| Azlan Othman |
THE total trade for October 2014 amounted to B$1,260.8 million, comprising exports (B$911.3 million) and imports (B$349.5 million), the Department of Economic Planning and Development (JPKE) said yesterday.
The trade balance on a month-to-month basis decreased by 20.9 per cent to B$561.8 million. At the same time, the total trade also decreased by 24.1 per cent.
Exports for October 2014 declined by 23.2 per cent, due to a decrease in the country’s major export of crude oil by 7.3 per cent. The decrease in crude oil export is due to the lower average export price of US$100.91 per barrel in September 2014 to US$91.01 per barrel in October 2014. Meanwhile, an increase in LNG export is due to an increase in trade volume of LNG from 631,232 MMBtu per day (September 2014) to 718,771 MMBtu per day in October 2014.
The highest share of 39.1 per cent of the total exports went to Japan, followed by Republic of Korea (15.2 per cent) and Singapore (8.7 per cent).
Merchandise imports decreased by 26.5 per cent from B$475.7 million (September 2014) to B$349.5 million in October 2014. The commodities that registered decreases in imports were of Miscellaneous Manufactured Articles (43.5 per cent) and Chemicals (35.5 per cent).
The highest share of imports came from Malaysia with 22.8 per cent followed by Singapore (19.4 per cent) and China (11.4 per cent).
The International Merchandise Trade Statistics (IMTS) for Brunei Darussalam adopts the General System for recording trade statistics which cover imports, domestic exports and re-exports. The IMTS full report for October 2014 is available from JPKE’s website www.depd.gov.bn.