Brunei Darussalam's total trade for October 2020 was valued at one thousand 470 million dollars, a decrease by 1.7 per cent from 1,495 thousand million dollars during the same period last year. The Department of Economic Planning and Statistics, Ministry of Finance and Economy in their media release stated that for month-to-month changes, total trade for October 2020 increased by 24.2 per cent compared to September 2020.
Total exports stumbled by 30.1 per cent year-on-year to 537.9 million dollars compared to 769.6 million dollars in October 2019. This is due to decline in mineral fuel exports following slow global demand and a decline in prices. Total exports was also contributed by the domestic exports of Other Petroleum and Gas Products valued at 127.6 million dollars. For imports, the total value increased to 932.1 million dollars for October 2020, from 725.4 million dollars for the same month last year. This was mainly driven by an increase in imports of Mineral Fuels, Chemicals and Food.
In terms of commodity by section, Mineral Fuels represents the major contributor to Brunei Darussalam's exports with, followed by Chemicals, Machinery and Transport Equipment, Crude Materials Inedible, and Miscellaneous Manufactured Articles. The main exports market in October 2020 was Japan, followed by the People's Republic of China and Thailand.
The five main imports by commodity were Mineral Fuels, followed by Machinery and Transport Equipment, Food, Manufactured Goods, and Chemicals. By End Use category, imports of Intermediate Goods accounted for 57.4 per cent of the total imports, followed by Capital Goods and Consumption Goods.
For imports by trading partners, the highest share was from Saudi Arabia, followed by Australia, and Russia. According to the mode of transport, the highest share was transport by sea, followed by air transport and via land.
The full report for the International Merchandise Trade Statistics of October 2020 is available from the JPES website at 'www.deps.gov.bn'.
Source: Radio Television Brunei