Research & Stock Picks

Economic Reports

22 August 2024

By

Current Account Balance 2Q24: 22 August 2024

  • Indonesia's current account deficit widened to USD 3.02 billion in Q2 2024, up from USD 2.41 billion in the previous quarter, marking the fifth consecutive quarter of deficit and representing 0.9% of GDP. The deficit surpassed our projection of USD 2.39 billion as well as consensus estimate of USD 2.44 billion. Additionally, this figure represents the largest current account deficit since Q1 2020, indicating increasing external pressures on the economy.
  • ⁠The services account deficit jumped to USD 5.15 billion, its highest in six quarters, compared to USD 4.60 billion a year earlier. This rise is largely due to a widening gap in travel services, likely caused by increased outbound tourism and a decline in foreign visitors to Indonesia, further deepening the deficit. Meanwhile, the primary income deficit remained nearly unchanged at USD 9.29 billion, slightly better than the USD 9.30 billion deficit in the same period last year. This stability suggests ongoing challenges in earnings from investments abroad and foreign direct investment income, translating to little improvement over the past year.
  • ⁠⁠Indonesia maintained a trade surplus of USD 9.96 billion, slightly down from USD 9.98 billion in Q2 2023. This steady trade surplus reflects resilience in export performance, though the slight decline may indicate the impact of global economic challenges on export demand. Additionally, the secondary income surplus increased slightly to USD 1.47 billion from USD 1.43 billion a year ago. This improvement is likely driven by remittances and other transfer payments, which continue to offer some relief against the widening deficits in other accounts.
  • Going forward, the widening current account deficit presents challenges to Indonesia's economic stability, particularly concerning the risk of currency depreciation. While the trade surplus offers some support, persistent deficits in services and primary income underscore the need for structural reforms to boost competitiveness in these areas. We now forecast a deficit of 0.8% of GDP for this year (up from 0.7%), before further worsening to 1.2% of GDP in 2025.

Share This:

Highlights

Download PDF

Download PDF

Current Account_2Q24

Download PDF

Current Account_2Q24

More Related

Economic Reports

Feb 7, 2025

Indonesia Foreign Exchange Reserves: 7 February 2025

tren harga CPO

Company Reports

Feb 7, 2025

Palm Oil Weekly (31 January – 6 February 2025): Avg. CPO MYR 4,477 (-0.7% WoW)

Technical Stock Analysis

Feb 7, 2025

Daily Stock Technical – Feb07, 2025

Company Reports

Feb 7, 2025

XL Axiata (EXCL): IDR 2,290 – SELL, SSI TP: IDR 2,000; Cons. TP: IDR 2,944

Morning Briefs

Feb 7, 2025

IHSG Berpotensi Melemah Hari Ini

Economic Reports

Feb 6, 2025

Samuel Daily Economic Insights 6 February 2025

rekor harga tertinggi kakao dan kopi

Company Reports

Feb 6, 2025

SSI Surveillance: Raw Materials (29 January – 4 February 2025)

Technical Stock Analysis

Feb 6, 2025

Daily Stock Technical – 05 Feb, 2025

Morning Briefs

Feb 6, 2025

IHSG Berpotensi Menguat Hari Ini

Economic Reports

Feb 6, 2025

Samuel Daily Economic Insights 6 February 2024

Economic Reports

Feb 5, 2025

Gross Domestic Product 2024: 5 February 2025

Technical Stock Analysis

Feb 5, 2025

Daily Stock Technical – 05 Feb, 2025

Morning Briefs

Feb 5, 2025

IHSG Berpotensi Menguat Hari Ini

Economic Reports

Feb 5, 2025

Samuel Daily Economic Insights 5 February 2025

Technical Stock Analysis

Feb 4, 2025

Daily Stock Technical – 04 Feb, 2025

Economic Reports

Feb 4, 2025

Samuel Daily Economic Insights 4 February 2025

Economic Reports

Feb 3, 2025

Indonesia January Inflation: 3 January 2025

Economic Reports

Feb 3, 2025

Indonesia Manufacturing PMI: 3 February 2025

Economic Reports

Feb 3, 2025

Samuel Monthly Economic Insights 3 February 2025

Morning Briefs

Feb 3, 2025

IHSG Berpotensi Melemah Hari Ini

Technical Stock Analysis

Feb 3, 2025

Daily Stock Technical – 03 Feb, 2025

Company Reports

Jan 31, 2025

Aspirasi Hidup Indonesia (ACES): IDR 765 — BUY, SSI TP: IDR 850; Cons. TP: IDR 1,045

Economic Reports

Jan 31, 2025

Prabowo’s First 100 Days: Ambitious Reforms, Global Deals, and Economic Risks

kenaikan tembaga

Company Reports

Jan 31, 2025

Copper Weekly (20 – 30 January 2025): Avg. USD 9,034/ton (-0.3% WoW)

emas menguat

Company Reports

Jan 31, 2025

Gold Weekly (20 – 30 January 2025): Avg. USD 2,755/oz (+2.4% WoW)

Harga Batu Bara Melemah

Company Reports

Jan 31, 2025

Coal Weekly (24 – 30 January 2025): Avg. USD 116.4/ton (-4.1% WoW)

harga nikel merosot

Company Reports

Jan 31, 2025

Nickel Weekly (20 – 30 January 2025): Avg. USD 15,473/ton (-1.2% WoW)

harga minyak turun

Company Reports

Jan 31, 2025

Oil Weekly (24 – 30 January 2025): Avg. USD 77.3/bbl (-2.8% WoW)

harga cpo naik

Company Reports

Jan 31, 2025

Palm Oil Weekly (24 – 30 January 2025): Avg. CPO MYR 4,511 (+0.9% WoW)

Company Reports

Jan 31, 2025

SSI Surveillance: Raw Materials (22 – 28 January 2025)

Company Reports

Jan 31, 2025

SSI Surveillance: Poultry Mid-Weekly (20 – 24 January 2025)

Technical Stock Analysis

Jan 31, 2025

Daily Stock Technical – 31 Jan, 2025

Morning Briefs

Jan 31, 2025

IHSG Berpotensi Menguat Hari Ini

Economic Reports

Jan 30, 2025

Fed Rate Meeting 30 January 2025

Company Reports

Jan 30, 2025

SSI Surveillance: Poultry Mid-Weekly (13 – 17 January 2025)

Morning Briefs

Jan 30, 2025

IHSG Berpotensi Melemah Hari Ini

Technical Stock Analysis

Jan 30, 2025

Daily Stock Technical – 30 Jan, 2025

Company Reports

Jan 24, 2025

Retailers: Neutral with AMRT as Top-Pick

tren positif rumah sakit

Company Reports

Jan 24, 2025

Healthcare: Overweight with HEAL as Top-Pick

Company Reports

Jan 24, 2025

Poultry: Overweight with JPFA as Top-Pick

sektor media

Company Reports

Jan 24, 2025

Media: Neutral with FILM as Top-Pick

penurunan penjualan semen

Company Reports

Jan 24, 2025

Cement: Underweight with INTP as Top-Pick

Company Reports

Jan 24, 2025

Tech: Underweight with ASSA as Top-Pick

Company Reports

Jan 24, 2025

SSI Surveillance: Raw Materials (15 – 21 January 2025)

kinerja gemilang bca

Company Reports

Jan 24, 2025

BBCA: BUY (maintained) – TP at 12,000 – 4Q24 Results

pasar minyak tertekan

Company Reports

Jan 24, 2025

Oil Weekly (17 – 23 January 2025): Avg. USD 79.5/bbl (-1.6% WoW)

batu bara melonjak

Company Reports

Jan 24, 2025

Coal Weekly (17 – 23 January 2025): Avg. USD 121.4/ton (+5.1% WoW)

harga cpo naik

Company Reports

Jan 24, 2025

Palm Oil Weekly (17 – 23 January 2025): Avg. CPO MYR 4,470 (-1.9% WoW)

Company Reports

Jan 24, 2025

2025 Market Outlook Report

Company Reports

Jan 24, 2025

DOSS – BUY, TP: IDR 220 – Zooming Ahead

Morning Briefs

Jan 24, 2025

IHSG Berpotensi Menguat Hari Ini

Economic Reports

Jan 23, 2025

Samuel Daily Economic Insights 24 January 2025

Kinerja BBNI

Company Reports

Jan 23, 2025

BBNI: BUY (Maintain) – TP at 6,000 – 4Q24 Results

Morning Briefs

Jan 23, 2025

IHSG Berpotensi Sideways Hari Ini

Economic Reports

Jan 22, 2025

Samuel Daily Economic Insights 23 January 2025

Morning Briefs

Jan 22, 2025

IHSG Berpotensi Menguat Hari Ini

Economic Reports

Jan 21, 2025

Samuel Daily Economic Insights 22 January 2025

Company Reports

Jan 21, 2025

Shifting Sands

Economic Reports

Jan 20, 2025

Samuel Daily Economic Insights 21 January 2025

harga nikel naik

Company Reports

Jan 20, 2025

Nickel Weekly (13 – 17 January 2025): Avg. USD 15,659/ton (+3.1% WoW)

harga tembaga stabil

Company Reports

Jan 20, 2025

Copper Weekly (13 – 17 January 2025): Avg. USD 9,057/ton (+1.6% WoW)

emas menguat

Company Reports

Jan 20, 2025

Gold Weekly (13 – 17 January 2025): Avg. USD 2,691/oz (+1.1% WoW)

Morning Briefs

Jan 20, 2025

IHSG Berpotensi Menguat Hari Ini

Technical Stock Analysis

Jan 20, 2025

Daily Stock Technical – 20 Jan, 2025

Economic Reports

Jan 19, 2025

Samuel Economic Insights 3rd Week of January 2025

sawit

Company Reports

Jan 17, 2025

Palm Oil Weekly (10 – 16 January 2025): Avg. CPO MYR 4,555 (+1.4% WoW)

penurunan harga batu bara

Company Reports

Jan 17, 2025

Coal Weekly (10 – 16 January 2025): Avg. USD 116/ton (-3.4% WoW)

Company Reports

Jan 17, 2025

SSI Surveillance: Poultry Mid-Weekly (6 – 10 January 2025)

pasar minyak tertekan

Company Reports

Jan 17, 2025

Oil Weekly (10 – 16 January 2025): Avg. USD 80.8/bbl (+5.5% WoW)

Technical Stock Analysis

Jan 17, 2025

Daily Stock Technical – 17 Jan, 2025

Morning Briefs

Jan 17, 2025

IHSG Berpotensi Melemah Hari Ini

Economic Reports

Jan 16, 2025

Samuel Daily Economic Insights 17 January 2025

Technical Stock Analysis

Jan 16, 2025

Daily Stock Technical – 16 Jan, 2025

Morning Briefs

Jan 16, 2025

IHSG Berpotensi Menguat Hari Ini

Economic Reports

Jan 15, 2025

BI’s 7-Day Repo Rate: 15 January 2025

Economic Reports

Jan 15, 2025

Balance of Trade: 15 January 2025

Company Reports

Jan 15, 2025

Telecommunications: Overweight with TLKM as Top Pick

Company Reports

Jan 15, 2025

Automotive: Neutral with ASII as Top Pick

Konflik global picu kenaikan harga

Jan 15, 2025

Oil and Gas: Neutral with MEDC as Our Top Pick

Company Reports

Jan 15, 2025

4-Wheelers Auto Sales, 12M24

tren harga CPO

Company Reports

Jan 15, 2025

Plantation: Overweight with NSSS and TAPG as Top Picks

Technical Stock Analysis

Jan 15, 2025

Daily Stock Technical – 15 Jan, 2025

Economic Reports

Jan 15, 2025

Samuel Daily Economic Insights 15 January 2025

Morning Briefs

Jan 14, 2025

IHSG Berpotensi Sideways Hari Ini

Technical Stock Analysis

Jan 14, 2025

Daily Stock Technical – 14 Jan, 2025

Economic Reports

Jan 13, 2025

Samuel Daily Economic Insights 14 January 2025

cadangan nikel

Company Reports

Jan 13, 2025

Metal Mining: Neutral with BRMS as Our Top Pick

harga emas turun

Company Reports

Jan 13, 2025

Gold Weekly (06 – 10 January 2025): Avg. USD 2,661/oz (+1.1% WoW)

harga nikel tertekan

Company Reports

Jan 13, 2025

Nickel Weekly (06 – 10 January 2025): Avg. USD 15,191/ton (+0.9% WoW)

optimisme tembaga

Company Reports

Jan 13, 2025

Copper Weekly (06 – 10 January 2025): Avg. USD 8,917/ton (+2.1% WoW)

Company Reports

Jan 13, 2025

2025 Market Outlook

Economic Reports

Jan 13, 2025

Samuel 2nd Week of January 2025

Morning Briefs

Jan 13, 2025

IHSG Berpotensi Melemah Hari Ini

Technical Stock Analysis

Jan 13, 2025

Daily Stock Technical – 13 Jan, 2025

Company Reports

Jan 10, 2025

SSI Surveillance: Raw Materials (1 – 7 January 2025)

Company Reports

Jan 10, 2025

SSI Surveillance: Poultry Mid-Weekly (30 December 2024 – 03 January 2025)

pertumbuhan solid oil n gas

Company Reports

Jan 10, 2025

Oil Weekly (3 – 9 January 2025): Avg. USD 76.6/bbl (+2.4% WoW)

batu bara

Company Reports

Jan 10, 2025

Coal Weekly (3 – 9 January 2025): Avg. USD 120/ton (-4.6% WoW)

Technical Stock Analysis

Jan 10, 2025

Daily Stock Technical – 10 Jan, 2025