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Jakarta Post

Analysis: Encouraging the receipt of Indonesian remittances

  • Bobby Hermanus


Jakarta   /   Wed, May 15 2019   /  02:50 am

In Indonesia’s balance of payments in the first quarter, the current account deficit (CAD) was recorded at US$7 billion (2.6 percent of GDP), lower than the previous quarter’s deficit of $9.2 billion (3.6 percent of GDP). The CAD improvement was mostly driven by an increase in the goods trade balance ($1 billion surplus compared to $2.6 billion deficit in the fourth quarter of 2018) as a result of a increase in the non-oil and gas trade balance surplus ($2.5 billion compared to $100 million) and improvement in the oil and gas trade balance deficit ($2 billion deficit vs. $2.9 billion deficit).Another component in the current account that recorded a surplus was secondary income ($1.9 billion). In its revenue component, which reached $2.9 billion, the contribution of personal transfers made by Indonesian migrant workers through domestic remittances reached 93 percent ($2.7 billion). Hi...