3,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007

2008

2009

2007

2008

2009

Chart 6 World Shrimp Price

Chart 7 World Copper Price

From demand side, copper exports were still 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 Q2-2008 Q2-2009
Period Q2-2008 Q2-2009 Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%)

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

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) Japan United Staes of America European Union Others Total 81 100 35 23 239 33.9 41.8 14.6 9.6 100 64 57 22 11 154 41.6 37.0 14.3 7.1 100
Japan

380 193 2 153 679 1,407

27.0 13.7 0.1 10.9 48.3 100

572 230 202 122 228 1,354

42.2 17.0 14.9 9.0 16.8 100

South Korea India Malaysia Others Total

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

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

USD4,663/MTon in Q2/2009 contracted by 44.8% from the previous year price (USD8,443/MTon).

(USD25,682/MTon).

11

USD/MTon 60,000 50,000 40,000

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.
thousand ton 120 100 80 60

30,000 20,000 10,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

40

2007

2008

2009

20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008
EU Japan

Chart 8 World Nickel Price

Q4

Q1

Q2

A discourse has currently been developed in nickel

USA

2007

2009

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 Q2-2008 Q2-2009 Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) Japan China South Korea Others Total 246 98 33 96 473 52.0 20.7 7.0 20.3 100 67 28 22 32 149 45.0 18.8 14.8 21.5 100

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 Q2-2008 Q2-2009 Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) United States of America European Union Japan Others Total 971 479 132 1,089 2,671 36.4 17.9 4.9 40.8 100 845 425 109 983 2,362 35.8 18.0 4.6 41.6 100

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

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,

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
12

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

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.
USD/MTon 1,400 1,200 1,000 800 600 400 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

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.

2007

2008

2009

Chart 10 World CPO Price

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 Q2-2008 Q2-2009

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

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) China Malaysia Japan Others Total 209 146 164 1,327 1,846 11.3 7.9 8.9 71.9 100 179 126 114 1,049 1,468 12.2 8.6 7.8 71.5 100

Crude Palm Oil (CPO)

CPO Export Value

13

to Several Major Countries of Destination

Period Q2-2008 Q2-2009

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

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) India China European Union Others Total 1,081 393 478 1,354 3,306 32.7 11.9 14.5 41.0 100 769 361 246 723 2,099 36.6 17.2 11.7 34.4 100

18 16 14 12 10

1.2.

Non-Oil and Gas Imports

In Q2/2009 imports of non-oil and gas rose to

8 6 4 2 0 Q1 Q2 Sg China EU Q3 Q4 Jpn USA

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

Q1

Q2

Q3

Q4

Q1

Q2

2007

2008

2009*

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.

telecommunication equipment from China, electronics 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)
China Commodity Telecommunication Device Electronic Machines Share Singapore Commodity Share 1.8 Vehicles 1.2 Iron and Steel 1.1 Public Industrial Machines 1.0 Certain Industrial Machines Japan Commodity Share European Union Commodity Share United States of America Commodity Share 1.9 0.8 0.6 0.5

2.4 Electronic Machines 1.5 Other Transportation Vehicles

2.1 Other Transportation Vehicles 1.3 Public Industrial Machines 1.2 Certain Industrial Machines 1.0 Electronic Machines

1.7 Other Transportation Vehicles 1.0 Nuts & Oil Seeds 0.7 Public Industrial Machines 0.5 Textile Fibers

yarn, fabrics, and textile produc 1.2 Paper Energy Generating Machine 1.2 Public Industrial Machines

14

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 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

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) China Singapore Japan Others Total 2,353 2,261 2,567 11,376 18,557 12.7 12.2 13.8 61.3 100 1,612 1,550 1,479 7,104 11,745 13.7 13.2 12.6 60.5 100

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 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
China European Union Singapore Others Total

Destination Country Value (Million USD) Share (%) Value (Million USD) Share (%) 814 639 579 2,710 4,742 17.2 13.5 12.2 57.1 100 784 632 582 2,411 4,409 17.8 14.3 13.2 54.7 100

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 China Thailand India Others Total 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

Value (Million USD) Share (%) Value (Million USD) Share (%) 629 480 75 441 1,625 38.7 29.5 4.6 27.1 100 645 263 132 585 1,625 39.7 16.2 8.1 36.0 100

import growth rate higher than Q1/2009 such as telecommunication equipment, processed steel

products, construction/civil engineering equipment, and electrical equipment.

Table 17 Growth of 15 Major Import Commodities

15

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

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.

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
2009 Details Export CrudeOil RefineryProducts Import CrudeOil RefineryProducts OilTradeBalance
Source:BPMigasandPTPertamina(processed)

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
Details 2007 (inmbpd )
Q2
Price (USD/barrel) Volume (mbbl) Value (millionUSD) Price (USD/barrel)

2008 Q1 24.8 8.0 15.2 38.7 86.7 31.2 55.0 86.3 0.4 Q2 24.5 8.2 14.9 37.8 85.4 31.2 55.0 86.3 0.9 Q3 23.7 8.1 15.4 37.8 85.0 31.5 54.2 85.7 0.8 Q4 24.1 7.7 15.3 38.1 85.2 30.3 54.9 85.2 0.0 Q1

2009 Q2 22.9 8.3 14.4 37.4 83.0 28.4 55.0 83.4 0.4

Q1
Volume (mbbl) Value (millionUSD)

41.2 31.5 9.8 39.6 18.7 20.9

1,817 1,328 490 1,973 744 1,228 155

42.2 50.1 39.8 58.7

41.5 31.6 9.9 40.1 17.3 22.8

2,405 1,775 630 2,337 857 1,480 69

56.2 63.9 49.4 65.0

OilDemand NorthAmerica China WestEurope Others TotalOilDemand OilSupply OPEC NonOPEC TotalOilSupply NettoDemandSupply
Source:OPEC

25.5 7.6 15.3 37.5 85.9 30.1 54.5 84.6 1.2

23.5 7.6 14.9 37.9 83.9 28.3 55.6 83.9 0.0

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 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.
1

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

The average import price of crude oil and refined products 16

USD/barel
140 SLC 130 120 110 100 90 80 70 60 50 40 30 J J A S 2007 O N D J F M A M J J A S O N D J F M A M J 2009 Export Price WTI OPEC

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
Details LNG Volume(mmbtu) Value(millionUSD) Price(USD/mmbtu) LPG Volume(000metricton) Value(millionUSD) Price(USD/MTon) NaturalGas Volume(mmbtu) Value(millionUSD) Price(USD/mmbtu) GasTradeBalance Export(millionUSD) Import(millionUSD)
Source:BPMigas
2008

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.
billionlitre 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Q1
Source : Pertamina Sumber: Pertamina

2007

2008 Q1 284 3,275 12 66 51 777 69 747 11 4,073 4,073 0 Q2 253 3,462 13 35 28 802 78 978 12 4,501 4,468 34 Q3 259 3,699 14 0 0 0 84 1,164 14 4,945 4,863 82 Q4 272 2,350 9 0 0 0 74 580 8 3,000 2,929 70 Q1

2009 Q2 228 1,483 6 0 0 0 77 565 7 2,048 2,048 0

1,080 9,723 9 337 210 605 293 2,443 8 12,407 12,376 31

257 1,417 5 0 0 0 78 441 6 1,926 1,858 67

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.

billionlitre 8.6 8.4 8.2 8.0 7.8 Household Industry Electricity Transportation(RHS) Q2 2008 Q3 Q4 Q1 2009 Q2 7.6 7.4 7.2

Gas exports still maintained its high potential due to Indonesias 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.

Chart 13 Oil Consumption

The average export price of LNG and natural gas 17

Table 21 Indonesias Gas Reserves (billion cubic feet)

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

empowerment
2008

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

2003

2004

2005

2006

2007

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

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%),

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.
million USD 1000 500 0 -500 -1000 -1500 -2000 -2500 -3000 -3500 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

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%

2007 Transportation Travel

2008* Other services

2009** Services, net

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

(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%).

18

thousand people 700 600 500 400 300 200 100 0 -100 -200 -300 -400 -500 -600 Inbound (thousand people) Trav. Balance (thousand people) Trav. Balance (million USD) RHS Outbound (thousand people) Inflows (million USD) RHS Outflows (million USD) RHS

million USD 800

claims

on

non-resident. by the

The

higher deficits

deficit on

was other

600

contributed

increased

400

investment income, portfolio investment income as well as direct investment income.

million USD 0 -1,000

200

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

-200

-400

-2,000
-600

-3,000 -4,000 -5,000 -6,000 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

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.

2007 Income, net PI Income

2008* Inv. Income OI Income

2009** DI Income

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.

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 residents liabilities to non-resident than residents

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

19

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.
million USD 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

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

2007 TKI Inflow TKA Outflow

2008*

2009**

worker remittance, net

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

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)

2008*
Q1 17 4 13 Q2 61 6 55 Q3 186 7 179 Q4 29 3 26

2009**
Q1 19 2 17 Q2 29 3 26

Total Public (Govt.) Private (NGO)

Source: Indonesian Ministry of Finance, United Nations

20

CAPITAL AND FINANCIAL ACCOUNT

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 non-bank placements in nonresident 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.
million USD 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 2007 Direct Investment Other Investment Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

housing, bridges, roads, schools, and others. The entire grants were provided in the framework of aids for natural disasters 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 OutputBased 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 (Ministry GPOBA of and Indonesian and

government Information).

Communication

Table 23 Investment Grant

(million USD)

Investment Grants
(Capital Transfer)

2008*
Q1 17 4 13 Q2 61 6 55 Q3 186 7 179 Q4 29 3 26

2009**
Q1 19 2 17 Q2 29 3 26

Total Public (Govt.) Private (NGO)

Source: Indonesian Ministry of Finance, United Nations

2008* Portfolio Investment Financial Account

2009**

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

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

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 governments foreign debt repayments. The slowing down of

21

domestic economic growth resulted on the low demand for foreign financing. The surplus on portfolio investment account in Q2/2009 was contributed by the issuance of

The ongoing inflows of portfolio investment in Q2/2009 were consistent with the increase in credit rating outlook by Moodys from stable to positive. Moodys underlined several contributing factors to this situation such as the strong prospect of economic growth, effective policy framework that mitigated the impact of economic turbulence and sustained economic resilience, internal political stability, improved credit fundamental as reflected in the falling external debt figures, positive trade balance, external financing sustainability as well as banking liquidity adequacy and adequate capital support. The purchases of public sector rupiah-

Government Sharia Securities (SBSN) or Government Sukuk in foreign currency. Moreover, there were renewed foreign investor interest in the rupiahrupiah-

denominated

securities,

especially

denominated Government Bonds, Bank Indonesia Certificates (SBIs), and domestic shares.
million USD 4,000 3,000 2,000 1,000 0 -1,000 -2,000 -3,000 -4,000 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

denominated securities (SBI and SUN) by foreign investors recorded net surplus during the reporting period. Foreign investment transactions on SBI posted a net surplus of USD420 million, lower than the net surplus of the preceding period (USD700 million). SUN transactions by foreign investors also recorded a net surplus of USD743 million, in contrast with the net deficit occurred in the preceding period (USD 809 million).
million USD 5000

2007 Public sector Private sector

2008*

2009**

Capital & financial account

Chart 19 Capital and Financial Account by Sector

2.1 Public Sector

Public sectors financial account recorded a USD0.3 billion deficit during Q2/2009, in contrast with a USD2.8 billion surplus in the preceding quarter. The deficit was as a result of public other investment deficit that was exceeded the surplus of public portfolio investment. Although posted a lower surplus than the preceding period (USD2.8 billion), portfolio investment of public sector during the reporting period still managed to record a surplus of USD1.8 billion. This surplus was resulted from the increase in foreign investment inflows through the purchase of rupiahdenominated government bonds (SUN) and Certificate of Bank Indonesia (SBI) as well as the issuance of government Sukuk in foreign currency.

4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

2007 Portfolio Investment

2008* Other Investment

2009** Financial Account

Chart 20 Financial Account of Public Sector

The strengthened portfolio investment transactions by foreign investors were inseparable from the improving condition of global financial sector. Liquidity squeeze continued to ease supported by liquidity injection following the quantitative easing policy implemented by several central banks. Liquidity injection

22

performed by the central banks such as the Fed, the BOE, the BOJ, and the ECB was successful to ease credit market squeeze as reflected by a decline of the spread between Libor and Overnight Index Swap (OIS) to the level before Lehman Brothers bankruptcy. The financial sector improvement was also shown by the Feds stress test result concluding that the US banking relatively sustain to financial turbulence. This was reflected by the additional capital required to improve banks condition which were not as high as previously forecasted. Several banks even planned to return the TARP (Troubled Asset Relief Program) fund sooner and were able to manage the required capital adequacy ratio without negatively affecting the financial market. The improved world financial situation also influenced the domestic financial market. This was indicated by the drop of SUN yield in all types of tenor (drop by 215 bps in average) to 9.8% compared to 12% at the end of the preceding period. However, for the long-term tenor, above 15 years, SUN yield was still high due to high risk perception. Nevertheless, a furthered falls in SUN yield was halted due to market players profit taking and another weakening in global financial market at the end of the reporting quarter. The foreign investors renewed interest in SUN during the reporting period was inseparable from several external factors namely: (i) market optimism on global economic recovery, (ii) SBN yield offered was still higher than US T-Bond, (iii) the descending trend of CDS, and (iv) rupiah appreciation. While from domestic side the supporting factors were: (i) a good prospect of economic growth, (ii) low inflation rate that generates a more attractive SBN yield, (iii) expectation of the

ongoing BI Rate downturn, (iv) the fiscal sustainability that was relatively prolonged in the midst of regained world oil prices, as well as (v) maintained post election domestic stability. Consequently, the risks of widening external funding gap subsided. Similar to the preceding quarter, foreign financial institutions were still the largest non-resident investors and had a strong role as market maker. Nevertheless, risks of foreign investment flow reversal still need to be observed pursuant to the unsustainable decline of global risk.
%
18 16 14 12 10 8 6 4 2 0

Jul

Feb

Feb

Mar

Mar

Apr

Sep

Aug

Apr

May

May

Jan

Jan

Jun

Nov

2008 Yield of Indonesia's Global Bond

2009 Yield of US T Note

Chart 21 Yield of Indonesias Global Bond and US T-Note

With this development, the amount of SUN owned by foreign investors at the end of reporting period increased to USD8.5 billion from USD6.8 billion in Q1/2009. At the same time, SBI transactions by foreign investor in Q2/2009 recorded a net surplus. One of the contributing factors was the high SBI interest rate. Up to the end of reporting period, BI Rate, being the reference of SBI rate, was sustained at the level of 7%, lower than the preceding period (7.75%) but higher than the Fed Fund rate that almost reached 0%.

Dec

Jun

Oct

23

% 10 9 8 7 6 5 4 3 2 1 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Mei Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Mei Jun

million USD 3000 2500 2000 1500 1000 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 BI Rate Fed rate

2008

2009

Disbursement Repayment

2007

2008*

2009**

Chart 22 BI Rate and Fed Rate

Chart 24 Disbursement and Repayment of Government Loan

Pertaining to this development, the amount of SBI owned by foreign investors at the end of reporting period increased to USD2.0 billion compared to USD1.4 billion in Q1/2009.
billion USD 14 12 10 8 6 4 2 0
Aug Jul Dec Feb Jun Feb Nov Sep May May Jun Apr Mar Mar Apr Jan Oct Jan

Foreign debt repayment rose to USD2.3 billion compared to the preceding period (USD1.0 billion). This increase was due to seasonal repayment schedule which was normally higher in June. On the other side, loan disbursement decreased to only USD281 million

compared to USD985 million in the preceding period. This relatively small disbursement was in line with the low realization of APBN. Historically, foreign debt disbursement will be mostly performed at the end of the year. Disbursement of project loans decreased to USD269 million compared to USD669 million in the preceding period while disbursement of program loans fell to USD12 million compared to USD316 million in Q1/2009. Most of project loan disbursement were obtained from former CGI member countries, amounted to USD229 million, lower than USD429 million in the preceding period. The entire loans were under ODA scheme and mostly in the form of bilateral loans (USD180 million). The government also obtained loans from countries outside former CGI members amounted to USD40 million, lower than the loan disbursement during the preceding period (USD240 million). The World Bank provided program loans for financing the People Empowerment National Program (PNPM). This type of loans consist of two
2008 2009 SBI Foreign Ownership

SUN Foreign Ownership

Chart 23 SUN & SBI Owned by Foreign Investors

During the reporting period, the government issued international sharia securities (global sukuk) Indosukuk Al Ijarah with nominal value mounted to USD650 million. The sukuk obtained Ba3 rating from Moodys, BB rating from Standard & Poors, and BB rating from Fitch Ratings. Public sectors other investment account posted a deficit of USD2.0 billion in Q2/2009 compared to a USD6 million deficit in the preceding period. The rise in deficit was due to the low disbursement of government foreign loan, in the forms of project loan or program loan, as well as a scheduled increase of foreign debt repayments.

24

categories i.e. specifically for Rural PNPM operation focusing on financing of human resources

million USD 1200 1000

empowerment at rural level and for the financing of capacity building of the PNPM executive officers. Up to June 2009, ADB had processed 37 Indonesian foreign loans amounting to USD1.9 billion. The loans comprised of 21 approved loans, 10 proposed loans, and 6 closed projects. Financing related to Independent PNPM program focusing on rural infrastructure development was one of the approved loans. In addition to this there were several other programs such as irrigation project development, health and clean water facilities, and peoples empowerment program through nutrition enhancement. ADB

800 600 400 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 ADB IBRD

2008* Japan (JBIC)

2009**

Chart 25 Program Loan Disbursement

The Japanese government provided project loans allocated for five projects with the objective of enhancing economic stability in Indonesia. The five

financing program also covered innovation project through revenue enhancement of poor farmers, educational project based on decentralization and financing of Indonesian Infrastructure Facility Company Project (IIFF). Loans that have been proposed but not yet approved were among others the project loans for investment enhancement management of Java-Bali of Citarum power dam,

projects were: first, project related to the improvement of flood management system in several cities in Indonesia; second, the first phase of sedimentation management of Waduk Serbaguna Wonogiri; third, the third phase project related to human resources quality enhancement in Bandung Institute of Technology; fourth, the first phase of Jakarta Mass Rapid Transit development; and fifth, development of Java-Sumatera electricity interconnection transmission line.

distribution
million USD 500 450 400 350 300 250 200 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

performance, development of metropolitan sanitation & health facilities, and financing rural infrastructure. In addition to this there were technical assistances for good governance and financial reforms as well as regional roads development project. The low absorption of project loans from ADB and other creditors was due to tight procedures in the process of loan disbursement. Almost every stage should be reported to and approved by the Board of Directors of the concerned creditors. There were also problems related to amendment of regional regulations, obstructed disbursement from the state treasury to regional levels, and project management

2007 Bilateral-CGI

2008* Multilateral-CGI Non CGI

2009**

Chart 26 Project Loan Disbursement

With reference to donor countries, Japan was still the biggest creditor for Indonesia (representing 34.5% of total foreign loans). The outstanding of

unpreparedness at Ministerial/Institutional levels.

25

Japanese loans slightly fell to USD27.1 billion from USD27.3 billion at the end of preceding period. The US loan outstanding (19.9% shares) also posted a modest contraction to USD15.6 billion compared to USD15.7 billion in end-of Q1/2009. The Germany loan

million USD 43000 38000 33000 28000 23000 18000 13000 8000 3000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

outstanding (4.1% shares) was relatively constant at USD3.2 billion. During the reporting period, an agreement between Indonesian and the US government regarding debt conversion known as Debt for Nature Swap (DNS) was made based on the US Tropical Forest Conversation Act (TFCA). In this program it was agreed that debt amounting to USD19.6 million would be eliminated in order to finance tropical forest conservation in Sumatera.
million USD 35000

2007 USD JPY

2008 EUR

2009*

Chart 28 Loan Position By Type of Major Currencies

With

this

development

the

outstanding

of

government foreign loans (excluding SUN and SBI owned by foreign investors) was USD77.7 billion compared to USD77.6 billion at the end of the previous quarter.
million USD 80000

30000 25000 20000 15000 10000 5000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

55000 50000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 75000 70000 65000 60000

2007 Japan USA

2008 Germany

2009*

Chart 27 Loan Position By Major Creditor Countries

2007

2008

2009*

Chart 29 Government Foreign Loan Position

By currency, the USD loans still dominated the total foreign loans (47.2%) while the Yen and Eurodenominated loans were 34.1% and 11.5%. The US Dollar and Yen denominated-loan decreased to

2.2. Private Sector

The deficit on the private sector financial account increased from USD1.1 billion to USD2.2 billion. This deficit was contributed by the drop of direct investment inflows and the increased domestic bank and non-bank placements in non-resident banks abroad.

USD37.1 billion and USD26.8 billion consecutively compared to the previous period (USD37.2 billion and USD27.0 billion). The outstanding of Euro-denominated loan was USD9.0 billion, higher than USD8.9 billion at the end of Q1/2009.

26

million USD 3000 2000 1000 0 -1000 -2000 -3000 -4000 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2 Q.3 Q.4 Q.1 Q.2

Net foreign direct investment inflows of oil and gas sector declined to USD0.3 billion compared to USD0.8 billion in the previous quarter. This fall was due to the decreasing inflows and the increasing outflows. Foreign direct investment inflows of oil and gas sector were mainly related to the financing of operational and investment activities of foreign oil and gas companies in Indonesia. Meanwhile, foreign direct investment

2007 Direct Investment Other Investment

2008*

2009**

Portfolio Investment Financial Account

outflows of oil and gas sector were pertaining to the cost recovery on oil and gas fields already in production phase.
million USD 3,000 2,500

Chart 30 Financial Account of Private Sector

Foreign direct Investment inflows in Q2/2009 reduced by 25.4% compared to Q1/2009. This decrease was resulted from the contracted capital inflows of nonoil and gas sector by 33.8% and of oil and gas sector by 11.9%. After taking into account foreign investment outflows, especially in terms of cost recovery of foreign oil and gas companies and the loan repayment of foreign direct investment companies in non-oil and gas sector to their parent company abroad, the net foreign direct investment capital flows during the reporting quarter recorded a USD1.0 billion surplus, less than a USD2.5 billion surplus in the preceding quarter. With the direct investment abroad recorded a USD1.0 billion outflow, in overall net direct investment surplus was USD9 million, declining from a USD1.7 billion surplus of Q1/2009.
million USD 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Inflows Oil & Gas Net Inflows Non Oil & Gas FDI, net

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

2007

2008*

2009**

Chart 32 Foreign Direct Investment Inflows in Oil and Gas Sector

Concurrently, foreign capital inflows in non-oil and gas sector fell to USD2.8 billion in Q2/2009 from USD4.2 billion in Q1/2009. Most of foreign investments in non-oil and gas sector in the reporting period were originated representing investment.
million USD 1,500 1,300 1,100 900 700 500 300 100 -100
Japan USA EU Emerging Markets of East Asia (incl. China) ASEAN Other Countries

from

the of

European total

Union

countries direct

51.6%

net

foreign

Q4-08

Q1-09

Q2-09

2007

2008*

2009**

Chart 31 Direct Investment in Indonesia

Chart 33 Net Foreign Direct Investment in Non-Oil and Gas Sector Based on Country

27

subsiding of global negative sentiment and less external Based on economic sector, in Q2/2009 nonoil and gas foreign direct investment was dominated by manufacturing sector. The share of this sector risk were taken into consideration by investors in enhancing their investment in the form of equity participation. Foreign investors were interested in the shares of banking sector (BCA, BRI, Mandiri), mining sector (PGN, International Nickel Indonesia), telecommunication

represented 39.9% of the total non-oil and gas foreign direct investment.
Million USD 1,400 1,200 1,000 800 600 400 200 0 -200 Agriculture, Mining & Quarriying Manufacturing Fishery&Forestry Construction Financial Int.&Services (incl. Insurance) Others

sector (Telkom, Indosat), and agriculture and plantation (Bisi International and Astra Agro Lestari). This was supported by increased profitability of the listed companies, as reflected in their Return on Equity (ROE) in Q2/2009. By sectors, companies dealing with mining and manufacturing of consumers products recorded higher returns than the other economic sectors. The improved performance of global financial condition has also raised the Composite Index (IHSG) by 41.3% to 2,028.6 compared to the position in Q1/2009
million USD 600 500 400 300 200 100 0 -100 -200 -300 -400 -500 Foreign Net IHSG (RHS) 800 1,200 2,400 2,000 1,600 2,800 IHSG 3,200

Q4-08

Q1-09

Q2-09

Chart 34 Net Foreign Direct Investment in Non-Oil and Gas Based on Sector

During the same period, the capital outflows of foreign direct investment (debt repayment to parent company) in non-oil and gas sector reached USD2.0 billion, lower than USD2.5 billion in the preceding quarter. As a net result, foreign direct investment in non-oil and gas sector decreased from USD1.7 billion in the preceding period to USD0.8 billion. This decrease was consistent with the slowing down in domestic economic growth. Portfolio investment of private sector, liabilities side, posted a decreased net outflow of USD0.2 billion in Q2/2009, from USD1.1 billion net outflows in Q1/2009. The subsiding uncertainty in global financial market affected the improved performance of Indonesian capital market. On the other hand, resident portfolio investment abroad in the form of securities (assets side) recorded a net investment of USD0.4 billion compared to USD0.1 billion net investment in Q1/2009. In Q2/2009 the foreign transactions on domestic equities recorded net inflows of USD0.4 billion, better than in Q1/2009 (net outflows of USD0.4 billion). The

From supply side, there was an initial public offering (IPO) by 1 emiten namely Trikomsel Oke Tbk while 1 emitent was delisted from the stock exchange, i.e. Apexindo Pratama Duta Tbk. Foreign portfolio investment in debt securities issued by domestic corporate, in domestic or foreign market, registered net outflow of USD0.6 billion, relatively the same compared to the preceding quarter.

Jun Mei Apr Mar Feb Jan Dec Nov Oct Sept Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul
2007 2008 2009

Chart 35 Foreign Transactions in IDX and IHSG

28

millionUSD
600 400 200 0 -200 -400 -600 -800 -1000 Q1
Total Issued Domestically Issued Abroad

Following

this

development,

the

foreign

loan

outstanding of private sector at the end of Q2/2009 was USD61.8 billion, representing those of the financial institutions (bank and non-bank) amounting to USD8.2 billion and of the non-financial institutions amounting to USD53.6 billion.
million USD
Q1 Q2 Q3 Q4 Q1 Q2

Q2

Q3

Q4

4,500 4,000 3,500

2007

2008*

2009**

Chart 36 Debt Securities Issued by Private Sector

3,000 2,500 2,000 1,500

Other investment of private sector, liability side, recorded net inflows of USD0.3 billion compared to net outflows of USD1.0 billion in the previous quarter. This net inflows were mainly contributed by non-resident deposits in domestic banks (vostro) recording a net inflows of USD0.5 billion from a USD1.4 billion net outflow in the preceding quarter. On the other hand, foreign loan of private sector experienced net outflows of USD0.3 billion compared to net inflows of USD0.6 billion in the previous quarter. This was mainly triggered by the declining of foreign loan disbursement by corporate sector. Foreign loan disbursement of private sector

1,000 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007

2008*

2009**

Chart 37 Loan Disbursement of Private Sector

In the asset side, placements of other investment abroad by residents raised to USD2.7 billion, higher than USD0.8 billion in the previous quarter. This increase was mainly due to the increase in non-bank placements in non-resident banks (Overseas Current Account) related among others to the improved non-oil and gas exports. By taking into account the

(banking and corporate) dropped from USD2.4 billion to USD1.9 billion. This decline was consistent with the slowing down in domestic investment during Q2/2009.

development of assets and liabilities sides, other investment of private sector posted an increase net outflow from USD1.8 billion to USD2.4 billion.

29

30

RESERVE ASSETS

In line with Indonesias overall balance of payments development that recorded a surplus, foreign reserves recorded an increase of USD2.7 billion in Q2/2009 to reach USD57.6 billion compared to USD54.8 billion in Q1/2009. The total foreign reserves were sufficient for 5.5 months import financing and official foreign debt service payments.
Month of Import 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 I II III IV I II III IV

The foreign reserves comprised of securities amounting to USD52.6 billion (91%), currency & deposits amounting to USD2.4 billion (4%) and monetary gold amounting to USD2.2 billion (4%).

million USD 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 I II III IV I II

2006 Reserve (RHS)

2007

2008

2009*

Month of Import

Chart 38 Reserve Assets

31

32

INDICATORS OF EXTERNAL SUSTAINABILITY

In Q2/2009, external sector still contributed positively to the formation of GDP although slightly declined. This contribution was reflected on the ratio of current account to GDP of 2.4% compared to 2.6% previously. This descending rate was driven by a relatively high growth of quarterly domestic economy, despite its slowing annual growth, compared to the increase in current account surplus. The ratio of exports plus imports to GDP, reflected the openness degree of Indonesian economy, declined compared to the preceding quarter. This situation lessened domestic economy sensitivity towards external shocks which was reflected from the positive growth, albeit with slowing pace, of Indonesian economy in the midst of negative growth sustained by many countries.

On the other hand, foreign debt repayment as reflected in Debt Service Ratio showed an upturn tendency compared to the preceding quarter. This rise was related to the increase in foreign debt principal and interest repayment by the government and private sector (debt service payment) which was relatively higher than the growth of goods and services export performance during the reporting period. The ratio of foreign debt to GDP slightly increased pertaining to the impact of the increasing amount of foreign debt outstanding compared to the slowing growth of domestic economy. In Q2/2009, external liquidity condition improved as indicated by the declining ratio of short term foreign debt toward foreign reserves.

Table 24 Indicators of External Sustainability

INDICATOR
GDP(CurrentPrice)(millionUSD) CurrentAccount/GDP(%) ExportImportGoodsandServices/GDP(%) Export+ImportGoodsandServices/GDP(%) ExportofGoodsandServices(millionUSD) DebtServicePayments(DSP)(millionUSD) Government Private(includeSOE) DebtServiceRatio(DSR)(%) TotalForeignDebtPosition(millionUSD) ShortTermForeignDebtPosition(millionUSD) ForeignExchangeReservesPosition(millionUSD) GDPAnnualized(millionUSD) TotalForeignDebtPosition/GDP(%) ShortTermForeignDebtPosition/GDP(%) TotalForeignDebtPosition/ForeignExchangeReserves(%) ShortTermForeignDebtPosition/ForeignExchangeReserves(%)
Note:GDPannualizedisthesumofGDPforfourQuartersbackwards

Q1
121,182 2.3 3.8 59.5 41,252 6,681 1,817 4,864 16.2 145,519 16,176 58,987 456,799 31.9 3.5 246.7 27.4

2008* Q2 Q3
133,553 0.7 1.6 60 43,742 7,795 3,383 4,412 17.8 146,226 16,757 59,453 481,731 30.4 3.5 246 28.2 145,423 0.6 1.8 55.9 44,742 6,803 2,085 4,718 15.2 147,339 15,876 57,108 514,098 28.7 3.1 258 27.8

2009** Q4
115,986 0.6 0.8 57 36,078 8,733 3,305 5,428 24.2 149,141 14,576 51,639 516,144 28.9 2.8 288.8 28.2

Q1
112,944 2.6 3.9 44.5 29,604 6,912 1,786 5,126 23.3 147,982 14,511 54,84 507,906 29.1 2.9 269.8 26.5

Q2
131,070 2.4 4.3 42.6 32,899 8,17 3,353 4,817 24.8 150,009 15,005 57,576 505,423 29.7 3.0 260.5 26.1

33

34

BOX ISSUANCE OF SBSN or STATE SUKUK in FOREIGN CURRENCY

1. Issuance of State Sukuk
On April 16, 2009, the Government of Indonesia set the price for the launching of foreign currency Sharia Government Securities (foreign currency State Sukuk) with the nominal amount of USD650 million. The offering was held under Rule 144A/Reg S and the fund collected from this sale was used for general Government financing. The foreign currency securities had a 5 (five) year tenor and were sold at par value (100%) with a fixed rate yield at 8.80% per annum, payable every 6 (six) months on 23 April and 23 October. Issue date was April 23, 2009 and maturity date will be April 23, 2014. This was the first Issuance of foreign currency State Sukuk by the Government of Indonesia on the international market. It was also the largest issuance of straight sukuk denominated in US dollars outside the Gulf Cooperation Council (GCC) countries, and serves as the first benchmark for US dollardenominated sukuk in Asia since 2007. This offering of foreign currency State Sukuk commanded very keen interest from both sharia-compliant and conventional global investors, as indicated by oversubscription at 7.3 times the nominal offering of USD650 million, reaching a total bidding of USD4.76 billion. Disaggregated by region of origin, investors were represented by buyers from the Middle East (30%), Indonesia (8%), other Asian countries (32%), Europe (11%) and the United States (19%). By industry segment, 45% of investors were funds, 37% were banks, a further 14% consisted of retail investors and 4% were insurance companies and pension funds. These international sukuk were issued by Perusahaan Penerbit SBSN Indonesia I (Indonesian Government Sukuk Issuing Company I), a legal entity established in Indonesia. The sukuk certificates were rated Ba3 by Moodys, BB- by S&P and BB by Fitch, on par with the sovereign rating of Indonesia. Acting as Joint Lead Managers and Bookrunners in this transaction were Barclays Capital, HSBC and Standard Chartered Bank. 2. Implication on Indonesias Balance of Payments (BOP) The issuance of Indonesian Government Sukuk (SBSN) or State Sukuk in foreign currency at USD650 million was recorded in Indonesias Balance of Payments as portfolio investment of the public sector. However, not all of the issuance value was recorded as portfolio investment, only purchases of foreign investors were included while the purchases of domestic investors (8%) were considered as transfer of reserves from domestic private sector to Bank Indonesia. Therefore the transaction value posted in BOP as foreign portfolio investment was amounted to USD598 million (92% of foreign ownership).

Source: Ministry of Finance and Bank Indonesia

35

36

APPENDIX

Indonesias Balance of Payments Table Table Table Table Table 1.1 1.2 1.3 1.4 1.5 Indonesia's Balance of Payments Summary (millions of USD) Indonesia's Balance of Payments Current Account (millions of USD) Indonesia's Balance of Payments Capital And Financial Account (millions of USD) Indonesia's Balance of Payments Government And Monetary Authority Sector Financial Account (millions of USD) Indonesia's Balance of Payments Private Sector Financial Account (millions of USD)

...................... ...................... ...................... ...................... ......................

39 40 41 42 43

Non Oil and Gas Exports and Imports Table Table Table Table Table Table Travel Table Table Securities Table 4 Stock of Debt Securities Owned by Non-Residents (millions of USD) 3.1 3.2 Travel Inflows Travel Outflows 2.1 2.2 2.3 2.4 2.5 2.6 Non Oil and Gas Export Value by Commodities (millions of USD) Non Oil and Gas Export Volume by Commodities (thousands of tons) Non Oil and Gas Export Value by Country of Destination (millions of USD) Non Oil and Gas Import Value by Broad Economic Categories (BEC) (C&F, millions of USD) Non Oil and Gas Import Volume by Broad Economic Categories (BEC) (thousands of tons) Non Oil and Gas Import Value by Country of Origin (C&F, millions of USD)

...................... ...................... ...................... ...................... ...................... ......................

44 45 46 47 48 49

...................... ......................

50 51

......................

52

37

38

Table 1.1 INDONESIA'S BALANCE OF PAYMENTS SUMMARY

(millions of USD)
ITEMS I. Current Account A. Goods, net (Trade Balance) 1. Exports, fob 2) 2. Imports, fob B. Services, net C. Income, net D. Current Transfers, net II. Capital & Financial Account A. Capital Account B. Financial Account 1. Direct investment a. Abroad, net b. In Indonesia (FDI), net 2. Portfolio investment, net a. Assets, net b. Liabilities, net 3. Other investment a. Assets, net 3) b. Liabilities, net III. Total (I + II) IV. Errors & Omissions V. Overall Balance (III + IV) VI. Reserves and Related Items a. Reserve Asset Changes b. Use of Fund Credit and Loans Memorandum: 5) Reserve Assets Position (In Months of Imports & Official Debt Repayment) Current Account (% GDP) 6) Debt Service Ratio (%) o/w. Government & Monetary Authority
1) 2) 3) 4) 5) 6) *
4) 1)

2007 Q.1 2,640 7,712 26,626 -18,914 -3,163 -3,163 1,254 1,836 43 1,793 -246 -1,282 1,037 2,491 -497 2,988 -452 -105 -348 4,476 -97 4,379 -4,379 -4,379 0 Q.2 2,271 8,107 29,202 -21,095 -2,991 -4,023 1,178 2,029 127 1,902 1,426 392 1,034 3,810 -1,897 5,707 -3,334 -2,283 -1,051 4,300 -663 3,637 -3,637 -3,637 0 Q.3 2,151 7,487 30,009 -22,521 -2,764 -3,811 1,240 -935 255 -1,190 764 -1,427 2,191 465 -1,257 1,722 -2,419 -2,360 -59 1,217 -37 1,179 -1,179 -1,179 0 Q.4 3,430 9,448 32,177 -22,729 -2,922 -4,527 1,432 660 122 539 309 -2,358 2,667 -1,200 -764 -437 1,430 262 1,168 4,091 -571 3,520 -3,520 -3,520 0 Total 10,493 32,754 118,014 -85,260 -11,841 -15,525 5,104 3,591 546 3,045 2,253 -4,675 6,928 5,566 -4,415 9,981 -4,775 -4,486 -289 14,083 -1,368 12,715 -12,715 -12,715 0 Q.1 2,817 7,536 34,412 -26,876 -2,972 -3,120 1,373 -1,430 17 -1,447 -271 -1,730 1,460 1,984 -823 2,807 -3,160 -2,672 -489 1,387 -355 1,032 -1,032 -1,032 0 Q.2 -957 5,443 37,345 -31,902 -3,290 -4,469 1,359 2,512 62 2,450 604 -1,436 2,040 4,188 60 4,128 -2,342 -1,974 -367 1,554 -229 1,324 -1,324 -1,324 0

2008* Q.3 -891 5,771 38,081 -32,309 -3,195 -4,803 1,336 904 187 717 404 -1,517 1,921 -74 -65 -9 387 -1,610 1,998 14 -103 -89 89 89 0 Q.4 -684 4,166 29,768 -25,603 -3,288 -2,879 1,317 -3,340 29 -3,368 2,061 -1,217 3,278 -4,377 -467 -3,910 -1,052 -3,720 2,668 -4,024 -188 -4,212 4,212 4,212 0 Total 285 22,916 139,606 -116,690 -12,745 -15,271 5,385 -1,354 294 -1,648 2,799 -5,900 8,698 1,721 -1,294 3,015 -6,167 -9,977 3,810 -1,069 -876 -1,945 1,945 1,945 0 Q.1

Aug 2009 2009** Q.2 3,104 8,705 27,509 -18,805 -3,097 -3,714 1,210 -2,414 29 -2,443 9 -1,029 1,037 2,003 406 1,597 -4,455 -2,692 -1,763 690 362 1,052 -1,052 -1,052 0

2,885 6,969 24,205 -17,236 -2,535 -2,672 1,122 1,750 19 1,731 1,660 -821 2,481 1,859 133 1,726 -1,788 -811 -976 4,634 -680 3,955 -3,955 -3,955 0

47,221 4.8 2.6 19.8 5.6

50,924 5.2 2.1 21.4 9.4

52,875 5.4 1.9 15.2 5.1

56,920 5.8 3.0 21.2 9.0

56,920 5.8 2.4 19.4 7.3

58,987 4.6 2.3 16.2 4.4

59,453 4.6 -0.7 17.8 7.7

57,108 4.4 -0.6 15.2 4.7

51,639 4.0 -0.6 24.2 9.2

51,639 4.0 0.1 18.1 6.4

54,840 5.3 2.6 23.3 6.0

57,576 5.5 2.4 24.8 10.2

Since May 2004 part of the reporting method of non oil & gas export han been changed into on-line-system Since April 2004 part of the reporting method of non oil & gas import han been changed into on-line-system Excluding the use of Fund credit and loans Negative represents surplus and positive represents deficit. Since the first quarter of 2004, changes in reserve assets only cover data on changes due to transaction. Based on Gross Foreign Asset concept replacing Official Reserve concept since 1998 and based on International Reserve and Foreign Currency Liquidity (IRFCL) concept since 2000 Ratio of external debt service payments to export of goods and services. Provisional figures

** Very Provisional figures

39

Table 1.2 INDONESIA'S BALANCE OF PAYMENTS CURRENT ACCOUNT

(millions of USD)
Aug 2009

2007 ITEMS Q.1 Current Account A. Goods, net (Trade Balance) - Non Oil and Gas - Oil and Gas Exports, fob - Non Oil and Gas 1) - Oil and Gas Imports, fob - Non Oil and Gas - Oil and Gas 2,640 7,712 6,560 1,152 26,626 21,682 4,944 -18,914 -15,122 -3,792 -3,163 -1,640 -1,359 -281 -9 1,180 -1,188 -1,515 -3,163 -75 -3,088 -2,003 -142 -943 -429 1,254 58 1,196 1,191 5 Q.2 2,271 8,107 6,994 1,114 29,202 23,456 5,746 -21,095 -16,463 -4,632 -2,991 -1,791 -1,520 -271 238 1,344 -1,106 -1,438 -4,023 -72 -3,951 -2,718 -527 -706 -769 1,178 34 1,145 1,166 -21 Q.3 2,151 7,487 6,217 1,270 30,009 23,529 6,480 -22,521 -17,311 -5,210 -2,764 -1,885 -1,618 -266 302 1,432 -1,130 -1,181 -3,811 -84 -3,727 -2,769 -658 -300 -363 1,240 30 1,210 1,181 29 Q.4 3,430 9,448 7,313 2,135 32,177 24,475 7,702 -22,729 -17,161 -5,567 -2,922 -1,978 -1,620 -358 -89 1,390 -1,479 -855 -4,527 -82 -4,445 -3,024 -623 -798 -832 1,432 58 1,373 1,295 78 Total 10,493 32,754 27,084 5,670 118,014 93,142 24,872 -85,260 -66,058 -19,202 -11,841 -7,294 -6,118 -1,177 442 5,346 -4,904 -4,989 -15,525 -313 -15,212 -10,514 -1,952 -2,746 -2,393 5,104 180 4,924 4,833 91 Q.1 2,817 7,536 5,060 2,476 34,412 26,405 8,007 -26,876 -21,345 -5,531 -2,972 -2,562 -1,993 -570 415 1,663 -1,248 -825 -3,120 -83 -3,037 -2,464 -176 -397 -350 1,373 17 1,356 1,354 2 Q.2 -957 5,443 4,153 1,289 37,345 27,879 9,466 -31,902 -23,725 -8,177 -3,290 -2,936 -2,364 -572 500 1,771 -1,270 -854 -4,469 -85 -4,384 -3,089 -328 -967 -822 1,359 27 1,332 1,343 -11

2008* Q.3 -891 5,771 3,752 2,019 38,081 28,796 9,284 -32,309 -25,044 -7,265 -3,195 -2,927 -2,428 -499 691 1,975 -1,284 -959 -4,803 -102 -4,701 -3,282 -1,026 -393 -336 1,336 38 1,298 1,294 4 Q.4 -684 4,166 2,165 2,001 29,768 24,805 4,963 -25,603 -22,641 -2,962 -3,288 -2,572 -1,909 -663 374 1,969 -1,595 -1,090 -2,879 -113 -2,766 -1,587 -243 -937 -730 1,317 128 1,189 1,215 -26 Total 285 22,916 15,130 7,786 139,606 107,885 31,721 -116,690 -92,755 -23,935 -12,745 -10,998 -8,694 -2,304 1,981 7,377 -5,397 -3,728 -15,271 -383 -14,888 -10,422 -1,773 -2,693 -2,238 5,385 210 5,175 5,206 -31

2009** Q.1 2,885 6,969 5,333 1,635 24,205 20,529 3,675 -17,236 -15,196 -2,040 -2,535 -1,733 -1,163 -571 321 1,422 -1,101 -1,123 -2,672 -174 -2,498 -1,710 -385 -403 -264 1,122 4 1,118 1,164 -46 Q.2 3,104 8,705
6,588 2,117

27,509
23,056 4,453

-18,805
-16,468 -2,337

2)

B. Services, net 1. Transportation, net a. Freight, net b. Passenger and Other, net 2. Travel, net a. Inflow b. Outflow 3. Other services, net C. Income, net 1. Compensation of employees 2. Investment income a. Direct investment b. Portfolio investment c. Other investment o/w Government & Monetary Authority interest payments D. Current Transfers, net 1. Government, net 2. Other sectors, net a. Workers' Remittances, net b. Other transfers, net Memorandum: Non Oil and Gas Export Growth, fob (%) Non Oil and Gas Import Growth, c&f (%) Oil Unit Prices (USD/barrel) Oil Production (millions barrel per day) Tourist Inflows (thousand people)
1) 2) *

-3,097
-1,882 -1,268 -614 329 1,572 -1,243 -1,543

-3,714
-120 -3,593 -2,054 -673 -866 -698

1,210
15 1,195 1,229 -34

22.1 11.6 55.7 0.966 1,215

19.9 19.2 67.3 0.942 1,384

8.8 20.6 71.9 0.948 1,475

13.1 7.4 85.6 0.951 1,432

15.6 14.5 70.1 0.952 5,506

21.8 41.2 93.4 0.977 1,451

18.9 44.1 119.3 0.981 1,537

22.4 44.7 113.4 0.982 1,728

1.4 32.0 48.0 0.967 1,713

15.8 40.4 93.5 0.976 6,429

-22.2 -28.8 41.8 0.962 1,464

-17.3 -30.6 56.9 0.941 1,590

Since May 2004 part of the method of reporting non oil & gas export han been changed into on-line-system Since April 2004 part of the method of reporting non oil & gas import han been changed into on-line-system Provisional figures

** Very Provisional figures

40

Table 1.3 INDONESIA'S BALANCE OF PAYMENTS CAPITAL AND FINANCIAL ACCOUNT (millions of USD)
Aug 2009

2007 ITEMS Q.1 A. Capital Account B. Financial Account 1. Direct investment a. Abroad - Equity capital & Reinvested earnings - Other capital b. In Indonesia (FDI) - Equity capital & Reinvested earnings - Other capital o/w. Loans: - Drawings - Repayments 2. Portfolio investment a. Assets - Equity securities - Debt securities Bonds and Notes Other b. Liabilities - Equity securities - Debt securities Bonds and Notes Other 3. Other Investment a. Assets - Loans 1) - Other b. Liabilities 2) - Loans Drawings Repayments 1) - Other C. Total (A + B) 1) Including currency and deposits 2) Excluding the use of Fund Credit and Loans * Provisional figures
** Very Provisional figures

2008* Q.4 122 539 309 -2,358 -489 -1,869 2,667 2,721 -54 1,562 -1,616 -1,200 -764 -333 -431 -431 0 -437 652 -1,089 250 -1,339 1,430 262 27 235 1,168 763 5,313 -4,550 405 660 Total 546 3,045 2,253 -4,675 -997 -3,678 6,928 7,549 -621 5,460 -6,081 5,566 -4,415 -217 -4,199 -4,199 0 9,981 3,559 6,422 5,190 1,233 -4,775 -4,486 349 -4,834 -289 -1,161 13,212 -14,373 872 3,591 Q.1 17 -1,447 -271 -1,730 -605 -1,125 1,460 1,627 -167 1,740 -1,907 1,984 -823 -239 -584 -584 0 2,807 11 2,795 2,467 328 -3,160 -2,672 -105 -2,567 -489 -154 3,028 -3,182 -335 -1,430 Q.2 62 2,450 604 -1,436 -282 -1,154 2,040 1,648 392 1,976 -1,585 4,188 60 -72 132 132 0 4,128 519 3,608 3,283 326 -2,342 -1,974 -89 -1,885 -367 -501 3,573 -4,073 133 2,512 Q.3 187 717 404 -1,517 -282 -1,235 1,921 1,885 37 1,750 -1,713 -74 -65 54 -119 -119 0 -9 -98 89 1,457 -1,368 387 -1,610 -57 -1,554 1,998 1,509 4,789 -3,279 488 904 Q.4 29 -3,368 2,061 -1,217 -251 -966 3,278 3,325 -48 2,312 -2,360 -4,377 -467 -42 -425 -425 0 -3,910 -110 -3,800 -2,534 -1,266 -1,052 -3,720 -6 -3,714 2,668 1,967 6,935 -4,969 701 -3,340 Total 294 -1,648 2,799 -5,900 -1,420 -4,480 8,698 8,485 213 7,779 -7,565 1,721 -1,294 -298 -996 -996 0 3,015 322 2,692 4,673 -1,980 -6,167 -9,977 -257 -9,720 3,810 2,822 18,325 -15,503 988 -1,354 Q.1

2009** Q.2 19 1,731 1,660 -821 -151 -670 2,481 2,442 39 2,582 -2,543 1,859 133 -58 191 191 0 1,726 -446 2,171 1,472 700 -1,788 -811 -15 -797 -976 553 3,404 -2,852 -1,529 1,750 29 -2,443 9 -1,029 -329 -699 1,037 1,023 14 2,063 -2,049 2,003 406 -16 422 422 0 1,597 418 1,179 759 420 -4,455 -2,692 11 -2,703 -1,763 -2,305 2,200 -4,505 542 -2,414

Q.2 43 127 1,902 1,426 392 111 281 1,034 1,545 -511 1,069 -1,581 3,810 -1,897 17 -1,914 -1,914 0 5,707 1,282 4,425 2,312 2,113 -3,334 -2,283 217 -2,500 -1,051 -1,481 2,598 -4,079 430 2,029

Q.3 255 -1,190 764 -1,427 -277 -1,150 2,191 1,933 258 1,553 -1,296 465 -1,257 34 -1,291 -1,291 0 1,722 1,262 460 172 288 -2,419 -2,360 62 -2,422 -59 -172 2,523 -2,694 113 -935

1,793 -246 -1,282 -343 -940 1,037 1,350 -313 1,276 -1,589 2,491 -497 66 -563 -563 0 2,988 362 2,626 2,456 171 -452 -105 43 -147 -348 -271 2,778 -3,050 -76 1,836

41

Table 1.4 INDONESIA'S BALANCE OF PAYMENTS GOVERNMENT AND MONETARY AUTHORITY SECTOR FINANCIAL ACCOUNT (millions of USD)
Aug 2009

2007 ITEMS Q.1 I. Government A. Portfolio investment 1. Assets b. Equity securities a. Debt securities 2. Liabilities b. Equity securities a. Debt securities B. Other investment 1. Assets 2. Liabilities a. Loans i. Drawings - Program Loan ADB IBRD JBIC Others - Project Loan CGI ODA Bilateral Multilateral Non ODA Non CGI - Reschedulling Principal Interest ii. Repayments 2. Other II. Monetary Authorities A. Portfolio investment 1. Assets 2. Liabilities B. Other investment 1. Assets 2. Liabilites 1) a. Loans i Drawings ii. Repayments b. Other III. Total (I + II)
1) * Excluding the use of Fund Credit and Loans Provisional figures

2008* Q.4 -28 -154 0 0 0 -154 0 -154 126 0 126 126 2,340 1,706 900 600 206 0 634 446 446 253 193 0 188 0 0 0 -2,213 0 -1,341 0 -1,339 0 -1,339 -2 0 -2 -2 0 -2 0 -1,369 Total 1,719 4,037 0 0 0 4,037 0 4,037 -2,318 0 -2,318 -2,318 4,004 2,106 900 600 406 200 1,898 1,327 1,327 664 663 0 571 0 0 0 -6,322 0 1,187 0 1,233 0 1,233 -45 0 -45 -45 0 -45 0 2,907 Q.1 2,181 2,566 0 0 0 2,566 0 2,566 -385 0 -385 -385 599 222 0 0 222 0 377 290 290 137 153 0 88 0 0 0 -984 0 300 328 0 328 -28 0 -28 -28 0 -28 0 2,481 Q.2 2,443 3,894 0 0 0 3,894 0 3,894 -1,451 0 -1,451 -1,451 635 200 0 200 0 0 435 331 331 134 197 0 105 0 0 0 -2,086 0 323 326 0 326 -2 0 -2 -2 0 -2 0 2,766 Q.3 -334 -251 0 0 0 -251 0 -251 -83 0 -83 -83 913 295 0 0 295 0 618 454 454 177 277 0 164 0 0 0 -996 0 -1,404 -1,368 0 -1,368 -36 0 -36 -36 0 -36 0 -1,737 Q.4 -2,338 -2,892 0 0 0 -2,892 0 -2,892 554 0 554 554 2,796 2,025 830 995 0 200 771 671 671 467 204 0 100 0 0 0 -2,242 0 -1,271 -1,266 0 -1,266 -5 0 -5 -5 0 -5 0 -3,609 Total 1,952 3,317 0 0 0 3,317 0 3,317 -1,365 0 -1,365 -1,365 4,943 2,742 830 1,195 517 200 2,201 1,745 1,745 915 831 0 456 0 0 0 -6,308 0 -2,051 -1,980 0 -1,980 -71 0 -71 -71 0 -71 0 -99 Q.1

2009** Q.2 -249 1,761 0 0 0 1,761 0 1,761 -2,010 0 -2,010 -2,010 281 12 0 12 0 0 269 229 229 180 48 0 40 0 0 0 -2,291 0 412 420 0 420 -7 0 -7 -7 0 -7 0 164

Q.2 507 2,040 0 0 0 2,040 0 2,040 -1,532 0 -1,532 -1,532 524 200 0 0 0 200 324 240 240 86 154 0 84 0 0 0 -2,057 0 2,111 0 2,113 0 2,113 -2 0 -2 -2 0 -2 0 2,618

Q.3 -648 -230 0 0 0 -230 0 -230 -418 0 -418 -418 567 0 0 0 0 0 567 334 334 234 100 0 233 0 0 0 -985 0 261 0 288 0 288 -27 0 -27 -27 0 -27 0 -387

1,888 2,382 0 0 0 2,382 0 2,382 -493 0 -493 -493 573 200 0 0 200 0 373 307 307 91 216 0 66 0 0 0 -1,067 0 156 0 171 0 171 -14 0 -14 -14 0 -14 0 2,045

2,849 2,810 0 0 0 2,810 0 2,810 39 0 39 39 985 315 0 125 190 0 669 429 429 177 252 0 240 0 0 0 -946 0 654 700 0 700 -45 0 -45 -45 0 -45 0 3,503

** Very Provisional figures Data are not available yet

42

TABLE 1.5 INDONESIA'S BALANCE OF PAYMENTS PRIVATE SECTOR FINANCIAL ACCOUNT (millions of USD)
Aug 2009

2007 ITEMS Q.1 A. Direct investment 1. Abroad - Equity capital & Reinvested earnings - Other capital 2. In Indonesia (FDI) - Equity capital & Reinvested earnings - Other capital o/w. Loans : - Drawings - Repayments B. Portfolio investment 1. Assets - Equity securities - Debt securities Bonds and Notes Other 2. Liabilities - Equity securities - Debt securities Bonds and Notes Other C. Others investment 1. Assets - Loans 1) - Other 2. Liabilities - Loans - Drawings - Repayments 1) - Other D. Total (A+B+C)
1) * Including currency and deposits Provisional figures

2008* Q.4 309 -2,358 -489 -1,869 2,667 2,721 -54 1,562 -1,616 293 -764 -333 -431 -431 0 1,057 652 405 405 0 1,306 262 27 235 1,043 639 2,973 -2,334 405 1,908 Total 2,253 -4,675 -997 -3,678 6,928 7,549 -621 5,460 -6,081 296 -4,415 -217 -4,199 -4,199 0 4,711 3,559 1,152 1,152 0 -2,411 -4,486 349 -4,834 2,074 1,202 9,208 -8,005 872 138 Q.1 -271 -1,730 -605 -1,125 1,460 1,627 -167 1,740 -1,907 -582 -823 -239 -584 -584 0 241 11 230 230 0 -2,747 -2,672 -105 -2,567 -76 259 2,429 -2,169 -335 -3,600 Q.2 604 -1,436 -282 -1,154 2,040 1,648 392 1,976 -1,585 294 60 -72 132 132 0 234 519 -286 -286 0 -888 -1,974 -89 -1,885 1,086 953 2,938 -1,985 133 10 Q.3 404 -1,517 -282 -1,235 1,921 1,885 37 1,750 -1,713 176 -65 54 -119 -119 0 241 -98 340 340 0 506 -1,610 -57 -1,554 2,116 1,628 3,876 -2,248 488 1,087 Q.4 2,061 -1,217 -251 -966 3,278 3,325 -48 2,312 -2,360 -1,485 -467 -42 -425 -425 0 -1,019 -110 -908 -908 0 -1,601 -3,720 -6 -3,714 2,120 1,418 4,139 -2,721 701 -1,025 Total 2,799 -5,900 -1,420 -4,480 8,698 8,485 213 7,779 -7,565 -1,597 -1,294 -298 -996 -996 0 -303 322 -625 -625 0 -4,731 -9,977 -257 -9,720 5,246 4,259 13,382 -9,123 988 -3,529 Q.1

2009** Q.2 9 -1,029 -329 -699 1,037 1,023 14 2,063 -2,049 242 406 -16 422 422 0 -164 418 -582 -582 0 -2,438 -2,692 11 -2,703 254 -288 1,919 -2,207 542 -2,187

Q.2 1,426 392 111 281 1,034 1,545 -511 1,069 -1,581 -343 -1,897 17 -1,914 -1,914 0 1,554 1,282 272 272 0 -1,799 -2,283 217 -2,500 484 54 2,074 -2,020 430 -717

Q.3 764 -1,427 -277 -1,150 2,191 1,933 258 1,553 -1,296 407 -1,257 34 -1,291 -1,291 0 1,664 1,262 402 402 0 -1,973 -2,360 62 -2,422 387 274 1,956 -1,682 113 -803

-246 -1,282 -343 -940 1,037 1,350 -313 1,276 -1,589 -61 -497 66 -563 -563 0 436 362 74 74 0 55 -105 43 -147 160 236 2,205 -1,969 -76 -251

1,660 -821 -151 -670 2,481 2,442 39 2,582 -2,543 -952 133 -58 191 191 0 -1,085 -446 -639 -639 0 -1,781 -811 -15 -797 -970 559 2,419 -1,860 -1,529 -1,073

** Very Provisional figures

43

Table 2.1 NON OIL AND GAS EXPORT VALUE BY COMMODITIES

(millions of USD)
2008 Commodities Value Total I. Agriculture 1. Timber 2. Rubber 3. Coffee 4. Tea 5. Pepper 6. Tobacco 7. Manioc 8. Animal & Husb Products - Shrimps and prawns 9. Hides 10. Others II. Mineral 1. Tin 2. Copper 3. Nickel 4. Aluminium 5. Coal 6. Others III. Manufactured 1. Textile & Textile Products - Garments 2. Handicraft 3. Wood Products - Plywood 4. Rattan Products 5. Palm Oils 6. Copra Cake 7. Chemical Products 8. Metal Products 9. Electrical Appliances 10. Cement 11. Papers 12. Rubber Products 13. Glass & Glassware 14. Footwear 15. Plastic Products 16. Machinery & Mechanic 17. Others IV. Others (Non-Mon. Gold) V. Repair on Goods & Goods Procure in port by carriers
* Provisional figures

2009* Q3 Share (%) 100.0 15.0 0.5 6.5 1.3 0.2 0.1 0.4 0.0 2.6 0.8 0.2 3.2 22.4 2.7 3.6 2.2 1.1 10.1 2.7 61.4 9.9 6.1 0.1 2.3 0.6 0.1 7.8 0.0 6.8 1.2 8.6 0.2 5.2 1.2 0.4 1.6 0.5 8.7 6.6 0.8 Growth (%) Value Q4 Share (%) 100.0 12.9 0.5 4.2 1.0 0.2 0.1 0.5 0.0 2.7 0.6 0.1 3.6 20.9 0.8 3.4 1.5 0.8 12.6 1.9 65.0 9.3 5.8 0.1 2.0 0.6 0.1 11.7 0.0 6.0 1.2 10.3 0.2 4.3 1.2 0.4 2.0 0.5 8.7 6.9 0.9 Growth (%) Value Q1 Share (%) 100.0 11.4 0.5 3.0 0.8 0.2 0.1 0.7 0.0 2.9 0.8 0.1 3.1 25.1 1.4 7.7 1.0 0.6 12.4 2.0 61.2 10.9 7.0 0.1 2.0 0.6 0.2 8.2 0.0 6.0 1.5 9.8 0.2 4.7 1.2 0.4 2.1 0.5 7.5 6.0 1.7 Growth (%) Value Q2 Share (%) 100.0 11.7 0.5 3.1 1.2 0.2 0.2 0.7 0.0 2.6 0.7 0.1 3.2 22.2 1.4 5.9 0.6 0.5 12.5 1.3 65.1 10.2 6.4 0.1 2.1 0.6 0.2 9.1 0.0 6.4 1.0 10.5 0.2 4.4 1.4 0.6 2.2 0.5 9.6 6.6 0.6 Growth (%) -17.3 -33.0 -17.1 -56.7 1.7 -0.1 -19.1 10.1 -78.8 -19.3 -35.6 -62.0 -21.0 -7.7 -7.4 -3.8 -68.5 -41.4 15.3 -52.1 -16.9 -11.6 -6.8 -23.2 -25.0 -27.9 -22.7 -36.5 -42.3 -20.5 -18.8 4.9 -1.6 -27.7 -1.5 19.4 -1.3 -12.9 5.5 -33.2 17.3

Q1 Share (%) 100.0 12.6 0.5 5.5 0.8 0.1 0.3 0.4 0.1 2.2 0.7 0.2 2.4 20.7 2.6 5.2 2.9 0.8 6.9 2.3 65.0 9.8 5.7 0.1 2.3 0.7 0.2 13.1 0.0 6.5 1.0 8.0 0.2 4.8 1.2 0.5 1.7 0.5 7.1 8.1 1.1

Growth (%)

Value

Q2 Share (%) 100.0 14.4 5.9 0.9 0.2 0.2 0.5 0.0 2.7 0.9 0.2 3.3 19.9 1.3 5.0 1.7 0.8 8.9 2.2 64.8 9.6 5.7 0.1 2.3 0.7 0.2 11.9 0.0 6.6 1.0 8.3 0.2 5.0 1.2 0.4 1.9 0.5 7.6 8.2 0.4

Growth (%)

Value

26,405 3,336 142 1,456 201 38 71 112 28 593 192 50 646 5,471 698 1,378 779 199 1,812 605 17,171 2,588 1,506 22 620 181 59 3,447 8 1,705 253 2,112 54 1,277 310 120 450 123 1,882 2,141 281

21.8 27,878 34.7 0.3 41.1 86.2 21.7 310.5 -3.3 549.8 14.9 8.0 20.9 37.6 1.5 288.5 -27.2 10.3 -7.8 -1.3 8.1 4,023 144 ` 1,650 263 43 46 139 1 757 239 53 927 5,545 355 1,407 473 210 2,492 609

18.9 28,796 41.4 -5.1 29.2 126.4 31.8 56.2 46.7 448.2 31.4 11.3 5.1 79.2 -8.8 158.8 -38.4 -60.6 -13.7 55.6 -1.0 4,331 138 1,877 369 44 41 126 4 762 224 45 925 6,452 791 1,022 620 321 2,922 775

22.4 24,805 35.1 -0.9 42.0 58.7 37.6 14.4 28.4 82.3 26.1 6.0 -3.2 33.4 20.6 67.2 -39.3 -8.6 56.9 66.8 39.7 3,190 113 1,035 247 39 25 127 9 666 151 32 898 5,185 203 836 367 189 3,114 476

1.4 20,530 0.5 -12.8 -17.4 9.7 19.5 -46.4 23.2 -63.1 14.9 -19.0 -34.7 22.4 8.3 237.1 -42.6 -44.7 -0.9 72.1 -22.0 2,350 107 612 166 37 23 139 1 597 159 29 638 5,158 295 1,573 207 127 2,539 417

-22.2 23,057 -29.6 -24.5 -57.9 -17.4 -1.7 -68.2 24.9 -95.8 0.7 -16.8 -42.3 -1.3 -5.7 -57.7 14.1 -73.4 -36.3 40.1 -31.1 2,697 119 714 267 43 37 153 0 611 154 20 733 5,118 328 1,354 149 123 2,872 292

26.6 18,075 5.2 2,671 4.2 1,584 9.6 27 -16.8 644 -17.3 189 -15.1 45 188.7 3,306 65.0 13 17.6 1,846 3.7 282 -7.9 2,315 -21.5 57 27.5 1,398 11.8 328 22.1 109 10.4 516 21.6 127 8.8 2,107 53.6 2,284 46.4 119

26.4 17,675 6.8 2,858 8.7 1,754 23.8 26 -6.0 671 -8.0 186 -23.0 32 87.0 2,248 163.0 6 12.6 1,958 1.4 344 13.6 2,475 -32.3 66 27.6 1,502 12.6 344 4.6 108 16.8 468 24.1 143 26.8 2,514 49.4 1,911 -23.6 230

20.4 16,126 7.1 2,309 12.1 1,441 12.4 21 6.1 499 -8.1 147 -25.7 29 36.8 2,914 -61.6 6 15.1 1,497 30.3 289 14.9 2,561 4.9 44 40.3 1,068 12.5 309 5.7 90 15.9 503 20.4 126 49.7 2,159 6.9 1,703 9.6 222

-1.1 12,569 -3.8 2,229 4.6 1,445 -14.7 16 -17.2 410 -13.6 127 -39.0 41 -2.4 1,691 -19.6 4 -13.3 1,239 -5.0 299 14.1 2,016 -32.6 43 -12.0 969 9.1 251 -24.9 73 22.4 428 2.6 102 20.8 1,532 -12.8 1,226 54.8 359

-26.8 15,020 -13.9 2,362 -4.0 1,476 -27.3 20 -33.9 483 -29.7 136 -30.8 35 -51.0 2,099 -54.0 8 -27.3 1,468 17.9 229 -4.5 2,428 -21.9 56 -24.1 1,010 -18.9 323 -38.7 130 -5.1 509 -16.7 111 -18.6 2,223 -42.7 1,526 27.6 140

145

0.5

123.1

116

0.4

63.4

109

0.4

25.0

82

0.3

21.0

95

0.5

-34.5

81

0.4

-30.2

44

Table 2.2 NON OIL AND GAS EXPORT VOLUME BY COMMODITIES

(thousands of tons)
2008 2009* Q3 Share (%) 100.0 3.1 0.3 0.8 0.2 0.0 0.0 0.0 0.0 0.3 0.0 0.0 1.4 81.7 0.2 0.3 1.9 7.9 65.8 5.7 15.2 0.6 0.2 0.0 0.8 0.1 0.0 3.0 0.0 2.7 0.4 0.2 1.7 2.4 0.1 0.3 0.0 0.1 0.6 2.1 0.0 Growth (%) Q4 Share (%) 100.0 3.1 0.2 0.6 0.2 0.0 0.0 0.0 0.1 0.4 0.0 0.0 1.5 79.0 0.0 0.4 2.3 4.4 66.7 5.2 17.9 0.6 0.2 0.0 0.6 0.1 0.0 6.7 0.1 2.3 0.2 0.2 1.1 2.1 0.1 0.2 0.0 0.1 0.8 2.7 0.0 Growth (%) Q1 Share (%) 100.0 2.7 0.3 0.7 0.1 0.0 0.0 0.0 0.0 0.3 0.0 0.0 1.1 79.1 0.1 1.2 1.9 3.5 55.5 16.9 18.2 0.7 0.2 0.0 0.6 0.1 0.1 5.6 0.0 2.6 0.2 0.2 1.0 2.8 0.1 0.2 0.0 0.1 0.5 3.2 0.0 Growth (%) Q2 Share (%) 100.0 2.8 0.3 0.8 0.2 0.0 0.0 0.0 0.0 0.3 0.0 0.0 1.0 79.3 0.4 0.8 3.3 5.6 67.0 2.2 17.9 0.7 0.2 0.0 0.7 0.1 0.0 5.4 0.1 3.1 0.2 0.2 1.7 2.4 0.2 0.3 0.1 0.1 0.4 2.5 0.0 Growth (%) -19.2 -18.8 8.0 -16.0 43.1 -6.1 20.5 0.2 -92.8 -26.4 -73.6 -33.7 -32.4 -20.8 635.2 48.1 -36.5 0.6 -16.5 -73.9 -11.0 -1.0 -0.8 -21.3 -18.6 -32.8 -23.5 14.4 -27.7 -40.6 -11.5 -1.8 1.3 1.0 8.5 -2.1 1.1 2.6 -22.6 -15.9 0.0

Commodities
Vol Total I. Agriculture 1. Timber 2. Rubber 3. Coffee 4. Tea 5. Pepper 6. Tobacco 7. Manioc 8. Animal & Husb Products - Shrimps and prawns 9. Hides 10. Others II. Mineral 1. Tin 2. Copper 3. Nickel 4. Aluminium 5. Coal 6. Others III. Manufactured 1. Textile & Textile Products - Garments 2. Handicraft 3. Wood Products - Plywood 4. Rattan Products 5. Palm Oils 6. Copra Cake 7. Chemical Products 8. Metal Products 9. Electrical Appliances 10. Cement 11. Papers 12. Rubber Products 13. Glass & Glassware 14. Footwear 15. Plastic Products 16. Machinery & Mechanic 17. Others IV. Others (Non-monetary Gold) V. Repair on Goods & Goods Procure in port by carriers
- Not available

Q1 Share (%) 100.0 2.8 0.3 0.8 0.1 0.0 0.0 0.0 0.1 0.3 0.0 0.0 1.1 78.1 0.1 0.6 5.6 4.1 61.6 6.2 19.1 0.6 0.2 0.0 0.8 0.1 0.0 5.0 0.1 4.5 0.2 0.2 1.6 2.3 0.1 0.3 0.0 0.1 0.5 2.7 0.0

Growth (%)

Vol

Q2 Share (%) 100.0

Growth (%)

Vol

Vol

Vol

Vol

73,244 2,017 196 598 90 25 20 25 41 211 27 3 809 57,228 52 428 4,090 3,008 45,099 4,551 13,999 474 123 8 615 89 18 3,634 68 3,285 138 161 1,175 1,689 98 202 32 52 349 2,000 0

-7.3 83,408 3.7 -38.5 2.9 78.7 27.1 270.2 -7.4 12.8 -12.1 8.0 12.3 21.5 2,294 215 616 114 26 13 30 3 284 85 3 990

11.8 75,394 2,333 191 623 171 25 11 29 20 231 30 2 1,030

-0.3 71,100 6.8 -18.7 1.4 42.8 15.5 16.5 37.3 38.3 -17.0 3.8 -12.8 18.8 2,180 157 444 115 21 7 26 65 266 22 2 1,076

-9.5 58,885 -4.3 -42.5 -24.2 5.7 -8.2 -49.7 14.1 -59.1 29.9 -17.1 -29.9 21.9 1,600 150 435 79 23 9 28 9 195 24 2 670

-19.6 67,405 -20.6 -23.4 -27.1 -12.0 -8.4 -56.0 13.9 -78.3 -7.8 -12.6 -37.8 -17.1 1,863 232 517 163 24 16 30 0 209 23 2 670

2.7 12.7 0.3 -38.4 0.7 -1.1 0.1 113.3 0.0 25.6 0.0 40.6 0.0 31.0 0.0 1797.4 0.3 15.2 0.1 182.4 0.0 -3.3 1.2 39.9 81.0 0.0 0.4 4.2 4.5 64.9 6.9 16.3 0.6 0.1 0.0 0.7 0.1 0.0 3.8 0.1 4.2 0.1 0.2 1.3 1.9 0.1 0.2 0.0 0.1 0.4 2.4 0.0

-11.3 67,539 135.5 32 -35.4 358 74.3 3,464 84.5 3,779 -19.5 54,131 17.1 5,775 12.0 13,575 -0.5 473 13.8 119 -8.7 10 -14.3 620 -38.6 98 -21.8 15 54.2 3,154 60.2 96 17.1 3,483 -35.0 121 -1.5 164 -40.7 1,101 3.7 1,604 -0.1 101 8.4 192 9.9 34 5.0 50 20.9 372 40.1 1,985 0.0 0

13.9 61,568 62.6 118 -40.0 226 40.1 1,425 -17.1 5,920 11.2 49,589 94.2 4,289 2.0 11,494 -2.0 487 5.3 133 7.1 9 -5.6 604 -14.8 89 -29.4 10 7.3 2,261 121.3 37 8.6 2,052 -20.0 265 -2.9 174 -33.5 1,302 -2.7 1,836 -4.8 97 -3.5 201 10.0 31 1.6 50 5.5 465 25.6 1,611 0.0 0

2.6 56,170 108.9 22 -50.9 313 -29.5 1,603 65.1 3,098 -1.2 47,457 15.3 3,677 -14.4 12,750 -1.4 398 7.8 107 -1.0 7 -2.3 446 -20.5 69 -35.8 9 -10.6 4,770 -72.8 44 -45.1 1,628 77.1 137 -3.1 165 -15.0 813 23.2 1,519 -6.0 86 3.1 174 13.1 33 -11.5 43 50.1 543 -12.4 1,936 0.0 0

-7.6 46,553 58.8 38 -23.1 695 -34.4 1,119 51.1 2,061 -7.3 32,680 -22.1 9,960 -17.8 10,732 -10.5 417 0.3 103 -26.3 6 -27.9 374 -25.9 61 -46.5 54 26.0 3,322 -32.0 23 -51.0 1,557 -24.6 133 1.5 133 -51.2 602 -11.3 1,645 -13.9 79 -48.4 147 19.5 29 -27.5 44 -36.4 272 -10.1 1,896 0.0 0

-18.7 53,461 -27.7 236 62.6 530 -72.6 2,200 -31.5 3,801 -27.5 45,188 118.9 1,506 -23.3 12,081 -12.1 468 -16.1 118 -25.8 8 -39.2 505 -32.0 66 202.6 11 -8.6 3,606 -66.9 70 -52.6 2,068 -3.3 107 -17.1 161 -48.8 1,115 -2.6 1,619 -19.4 110 -27.6 188 -9.4 34 -16.6 51 -22.1 288 -5.2 1,670 0.0 0

45

Table 2.3 NON OIL AND GAS EXPORT VALUE BY COUNTRY OF DESTINATION
(millions of USD)
2008 COUNTRY Value TOTAL AFRICA AMERICA USA Western Hemesphere Canada Others ASIA ASEAN - Brunei Darussalam - Malaysia - Philipina - Singapore - Thailand - Vietnam - Myanmar - Cambodia - Lao PDR ASIA EXCL.ASEAN - Hongkong - India - Iraq - Japan - South Korea - Pakistan - China - Saudi Arabia - Taiwan - Others AUSTRALIA & OCEANIA EUROPE EUROPEAN COMMUNITY - Belgium - France - Germany - Italy - Netherlands - United Kingdom - Others NEW MEE Russia Others
* Provisional figures

2009* Q3 Share (%) 100.0 3.0 15.1 11.9 1.8 0.6 0.7 Growth (%) 22.4 35.3 18.3 15.6 22.5 30.3 54.8 Value 24,805 759 3,540 2,787 474 155 124 15,757 5,227 15 1,389 424 2,287 670 353 44 44 1 10,530 420 1,824 81 3,253 942 123 1,576 273 751 1,287 0 642 4,108 3,832 316 228 558 453 1,115 380 782 201 69 207 Q4 Share (%) 100.0 3.1 14.3 11.2 1.9 0.6 0.5 63.5 21.1 0.1 5.6 1.7 9.2 2.7 1.4 0.2 0.2 0.0 42.5 1.7 7.4 0.3 13.1 3.8 0.5 6.4 1.1 3.0 5.2 0.0 2.6 16.6 15.4 1.3 0.9 2.2 1.8 4.5 1.5 3.2 0.8 0.3 0.8 Growth (%) 1.4 1.8 3.5 -0.4 24.9 17.1 12.9 0.0 -1.8 73.9 0.7 -13.6 5.4 -7.9 -16.9 -53.2 51.8 22.6 1.0 -9.8 16.1 720.6 5.4 10.0 -64.4 -14.4 2.8 33.3 -9.8 5.0 9.8 3.5 6.0 -6.5 11.2 -3.2 17.6 26.6 6.6 -10.6 -0.2 -11.9 -24.4 Value 20,530 576 2,895 2,370 298 106 121 13,270 4,532 11 961 536 2,153 495 297 34 43 0 8,738 451 1,579 22 2,546 892 164 1,398 193 520 973 0 537 3,253 3,026 236 190 488 360 630 327 794 173 48 180 Q1 Share (%) 100.0 2.8 14.1 11.5 1.5 0.5 0.6 64.6 22.1 0.1 4.7 2.6 10.5 2.4 1.4 0.2 0.2 0.0 42.6 2.2 7.7 0.1 12.4 4.3 0.8 6.8 0.9 2.5 4.7 0.0 2.6 15.8 14.7 1.2 0.9 2.4 1.8 3.1 1.6 3.9 0.8 0.2 0.9 Growth (%) -22.2 -25.4 -20.3 -19.9 -22.0 -26.7 -15.6 -23.7 -24.9 -23.3 -40.8 27.0 -18.3 -37.3 -33.3 -47.9 8.5 -56.3 -23.1 -6.9 0.6 -23.7 -21.4 -25.7 -47.5 -38.7 -33.6 -9.0 -29.8 5.0 -2.4 -19.8 -15.2 -29.5 -18.1 -19.5 -18.7 -25.2 -9.7 6.1 5.3 -48.5 -54.3 Value 23,057 698 3,069 2,486 341 128 115 15,461 5,297 17 1,355 532 2,388 540 371 45 46 2 10,164 475 1,749 7 2,522 1,066 165 2,247 231 682 1,020 0 510 3,318 3,074 282 236 530 366 661 339 660 150 89 155 Q2 Share (%) 100.0 3.0 13.3 10.8 1.5 0.6 0.5 67.1 23.0 0.1 5.9 2.3 10.4 2.3 1.6 0.2 0.2 0.0 44.1 2.1 7.6 0.0 10.9 4.6 0.7 9.7 1.0 3.0 4.4 0.0 2.2 14.4 13.3 1.2 1.0 2.3 1.6 2.9 1.5 2.9 0.6 0.4 0.7 Growth (%) -17.3 -19.8 -25.5 -24.2 -36.9 -22.6 -13.6 -12.8 -13.5 21.2 -13.5 -4.5 -7.3 -36.3 -16.7 -31.3 -2.4 55.4 -12.5 2.6 2.0 -91.6 -21.8 -10.7 -38.8 8.5 -25.4 -7.0 -34.2 5.0 -13.1 -27.3 -26.4 -23.8 -6.8 -19.9 -29.7 -36.3 -14.4 -29.7 -15.4 -5.6 -46.9

Q1 Share (%) 100.0 2.9 13.7 11.2 1.4 0.5 0.5 65.9 22.9 0.1 6.1 1.6 10.0 3.0 1.7 0.2 0.2 0.0 43.0 1.8 5.9 0.1 12.3 4.5 1.2 8.6 1.1 2.2 5.2 0.0 2.1 15.4 13.5 1.3 0.9 2.3 1.7 3.2 1.4 2.8 0.6 0.4 1.5

Growth (%) 21.8 42.7 13.4 11.4 20.6 13.7 44.2 26.8 35.0 28.6 78.5 -4.0 22.8 31.4 67.3 -2.1 31.1 -56.7 22.8 16.0 51.9 16,743 -1.6 30.0 77.2 52.8 66.2 -7.2 23.3 2.0 -20.7 15.1 6.9 3.0 19.8 6.8 21.1 58.1 2.1 -25.1 20.8 55.4 213.3

Value 27,878 871 4,118 3,281 540 165 133 17,738 6,123 14 1,568 557 2,577 847 445 66 47 2 11,615 463 1,715 84 3,227 1,193 270 2,071 309 733 1,549 0 587 4,564 4,178 370 254 662 521 1,037 396 939 177 95 292

Q2 Share (%) 100.0 3.1 14.8 11.8 1.9 0.6 0.5 63.6 22.0 0.1 5.6 2.0 9.2 3.0 1.6 0.2 0.2 0.0 41.7 1.7 6.2 0 11.6 4.3 1.0 7.4 1.1 2.6 5.6 0.0 2.1 16.4 15.0 1.3 0.9 2.4 1.9 3.7 1.4 3.4 0.6 0.3 1.0

Growth (%) 18.9 59.8 21.2 19.3 40.5 8.6 19.7 15.9 27.1 22.2 39.0 26.0 23.0 18.0 38.3 0.1 41.2 179.0 10.8 7.0 29.3 27,122 -13.2 23.3 20.1 13.3 41.5 19.8 33.7 3.0 -6.7 27.3 24.8 13.3 22.2 13.4 58.8 52.1 5.9 11.0 30.2 4.6 98.8

Value 28,796 859 4,336 3,431 531 184 191 18,560 6,769 15 1,639 511 3,068 968 457 61 48 1 11,791 455 1,726 69 3,708 1,186 211 1,889 321 801 1,424 0 922 4,119 3,801 352 236 659 490 868 430 765 238 90 228

26,405 771 3,630 2,960 382 145 143 17,397 6,036 14 1,622 422 2,636 790 445 66 40 1 11,361 485 1,569 28 3,238 1,200 311 2,283 291 571 1,386 0 550 4,057 3,570 335 232 606 443 842 362 748 164 93 394

64.5 23.2 23.5 24.9 0.1 37.4 5.7 27.4 1.8 4.6 10.7 22.6 3.4 35.2 1.6 33.7 0.2 41.1 0.2 68.0 0.0 50.7 40.9 22.2 1.6 5.0 6.0 78.4 0.2 4,146.2 12.9 13.4 4.1 11.1 0.7 47.7 6.6 14.7 1.1 11.6 2.8 33.9 4.9 15.4 0.0 4.0 3.2 58.7 14.3 13.2 1.2 0.8 2.3 1.7 3.0 1.5 2.7 0.8 0.3 0.8 15.1 14.3 8.2 19.7 10.4 52.4 17.9 13.4 -0.3 47.4 0.2 37.5

46

Table 2.4 NON OIL AND GAS IMPORT VALUE BY BROAD ECONOMIC CATEGORIES (BEC)
(C&F, millions of USD)
Commodities Value Import Total I. Consumption Goods 112 - Food & Beverages (Primary), Mainly for Household 122 - Food & Beverages (Processed), Mainly for Household 510 - Passenger Motor Cars 522 - Transport Equipment, non-industrial 610 - Durable Consumption Goods 620 - Semi-durable Consumption Goods 630 - Non-durable Consumption Goods 700 - Goods Not Elsewhere Specified II. Raw Materials & Auxiliary Goods 111 - Food & Beverages (Primary), Mainly for Industry 121 - Food & Beverages (Processed), Mainly for Industry 210 - Raw Materials (Primary), for Industry 220 - Raw Materials (Processed), for Industry 310 - Fuels & Lubricants (Primary) 322 - Fuels & Lubricants (Processed) 420 - Parts & Accessories for Capital Goods 530 - Parts & Accessories for Transport Equipment III. Capital Goods 410 - Capital Goods (except Transport Equipment) 510 - Passenger Motor Cars 521 - Transport Equipment for Industry IV. Others
* Provisional figures

Q1 Share Growth Value (%) (%) 100.0 8.9 1.0 2.0 0.5 0.6 1.1 1.9 1.5 0.1 71.7 3.4 1.1 4.5 41.7 0.0 0.2 14.1 6.6 18.8 14.5 0.5 3.7 0.7 41.2 25,819 23.9 34.2 0.4 59.0 121.9 -14.3 55.2 34.8 34.0 2,359 229 533 145 105 363 608 363 11

2008 Q2 Share Growth Value (%) (%) 100.0 9.1 0.9 2.1 0.6 0.4 1.4 2.4 1.4 0.0 71.9 3.7 1.1 5.2 41.7 0.0 0.2 13.7 6.2 18.4 14.8 0.6 3.0 0.6 44.1 27,250 33.1 3.7 -6.4 105.5 154.6 66.4 84.5 26.7 -68.0 2,720 247 558 131 89 295 1,024 366 10

Q3 Share Growth Value (%) (%) 100.0 10.0 0.9 2.0 0.5 0.3 1.1 3.8 1.3 0.0 68.6 2.8 1.0 5.0 40.5 0.0 0.3 13.3 5.7 20.6 15.3 0.5 4.9 0.8 44.7 24,637 34.8 12.4 1.4 64.3 16.1 1.3 130.1 24.1 -82.8 1,917 148 373 82 74 203 672 320 46

Q4 Share Growth Value (%) (%) 100.0 7.8 0.6 1.5 0.3 0.3 0.8 2.7 1.3 0.2 67.0 3.1 1.0 4.5 37.7 0.1 0.2 13.3 7.2 24.5 17.4 0.3 6.8 31.7 16,533 7.5 -21.4 -22.1 -26.6 26.6 -12.0 56.0 24.0 65.9 1,243 253 307 32 74 139 168 242 28

2009* Q1 Share Growth Value (%) (%) 100.0 7.5 1.5 1.9 0.2 0.4 0.8 1.0 1.5 0.2 63.5 3.5 1.3 2.9 35.5 0.0 0.1 14.1 6.1 28.1 18.0 0.2 9.9 0.8 -28.8 17,913 -39.8 12.2 -35.1 -73.2 -48.0 -47.4 -62.6 -32.2 -16.9 1,625 240 328 55 86 211 365 320 21

Q2 Share Growth (%) (%) 100.0 9.1 1.3 1.8 0.3 0.5 1.2 2.0 1.8 0.1 65.6 3.9 1.8 4.1 37.7 0.0 0.2 13.2 4.7 24.6 16.4 0.3 7.9 0.7 -30.6 -31.1 4.6 -38.5 -62.3 -18.5 -41.9 -40.0 -11.9 84.2 -36.7 -27.0 16.4 -45.2 -37.4 -21.5 -42.7 -33.2 -47.7 -7.0 -23.1 -62.3 83.0 -16.9

23,228 2,065 226 474 119 142 264 450 356 34 16,652 798 258 1,054 9,681 5 47 3,271 1,538 4,357 3,375 119 863 151

41.5 18,557 73.0 955 10.7 277 32.6 1,344 47.8 10,773 145.2 6 1.2 56 22.7 3,538 52.0 1,609 52.1 39.7 59.0 131.1 -1.9 4,742 3,827 145 770 161

44.4 18,697 78.6 763 14.0 286 70.8 1,358 46.2 11,037 317.0 9 22.8 71 28.3 3,617 44.0 1,555 51.3 53.5 105.5 35.0 6.6 5,622 4,167 131 1,324 211

40.4 16,519 39.5 760 -1.4 248 72.8 1,103 47.0 9,292 114.0 18 42.8 44 17.7 3,277 46.8 1,777 66.8 55.3 64.3 118.0 62.3 6,041 4,288 82 1,671 160

31.5 10,506 62.7 574 10.7 218 39.9 479 29.7 5,864 936.8 5 44.1 22 15.6 2,333 69.5 1,012 46.3 39.2 -26.6 78.3 4,646 2,972 32 1,642 138

-36.9 11,745 -28.1 697 -15.8 322 -54.6 736 -39.4 6,749 0.6 4 -52.8 32 -28.7 2,363 -34.2 842 6.6 -11.9 -73.2 90.2 -8.5 4,409 2,945 55 1,409 134

0.65 -30.78

47

Table 2.5 NON OIL AND GAS IMPORT VOLUME BY BROAD ECONOMIC CATEGORIES (BEC)
(thousands of tons)
Commodities Import Total I. Consumption Goods 112 - Food & Beverages (Primary), Mainly for Household 122 - Food & Beverages (Processed), Mainly for Household 510 - Passenger Motor Cars 522 - Transport Equipment, non-industrial 610 - Durable Consumption Goods 620 - Semi-durable Consumption Goods 630 - Non-durable Consumption Goods 700 - Goods Not Elsewhere Specified II. Raw Materials & Auxiliary Goods 111 - Food & Beverages (Primary), Mainly for Industry 121 - Food & Beverages (Processed), Mainly for Industry 210 - Raw Materials (Primary), for Industry 220 - Raw Materials (Processed), for Industry 310 - Fuels & Lubricants (Primary) 322 - Fuels & Lubricants (Processed) 420 - Parts & Accessories for Capital Goods 530 - Parts & Accessories for Transport Equipment III. Capital Goods 410 - Capital Goods (except Transport Equipment) 510 - Passenger Motor Cars 521 - Transport Equipment for Industry IV. Others
* Provisional figures

2008 2009* Q2 Q1 Q2 Q1 Q3 Q4 Share Growth Share Growth Share Growth Share Growth Share Growth Share Growth Vol Vol Vol Vol Vol (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) 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 Vol 1,115 375 495 12 21 50 89 71 1 15,889 1,740 343 3,788 9,387 38 39 331 223 665 469 12 184 0 6.3 2.1 2.8 0.1 0.1 0.3 0.5 0.4 0.0 89.9 9.8 1.9 21.4 53.1 0.2 0.2 1.9 1.3 3.8 2.7 0.1 1.0 0.0 -11.6 44.2 -37.1 16.8 101.7 -2.8 8.7 20.1 36.1 1,064 328 454 14 21 74 101 72 1 6.1 1.9 2.6 0.1 0.1 0.4 0.6 0.4 0.0 90.2 9.9 1.8 21.0 53.7 0.1 0.3 2.2 1.3 3.7 2.7 0.1 1.0 0.0 -30.1 -5.6 -51.0 37.8 93.7 31.6 -0.4 4.0 -63.9 1,082 375 423 14 19 64 119 68 0 6.5 2.2 2.5 0.1 0.1 0.4 0.7 0.4 0.0 89.3 8.1 2.3 21.5 53.5 0.2 0.3 1.9 1.5 4.2 2.9 0.1 1.2 0.0 -18.6 19.2 -43.3 43.1 -0.5 -18.0 28.0 0.7 -60.3 698 203 276 9 12 41 93 59 5 5.0 -38.9 1.5 -19.4 2.0 -59.1 0.1 -29.9 0.1 -9.5 0.3 -12.6 0.7 18.0 0.4 -4.5 0.0 1,130.0 90.2 10.1 2.6 22.4 50.4 0.4 0.2 2.7 1.5 4.8 3.6 0.1 1.1 0.0 1.0 6.7 31.8 0.8 -2.4 257.8 16.3 29.7 -11.2 26.6 14.9 -29.9 102.9 0.0 730 387 214 3 10 31 45 40 1 8,890 1,131 332 2,027 5,078 18 20 187 98 619 327 3 289 0 7.1 3.8 2.1 0.0 0.1 0.3 0.4 0.4 0.0 86.8 11.0 3.2 19.8 49.6 0.2 0.2 1.8 1.0 6.0 3.2 0.0 2.8 0.0 -34.6 3.2 -56.8 -72.5 -54.7 -39.2 -49.7 -43.7 -52.3 760 344 219 6 15 44 68 54 11 5.6 -28.6 2.5 5.0 1.6 -51.7 0.0 -57.9 0.1 -29.0 0.3 -40.9 0.5 -32.8 0.4 -25.0 0.1 1,943.4 90.4 13.4 4.6 22.1 47.8 0.1 0.2 1.4 0.8 3.9 2.3 0.0 1.6 0.0 -23.0 4.3 97.0 -19.1 -31.5 -19.5 -43.5 -52.7 -51.7 -18.6 -32.7 -57.9 22.7 0.0

22.7 15,844 12.8 1,738 -31.0 314 17.6 3,682 30.3 9,424 95.3 24 15.3 44 24.6 393 34.9 225 32.0 32.5 16.8 31.9 0.0 654 467 14 173 0

17.2 14,912 2.4 1,351 -23.2 377 7.1 3,595 26.3 8,930 113.0 39 -5.9 46 34.6 318 37.8 257 56.3 27.7 37.8 306.9 1.0 698 487 14 198 0

11.9 12,534 -20.8 1,403 -9.8 364 15.0 3,112 19.4 7,001 38.7 49 -24.3 29 -7.3 374 54.2 202 42.4 20.1 43.1 160.8 0.0 666 502 9 155 0

-44.0 12,207 -35.0 1,813 -3.3 619 -46.5 2,979 -45.9 6,458 -53.3 19 -47.8 25 -43.4 186 -56.1 109 -6.8 -30.3 -72.5 57.6 0.0 532 314 6 212 0

48

Table 2.6 NON OIL AND GAS IMPORT VALUE BY COUNTRY OF ORIGIN
(C&F, millions of USD)
COUNTRY Value TOTAL AFRICA AMERICA USA Western Hemesphere Canada Others ASIA ASEAN - Brunei Darussalam - Malaysia - Philipina - Singapore - Thailand - Vietnam - Myanmar - Cambodia ASIA EXCL.ASEAN - Hongkong - India - Iraq - Japan - South Korea - Pakistan - China - Saudi Arabia - Taiwan - Others AUSTRALIA & OCEANIA EUROPE EUROPEAN COMMUNITY - Belgium - France - Germany - Italy - Netherlands - United Kingdom - Others Russia Others
* Provisional figures

23,225 166 2,757 1,721 584 424 28 16,092 5,681 3 952 182 2,893 1,525 118 7 0 10,410 643 655 0 3,538 1,121 13 3,263 139 670 368 1,117 3,093 2,382 115 364 753 238 156 217 539 243 467

Q1 Share Growth (%) (%) 100.0 29.7 0.7 11.9 7.4 2.5 1.8 0.1 69.3 24.5 0.0 4.1 0.8 12.5 6.6 0.5 0.0 0.0 44.8 2.8 2.8 0.0 15.2 4.8 0.1 14.1 0.6 2.9 1.6 4.8 13.3 10.3 0.5 1.6 3.2 1.0 0.7 0.9 2.3 1.0 2.0 1.2 43.0 27.1 88.2 72.0 59.3 31.6 19.8 4.3 37.2 43.1 10.9 37.5 -37.1 -33.9 34.4 39.0 30.4 33.4 -38.4 55.5 8.0 -46.1 38.3 117.5 16.8 115.8 18.3 16.9 7.7 12.7 -16.7 23.8 31.6 -6.2 19.7 0.6 62.1 64.6

Value 25,819 281 3,284 2,127 545 571 42 17,435 5,992 6 1,024 214 3,011 1,591 134 12 1 11,443 637 712 0 3,578 1,354 24 3,800 160 754 424 1,277 3,542 2,655 156 246 814 296 160 232 751 383 504

2008 Q2 Share Growth Value (%) (%) 100.0 37.1 27,250 1.1 12.7 8.2 2.1 2.2 0.2 67.5 23.2 0.0 4.0 0.8 11.7 6.2 0.5 0.0 0.0 44.3 2.5 2.8 0.0 13.9 5.2 0.1 14.7 0.6 2.9 1.6 4.9 13.7 10.3 0.6 1.0 3.2 1.1 0.6 0.9 2.9 1.5 2.0 40.7 53.2 57.7 12.1 97.5 110.0 38.0 23.2 15,902 34.2 49.6 13.8 37.4 -10.5 186.8 28.5 47.3 40.5 95.6 -38.2 48.3 25.6 81.3 46.5 41.2 26.8 183.9 36.0 21.2 6.2 39.7 -46.0 18.5 45.8 13.2 29.7 3.9 248.8 61.8 360 3,372 2,243 577 507 45 18,463 6,442 0 1,125 169 3,215 1,750 174 9 1 12,021 609 712 0 3,532 1,320 13 4,504 172 706 454 1,419 3,635 2,824 200 303 926 265 174 280 676 283 528

Q3 Share Growth (%) (%) 100.0 46.0 1.3 12.4 8.2 2.1 1.9 0.2 67.8 23.6 0.0 4.1 0.6 11.8 6.4 0.6 0.0 0.0 44.1 2.2 2.6 0.0 13.0 4.8 0.0 16.5 0.6 2.6 1.7 5.2 13.3 10.4 0.7 1.1 3.4 1.0 0.6 1.0 2.5 1.0 1.9 146.6 43.9 42.3 30.1 65.9 162.2 48.5 29.6 -83.7 51.3 21.4 16.8 49.2 12.2 63.5 69.3 61.1 16.4 54.5 -99.4 46.2 60.7 2.5 87.1 74.2 29.4 157.4 62.3 26.5 15.1 110.4 -41.4 44.7 18.8 -7.1 27.5 18.2 266.4 54.5

Value 24,637 356 3,159 2,057 675 359 68 16,276 5,154 7 1,096 266 2,429 1,104 212 20 14 11,121 495 1,262 30 3,947 1,018 45 3,623 174 628 820 935 3,912 3,352 185 752 598 316 580 294 627 249 311

Q4 Share Growth (%) (%) 100.0 6.1 1.4 12.8 8.3 2.7 1.5 0.3 114.6 14.6 19.5 15.6 -15.4 137.6

Value 16,533 97 2,222 1,601 284 270 67 11,096 3,859 1 655 84 2,196 817 92 9 1 7,237 302 399 0 2,119 749 10 2,755 86 422 395 783 2,336 1,897 97 297 519 183 128 185 487 118 321

2009* Q1 Share Growth Value (%) (%) 100.0 -36.0 17,913 0.6 13.4 9.7 1.7 1.6 0.4 67.1 23.3 0.0 4.0 0.5 13.3 4.9 0.6 0.1 0.0 43.8 1.8 2.4 0.0 12.8 4.5 0.1 16.7 0.5 2.6 2.4 4.7 14.1 11.5 0.6 1.8 3.1 1.1 0.8 1.1 2.9 0.7 1.9 -65.6 -32.4 -24.7 -47.9 -52.6 58.0 -36.4 -35.6 -85.4 -36.1 -60.9 -27.1 -48.7 -31.5 -29.2 76.0 -36.8 -52.5 -43.9 -25.3 -40.8 -44.7 -59.1 -27.5 -46.5 -44.0 -6.8 -38.7 -34.0 -28.6 -38.0 20.6 -36.2 -38.1 -19.8 -20.0 -35.2 -69.2 -36.2 129 2,361 1,523 507 290 41 11,998 3,978 1 743 124 1,959 1,034 100 13 1 8,020 318 512 0 2,205 985 9 3,069 117 478 327 1,012 2,414 2,178 108 410 557 170 112 207 614 64 172

Q2 Share Growth (%) (%) 100.0 -34.3 0.7 13.2 8.5 2.8 1.6 0.2 67.0 22.2 0.0 4.1 0.7 10.9 5.8 0.6 0.1 0.0 44.8 1.8 2.9 0.0 12.3 5.5 0.0 17.1 0.7 2.7 1.8 5.7 13.5 12.2 0.6 2.3 3.1 0.9 0.6 1.2 3.4 0.4 1.0 -64.1 -30.0 -32.1 -12.2 -42.8 -9.5 -35.0 -38.2 195.0 -34.0 -26.5 -39.1 -40.9 -42.8 55.9 56.1 -33.3 -47.8 -28.1 59,259 -37.6 -25.4 -32.6 -31.9 -31.9 -32.3 -28.0 -28.7 -33.6 -22.9 -46.1 35.3 -39.8 -36.1 -35.8 -26.0 -9.1 -77.5 -67.4

66.1 1.1 20.9 -9.3 0.0 175.6 4.5 15.1 1.1 45.7 9.9 -16.0 4.5 -27.6 0.9 79.0 0.1 177.1 0.1 2,864.7 45.1 6.8 2.0 -22.9 5.1 92.6 0.1 96,813 16.0 11.6 4.1 -9.2 0.2 259.6 14.7 11.0 0.7 25.0 2.5 -6.2 3.3 122.9 3.8 15.9 13.6 0.8 3.1 2.4 1.3 2.4 1.2 2.5 1.0 1.3 -16.3 26.5 40.7 60.9 106.8 -20.6 32.6 271.9 35.4 16.2 2.3 -33.5

49

Table 3.1 TRAVEL INFLOWS

BOP Period (1) 2004 2005 Q1 Q2 Q3 Q4 2006 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 Q4 2008 Q1 Q2 Q3 Q4 2009* Q1 Q2 Main Gates
(number of people)

BOP
Value
(In millions of USD)

Growth
(y.o.y)

Growth
(y.t.d)

Other Gates
(number of people)

(2+3)
(number of people)

(2) 4,541,165 4,074,354 1,003,616 1,045,871 1,183,757 841,110 3,977,482 871,817 1,023,099 1,038,857 1,043,709 4,541,458 1,001,697 1,142,077 1,215,723 1,181,961 5,237,470 1,190,102 1,264,023 1,397,827 1,385,519

(3) 779,941 927,747 215,625 228,421 239,116 244,585 893,869 204,589 227,472 233,972 227,836 964,301 213,289 242,394 258,803 249,815 1,191,556 260,861 273,231 329,773 327,691

(4) 5,321,106 5,002,101 1,219,241 1,274,292 1,422,873 1,085,695 4,871,351 1,076,406 1,250,571 1,272,829 1,271,545 5,505,759 1,214,986 1,384,471 1,474,526 1,431,776 6,429,026 1,450,963 1,537,254 1,727,600 1,713,210

(4) 4,798 4,522 1,102 1,152 1,286 981 4,448 983 1,142 1,162 1,161 5,346 1,180 1,344 1,432 1,390 7,374 1,663 1,770 1,974 1,968

(%) (5) 18.8 -5.8 0.8 -0.8 -4.7 -17.8 -1.6 -10.8 -0.9 -9.6 18.3 20.2 20.0 17.7 23.2 19.7 37.9 40.9 31.6 37.9 41.5

(%) (6) 18.8 -5.8 0.8 0.0 -1.8 -5.8 -1.6 -10.8 -5.7 -7.2 -1.6 20.2 20.0 18.8 20.3 20.2 37.9 40.9 36.0 36.7 37.9

1,188,556 1,331,782

275,729 258,324

1,464,285 1,590,106

1,422 1,572

-14.5 -11.2

-14.5 -12.8

* Provisional figures

50

Table 3.2 TRAVEL OUTFLOWS

Hajj Period (1) 2004 2005 Q1 Q2 Q3 Q4 2006 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 Q4 2008 Q1 Q2 Q3 Q4 2009* Q1 Q2
1)

BOP

1)

Hajj
Pilgrimage
(In millions of USD)

BOP

1)

Growth
(y.o.y)
(%)

Growth
(y.t.d)
(%)

Main Gates
(number of people)

Other Gates
(number of people)

Pilgrimage
(number of people)

(2+3)
(number of people)

Value
(In millions of USD)

(2) 3,941,381 4,106,225 948,509 991,334 1,024,447 1,141,935 4,261,998 953,983 1,081,620 1,082,682 1,143,713 4,593,183 1,055,961 1,103,889 1,146,177 1,287,156 4,718,290 1,077,171 1,167,747 1,193,452 1,279,920

(3) 101,061 105,288 24,321 25,419 26,268 29,280 705,405 198,417 192,710 162,702 151,576 563,859 169,520 142,136 127,774 124,429 604,102 176,301 150,088 138,353 139,360

(4) 204,945 267,501 205,382 0 0 62,119 207,064 144,945 0 0 62,119 209,319 104,660 0 0 104,660 259,564 41,864 0 0 217,700

(5) 3,837,497 4,211,513 972,830 1,016,753 1,050,715 1,171,215 4,967,403 1,152,400 1,274,330 1,245,384 1,295,289 5,157,042 1,225,481 1,246,025 1,273,951 1,411,585 5,322,391 1,253,472 1,317,835 1,331,805 1,419,280

(6) 452 511 394 0 0 117 466 272 0 0 194 515 195 0 0 320 516 80 0 0 436

(7) 3,507 3,584 992 792 819 981 4,030 1,026 954 932 1,118 4,903 1,188 1,106 1,130 1,479 5,606 1,269 1,332 1,358 1,647

(8) 13.8 2.2 -6.3 14.5 -1.9 6.5 12.4 3.4 20.4 13.8 14.0 21.7 15.8 15.9 21.2 32.3 14.3 6.8 20.4 20.2 11.3

(9) 13.8 2.2 -6.3 1.9 0.7 2.2 12.4 3.4 11.0 11.9 12.4 21.7 15.8 15.9 17.6 21.7 14.3 6.8 13.4 15.6 14.3

974,685 1,143,133

167,037 146,369

0 0

1,141,722 1,289,502

0 0

1,101 1,243

-13.3 -6.7

-13.3 -9.9

Including hajj pilgrimage

* Provisional figures

51

Table 4 STOCK OF DEBT SECURITIES OWNED BY NON-RESIDENTS

(millions of USD)
No Securities
Q.1 Q.2

2007
Q.3 Q.4 Q.1 Q.2

2008*
Q.3 Q.4 Q.1

2009**
Q.2

A. Private Sector 1 1 Bonds 2 Medium Term Notes 3 Floating Rate Notes 4 Commercial Papers 5 Promissory Notes Total 16 1,474 1,966 192 285 16 1,445 2,020 270 289 16 1,538 2,071 225 293 14 1,490 2,123 351 267 15 1,524 2,200 361 300 19 1,488 2,075 200 367 15 1,618 2,180 185 361 19 1,410 1,910 19 1,412 1,957 19 1,410 1,908 250 231 298 228 249 230

B. Public Sector 1 Govt. Bond (Rp. Denomination)/SUN 2 Govt. Bond (USD Denomination) 3 SBI Total
1

6,978 6,370 2,127 15,475

9,033 6,370 4,201 19,604

8,711 6,370 4,436 19,517

8,298 6,370 4,436 19,517

8,760 8,322 3,330 20,412

10,200 10,450 3,643 24,293

11,037 10,450 2,157 23,644

7,983 10,450 772 19,204

6,787 13,370 1,428 21,585

8,462 13,968 2,025 24,455

Source : Custodian Bank Provisional figures

* * Very Provisional figures

52