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Indonesia ends nine-year deficit streak, posts current account surplus

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Surplus of US $ 1 billion, or 0.4% of GDP, was fueled by a surplus in the goods balance

Jakarta (ANTARA) – Indonesia posted a current account surplus of US $ 1 billion in the third quarter of 2020 after suffering from a current account deficit for nine years.

The country last experienced a current account surplus of US $ 468 million in the third quarter of 2011, according to an official Indonesian balance of payments statistics report traced by Antara on Friday.

Indonesia recorded a current account surplus in 2011 when its exports soared following a commodity boom in the world market. Subsequently, it turned into a boomerang for the country when commodity prices plunged in the world market.

As a result, the country’s current account recorded a deficit of up to US $ 944 million in the fourth quarter of 2011.

Overall, the country recorded a current account surplus of US $ 2.07 billion in 2011, a sign of a positive achievement of macroeconomic indicators that have never repeated over the past nine years until third quarter of 2020.

President Joko Widodo has frequently referred to the current account deficit on various occasions. He urged ways to improve the country’s current account deficit, including accelerating the processing industry to produce value-added goods, so that imports can be increased.

The current account deficit is one indicator of the external resilience of the Indonesian economy. Indeed, the current account deficit contained several components of Indonesia’s payments to other countries, including the balance of services, the balance of goods, and the balance of primary and secondary income.

According to the official statement of the Bank of Indonesia (BI) released Friday, the current account surplus was pulled by the goods balance registering a surplus coupled with improved export performance.

“The surplus of US $ 1 billion, or 0.4 percent of GDP, was fueled by a surplus in the goods balance,” he added.

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