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International 2013:Q4
The Indonesia trade balance performance has improved as by October 2013. The Indonesia trade balance which registered deficit of USD 0.8 billion in September 2013, became a surplus once again of USD 0.04 billion in October 2013. Improvement in the performance of the trade balance was in part attributable to the increase in exports, which rose by 6.9% over the level registered in September 2013, while imports increased by 1.06% during the same period.
Figure 15: Indonesia Trade Balance, 2011 – 2013*
Trade balance posted a surplus in October 2013.
Source: Badan Pusat Statistik and CEIC (2013)
*= October 2013
Developments in Government Finances and Fiscal 2013:Q4
A. Developments in Fiscal Sector
The decline in economic growth has had adverse effect on tax revenues. Indonesian economic growth declined in 2013. On y-o-y basis, the economy posted growth of 6.05%, 5,83%, 5.62%, in quarter I, quarter II, and III, 2013, respectively, which was lower than 6.2% projected in the revised state budget assumption for 2013 (APBN-P 2013). Consequently, tax revenues declined.
Tax revenues are still below target. Nonetheless, if compared with the same period in 2012, (y-o-y), tax revenues registered an increase of 7.72%. Based on data from the Directorate General of Treasury, by October 31, 2013, tax revenues had reached IDR 634.6 trillion, which is 71.75% of the target set in the APBN-P 2013. To that end, lower than planned target tax revenues will complicate government efforts to achieve the target for the budget year by end of the year.
Table 1: Tax Revenues for January 1-October 31, 2013
Two months remain before the fiscal year comes to a close, but realized tax revenues still hover around 71.75% of the target set in APBN-P 2013.
Developments in Monetary Sector 2013:Q4
As a consequence of weakening economic growth, the volume of money in (M2) circulation in broad sense also showed a decline. M2 growth in October 2013 slowed to 13.02% (y-o-y) from 14.57% (y-o-y) in the previous month. On the contrary, growth in M1 increased to 10.48% (y-o-y) from 9.08% (y-o-y) in the previous month.
Figure 4: Money Supply, 2011 – 2013* (in IDR Trillion)
Growth in M2 showed declined in October 2013, conversely, MI growth higher compared with the previous month. 
Source: Bank Indonesia and CEIC (2013)
*= October 2013