Brunei’s total trade for October 2018 has increased to $1,406.8 million from $933.6 million in the previous year, according to the latest International Merchandise Trade Statistics (IMTS) by Department of Economic Planning and Development (JPKE).
The largest export market in October last year was Japan dominating the export pie at 40.7 percent followed by China and Thailand with 16.6 per cent and 13.9 percent, respectively.
JPKE reported Brunei’s total export has increased by 47 percent year-on-year, from $582 million in October 2017 to $855.4 million in the same month last year.
The department attributed the climb due to the increase in the export of crude oil and Liquefied Natural Gas (LNG), which export increased by 28.9 percent year-on-year with average oil price hiking from US$59.52 to US$82.49 per barrel.
LNG exports rose by 60.7 percent year-on-year due to an increase in export volume; from 861,577 MMBtu per day to 877,559 MMBtu per day, with its average price also increased to US$11.38 per MMBtu from US$7.30 per MMBtu.
Meanwhile, for imports, the highest share came from China with 38.3 percent, followed by Singapore with 16.5 percent and the US with 13.5 percent.
Total commodity imports increased by 56.8 percent year-on-year, from $351.6 million in October 2017 to $551.4 million October last year.
Machinery and Transport Equipment recorded the highest contribution of imports ($223.1 million), followed by manufactured goods ($136.0 million), mineral fuels ($51.2 million) and food ($44.3 million).
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.
Full report on the October 2018 IMTS can be obtained from JPKE’s website.
The Bruneian | BANDAR SERI BEGAWAN