June crude oil export rises 30.6%

National 1 minute, 29 seconds

BANDAR SERI BEGAWAN

CRUDE oil export in June increased by 30.6 per cent, contributing to a 11.8 per cent increase in exports, a press release from the Department of Economic Planning and Development (JPKE) said yesterday.

Drawing data from the International Merchandise Trade Statistics (IMTS) report for June, JPKE said the volume of crude oil export for June has increased to 119.5 thousand barrels per day from 98.8 thousand barrels per day in May.

The price of crude oil export in June also increased to US$114.9 per barrel ($143.4) from US$113.8 ($142.1) in the previous month.

The total trade figure for June amounted to $1.6 billion, up 12.2 per cent on month. Exports hit $1.12 billion while imports were at $485.6 million.

Trade balance widened by 10.8 per cent to $632.1 million compared with $570.7 million posted in May.

Meanwhile, the export value of liquefied natural gas (LNG) declined by 5.7 per cent due to lower prices. This, despite a rise in export volume.

The JPKE said that while June’s LNG export has increased to 981.8 million British thermal units (MMBtu) from 707.8 MMBtu in the previous month, provisional prices fell to US$16.9 ($21.1) MMBtu from US$17.1 ($21.3) MMBtu.

Japan accounted for the highest percentage of total exports at 41.8 per cent. This was followed by South Korea and Indonesia with 12.9 per cent and 11.9 per cent, respectively.

On the other hand, merchandise imports increased by 13.1 per cent in June to $485.6 million from $429.4 million in May. JPKE said that crude material inedible made up 59.6 per cent of merchandise imports. This was followed by beverage and tobacco which accounted for 55.4 per cent followed by chemicals at 43.3 per cent.

Most of the country’s imports were sourced from Singapore, Malaysia and the US.

The International Merchandise Trade Statistics (IMTS) for Brunei adopts the General System for recording trade statistics which covers imports, domestic exports and re-exports.

The Brunei Times