Brunei’s Trade Surplus Reaches RM3.425 Billion in December 2023; Malaysia Emerges as Primary Trade Partner

The economic landscape of Brunei saw a notable development in December 2023 with the announcement of a trade surplus amounting to BND915.7 million (equivalent to RM3.425 billion). This surplus, unveiled by the Department of Economic Planning and Statistics, marked a significant milestone in the nation’s economic trajectory for the month.

During December 2023, Brunei’s total trade activity amounted to BND2.1307 billion, slightly lower compared to the previous month’s figure of BND2.2923 billion. This total trade value was underpinned by exports valued at BND1.5232 billion, showcasing the nation’s robust export performance on the global stage. The composition of Brunei’s exports in December 2023 revealed a diversified portfolio, with mineral fuels emerging as the primary contributor, accounting for a substantial 81.9 per cent of total exports. Additionally, chemicals and machinery and transport equipment constituted 17.1 per cent and 0.5 per cent of exports, respectively, highlighting the nation’s breadth in export offerings.

Analyzing Brunei’s export destinations for December 2023 unveils an interesting landscape, with Australia emerging as the top destination, accounting for 26.1 per cent of exports. China and Singapore followed closely, with respective shares of 16.1 per cent and 14 per cent. Mineral fuels and chemicals were identified as the key export commodities driving trade with these countries, signaling Brunei’s prominence in the global energy and chemical markets. Conversely, imports into Brunei during December 2023 amounted to BND607.5 million, reflecting a dynamic flow of goods into the nation’s economy. Mineral fuels remained the dominant import category, constituting 59 per cent of total imports, 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).

Among Brunei’s trading partners, Malaysia emerged as the foremost import partner, commanding a significant 47.3 per cent share of total imports. China and Australia followed suit, with respective shares of 14.2 per cent and 12.9 per cent. Notably, mineral fuels accounted for the majority of imports from these countries, underscoring the importance of energy resources in Brunei’s import landscape. The distribution of imported goods within Brunei’s economy revealed a strategic allocation, with approximately 60.3 per cent of imports utilized as intermediate goods for processing. Capital goods for business operations accounted for 35.4 per cent of imports, while consumption goods for household use constituted 4.3 per cent, reflecting the diverse needs of Brunei’s economy.

In terms of transportation modes, sea transport emerged as the primary conduit for trade, facilitating 95.6 per cent of total trade by value. Air transport and land transport accounted for 3.1 per cent and 1.3 per cent, respectively, highlighting the significance of maritime connectivity in Brunei’s trade ecosystem. Looking beyond December 2023, the broader trends in Brunei’s trade landscape indicated a total trade value of BND25,149.3 million for the year, compared to BND32,287.9 million in the previous year. Similarly, the trade balance for 2023 stood at BND5.0449 billion, reflecting a slight decline from BND6.9593 billion in 2022.

Overall, Brunei’s trade dynamics in December 2023 underscored the nation’s resilience and adaptability in navigating global economic fluctuations. With Malaysia emerging as a key trade partner and mineral fuels driving both exports and imports, Brunei’s trade outlook remains closely intertwined with regional economic dynamics and global demand trends.

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