A recovery in merchandise exports, led by commodities, caused the trade surplus to rise in 2010, to US$31.1bn, and we forecast that the surplus will continue to grow in 2011-15, to stand at US$49.1bn in 2015. The deficit on the income account widened in 2010, in part owing to a rise in interest and dividend payments. The income account will remain in the red throughout 2011-15, as foreigners continue to repatriate earnings while Indonesian investments abroad still earn relatively meagre returns. Limited employment opportunities at home in the next five years will force more Indonesian workers to seek jobs overseas, leading to an increase in inward remittances and thus pushing up the surplus on the transfers account. We expect the current account to record a surplus equivalent to 1.1% of GDP on average in the forecast period.