ASEAN KEY DESTINATIONS
Brunei’s 7-year trade with ASEAN totalled $2.1 billion
BRUNEI exports under ASEAN trade agreements have totalled to about $1.7 billion (US$1.2 billion) from 2008 to 2014, with imports amounting to $447 million over the same period.
According to data from the Ministry of Foreign Affairs and Trade (MoFAT), over a period of seven years (2008-2014) international trade in Brunei through the ASEAN Trade in Goods (ATIGA) agreement and the Common Effective Preferential Tariff (CEPT) had totalled to over $2.1 billion.
The MoFAT data, available at data.gov.bn, looked at the value of goods through Country of Origin documents employed in the export/imports of goods.
Also known as Preferential Certificate of Origin, the documents are used to claim lower or exempted tariff between signing parties of a trading agreement leading to a free trade area, according to MOFAT’s website.
Usage of the CEPT/ATIGA agreement for exports was at its highest in 2013, valued at $957 million, and lowest in 2008 at $321,989. In 2014, exports using the CEPT/ATIGA agreement from Brunei were valued at $169 million.
In terms of imports, the highest was in 2012, with imports to Brunei using the CEPT/ATIGA agreement valued at $100.4 million. Its lowest point was in 2008, with total imports valued at $46.9 million.
In comparison, exports from Brunei through the ASEAN-China Free Trade Agreement (ACFTA) amounted to $156.7 million, with $244.7 million worth of imports over the 2008-2014 period.
Brunei exports through the ASEAN-Korean Free Trade Agreement (AKFTA) amounted to $14 billion and imports worth $692.0 million.
Exported goods through the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) amounted to $0.75 million and total imports value at $125,961.
Brunei Exports through the ASEAN-India Free Trade Agreement (AIFTA) amounted to $5.7 billion from 2010 to 2014.
Goods exported through Brunei-Japan Economic Partnership Agreement totalled $2.2 million and total imports of around $6.9 million.
According to the data, common exports using Certificate of Origin include crude oil, liquefied natural gas (LNG) methanol, seafood products and timber products. Common products imported using Certificate of Origin include electrical equipment, autoparts, tyres and furniture.
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