Bank Indonesia (BI) announced on Thursday (20/2/25) that Indonesia recorded a USD 7.2 billion Balance of Payments (BoP) surplus in 2024, an increase from USD 6.3 billion the previous year, according to reporting from Jakarta Globe.
The capital and financial account registered a surplus of USD 16.4 billion, a significant jump from USD 9.9 billion in 2023. Bank Indonesia attributed this growth to strong foreign capital inflows, reflecting investor confidence in Indonesia’s economy.
“Overall, the Indonesian BoP demonstrated strong resilience against external pressures, despite continued uncertainties in the global financial market,” Bank Indonesia spokesman Ramdan Denny Prakoso said in a statement.
Despite the overall BoP surplus, Indonesia’s current account, which measures trade in goods and services, income from abroad, and current transfers, posted a USD 8.9 billion deficit (0.6 percent of GDP), compared to USD 2 billion (0.1 percent of GDP) in 2023, indicating that Indonesia spends more on foreign goods and services than it earns from exports says Jakarta Globe.
The widening deficit was driven by a shrinking trade surplus, as demand weakened from key export destinations, Ramdan explained. This trend highlights Indonesia’s vulnerability to fluctuations in global trade and commodity markets.
Indonesia’s foreign exchange reserves grew significantly, reaching USD 155.7 billion by December 31, 2024, up from USD 146.4 billion in 2023. By the end of January 2025, reserves had increased further to USD 156.1 billion, providing a strong buffer against external shocks and supporting exchange rate stability.
Source: Jakarta Globe
