In September 2020, Brunei Darussalam’s total trade valued at BND1,183.1 million, an increase by 12.5 per cent from BND1,051.8 million during the same month last year.
Meanwhile, for month-to-month changes, total trade for September 2020 decreased by 14.6 per cent compared to August 2020.
Total exports decreased by 3.5 per cent year-on-year to BND597.4 million compared to BND618.8 million in September 2019.
This was mainly due to the decline in crude oil exports to BND115.3 million (September 2020) from BND289.6 million (September 2019) and a decrease in liquefied natural gas (LNG) to BND168 million (September 2020) from BND277.5 million (September 2019).
The decline in exports of crude oil and LNG was due to slow global demand and a decline in prices. The total exports volume of crude oil decreased to 64.88 thousand barrels per day (September 2020) from 108.66 thousand barrels per day (September 2019), while the average exports price of crude oil fell to USD42.85 per barrel (September 2020) from USD67.22 per barrel (September 2019).
For LNG, the average exports price declined to USD4.56/MMBtu (September 2020) from USD7.12/MMBtu (September 2019), while the LNG exports volume increased to 899,458 MMBtu per day (September 2020) from 890,693 MMBtu per day (September 2019).
However, the decline in total exports was offset by an upsurge in exports of chemicals to BND142.6 million (September 2020) from BND19.3 million (September 2019), particularly to the People’s Republic of China and Singapore.
In terms of commodity by section, mineral fuels represents the major contributor to Brunei Darussalam’s exports with 73.4 per cent, followed by chemicals (23.9 per cent), machinery and transport equipment (one per cent), miscellaneous transactions (0.6 per cent) and miscellaneous manufactured articles (0.5 per cent). The main exports market in September 2020 was Singapore (35.3 per cent), followed by Japan (20.8 per cent) and Malaysia (10.6 per cent).
For imports, the total value increased to BND585.7 million (September 2020) from BND433 million (September 2019), mainly driven by an increase in imports of mineral fuels, chemicals and food.
The five main imports by commodity were mineral fuels (31 per cent), followed by machinery and transport equipment (25.3 per cent), manufactured goods (12.9 per cent), chemicals (12 per cent) and food (10.9 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 (36.1 per cent) and consumption goods (6.4 per cent). For imports by trading partners, the highest share was from the United Kingdom (27.2 per cent), followed by Malaysia (18.6 per cent), and the People’s Republic of China (13.6 per cent).
According to the mode of transport, the highest share was transported by sea, amounting to BND1,106.2 million (93.5 per cent). This was followed by air transport (BND50 million or 4.2 per cent) and via land (BND27.0 million or 2.3 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 full IMTS report for September 2020 is available from www.deps.gov.bn.