Brunei records over US$230mil trade deficit in July

Mineral Fuels contributed 81.5 per cent of the July export with $414.6 million.

BANDAR SERI BEGAWAN (Xinhua): Brunei recorded a B$313.7 million (US$230.5 million) trade deficit for July as a result of a major decline in export while a jump in import, showed data issued Thursday (Oct 15) by the Ministry of Finance and Economy.

The result marked an extension of the country's first trade deficit since 2014, which was reported in June. It was also compared to a surplus of B$251.8 million in July 2019, representing a 224.5 per cent year-on-year gap.

The situation was largely blamed on a 24.2 per cent year-on-year drop in export, down to $508.5 million from $670.8 million. The import in July totalled $822.2 million, up from $419 million a year earlier.

Mineral Fuels contributed 81.5 per cent of the July export with $414.6 million. The major markets were Japan accounting for 22.6 per cent, followed by Singapore with 19.1 per cent, Malaysia, 17.1 per cent and China, 15.5 per cent.

The country in July imported most from Malaysia with 20.8 per cent, followed by the United Arab Emirates with 11.0 per cent, Nigeria, 10.2 per cent and Singapore, 10.0 per cent.