Total trade drops by 1.7pc in October 2020

In October 2020, Brunei Darussalam’s total trade valued at BND1,470.0 million, a decrease by 1.7 per cent from BND1,495.0 million during the same month last year. Meanwhile, for month-to-month changes, total trade for October 2020 increased by 24.2 per cent compared to September 2020.

Total exports decreased by 30.1 per cent year-on-year to BND537.9 million compared to BND769.6 million in October 2019. This was mainly due to the decline in mineral fuel exports to BND442.3 million (October 2020) from BND702.2 million (October 2019).

The decline in mineral fuel exports was due to a decrease in crude oil exports to BND141.5 million (October 2020) from BND387.6 million (October 2019) and a decrease in liquefied natural gas (LNG) to BND173.1 million (October 2020) from BND313.3 million (October 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 85.77 thousand barrels per day (October 2020) from 141.58 thousand barrels per day (October 2019), while the average exports price of crude oil fell to USD39.08 per barrel (October 2020) from USD64.48 per barrel (October 2019).

Meanwhile for LNG, the average exports price declined to USD5.51/MMBtu (October 2020) from USD8.09/MMBtu (October 2019) while the exports volume of LNG decreased to 745,680 MMBtu per day (October 2020) from 867,462 MMBtu per day (October 2019).

Total exports was also contributed by the domestic exports of other petroleum and gas products valued at BND127.6 million.

In terms of commodity by section, mineral fuels represents the major contributor to Brunei Darussalam’s exports with 82.2 per cent, followed by chemicals (16.4 per cent), machinery and transport equipment (0.6 per cent), crude materials inedible (0.3 per cent) and miscellaneous manufactured articles (0.2 per cent).

The main exports market in October 2020 was Japan (27 per cent) followed by the People’s Republic of China (16 per cent) and Thailand (15 per cent).

For imports, the total value increased to BND932.1 million (October 2020) from BND725.4 million (October 2019) mainly driven by an increase in imports of mineral fuels, chemicals and food.

The five main imports by commodity were mineral fuels (54.5 per cent), followed by machinery and transport equipment (19.6 per cent), food (7.5 per cent), manufactured goods (6.9 per cent), and chemicals (6.7 per cent).

In ‘By End Use’ category, imports of intermediate goods accounted for 57.4 per cent of the total imports, followed by capital goods (38 per cent) and consumption goods (4.6 per cent).

For imports by trading partners, the highest share was from Saudi Arabia (17.2 per cent), followed by Australia (14 per cent), and Russia (13.6 per cent).

According to the mode of transport, the highest share was transport by sea, which amounted to BND1,390.1 million (94.6 per cent). This was followed by air transport (BND59 million or four per cent) and via land (BND20.8 million or 1.4 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 October 2020 is available from the Department of Economic Planning and Statistics (JPES) website at www.deps.gov.bn.