SERIA: Brunei exports fell 32 percent year on year in May to US$698.5 million (Bt24.56 billion), because of a sharp decline in oil and gas shipments, according to data issued by the country’s Department of Economic Planning and Development.
Oil and gas exports, which account for more than 90 per cent of the sultanate’s exports, plunged by 31.4 percent.
In terms of value, oil exports fell by 23 per cent year on year to $325 million because of sinking global prices. The average export price fell from $113.77 per barrel in May 2014 to $66.79.
Exports of liquefied natural gas (LNG) decreased by 37.8 percent to $342 million. Export prices also dropped from $16.73 per million metric British thermal units to $9.33.
But export volume was higher this May. Crude-oil exports increased by 19.0 percent, while LNG shipments went up by 3.8 percent.
Nearly 30 per cent of Brunei’s exports went to Japan in May. Other key export markets were South Korea (18.2 percent), India (15.4 percent) and New Zealand (11.7 per cent).
Merchandise imports in May decreased by 5.2 percent. More than 20 percent of the country’s imports came from Malaysia.
Other key sources of imports were Japan (12.2 percent), China (11.4 per cent) and Singapore (11.0 percent).
The trade balance in May narrowed to $291.5 million from $597.2 million in May 2014.
