Indonesia's surplus in its transactions with the rest of the world fell slightly in the first quarter of 2011, according to BI. The overall balance of payments (before official financing) totalled US$7.7bn, down from US$11.3bn in the fourth quarter of 2010. However, the surplus remained substantial. Despite a fall in the goods surplus, to US$8.4bn in the first quarter from US$9.2bn previously, the current-account surplus rose from US$1.1bn to US$1.9bn, equivalent to 1% of GDP, owing to a narrowing of the deficits on the services and income accounts. According to BI, the smaller income deficit was explained by a decline in debt interest payments, while the smaller services deficit reflected lower travel payments following the end of the annual Hajj pilgrimage (Indonesia has the largest population of Muslims in the world). Meanwhile, the capital and financial account recorded a surplus of US$6.2bn, down from US$9.6bn in the fourth quarter. Net direct investment totalled US$3bn in the period, from US$4.2bn in the fourth quarter. Although foreign direct investment in Indonesia rose to US$4.5bn, from US$4.3bn in the fourth quarter, Indonesian overseas investment rose even more sharply, to US$1.5bn, from US$64m. Net portfolio investment rose to US$3.6bn from US$1.4bn as foreign funds remained attracted to the high yields of Indonesian assets. The "other" investment account (consisting of drawings and repayments of loans received by residents) recorded a deficit of US$296m, compared with a surplus of US$2.4bn in the fourth quarter. Indonesia's stock of foreign reserves rose by US$9.5bn in January-March, to US$106bn, or 6.2 months of imports and official debt repayments.

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