Bank Indonesia: Balance of Payments Records US$6.1 Billion Surplus in Q4 2025
Jakarta — Bank Indonesia (BI) reported that Indonesia's balance of payments recorded a surplus of US$6.1 billion in the fourth quarter of 2025, supported by a persistently low current account deficit and a capital and financial account surplus.
"The balance of payments performance improved in Q4 2025, thereby supporting external resilience," said BI's Executive Director of the Communications Department, Ramdan Denny Prakoso, in a statement in Jakarta on Friday.
The current account recorded a deficit of US$2.5 billion (0.7 per cent of GDP) in Q4 2025, following a surplus of US$4.0 billion (1.1 per cent of GDP) in Q3 2025.
The non-oil and gas trade balance continued to post a surplus, albeit lower than the previous quarter, in line with the slowdown in global economic growth and continued contraction in commodity prices. Meanwhile, the oil and gas trade balance recorded a higher deficit in line with increased domestic economic activity.
The services account deficit was also higher due to a decline in the number of international tourist arrivals in Q4 2025 compared with Q3 2025.
The primary income account deficit increased, influenced by higher year-end dividend payments, whilst the secondary income account surplus rose on the back of increased remittances from Indonesian Migrant Workers (PMI).
The capital and financial account recorded a surplus of US$8.3 billion in Q4 2025, following a deficit of US$8.0 billion in Q3 2025.
"Direct investment continued to record a surplus, reflecting the maintained positive perception of investors towards Indonesia's economic prospects and investment climate," said Ramdan.
BI noted that portfolio investment recorded a surplus, supported by increased foreign capital inflows amid attractive investment yields. Other investment also posted a surplus, influenced by the drawdown of external borrowings.
For the full year 2025, BI affirmed that the balance of payments demonstrated well-maintained external sector resilience amid heightened global financial market uncertainty.
The current account for 2025 recorded a manageable deficit of US$1.5 billion (0.1 per cent of GDP), significantly lower than the 2024 deficit of US$8.6 billion (0.6 per cent of GDP). This development was driven by an increase in the goods trade surplus in line with improved export performance, particularly exports of manufactured products. In addition, the secondary income account surplus was higher, influenced by increased remittance receipts from Indonesian Migrant Workers.
Meanwhile, the services account deficit widened, driven by a higher telecommunications services deficit in line with improved performance in the information and communications sector. The primary income account deficit also increased, influenced by higher dividend payments.
The capital and financial account for 2025 recorded a deficit of US$4.2 billion, driven by foreign capital outflows from portfolio investment and other investment amid elevated global financial market uncertainty throughout 2025.
Foreign exchange reserves increased from US$155.7 billion at the end of December 2024 to US$156.5 billion at the end of December 2025. This reserves position is equivalent to 6.2 months of imports and government external debt payments, well above the international adequacy standard of approximately three months of imports.
BI projects that the balance of payments performance in 2026 will remain sound, with the current account deficit staying low within a range of 0.1 to 0.9 per cent of GDP.
"Going forward, Bank Indonesia will continue to closely monitor global economic dynamics that may affect the balance of payments outlook and will continue to strengthen its policy mix response, supported by close policy synergy with the Government and relevant authorities to bolster external resilience," said Ramdan.
"The balance of payments performance improved in Q4 2025, thereby supporting external resilience," said BI's Executive Director of the Communications Department, Ramdan Denny Prakoso, in a statement in Jakarta on Friday.
The current account recorded a deficit of US$2.5 billion (0.7 per cent of GDP) in Q4 2025, following a surplus of US$4.0 billion (1.1 per cent of GDP) in Q3 2025.
The non-oil and gas trade balance continued to post a surplus, albeit lower than the previous quarter, in line with the slowdown in global economic growth and continued contraction in commodity prices. Meanwhile, the oil and gas trade balance recorded a higher deficit in line with increased domestic economic activity.
The services account deficit was also higher due to a decline in the number of international tourist arrivals in Q4 2025 compared with Q3 2025.
The primary income account deficit increased, influenced by higher year-end dividend payments, whilst the secondary income account surplus rose on the back of increased remittances from Indonesian Migrant Workers (PMI).
The capital and financial account recorded a surplus of US$8.3 billion in Q4 2025, following a deficit of US$8.0 billion in Q3 2025.
"Direct investment continued to record a surplus, reflecting the maintained positive perception of investors towards Indonesia's economic prospects and investment climate," said Ramdan.
BI noted that portfolio investment recorded a surplus, supported by increased foreign capital inflows amid attractive investment yields. Other investment also posted a surplus, influenced by the drawdown of external borrowings.
For the full year 2025, BI affirmed that the balance of payments demonstrated well-maintained external sector resilience amid heightened global financial market uncertainty.
The current account for 2025 recorded a manageable deficit of US$1.5 billion (0.1 per cent of GDP), significantly lower than the 2024 deficit of US$8.6 billion (0.6 per cent of GDP). This development was driven by an increase in the goods trade surplus in line with improved export performance, particularly exports of manufactured products. In addition, the secondary income account surplus was higher, influenced by increased remittance receipts from Indonesian Migrant Workers.
Meanwhile, the services account deficit widened, driven by a higher telecommunications services deficit in line with improved performance in the information and communications sector. The primary income account deficit also increased, influenced by higher dividend payments.
The capital and financial account for 2025 recorded a deficit of US$4.2 billion, driven by foreign capital outflows from portfolio investment and other investment amid elevated global financial market uncertainty throughout 2025.
Foreign exchange reserves increased from US$155.7 billion at the end of December 2024 to US$156.5 billion at the end of December 2025. This reserves position is equivalent to 6.2 months of imports and government external debt payments, well above the international adequacy standard of approximately three months of imports.
BI projects that the balance of payments performance in 2026 will remain sound, with the current account deficit staying low within a range of 0.1 to 0.9 per cent of GDP.
"Going forward, Bank Indonesia will continue to closely monitor global economic dynamics that may affect the balance of payments outlook and will continue to strengthen its policy mix response, supported by close policy synergy with the Government and relevant authorities to bolster external resilience," said Ramdan.