Total trade sees 25.1pc drop in January 2021

In January 2021, Brunei Darussalam’s total trade was valued at BND1,352.6 million, a decrease by 25.1 per cent from BND1,805.6 during the same month last year. Meanwhile, for month-to-month changes, total trade for January 2021 decreased by 10.8 per cent compared to December 2020.

Total exports decreased by 45.7 per cent year-on-year to BND649.9 million compared to BND1,196.8 million in January 2020. This was mainly due to the decline in mineral fuel exports to BND542.2 million (January 2021) from BND1,047.4 million (January 2020).

The decline in mineral fuel exports was due to a decrease in crude oil exports to BND146.6 million (January 2021) from BND278.7 million (January 2020) and a decrease in liquefied natural gas (LNG) to BND250.1 million in January 2021 from BND370 million in January 2020.

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 65.05 thousand barrels per day in January 2021 from 94.54 thousand barrels per day in January 2020.

While the average exports price of crude oil fell to USD55.90 per barrel (January 2021) from USD70.57 per barrel (January 2020). Meanwhile for LNG, the average exports price declined to USD7.04/MMBtu in January 2021) from USD10.37/MMBtu in January 2020 while the exports volume of LNG also decreased to 865,025 MMBtu per day (January 2021) from 881,175 MMBtu per day (January 2020).

In terms of commodity by section, mineral fuels represents the major contributor to Brunei Darussalam’s exports with 83.4 per cent, followed by chemicals (12.6 per cent), machinery and transport equipment (2.2 per cent), manufactured goods (0.7 per cent) and miscellaneous manufactured articles (0.6 per cent).

The main exports market in January 2021 was Japan (38.0 per cent) followed by Singapore (20.8 per cent) and People’s Republic of China (13.2 per cent).

For imports, the total value increased to BND702.7 million in January 2021 from BND608.8 million in January 2020 mainly driven by an increase in imports of mineral fuels followed by machinery and transport equipment by foreign direct investment companies as input to production and construction use.

The five main imports by commodity were mineral fuels (45.3 per cent), machinery and transport equipment (23.6 per cent), food (9.1 per cent), chemicals (8.1 per cent) and manufactured goods (7.6 per cent).

By End Use category, imports of intermediate goods accounted for 57.5 per cent of the total imports, followed by capital goods (37.1 per cent) and consumption goods (5.4 per cent).

For imports by trading partners, the highest share was from the United Arab Emirates (33.7 per cent), followed by Malaysia (24.1 per cent) and Singapore (11.0 per cent).

According to the mode of transport, in January 2021, the highest share was transport by sea, amounting to BND1,247.1 million (92.2 per cent). This was followed by air transport (BND69.6 million or 5.1 per cent) and via land (BND35.8 million or 2.6 per cent).