Brunei Darussalam recorded the highest total trade since December 2012 after it recorded a value of $2,571.3 million, an increase by 86.3 per cent from $1,380.0 million during the same month last year. According to the Department of Economic Planning and Statistics, DEPS, this takes into account exports of petroleum and gas products as an outcome of downstream activities. Meanwhile, for month-to-month changes, total trade for December 2019 increased by 23.2 per cent compared to November 2019.
DEPS explained that Exports rose by 69.4 per cent year-on-year to $1,390.8 million compared to $820.9 million in December 2018. This was due to the increase in mineral fuels exports by 72.3 per cent year-on-year mainly contributed by the exports of petroleum and gas products and Crude Oil. The increase for petroleum and gas products exports is driven by downstream activities while Crude Oil is due to higher exports volume and average price.
The main export market for Brunei Darussalam in December 2019 was Singapore, followed by Japan and People's Republic of China. In terms of commodity exports, Mineral Fuels represents the major contributor followed by Chemicals and Machinery and Transport Equipment.
Meanwhile, total imports increased by 111.1 per cent year-on-year to $1,180.5 million driven by imports of mineral fuels in line with the downstream activities. The five main import commodities were Mineral Fuels, followed by Machinery and Transport Equipment, Manufactured Goods, Chemicals, and Food.
By End Use category, imports of Intermediate Goods followed by Capital Goods and Consumption Goods. For imports by trading partners, the highest share was from Nigeria, followed by People's Republic of China and Angola.
On an annual basis for the year 2019, total trade marked an increase by 16.2 per cent to $16,843.2 million compared to $14,494.1 million in the year 2018. Meanwhile, exports increased by 11.4 per cent to $9,886.3 million from $8,871.8 in the previous year while imports increased by 23.7 to $6,956.9 million from $5,622 million. 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 2019 is available from the DEPS's website at 'www.deps.gov.bn'.
Source: Radio Television Brunei