Total trade decreases by 2.3 per cent in 2020

Brunei Darussalam’s total trade was valued at BND1,516.8 million in December 2020, a decrease by 41 per cent from BND2,571.3 during the same month last year. Meanwhile, for month-to-month changes, total trade for December 2020 increased by 20.1 per cent compared to November 2020.

Total exports decreased by 42.4 per cent year-on-year to BND800.6 million compared to BND1,390.8 million in December 2019. This was mainly due to the decline in mineral fuel exports to BND647.3 million (December 2020) from BND1,308.3 million (December 2019).

The decline in mineral fuel exports were due to a decrease in crude oil exports to BND140.7 million (December 2020) from BND383.8 million (December 2019) and a decrease in Liquefied Natural Gas (LNG) to BND270.6 million (December 2020) from BND414.4 million (December 2019).

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 73.30 thousand barrels per day (December 2020) from 123.40 thousand barrels per day (December 2019), while the average exports price of crude oil fell to USD49.32 per barrel (December 2020) from USD73.95 per barrel (December 2019).

Meanwhile, for LNG, the average exports price declined to USD6.74/MMBtu (December 2020) from USD9.05/MMBtu (December 2019), while the exports volume of LNG decreased to 971,899 MMBtu per day (December 2020) from 1,088,473 MMBtu per day (December 2019).

Total exports was also contributed by the exports of other petroleum and gas products valued at BND182.4 million.

In terms of commodity by section, mineral fuels represents the major contributor to Brunei Darussalam’s exports with 80.9 per cent, followed by chemicals (16.8 per cent), machinery and transport equipment (1.1 per cent), manufactured goods (0.4 per cent) and miscellaneous manufactured articles (0.3 per cent). The main exports market in December 2020 was the People’s Republic of China (31.1 per cent) followed by Japan (29.5 per cent) and Singapore (10.4 per cent).

For imports, the total value decreased to BND716.2 million (December 2020) from BND1,180.5 million (December 2019) mainly driven by a decrease in imports of mineral fuels and manufactured goods.

The five main imports by commodity were mineral fuels (33.3 per cent), followed by machinery and transport equipment (29.6 per cent), food (12.2 per cent), manufactured goods (8.2 per cent), and miscellaneous manufactured articles (7.8 per cent).

By end use category, imports of intermediate goods accounted for 57 per cent of the total imports, followed by capital goods (36.6 per cent) and consumption goods (6.4 per cent).

For imports by trading partners, the highest share was from Malaysia (19.8 per cent), followed by Singapore (17.5 per cent) and Australia (14.2 per cent).

According to the mode of transport, the highest share was transport by sea, amounting to BND1,415.4 million (93.3 per cent). This was followed by air transport (BND70.5 million or 4.6 per cent) and via land (BND30.9 million or 2.0 per cent).

For the whole of 2020, the total trade was valued at BND16,460.4 million, a decrease by 2.3 per cent compared to BND16,843.1 million in 2019. The total exports showed a decrease by 7.7 per cent to BND9,121.8 million compared to BND9,886.2 million in 2019 while the total imports increased by 5.5 per cent from BND6,956.6 million (2019) to BND7,338.6 million in 2020.

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 December and annual 2020 is available from the Department of Economic Planning and Statistics (DEPS) website www.deps.gov.bn.