Indonesia
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 847 m Goods Exports 192
GDP per capita (USD) 3,495 Imports 157
GDP volume growth (year-on-year) + 6.5% Net + 35
Population 242.23 m Services Exports 21
MMR (year average) 5.62% Imports 33
Exchange rate IDR / USD (year average) 8,770.4 Net – 11
BoP (goods, services & income) as % of GDP – 2.5% Source: IFS, IMF, January 2013International/regional memberships
Asia-Pacific Economic Cooperation
(APEC): since 6–7 November 1989.
Association of Southeast Asian Nations
(ASEAN): founding member since
8 August 1967.
International Monetary Fund (IMF):
since 21 February 1967.
World Trade Organization (WTO):
since 1 January 1995.Government trade policy
Indonesia pursues many of its trade
objectives through its membership of ASEAN
(www.aseansec.org).
As a member of ASEAN, Indonesia is
committed to the ASEAN Free Trade Area
(AFTA) Common Effective Preferential Tariff
(CEPT) scheme. This lowers all intra-regionaltariffs on trade between Indonesia and other
ASEAN member states (Brunei Darussalam,
Cambodia, Laos, Malaysia, Myanmar,
Philippines, Singapore, Thailand and
Vietnam) to between zero and 5 percent.
ASEAN member states have a number of
free trade agreements (FTAs) with regional
economies such as South Korea, China,
Japan, India, and Australia and New
Zealand. ASEAN is also in negotiations for
an FTA with the EU.
National export credit insurance provider:
Indonesia Export Credit Agency (Asuransi
ASEI — http://www.asei.co.id).
Bank Ekspor Indonesia (BEI) provides state-
supported export credit finance.
Indonesia has four free trade zones.
Companies that choose to operate within
these zones are exempt from VAT, import
duties and luxury tax.Currency and exchange controls
Official currency: Indonesian rupiah (IDR).
Exchange rate arrangement: free floating.
Indonesia does impose foreign exchange
controls, which are administered by Bank
Indonesia (www.bi.go.id).
An underlying economic transaction
is required to support foreign currency
purchased against the rupiah if the value
exceeds USD 100,000 per month.
Forward contracts against IDR can beoffered by domestic banks to non-residents
up to a maximum value of USD 1 million, but
they must be supported by some underlying
investment activity. Rates for forward foreign
exchange are determined by freely floating
market rates.
A customs declaration and approval from
Bank Indonesia (www.bi.go.id/web/en)
must accompany any import and export of
domestic currency with a value in excess of
IDR 100 million.