FOR July 2014, total trade amounted to B$1,718.8 million, comprising of exports (B$1,241.6 million) and imports (B$477.2 million). The trade balance on a month-to-month increased by 20.9 per cent to B$764.4 million. At the same time, the total trade also increased by 7.2 per cent.
Exports for July 2014 increased by 11.1 per cent to B$1,241.6 million due to an increase in the main export of crude oil and LNG respectively by 19.8 per cent and 7.5 per cent. For crude oil exports, even though the average production of crude oil for July declined from 135 thousand barrels per day to 121 thousand barrels per day, but due to the increase in buyers’ demand of crude oil and the availability of crude oil reserves surplus to meet the request, then the total export has exceeded the average production. At the same time the average price of crude oil exports has decreased from US$114.9/bbl to US$110.7/bbl in July 2014. Meanwhile the LNG exports increased by 4.0 per cent to 873.465 MMBtu per day and a minimum increase in the average price of LNG 1.2 per cent to US$16.9/MMBtu.
The highest share of 34.3 per cent of the total exports went to Japan, followed by Australia (16.5 per cent) and India (12.2 per cent).
Merchandise imports decreased by 1.7 per cent from B$485.6 million (June 2014) to B$477.2 million in July 2014. The commodities that registered decreases in imports were crude materials Inedible (60.0 per cent), animal and vegetable oils and fats (23.1 per cent) and food (14.9 per cent).
The highest share of imports came from Singapore with 30.1 per cent followed by Malaysia (18.7 per cent) and China (10.3 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 July 2014 is available from JPKE’s website www.depd.gov.bn.