ASEAN KEY DESTINATIONS
Brunei exports fall by 37.2% in August
BRUNEI’S exports in August declined by 37.2 per cent to $585.8 million on a year-on-year basis owing to a sharp reduction in oil and gas exports, the Department of Economic Planning and Development (JPKE) said the day before yesterday.
The latest International Merchandise Trade Statistics published by the department disclosed oil and gas export revenues, which account for over 90 per cent of the sultanate’s exports, declined by 36.7 per cent to $548.2 million.
Exports of crude oil and liquefied natural gas (LNG) fell by 41.9 per cent and 32.4 per cent, respectively.
The export price of crude oil decreased by 54.6 per cent from US$105.71 per barrel in August 2014 to US$48 per barrel in August 2015. Likewise, LNG prices declined by 36.6 per cent year-on-year from US$15.39 per million metric British thermal units (MMBtu) to US$9.75 MMBtu.
JPKE said trade volume of LNG decreased by 3.8 per cent from 801,122 MMBtu/day to 770,659 MMBtu/day during the same month last year.
But trade volume of crude oil increased by 14.7 per cent year-on-year from 94.86 kbbl (thousand barrels) to 108.84 kbbl per day.
Most of Brunei’s exports went to Japan, which accounted for 40 per cent of the sultanate’s export market. This was followed by South Korea, with 19 per cent and China with eight per cent.
Merchandise imports decreased by 33.7 per cent from $50.9 million to $299.1 million. According to the data provided by JPKE, this is mainly due to lower imports for mineral fuels which fell by 62.1 per cent from $58.8 million in 2014 to this year’s $22.3 million.
Most of Brunei’s imports came from Malaysia, which accounted for 29.2 per cent of total imports. This was followed by Singapore and China which accounted for 13.6 per cent and 11.9 per cent of the total imports, respectively.
Total trade declined by 36 per cent from $1.4 billion in August 2014 to $884.9 million in August 2015.
Th IMTS adopts the General System for recording trade statistics which cover imports, domestic exports and re-exports. The IMTS full report for August 2015 is available in JPKE’s website at www.depd.gov.bn.
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