Total trade increases by 50.7pc in October 2018 year-on-year

|     Danial Norjidi     |

TOTAL trade in October 2018 increased to BND1,406.8 million compared to BND933.6 million in October 2017, representing an increase of 50.7 per cent year-on-year, according to the International Merchandise Trade Statistics (IMTS).

Department of Economic Planning and Development (JPKE), Ministry of Finance and Economy, in a press release, shared that total exports increased by 47.0 per cent year-on-year to BND855.4 million (October 2018) from BND582.0 million (October 2017). This was mainly attributed to the increase in the exports of crude oil and Liquefied Natural Gas (LNG). Exports of crude oil rose by 28.9 per cent year-on-year due to an increase in the average price from USD59.52 per barrel to USD82.49 per barrel.

Meanwhile, exports of LNG rose by 60.7 per cent year-on-year due to an increase in export volume from 861,566 MMBtu per day to 877,559 MMBtu per day and an increase in the average price from USD7.30 per MMBtu to USD11.38 per MMBtu.

The press release also noted that total imports of goods increased by 56.8 per cent year-on-year to BND551.4 million (October 2018) from BND351.6 million (October 2017). The five main import commodities were machinery and transport equipment (40.5 per cent), followed by manufactured goods (24.7 per cent), mineral fuels (9.3 per cent), food (9.2 per cent), and miscellaneous manufactured articles (7.8 per cent).

It was shared that, in October 2018, the largest export market was Japan with 40.7 per cent, followed by the People’s Republic of China (16.6 per cent) and Thailand (13.9 per cent).

For imports by country of origin, the highest share came from the People’s Republic of China with 38.3 per cent, followed by Singapore (16.5 per cent) and the United States (13.5 per cent).

The press release added that the 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 October 2018 is available from JPKE’s website at www.depd.gov.bn.

Graph shows an increase in Brunei Darussalam trade performance in October 2018 in comparison to October 2017. – JPKE