Brunei - Brunei's total trade increases in Q3 of 2011

Bandar Seri Begawan (The Brunei Times/ANN) - Brunei's total trade increased to B$5.23 billion (US$4 billion) in the third quarter (Q3) of last year, bouncing back from a relative decrease in exports experienced in Q2 of 2011.

The Sultanate's methanol exports rose by 76.2 per cent, while liquefied natural gas exports increased by 36.8 per cent, the Department of Economic Planning and Development (JPKE) reported in a media statement yesterday, without providing absolute figures. Higher exports of crude oil to New Zealand, South Korea and Australia represented a 5.9 per cent increase of the country's main export.

The JPKE reported in September last year that in Q2, crude oil exports fell by 0.5 per cent and LNG exports by 4.9 per cent, compared to Q1 of 2011.

Meanwhile, Brunei's exports of non-oil products were said to have "increased slightly" in Q3, with garment-related exports and fresh and frozen fish exports increasing by 2.1 per cent and 49 per cent, respectively.

Overall, exports rose by 20 per cent in Q3 from the previous quarter, or an increase of 34.9 per cent when compared to the Q3 of 2010. From the same quarter on quarter comparison, total trade increased by 31.6 per cent over the one-year period.

Japan continued to be Brunei's top export market, taking up nearly half (46.8 per cent) of the Sultanate's total exports. Other countries buying Bruneian exports included South Korea (14.6 per cent), ASEAN member states (13.4 per cent), Australia (10.4 per cent) and India (6.3 per cent).

The total international merchandise trade which apart from domestic exports, also took into account imports and re-exports for Q3 increased by 20.8 per cent to B$5,234.49 million compared to the previous Q2 last year, JPKE said.

Imports into Brunei increased by 24 per cent, or to B$1,060.82 million in Q3 last year, with "import growths" recorded in the category of Mineral Fuels, Lubricants and Related Materials (an increase of 96.1 per cent). This was followed by increases in Beverages and Tobacco (62.1 per cent), Crude Materials, Inedible Except Fuels (60.5 per cent) and Manufactured Goods by Materials (28.8 per cent).

Brunei sourced much of its imports (51.8 per cent) from its ASEAN neighbours, at a value of B$550.03 million. Breaking this down, JPKE said Singapore contributed 24.1 per cent (B$255.67 million) to the total, and Malaysia 18.1 per cent (B$205.71 million), among others.

Other sources of imports included the US and the European Union, with 14.2 per cent (B$150.86 million) and 9.1 per cent (B$96.79 million), respectively, from total imports.

The International Merchandise Trade Statistics for Q3 2011 were said to be available in full on JPKE's website, www.depd.gov.bn, but as of press time, the link was not yet active.

Ubaidillah Masli in Bandar Seri Begawan/The Brunei Times | ANN

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