Jakarta: Indonesia's current account deficit increased to USD8.4 billion (3.0 percent of GDP) in the second quarter of 2019 (Q2.2019) from USD7.0 billion (2.6 percent of GDP) in the previous quarter.
"It was influenced by seasonal trends of repatriate dividends and service interest payments on external debt, as well as global economic moderation and lower commodity prices," BI Executive Director Onny Widjanarko said in a written statement released on Friday.
Primary income account deficit increased in Q2/2019 due to seasonal factor of repatriate dividends and service interest payments on external debt.
In addition, non-oil and gas export performance also declined impacted by global economic moderation and lower export commodity prices.
Non-oil and gas export was recorded USD37.2 billion, down from USD38.2 billion in the previous quarter.
Oil and gas trade balance deficit recorded a USD3.2 billion, up from USD2.2 billion in the previous quarter due to rising average global oil price and increasing seasonal import demand for oil and gas during the Eid-ul-Fitr and school holiday.
The position of official reserve assets stood at USD123.8 billion at the end of June 2019, equivalent to 7.0 months of imports or 6.8 months of imports and servicing government’s external debt, which is well above the international standard of 3 months of imports.