Brunei’s total trade for October 2020 has decreased to $1,470 million from $1,495 million in the previous year, marking a decrease of 1.7 per cent year-on-year (y-o-y).
According to the latest International Merchandise Trade Statistics (IMTS) by Department of Economic Planning and Statistics (DEPS), the figure comprises exports valued at $537.9 million and imports amounting to $932.1 million.
The trade balance recorded a deficit of $394.2 million in October 2020 compared to a surplus of $44.2 million in October 2019.
Major exports on y-o-y basis have decreased by 55.1 per cent in October 2020 due to decreases in both exports of crude oil and LNG by 63.5 per cent and 44.7 per cent, respectively.
The exports of crude oil fell due to the decline in exports price by 39.4 per cent to USD39.08/bbl from USD64.48/bbl in October 2019.
The exports volume of crude oil also recorded a decrease of 39.4 per cent to 85.77kbbl per day from 141.58kbbl per day in October 2019.
Meanwhile, the decrease in exports of LNG was due to a lower in exports price by 31.8 per cent to USD5.51/MMBtu from USD8.09/MMBtu in October 2019.
The export volume of LNG also recorded a decrease of 14.0 per cent to 745,680 MMBtu per day from 867,462 MMBtu per day in the same month.
Total exports in October 2020 were also contributed by the domestic exports of other petroleum and gas products valued at $127.6 million of which the major commodity was ‘Other light oils having a flashpoint of less than 230C’ with a total value of $32.2 million.
In October last year, the largest export market was Japan dominating the export pie at 27.0 per cent followed by China, Thailand and Singapore with 16.0 per cent, 15.0 per cent and 13.7 per cent, respectively.
For imports, the highest share came from Saudi Arabia with 17.2 per cent, followed by Australia, Russia and Malaysia with 14.0 per cent, 13.6 per cent and 12.6 per cent, respectively.
Last October, imports of Intermediate Goods were valued at $534.8 million, accounting for 57.4 per cent of the total imports which was followed by Capital Goods at $354.3 million or 38.0 per cent of total imports; and Consumption Goods at $43.0 million or 4.6 per cent of total imports.
The IMTS is a monthly report outlining the data for Brunei’s import and export, based on the information submitted by the Royal Customs and Excise Department, Ministry of Finance and Economy through customs declarations, and the Ministry of Energy, Manpower and Industry.
The general system of recording IMTS adopted by Brunei covers imports, domestic exports and re-exports that have been cleared through customs.
The full report on the October 2020 IMTS can be obtained from DPES’ website at www.deps.gov.bn – Analisa Amu
THE BRUNEIAN | BANDAR SERI BEGAWAN