Indonesia Consistently Records a Surplus in its Workers' Remittance Balance

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Viva Budy Kusnandar 27/02/2025 12:39 WIB

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Indonesia has consistently recorded a surplus in its worker remittance balance, reaching its highest ever level in 2019.

Balance of Payments Value of Indonesian Workers' Remittances (2015-2024)

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Balance of Payments Value of Indonesian Workers' Remittances (2015-2024)

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Bank Indonesia (BI) recorded remittance inflows from Indonesian migrant workers (PMIs) working abroad reaching US$15.7 billion, or Rp251 trillion at an exchange rate of Rp16,000 per US dollar, in 2024.

Meanwhile, remittance outflows from foreign workers (FWs) working in Indonesia to their home countries reached US$9.28 billion (Rp148.53 trillion) last year. As a result, Indonesia recorded a labor remittance balance of payments surplus of US$6.42 billion (Rp102.7 trillion) throughout 2024.

Indonesia has consistently recorded a surplus in its labor remittance balance of payments, reaching its highest level in 2019 at over US$8 billion, as shown in the graph. The increase in PMI placement abroad, coupled with a surge in FWs, has kept the labor remittance balance of payments surplus in the range of US$6 billion throughout 2020-2024.

PMIs working in Malaysia and Saudi Arabia were the largest contributors to remittances to Indonesia, at US$3.52 billion and US$2.98 billion respectively throughout 2024. Meanwhile, FWs from China and Japan contributed the most to remittances to their home countries, at US$5.04 billion and US$1.18 billion respectively.

In addition, the Ministry of Manpower recorded that the number of Indonesian PMIs placed abroad reached 297,434 workers by the end of 2024. The number of FWs working in Indonesia was 183,964 workers.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia Consistently Records a Surplus in its Workers' Remittance Balance

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