Brunei announces RM3.425bil trade surplus in December 2023; Malaysia remains biggest import partner

Illustration by Borneo Bulletin/ANN

BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): The trade balance for December 2023 recorded a surplus of BND915.7 million (RM3.425 billion). Total trade in December 2023 was BND2.1307 billion, compared to BND2.2923 billion in November 2023.

This was contributed by exports valued at BND1.5232 billion and imports valued at BND607.5 million, said the Department of Economic Planning and Statistics in a statement yesterday.

Exports in December 2023 were valued at BND1.5232 billion, with mineral fuels representing the major contributor to Brunei Darussalam’s exports at 81.9 per cent followed by chemicals (17.1 per cent) and machinery and transport equipment (0.5 per cent).

The main export markets in December 2023 were Australia (26.1 per cent), followed by China (16.1 per cent) and Singapore (14 per cent). The largest export commodities to these countries were mineral fuels and chemicals.

Meanwhile, imports in December 2023 were valued at BND607.5 million. The five main imports by commodity were mineral fuels (59 per cent), followed by machinery and transport equipment (12.2 per cent), food (9.1 per cent), manufactured goods (seven per cent) and chemicals (6.3 per cent).

The biggest import partners were Malaysia (47.3 per cent), followed by China (14.2 per cent) and Australia (12.9 per cent) with mineral fuels as the largest import commodity.

Some 60.3 per cent of imports were used as intermediate goods for processing, followed by capital goods (35.4 per cent) for business operations and consumption goods (4.3 per cent) for household use.

Some 95.6 per cent of trade by value was delivered through sea transport, with 3.1 per cent by air transport and 1.3 per cent by land.

For 2023, the total trade was valued at BND25,149.3 million, compared to BND32,287.9 million in 2022. Meanwhile, trade balance for 2023 was valued at BND5.0449 billion, compared to BND6.9593 billion in 2022.

The International Merchandise Trade Statistics report for December 2023 can be accessed through https://deps.mofe.gov.bn. - Borneo Bulletin/ANN