THE total trade for August 2014 stood at BND1,383 million, breaking down to BND932.1 million in exports and BND450.9 million in imports.
The month-to-month trade balance decreased by 37 per cent to BND481.2 million. At the same time, the total trade also decreased by 19.5 per cent, the Department of Economic Planning and Development (JPKE) revealed yesterday.
Exports for August 2014 decreased by 24.9 per cent due to a decline in the country’s major export of crude oil and natural gas (LNG) by 37.2 per cent and 14.3 per cent respectively.
The decline in crude oil export was mainly due to lower trade volume of crude oil from 145.1 kilo barrels per day in July 2014 to 94.9 kilo barrels per day.
The decrease in the average export price of USD110.58 per barrel (July 2014) to USD105.71 per barrel also contributed to the decline in total exports.
Meanwhile, the decrease in LNG export was due to lower average LNG export prices by 7.1 per cent from USD16.559/MMBtu (July 2014) to USD15.392/MMBtu.
The decrease in the average price of crude oil and LNG exports is consistent with the decline in world market prices of crude oil.
The highest share of 39 per cent of the total exports went to Japan, followed by India (15.3 per cent) and the Republic of Korea (14.1 per cent).
Merchandise imports decreased by 5.5 per cent from BND477.2 million (July 2014) to BND450.9 million in August 2014. The commodities that registered decreases in imports were chemicals (41.7 per cent), machinery and transport equipment (10.9 per cent) and beverages and tobacco (4.2 per cent).
The highest share of imports came from Singapore at 25.3 per cent, followed by Malaysia (24.6 per cent) and China (10.8 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 full International Merchandise Trade Statistics report for August 2014 is available from the JPKE website – www.depd.gov.bn.