Crude oil exports fall 34%

National 1 minute, 6 seconds

BANDAR SERI BEGAWAN

CRUDE oil exports fell 34 per cent in November 2013 year on year, according to statistics from the Department of Economic Planning and Development.

Figures from the recently released International Merchandise Trade Statistics (IMTS) show that Brunei’s crude oil exports in November 2013 were valued at $408.7 million, down from $623.6 million in November 2012.

The drop in crude oil exports weighed heavily on total exports which decreased 11.8 per cent to $1.112 billion in November 2013 from $1.260 billion in November 2012.

Other significant decreases were also recorded in exports of chemicals which dropped 98.3 per cent to $0.4 million from $24.1 million the previous year, and in exports of miscellaneous manufactured articles which fell 53.8 per cent to $3.6 million from $7.8 million in the same period in 2012.

Total imports, on the other hand, rose 7.6 per cent to 366.9 million in 2013 from $341.1 million in 2012.

This was mostly due to imports of chemicals which increased 18.8 per cent, transport which rose 31.5 per cent and imports manufactured articles which soared 39.2 per cent.

In November 2013, Brunei recorded a trade balance of $745 million, which is an 18.9 per cent drop from $919.1 million in November 2012.

On a year-to-date basis from January to November, the overall trade balance had decreased by 15.1 per cent to $9.05 billion in 2013 from $10.66 billion in 2012.

Meanwhile, year-to-date total trade had also showed a decline of 8.4 per cent to $17.3 billion in 2013 from $18.9 billion in 2012.

The Brunei Times