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Brunei
Wednesday, February 8, 2023
26 C
Brunei
Wednesday, February 8, 2023
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    Exports see boost in March due to oil price hike

    Total trade for the country increased by 19 per cent during the same month last year from BND1,416.4 million to BND 1,685.6 million, according to the International Merchanandise Trade Statistics report from the Department of Economic Planning and Statistics (JPES).

    JPES said that the value of exports increased by 9.3 per cent year-on-year to BND1,162.3 million compared to BND1,063.1 million in March 2020.

    This was mainly due to the increase in chemicals exports to BND200.8 million from BND137.7 million and mineral fuels exports to BND934.8 million from
    BND908.5 million. 

    The increase in mineral fuels exports was largely due to an increase in exports of crude iil, mainly attributed to an increase in average price to USD66.68 per barrel from USD39.81 per barrel despite a decline in export volume of crude oil to 96.11 thousand barrels per day from 104.19 thousand barrels per day.

    Exports of liquified natural gas (LNG) however declined which is in line with the decrease in the average exports price to USD7.01 per MMBtu from USD8.55 per MMBtu and exports volume of LNG which decreased to 754,785 MMBtu per day (March 2021) from 961,560 MMBtu per day (March 2020).

    In terms of commodity by section, mineral fuels represents the major contributor to Brunei Darussalam’s exports with 80.4 per cent, followed by chemicals (17.3 per cent), machinery and transport equipment (0.9 per cent), miscellaneous manufactured articles (0.5 per cent) and manufactured goods (0.3 per cent). The main exports market in March 2021 was Singapore (31.1 per cent) followed by People’s Republic of China (19.9 per cent) and Japan (18.6 per cent).

    Imports increased to BND523.3 million from BND353.3 million mainly driven by an increase in imports of mineral fuels which are largely used as input for the production of petrochemical products. The increase in imports also reflected an increase in imports of machinery and transport equipment, manufactured goods, food and chemicals.

    The five main imports by commodity were mineral fuels (38.8 per cent), followed by machinery and transport equipment (23.1 per cent), food (12.5 per cent), manufactured goods (10.5 per cent), chemicals (7.0 per cent) and miscellaneous manufactured articles (5.8 per cent). In the ‘By End Use’ category, imports of intermediate goods accounted for 59.1 per cent of the total imports, followed by capital goods (34.2 per cent) and consumption goods (6.7 per cent).

    For imports by trading partners, the highest share was from Malaysia (24.9 per cent), followed by Russia (19.0 per cent), and Australia (12.5 per cent). Imports from Malaysia, Russia and Australia were mostly mineral fuels.

    According to the mode of transport,in March 2021, the highest share was transport by sea, which amounted to BND1,603.4 million (95.1 per cent). This was followed by air transport (BND54.7 million or 3.2 per cent) and land (BND27.5 million or 1.6 per cent).

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