international merchandise trade statistics ... documents library/dos/imts/2015...machinery and...

IMTS March 2015

DEPARTMENT OF ECONOMIC PLANNING AND DEVELOPMENT PRIME MINISTER’S OFFICE

1

INTERNATIONAL MERCHANDISE TRADE STATISTICS (IMTS) MARCH 2015

Highlights

The total trade for the month of March 2015 was BND1,152.6 million, comprising exports

totalling BND812.2 million and imports valued at BND340.4 million. This represented an

increase of 8.8 per cent compared to the previous month. On a y-o-y basis, total trade declined

by 18.8 per cent from BND1,419.2 million during the same month in 2014.

The trade balance in March 2015 amounted to BND471.8 million, a decrease of 11.2 per cent

compared to BND531.6 million in February 2015. Meanwhile, on a y-o-y basis, the trade

balance decreased by 53.2 per cent from BND1,007.8 million in March 2014.

On a YTD basis (Jan-Mar), both total trade and trade balance decreased by 19.8 per cent and

44.5 per cent respectively.

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Exports

Imports

Trade Balance

Total Trade

Chart 1: Exports, Imports, Total Trade and Trade Balance, Jan 2014 - Mac 2015

Table 1: Exports, Imports and Trade Balance, March 2015

Value (BND Million) Change (%)

Mar-14

Feb-15

Mar-15p

Jan-Mar

Jan-Mar m-o-m y-o-y YTD

2014 2015

Total Trade 1,419.2

1,059.0

1,152.6

4,316.4

3,461.9

8.8

-18.8

-19.8

Exports 1,213.5

795.3

812.2

3,657.5

2,562.6

2.1

-33.1

-29.9

Imports 205.7

263.7

340.4

658.9

899.3

29.1

65.5

36.5

Trade Balance 1,007.8 531.6 471.8 2,998.6 1,663.3 -11.2 -53.2 -44.5

Notes: p = Provisional y-o-y = year-on-year m-o-m = month-on-month YTD = Year to date Total Trade = Exports + Imports Trade Balance = Exports - Imports

BN

D M

illio

n

IMTS March 2015


2

Merchandise Exports

On a m-o-m basis, the merchandise exports grew by 2.1 per cent from BND795.3 million in February

2015 to BND812.2 million in March 2015. This was contributed by increases in the exports of Machinery

and Transport Equipment (203.8 per cent), Miscellaneous Manufactured Articles (121.2 per cent) and

Manufactured Goods (91.5 per cent).

The merchandise exports declined by 33.1 per cent (y-o-y) from BND1,213.5 million. This was attributed

to the decreases in the exports of Foods (83.3 per cent), Beverages and Tobacco (71.4 per cent) and

Mineral Fuels (39.2 per cent).

Table 2: Exports by Commodity Sections, March 2015

Section Value (BND Million) Change (%)

Mar-14 Feb-15 Mar-15 p

m-o-m y-o-y

Food 2.4 0.3 0.4 33.3 -83.3

Beverages and Tobacco 1.4 0.3 0.4 33.3

-71.4

Crude Materials Inedible 1.0 0.6 0.7 16.7

-30.0

Mineral Fuels 1,172.1 749.8 713.0 -4.9

-39.2

Animal and Vegetable Oils and Fats 0.0 0.0

0.0 -

-

Chemicals 25.7 14.5 15.8 9.0

-38.5

Manufactured Goods 1.9 4.7 9.0 91.5

373.7

Machinery and Transport Equipment 6.8 21.3

64.7 203.8

851.5

Miscellaneous Manufactured Articles 1.2 3.3

7.3 121.2

508.3

Miscellaneous Transactions 0.9 0.6 0.9 50.0

0.0

Total 1,213.5

795.3

812.2

2.1

-33.1

Notes: p = provisional y-o-y = year-on-year m-o-m = month-on-month

Major Exports

On a m-o-m basis, major exports decreased by 4.9 per cent in March 2015. This was mainly due to

decrease in the exports of Liquefied Natural Gas (LNG) by 17.0 per cent. Meanwhile exports of Crude

Oil increased by 17.7 per cent.

The decrease in the exports of LNG was due to lower trade volume of LNG from 917,813 MMBtu per

day (February 2015) to 772,234 MMBtu per day (March 2015). The decrease in the average export price

of LNG from USD13.99/MMBtu (February 2015) to USD12.33/MMBtu (March 2015) also contributed to

the decline in the value of LNG exports.

IMTS March 2015


3

On the other hand, the increase in Crude Oil exports was due to an increase in the trade volume of

Crude Oil by 1.3 percent from 120.92 kbbl per day (February 2015) to 122.45 kbbl per day (March 2015).

Compared to March 2014, major exports decreased by 39.2 per cent (y-o-y). This was due to lower

exports of Crude Oil and LNG by 48.5 per cent and 29.5 per cent respectively.

Table 3: Major Exports, March 2015

Month & Year Change (%)

Mar-14 Feb-15 Mar-15 p m-o-m y-o-y Exports 1,213.5

795.3

812.2

2.1

-33.1

Of which

Major exports 1,172.1

749.7

713.0

-4.9

-39.2 Crude Oil:

Value (BND million) 595.9

260.8

307.0

17.7

-48.5

Volume (kbbl/day) 116.99

120.92

122.45

1.3 4.7 Price (USD/bbl) 113.13

56.97

58.68

3.0 -48.1

LNG

Value (BND million) 576.2

488.9

406.0

-17.0

-29.5 Volume (MMBtu/day) 867,193

917,813

772,234

-15.9 -11.0

Price (USD/MMBtu) 16.95

13.99

12.33

-11.9 -27.3 Source: Royal Brunei Customs and Excise Department of Ministry of finance and Energy Department of Prime Minister’s Office


kbbl = thousand barrels MMBtu = million metric British thermal units

Destinations of Exports

By country of destination, the highest share of exports in March 2015 went to Japan, accounting for

42.6 per cent. This was followed by exports to Thailand (12.3 per cent), Taiwan (7.7 per cent) and

Malaysia (7.2 per cent).

42.6

12.3

7.7

7.2

6.4

6.4

5.7

4.9

6.7

0.0 10.0 20.0 30.0 40.0 50.0

Japan

Thailand

Taiwan

Malaysia

USA

New Zealand

Korea, Republic of

India

Others

Chart 2: Share of Exports by Country of Destinations, March 2015

Share (%) Share (%)

IMTS March 2015


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Merchandise Imports

Merchandise imports increased by 29.1 per cent (m-o-m) from BND263.7 million in February 2015 to

BND340.4 million in March 2015. This was due to increases in imports of Crude Materials Inedible (82.6

per cent), Manufactured Goods (68.6 per cent) and Miscellaneous Transactions (50.0 per cent).

On a y-o-y basis, total imports increased by 65.5 per cent as a result of higher imports of Manufactured

Goods by 173.1 per cent. This was followed by Beverages and Tobacco (143.5 per cent) and Crude

Materials Inedible (133.3 per cent).

Table 4: Imports by Commodity Sections, March 2015

Section Value (BND Million) Change (%)

Mar-14 Feb-15 Mar-15 p m-o-m y-o-y

Food 26.4

43.4

49.5

14.1

87.5

Beverages and Tobacco 2.3

4.5

5.6

24.4

143.5 Crude Materials Inedible 1.8

2.3

4.2

82.6

133.3

Mineral Fuels 20.7

22.6

26.5

17.3

28.0 Animal and Vegetable Oils and Fats 0.6

1.3

1.3

0.0

116.7

Chemicals 16.0

20.0

26.4

32.0

65.0 Manufactured Goods 30.5

49.4

83.3

68.6

173.1

Machinery and Transport Equipment 86.7

92.6

119.6

29.2

37.9 Miscellaneous Manufactured Articles 19.3

26.8

22.5

-16.0

16.6

Miscellaneous Transactions 1.4

1.0

1.5

50.0

7.1 Total 205.7

263.7

340.4

29.1

65.5


Origin of Import

The highest share of imports in March 2015 came from Malaysia accounting for 24.9 per cent, followed

by Singapore (12.8 per cent) and China (12.2 per cent).

Share (%)

IMTS March 2015


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TECHNICAL NOTES

1. Introduction

The International Merchandise trade statistics (IMTS) are compiled on a monthly basis by based on the

import and export data submitted by the Royal Customs and Excise Department, Ministry of Finance

through the customs declarations and from the Energy Department, Prime Minister’s Office. The

general system of recording IMTS adopted by Brunei Darussalam covers imports, domestic exports and

re-exports that has been cleared through customs.

2. Coverage of Merchandise

All goods imported into or exported from Brunei Darussalam are included in the IMTS. The following classes of goods are excluded:

currency notes and coins in circulation;

personal and household effects which do not incur any Brunei Darussalam customs duty and which are taken by passengers for their own use;

stores and fuel supplied to Brunei ships and aircraft;

articles on loan or rent for example, equipment for oil surveys and experimental drilling, etc.;

goods in transit;

fish and other marine products landed from Brunei Darussalam fishing vessels direct from fishing grounds;

goods imported and exported by or on behalf of diplomatic services; and

goods imported by the armed forces.

3. Time of Recording

Brunei Darussalam uses the ‘release date’ as its time of recording, which provides the time/date that

stipulated in source documents when goods enter or leave the economic territory.

4. Valuation

Imports are valued at CIF, that is, the value of goods at the frontier of the exporting country plus the cost of insurance and freight and any other charges when sold for export to Brunei Darussalam. Custom duties are not included in the value of imports. Exports are valued at FOB, that is, the value of goods to be purchased abroad up to the point where the goods are deposited on board the outgoing vessel, aircraft and/or vehicle. Goods on consignment are valued at the current import price for imports and the current export price for exports.

Goods are recorded at their market value. Values are reported in millions of Brunei dollars. Data

reported in foreign currencies are converted into local currency at prevailing market exchange rate on

the date of permit clearance.

IMTS March 2015


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5. Commodity Classification

Commodity items reported are classified in accordance with the Brunei Darussalam Trade Classification and Customs Duties 2012. This classification incorporates the ASEAN Harmonized Tariff Nomenclature (AHTN), which is based on the 6-digits Harmonised Commodity Description and Coding System Nomenclature (H.S) developed by the World Customs Organisation (WCO).

For International comparability in this report import and export are classified according to the United Nations Standard Trade Classification, Revision 4 (SITC Rev. 4) for the purpose of international comparability of statistics on external trade.

IMTS March 2015


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APPENDIX

Period

Value (BND Million)

Exports

Imports

Total Trade

Trade Balance Total

Domestic Exports

Re-Exports

2012 16,220.7 15,846.5 374.2 4,455.2 20,675.9 11,765.5

Q1 4,493.6 4,415.8 77.7 1,107.1 5,600.7 3,386.5

Q2 3,779.6 3,702.5 77.0 1,238.3 5,017.9 2,541.3

Q3 3,906.6 3,789.5 117.1 1,116.5 5,023.1 2,790.1

Q4 4,041.0 3,938.7 102.4 993.3 5,034.3 3,047.7

2013 14,309.0 13,932.0 377.0 4,520.6 18,829.6 9,788.4

Q1 4,324.9 4,243.1 81.8 994.9 5,319.8 3,330.0

Q2 3,535.1 3,421.1 114.0 1,251.7 4,786.8 2,283.4

Q3 3,202.2 3,112.4 89.9 1,172.7 4,374.9 2,029.5

Q4 3,246.7 3,155.3 91.3 1,101.3 4,348.0 2,145.4

2014 13,398.2 12,676.4 721.8 4,556.1 17,954.3 8,842.1

Q1 3,657.6 3,596.2 61.3 658.9 4,316.5 2,998.7

Q2 3,569.1 3,454.6 114.4 1,173.5 4,742.6 2,395.6

Q3 3,358.8 2,930.9 427.9 1,403.5 4,762.3 1,955.3

Q4 2,812.8 2,694.7 118.2 1,320.2 4,133.1 1,492.7

Jan 1,335.8 1,317.0 18.9 219.0 1,554.8 1,116.8

Feb 1,108.2 1,081.1 27.0 234.2 1,342.4 874.0

Mar 1,213.5 1,198.1 15.4 205.7 1,419.2 1,007.8

Apr 1,424.8 1,400.8 24.0 258.6 1,683.4 1,166.2

May 1,026.6 986.2 40.3 429.4 1,456.0 597.2

Jun 1,117.7 1,067.6 50.1 485.6 1,603.3 632.1

Jul 1,240.7 1,206.2 34.5 477.2 1,717.9 763.5

Aug 932.1 888.1 44.1 450.9 1,383.0 481.2

Sept 1,185.9 836.6 349.3 475.4 1,661.3 710.5

Oct 911.3 865.7 45.5 349.5 1,260.8 561.8

Nov 950.6 906.3 44.3 619.2 1,569.8 331.4

Dec 951.0 922.7 28.4 351.5 1,302.5 599.5

2015 2,562.6 2,392.7 169.9 899.3 3,461.9 1,663.3

Jan 955.1 897.9 57.2 295.2 1,250.3 659.9

Feb 795.3 765.2 30.1 263.7 1,059.0 531.6

Mar p 812.2 729.6 82.6 340.4 1,152.6 471.8

Notes: p = provisional Q = quarter

Appendix 1: Exports, Imports, Total Trade & Trade Balance, 2012-2015

IMTS March 2015


8

Appendix 2: Merchandise Exports by Commodity Section, 2014 -2015

Period

Value (BND Million)

Total

Food Beverages and

Tobacco

Crude Materials Inedible

Mineral Fuels

Animal & Vegetable Oils & Fats

Chemicals Manufactured Goods

Machinery and Transport

Equipment

Miscellaneous Manufactured

Articles

Miscellaneous Transactions

2014 13,398.2 39.4 12.7 17.8 12,398.7 0.0 601.7 67.9 182.3 59.2 18.6

Jan 1,335.8 4.6 1.5 0.6 1,302.0 0.0 14.7 2.4 8.0 1.9 0.2

Feb 1,108.2 2.9 1.4 0.7 1,045.8 0.0 35.0 5.8 11.5 3.8 1.3

Mar 1,213.5 2.4 1.4 1.0 1,172.1 0.0 25.7 1.9 6.8 1.2 0.9

Apr 1,424.8 4.0 2.4 0.4 1,370.8 0.0 29.9 3.7 9.4 2.1 2.0

May 1,026.6 4.1 1.9 2.3 972.2 0.0 12.0 6.5 20.9 5.9 0.8

Jun 1,117.7 5.9 1.3 2.4 1,035.5 0.0 30.9 10.1 18.1 10.4 3.1

Jul 1,240.7 3.9 0.3 0.9 1,175.8 0.0 29.6 7.3 14.9 5.5 2.5

Aug 932.1 4.7 1.0 3.8 865.8 0.0 17.9 9.6 17.3 9.3 2.8

Sept 1,185.9 2.4 0.3 2.2 822.3 0.0 328.6 7.1 15.3 5.7 1.9

Oct 911.3 1.1 0.4 0.7 841.5 0.0 23.3 5.1 33.4 4.9 0.8

Nov 950.6 1.6 0.4 1.6 882.2 0.0 39.7 3.6 14.6 5.6 1.2

Dec 951.0 1.8 0.4 1.3 912.7 0.0 14.3 4.7 12.1 2.6 1.2

2015 2,562.6 1.4 0.9 2.7 2,347.1 0.0 68.8 22.0 101.7 15.7 2.4

Jan 955.1 0.7 0.2 1.4 884.3 0.0 38.5 8.3 15.7 5.1 0.9

Feb 795.3 0.3 0.3 0.6 749.8 0.0 14.5 4.7 21.3 3.3 0.6

Mar p 812.2 0.4 0.4 0.7 713.0 0.0 15.8 9.0 64.7 7.3 0.9

Notes: p = provisional

IMTS March 2015


9

Appendix 3: Merchandise Imports by Commodity Section, 2014 -2015

Period

Value (BND Million)

Total

Food Beverages and

Tobacco

Crude Materials Inedible

Mineral Fuels

Animal & Vegetable Oils & Fats

Chemicals Manufactured Goods

Machinery and

Transport Equipment

Miscellaneous Manufactured

Articles

Miscellaneous Transactions

2014 4,556.1 616.2 64.6 44.1 462.5 18.8 384.5 684.8 1,754.9 500.8 24.7

Jan 219.0 32.5 2.5 1.7 8.3 0.8 14.7 34.3 100.7 21.9 1.6

Feb 234.2 40.0 2.6 2.3 27.2 0.7 11.0 40.7 87.9 19.4 2.4

Mar 205.7 26.4 2.3 1.8 20.7 0.6 16.0 30.5 86.7 19.3 1.4

Apr 258.6 33.4 2.4 2.4 20.8 0.7 11.4 26.1 74.7 84.8 1.9

May 429.4 65.3 5.6 4.7 54.8 2.4 30.5 74.2 139.2 50.5 2.0

Jun 485.6 75.0 8.7 7.5 45.4 2.6 43.7 82.2 169.8 48.8 1.9

Jul 477.2 63.8 9.5 3.0 53.2 2.0 76.2 74.5 150.0 42.8 2.3

Aug 450.9 71.8 9.1 6.0 58.8 2.2 44.4 75.0 133.7 47.3 2.5

Sept 475.4 62.4 6.8 3.8 63.7 2.1 38.0 79.0 162.2 54.7 2.5

Oct 349.5 44.1 5.5 2.9 41.5 1.6 24.5 60.6 134.8 31.1 2.8

Nov 619.2 52.5 4.3 2.7 33.2 1.4 42.6 54.3 384.6 42.1 1.5

Dec 351.5 48.9 5.4 5.4 34.9 1.7 31.3 53.3 130.5 38.1 1.8

2015 899.3 138.7 14.5 10.3 51.7 4.2 70.3 186.6 337.0 81.8 4.5

Jan 295.2 45.8 4.4 3.8 2.6 1.6 23.9 53.9 124.8 32.5 2.0

Feb 263.7 43.4 4.5 2.3 22.6 1.3 20.0 49.4 92.6 26.8 1.0

Mar p 340.4 49.5 5.6 4.2 26.5 1.3 26.4 83.3 119.6 22.5 1.5

Notes: p = provisional

IMTS March 2015


10


Appendix 4 : Exports of Crude Oil and LNG by Country of Destination

Country

Value (BND Million) Change (%)

Mar-14 Feb-15 Mar-15 p m-o-m y-o-y

Total 1,172.1

749.7

713.0

-4.9

-39.2

Crude Oil 595.9

260.8

307.0

17.7

-48.5

Japan 30.2

23.3

-

-

-

Korea, Republic of 87.5

-

46.6

-

-46.7

Australia 57.4

56.2

24.0

-57.3

-58.2

India 151.9

40.7

39.9

-2.0

-73.7

Indonesia 163.6

-

-

-

-

New Zealand 14.5

36.5

51.3

40.5

253.8

Malaysia -

79.4

47.2

-40.6

-

Thailand 90.6

-

98.1

-

8.3

Singapore -

24.6

-

-

-

LNG 576.2

488.9

406.0 -17.0

-29.5

Japan 550.5

350.8

345.8 -1.4

-37.2

Korea, Republic of -

138.1

- -

-

Taiwan -

-

60.2

-

-

Malaysia 25.6 - - - -

IMTS March 2015


11

Appendix 5: Exports and Imports of March 2015

Country Value (BND Million) Change (%)

Mar-14 Feb-15 Mar-15p m-o-m y-o-y

Exports to Country of Destination

Japan 580.8 374.2 345.8

-7.6 -40.5

Thailand 91.5 0.2 99.5

49,650.0 8.7

Taiwan 1.2 3.5 62.9

1,697.1 5,141.7

Malaysia 32.8 89.8 58.8

-34.5 79.3

USA 10.9 0.1 52.3

52,200.0 379.8

New Zealand 14.7 36.6 51.6 41.0 251.0

Korea, Republic of 92.7 138.4 46.7

-66.3 -49.6

India 152.0 42.3 39.9

-5.7 -73.8

Others 236.9 110.2 54.7

-50.4 -76.9

Total 1,213.5 795.3 812.2

2.1 -33.1

Imports from Country of Origin

Malaysia 43.8 70.5 84.9

20.4 93.8

Singapore 39.4 48.7 43.6

-10.5 10.7

China 19.1 36.4 41.6

14.3 117.8

Japan 7.8 15.2 32.5

113.8 316.7

USA 24.0 17.0 23.8

40.0 -0.8

Korea, Republic of 13.0 7.6 15.1

98.7 16.2

Thailand 8.3 16.5 14.7

-10.9 77.1

Germany 9.3 11.1 12.1

9.0 30.1

Indonesia 5.9 11.0 10.2

-7.3 72.9

Italy 5.7 2.7 8.9

229.6 56.1

Other Countries 29.4 27.0 53.0

96.3 80.3

Total 205.7 263.7 340.4

29.1 65.5


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