Brunei records 1st monthly trade deficit in history

Brunei recorded a 57.8-million-Brunei dollar (42.2-million-U.S. dollar) trade deficit in June 2020 due to a major decrease in exports, marking the first-ever trade deficit since January 2014 when historical data became available.

The latest International Merchandise Trade Statistics released on Saturday by the Department of Economic Planning and Statistics at the Ministry of Finance and Economy showed that Brunei’s trade balance in June 2020 recorded a deficit of 57.8 million Brunei dollars compared to a surplus of 39.0 million Brunei dollars in June 2019, a 248.2-percent year-on-year drop.

This was largely due to a decrease in exports valued at 537.4 million Brunei dollars from 634.4 million Brunei dollars, a 15.3-percent year-on-year drop. Imports maintained almost unchanged in the time frame, amounting to 595.2 million Brunei dollars.

Mineral Fuels recorded the highest contribution of total exports (77.7 percent) with a value of 417.6 million Brunei dollars.

The highest share of exports in June 2020 went to Japan (38.0 percent), followed by China (28.0 percent) and Singapore (7.6 percent).

The highest share of imports in June 2020 came from Singapore accounting for 23.6 percent, followed by Malaysia (15.2 percent) and China (11.0 percent). (1 Bruneian dollar equals 0.73 U.S. dollars)

 

 

Source: China – ASEAN Business Council