The total trade for August grew by 2.9 per cent to BND2,025.8 million, compared to July. This growth was contributed by exports valued at BND1,260.4 million and imports valued at BND765.4 million.
According to a statement released by the Department of Economic Planning and Statistics (DEPS), the major contributors to export value were mineral fuels at 75.5 per cent, followed by chemicals at 18.9 per cent and machinery and transport equipment at 4.8 per cent.
The main export markets were China accounting for 17.2 per cent, followed by Japan and Australia at 16.1 per cent and 14.7 per cent. The largest export commodities to these countries were mineral fuels and chemicals.
Meanwhile, imports in August 2024 were valued at BND765.4 million. The three main import commodities were mineral fuels, accounting for 63.4 per cent, followed by machinery and transport equipment at 10.9 per cent and food at 8.3 per cent.
The largest import partners were Malaysia accounting for 39.8 per cent, followed by Australia at 10.5 per cent and China at 10.3 per cent. The main import commodities from these partners were mineral fuels, machinery and transport equipment as well as food.
Overall, the trade balance rose by 30 per cent, driven by a 7.3 per cent increase in exports, while import value recorded a decrease by 3.6 per cent. The imports for end use categories, were mainly used as intermediate goods processing accounting for 58.9 per cent, followed by capital goods for business operations at 37.3 per cent and consumption goods for household use at 3.8 per cent. The International Merchandise Trade Statistics report for August 2024 can be accessed through DEPS website https://deps.mofe .gov.bn.
Source: Borneo Bulletin
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November 21, 2024
