The total trade recorded an increase of 13.5 per cent from BND2,267.5 million in September 2021 to BND2,572.8 million in September 2022, contributed by a rise in both export and import value between those periods.
Compared to August 2022, total trade fell 7.2 per cent due to a fall in exports and imports value, mainly Mineral Fuels.
Total exports increased by 22.6 per cent from BND1,315.2 million in September 2021, to BND1,612.2 million in September 2022. This was mainly due to the increase in Mineral Fuels exports from BND955.3 million to BND1,372.0 million in the same period.
The increase in Mineral Fuels exports was mainly due to the higher export value of Crude Oil, Liquefied Natural Gas (LNG) and Petroleum Products. The increase in Crude Oil export was mainly due to the increase in average price by 33.8 per cent from USD76.67 per barrel in September 2021 to USD102.62 per barrel in September 2022. Meanwhile, the increase in exports of LNG was due to a rise in both exports volume and price by 10.9 per cent and 42.5 per cent, respectively. Petroleum Products exports, recorded an increase from BND392.8 million to BND544.8 million, in which the main commodity was automotive diesel fuels.
In terms of commodity, Mineral Fuels represents the major contributor to Brunei Darussalam’s exports at 85.1 per cent, followed by Chemicals (13.0 per cent), and Machinery and Transport Equipment (0.7 per cent).
The main exports market in September 2022 was Australia at 22.2 per cent, followed by Japan (19.1 per cent), and Singapore (14.1 per cent). The largest export commodity to Australia, Japan and Singapore was Mineral Fuels.
Total value of imports increased from BND952.3 million in September 2021 to BND960.6 million in September 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 this month were Mineral Fuels with 69.0 per cent, followed by Machinery and Transport Equipment at (10.5 per cent), Food (7.0 per cent), Manufactured Goods (4.7 per cent) and Chemicals (4.1 per cent).
The biggest import partner by share was Malaysia at 26.2 per cent, followed by Saudi Arabia (15.1 per cent) and United Arab Emirates (15.0 per cent), with Mineral Fuels as the largest import commodity.
Most of the country’s imports at 61.4 per cent are used as Intermediate Goods for processing, followed by Capital Goods (35.3 per cent) for business operations and Consumption Goods (3.3 per cent) for household use.
Transport by sea accounted for the highest share for both exports and imports, which amounted to BND2,475.7 million or 96.2 per cent. This was followed by air transport (BND58.8 million or 2.3 per cent) and via land (BND38.3 million or 1.5 per cent).
The International Merchandise Trade Statistics report for September 2022 can be accessed through the DEPS’s website at https://deps.mofe.gov.bn.
Source: Ministry of Finance Brunei Darussalam