The total trade recorded an increase of 37.3 per cent from 2,018.5 million dollars in August 2021 to 2,771.3 million dollars in August 2022, contributed by a rise in both export and import value between those periods. In a press release by the Department of Economic Planning and Statistics, Ministry of Finance and Economy informed that compared to July 2022, total trade fell 7.8 per cent due to a fall in exports and imports value, mainly Mineral Fuels.
The total exports increased by 35.3 per cent from 1,246.4 million dollars in August 2021, to 1,687 million dollars in August 2022. This was mainly due to the increase in Mineral Fuels exports in the same period. The Chemicals exports also increased in the same period. The increase in the export of Mineral Fuels is driven by the increase in the export value of Crude Oil, Liquid Natural Gas, LNG and Petroleum Products.
The increase in Crude Oil export was mainly due to the increase in average price by 53.6 per cent in August 2022 compared to August 2021. Meanwhile, the increase in exports of LNG was also due to a rise in its exports price by 53.1 per cent. Petroleum Products exports, recorded an increase from 400.7 million dollars to 938.4 million dollars, in which the main commodity was automotive diesel fuels.
In terms of commodity, Mineral Fuels represents the major contributor to Brunei Darussalam’s exports, followed by Chemicals and Machinery and Transport Equipment. The main exports market in August 2022 was Malaysia, followed by Australia and Singapore. The largest export commodity to Malaysia, Australia and Singapore was Mineral Fuels.
The five main imports by commodity this month were Mineral Fuels, followed by Machinery and Transport Equipment, Food, Manufactured Goods and Chemicals. The biggest import partner by share was Malaysia, followed by United Arab Emirates and the People’s Republic of China, with Mineral Fuels as the largest import commodity. Transport by sea accounted for the highest share for both exports and imports, followed by air transport and via land
The International Merchandise Trade Statistics report for August 2022 can be obtained from the DEPS’s website at ‘deps.mofe.gov.bn’.
Source: Radio Television Brunei