Indonesia’s Balance of Payments (BOP) in 1Q21 booked a surplus of USD4.1 billion, higher than the previous quarter which recorded USD0.2 billion deficits. This surplus was supported by capital and financial account surplus, which exceeded the current account deficit for the same period. Indonesia’s current account in 1Q21 recorded deficit of USD1 billion, lower than the previous quarter which booked a surplus at USD892 million (4Q20) and USD1 billion (3Q20). At the beginning of the year, Indonesia recorded a deficit of up to USD3.4 billion in 1Q20 and a deficit of USD2.8 billion in 2Q20. The current low deficit is supported by improved export performance, in line with increased demand from trading partner countries and rising global commodity prices. On the other hand, import performance has also increased quite sharply, holding back further goods balance surplus.
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