The total trade recorded an increase of 7.1 per cent from 2,312.2 million dollars in October 2021 to 2,477.5 million dollars in October 2022, contributed by a rise in import value between this period.

The Department of Economic Planning and Statistics, Ministry of Finance and Economy in its press release shared that compared to September 2022, total trade fell by 3.7 per cent following the fall in exports, mainly Mineral Fuels. Total exports decreased by 2.5 per cent in October 2021 compared to October 2022. This was mainly due to the decrease in Mineral Fuels exports in the same period. The decrease in Mineral Fuels exports was primarily due to the lower export value of Crude Oil. This is attributed to a reduction in export volume in October 2021 compared to October 2022.

In terms of commodity, Mineral Fuels represents the major contributor to Brunei Darussalam's exports at 77.2 per cent, followed by Chemicals and Machinery and Transport Equipment. The main exports market in October 2022 was People's Republic of China; followed by Australia and Japan. The largest export commodity to People's Republic of China was Chemicals, whereas to Australia and Japan was Mineral Fuels. Meanwhile, total value of imports increased in October 2021 compared to October 2022, mainly due to a significant increase in imports of Mineral Fuels particularly crude oil as production input for the downstream petrochemical industry.

The five main imports by commodity for October 2022 were Mineral Fuel, followed by Machinery and Transport Equipment, Food, Manufactured Goods and Chemicals. The biggest import partner by share was United Arab Emirates, followed by Malaysia and Qatar, with Mineral Fuels as the largest import commodity. Most of the country's imports at 59.8 per cent are used as Intermediate Goods for processing, followed by Capital Goods for business operations and Consumption Goods for household use. Transport by sea accounted for the highest share for both exports and imports. This was followed by air transport and via land.

The International Merchandise Trade Statistics report for October 2022 can be accessed through the DEPS's website at 'deps.mofe.gov.bn'.

Source: Radio Television Brunei