Total trade up by 26.8pc: JPES

Brunei Darussalam’s total trade was valued at BND1,384.6 million in August 2020, an increase by 26.8 per cent from BND1,092 million during the same month last year.

Meanwhile, for month-to-month changes, the total trade for August 2020 increased by 4.1 per cent, compared to July 2020, according to the Department of Economic Planning and Statistics (JPES) at the Ministry of Finance and Economy (MoFE).

The JPES also said that total exports decreased by 9.6 per cent year-on-year to BND620.8 million compared to BND686.7 million in August 2019. This was mainly due to the decline in crude oil exports to BND137.8 million (August 2020) from BND314.4 million (August 2019) and also a decrease in liquefied natural gas (LNG) to BND160.6 million (August 2020) from BND316.8 million (August 2019) in the same period.

The decline in exports of crude oil and LNG was due to the slow global demand and a decline in prices.

The total exports volume of crude oil decreased to 70.09 thousand barrels per day (August 2020) from 115.89 thousand barrels per day (August 2019), while the average export prices of crude oil fell to USD46.99 per barrel (August 2020) from USD63.33 per barrel (August 2019).

Meanwhile, exports volume of LNG declined to 752,055MMBtu per day (August 2020) from 877,835MMBtu per day (August 2019), while the average export price dropped to USD5.03 per MMBtu (August 2020) from USD8.27 per MMBtu (August 2019).

In terms of commodity by section, mineral fuels represents the major contributor to Brunei Darussalam’s exports with 81.3 per cent, followed by chemicals (16.4 per cent), machinery and transport equipment (1.2 per cent), miscellaneous manufactured articles (0.4 per cent) and miscellaneous transactions (0.3 per cent).

The main exports market in August 2020 were: Singapore (33.3 per cent), Japan (17.7 per cent) and Malaysia (16.6 per cent). For imports, the total value increased to BND763.8 million (August 2020) from BND405.3 million (August 2019). The five main imports by commodity were: mineral fuels (43.8 per cent), machinery and transport equipment (24.4 per cent), chemicals (9.1 per cent), food (9.0 per cent), and manufactured goods (7.3 per cent).

In the ‘by end use’ category, imports of intermediate goods accounted for 57.5 per cent of the total imports, followed by capital goods (37.1 per cent) and consumption goods (5.4 per cent). For imports by trading partners, the highest share was from the United Kingdom (18.6 per cent), followed by Malaysia (14.1 per cent), and Singapore (13.2 per cent).

According to the mode of transport, the highest share was transported by sea, amounting to BND1,299.2 million (93.8 per cent). This was followed by air transport (BND59.8 million or 4.3 per cent) and land (BND25.7 million or 1.9 per cent).

The International Merchandise Trade Statistics (IMTS) for Brunei Darussalam adopts the General System for recording trade statistics, which covers imports, domestic exports and re-exports.

The IMTS full report for August 2020 is available at www.deps.gov.bn.