<![CDATA[This study aims to analyze the effect of Indonesian Migrant Workers' (PMI) remittances, Foreign Direct Investment (FDI), and nonmigrant labor on Indonesia's trade balance, both directly and through per capita income as a mediating variable. The research applies a quantitative method with a causal associative approach using annual secondary time series data of Indonesia for the 2012–2024 period sourced from the World Bank and Statistics Indonesia. The analysis was conducted using path analysis through two multiple linear regression models with SPSS version 25. The results show that, partially and simultaneously, PMI remittances, FDI, and nonmigrant labor have no significant effect on the trade balance, either directly or through the mediation of per capita income. Per capita income is the variable with the highest coefficient and t-value in the model, thus potentially representing the most economically dominant transmission channel, although it is not yet statistically significant. These findings indicate that the dynamics of Indonesia's trade balance during the study period were largely determined by factors outside the model.]]>
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