OCTOBER 2015 - depd.gov.bn Documents Library/DOS/IMTS... · the average export price of LNG increase from USD9.48/MMBtu (September 2015) to USD9.88/MMBtu (October 2015). Meanwhile,

OCTOBER

2015

IMTS October 2015

DEPARTMENT OF ECONOMIC PLANNING AND DEVELOPMENT, PRIME MINISTER’S OFFICE

1

INTERNATIONAL MERCHANDISE TRADE STATISTICS (IMTS) OCTOBER 2015

Highlights

The total trade for the month of October 2015 was BND968.0 million, comprising exports

totaling BND625.8 million and imports valued at BND342.2 million. This represented a decrease

of 15.3 per cent compared to the previous month. On a y-o-y basis, total trade decreased by

23.2 per cent from BND1,260.8 million during the same month in 2014.

The trade balance in October 2015 amounted to BND283.6 million, an increase of 11.8 per cent

compared to BND253.6 million in September 2015. Meanwhile on a y-o-y basis, the trade

balance recorded a decrease of 49.5 per cent from BND561.8 million in October 2014.

On a YTD basis (Jan-Oct), total trade decreased by 27.7 per cent and trade balance decreased by

50.9 per cent.

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mac

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Exports

Imports

Trade Balance

Total Trade

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

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

Value (BND Million) Change (%)

Oct-14

Sept-15

Oct-15p

Jan-Oct

Jan-Oct m-o-m y-o-y YTD

2014 2015

Total Trade 1,260.8

1,142.8

968.0

15,082.1 10,911.3

-15.3

-23.2

-27.7

Exports 911.3

698.2

625.8

11,496.6 7,395.9

-10.4

-31.3

-35.7

Imports 349.5

444.6

342.2

3,585.5 3,515.4

-23.0

-2.1

-2.0

Trade Balance 561.8 253.6 283.6 7,911.1 3,880.5 11.8 -49.5 -50.9

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 October 2015


2

Merchandise Exports

On a m-o-m basis, the merchandise exports declined by 10.4 per cent from BND698.2 million in

September 2015 to BND625.8 million in October 2015. This was contributed by the decreases in the

exports of Miscellaneous Transactions (33.3 per cent), Chemicals (31.7 per cent), Manufactured Goods

(26.7 per cent) and Food (16.7 per cent).

The merchandise exports declined by 31.3 per cent (y-o-y) from BND911.3 million in October 2014 to

BND625.8 million in October 2015. This was attributed to the decline in the exports of Beverages and

Tobacco (75.0 per cent), Food (54.5 per cent) and Chemicals (36.1 per cent) as well as decline in exports

of Mineral Fuels (33.7 per cent)

Table 2: Exports by Commodity Sections, October 2015

Section Value (BND Million) Change (%)

Oct-14 Sept-15 Oct-15 p

m-o-m y-o-y

Food 1.1 0.6 0.5 -16.7 -54.5

Beverages and Tobacco 0.4 0.1 0.1 0.0

-75.0

Crude Materials Inedible 0.7 1.3 1.1 -15.4

57.1

Mineral Fuels 841.5 652.4 557.9 -14.5

-33.7

Animal and Vegetable Oils and Fats 0.0 0.0

0.0 0.0

0.0

Chemicals 23.3 21.8 14.9 -31.7

-36.1

Manufactured Goods 5.1 6.0 4.4 -26.7

-13.7

Machinery and Transport Equipment 33.4 11.2

39.7 254.5

18.9

Miscellaneous Manufactured Articles 4.9 3.8

6.7 76.3

36.7

Miscellaneous Transactions 0.8 0.9 0.6 -33.3

-25.0

Total 911.3

698.2

625.8

-10.4

-31.3

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 14.5 per cent in October 2015. This was mainly due to a

decrease in the exports of Liquefied Natural Gas (LNG) by 28.1 per cent. Meanwhile exports of Crude

Oil increased by 9.7 per cent.

The decrease in the exports of LNG was due to a decrease in the trade volume of LNG exports from

1,034,047 MMBtu per day (September 2015) to 702,758 MMBtu per day (October 2015). Even though

the average export price of LNG increase from USD9.48/MMBtu (September 2015) to USD9.88/MMBtu

(October 2015).

Meanwhile, the increase in the exports of Crude Oil was due to an increase in trade volume of Crude Oil

exports from 115.55 kbbl per day (September 2015) to 141.48 kbbl per day (October 2015).

IMTS October 2015


3

Compared to October 2014, major exports decreased by 33.7 per cent (y-o-y). This was due to decrease

in the exports of Crude Oil and LNG by 29.8 per cent and 36.8 per cent respectively.

The decrease in the exports of Crude Oil was due to a decrease in the exports price of Crude Oil by 47.3

per cent from USD91.07/bbl to USD48.02/bbl even though the volume of Crude Oil increased from

102.07 kbbl per day (October 2014) to 141.48 kbbl per day (Octoberr 2015). Meanwhile the decrease in

the export of LNG was due to a decrease in the export price of LNG by 40.7 per cent from

USD16.67/MMBtu to USD9.88/MMBtu.

Table 3: Major Exports, October 2015

Month & Year Change (%)

Oct-14 Sept-15 Oct-15 p m-o-m y-o-y

Exports 911.3

698.2

625.8

-10.4

-31.3 Of which

Major exports 841.5

652.3

557.9

-14.5

-33.7

Crude Oil:

Value (BND million) 367.0

235.0

257.8

9.7

-29.8 Volume (kbbl/day) 102.07

115.55

141.48

22.4 38.6

Price (USD/bbl) 91.07

48.03

48.02

0.0 -47.3 LNG

Value (BND million) 474.5

417.3

300.1

-28.1

-36.8

Volume (MMBtu/day) 718,772

1,034,047

702,758

-32.0 -2.2 Price (USD/MMBtu) 16.67

9.48

9.88

4.2 -40.7

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 October 2015 went to Japan, accounting for

40.5 per cent. This was followed by exports to Thailand (16.0 per cent), Malaysia (11.7 per cent) and

Kuwait (7.2 per cent).

40.5

16.0

11.7

7.2

6.4

4.1

3.6

3.3

3.3

4.0

0.0 10.0 20.0 30.0 40.0 50.0

Japan

Thailand

Malaysia

Kuwait

India

Philippines

Korea, Republic of

Australia

New Zealand

Others

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

Share (%)

IMTS October 2015


4

Merchandise Imports

Merchandise imports declined by 23.0 per cent (m-o-m) from BND444.6 million in September 2015 to

BND342.2 million in October 2015. This was due to decreases in imports of Miscellaneous Transactions

(58.8 per cent), Machinery and Transport Equipment (56.7 per cent) and Animal and Vegetable Oils and

Fats (29.4 per cent).

On a y-o-y basis, total imports decreased by 2.1 per cent as a result of lower imports of Miscellaneous

Transactions by 75.0 per cent. This was followed by Machinery and Transport Equipment (26.0 per cent)

and Animal and Vegetable Oils and Fats (25.0 per cent)

Table 4: Imports by Commodity Sections, October 2015

Section Value (BND Million) Change (%)


Food 44.1

51.2

61.6

20.3

39.7

Beverages and Tobacco 5.5

5.1

4.9

-3.9

-10.9 Crude Materials Inedible 2.9

5.1

4.8

-5.9

65.5

Mineral Fuels 41.5

20.7

34.6

67.1

-16.6 Animal and Vegetable Oils and Fats 1.6

1.7

1.2

-29.4

-25.0

Chemicals 24.5

28.2

24.1

-14.5

-1.6 Manufactured Goods 60.6

70.7

77.6

9.8

28.1

Machinery and Transport Equipment 134.8

230.5

99.7

-56.7

-26.0 Miscellaneous Manufactured Articles 31.1

29.7

33.0

11.1

6.1

Miscellaneous Transactions 2.8

1.7

0.7

-58.8

-75.0 Total 349.5

444.6

342.2

-23.0

-2.1


Origin of Imports

The highest share of imports in October 2015 came from Malaysia accounting for 20.2 per cent,

followed by Singapore (20.0 per cent), China (13.7 per cent) and USA (7.8 per cent).

20.2

20.0

13.7

7.8

6.8

5.9

5.6

3.4

2.6

2.0

12.0

0.0 5.0 10.0 15.0 20.0 25.0

Malaysia

Singapore

China

USA

Thailand

Germany

Japan

Indonesia

United Kingdom

Korea, Republic of

Other Countries

Chart 3: Share of Imports by Country of Origin October 2015

Share (%)

Share (%)

IMTS October 2015


5

TECHNICAL NOTES

1. Introduction

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

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

through 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 have 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 October 2015


6

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 October 2015


7

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

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

July 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 (YTD) 7,395.9 7,014.3 381.6 3,515.4 10,911.3 3,880.5

Jan 955.2 898.1 57.2 295.2 1,250.4 660.0

Feb 795.3 765.2 30.1 263.7 1,059.0 531.6

Mar 812.2 729.6 82.6 340.4 1,152.6 471.8

Apr 836.7 812.2 24.5 349.9 1,186.6 486.8

May 698.5 668.4 30.1 407.0 1,105.5 291.5

June 740.8 709.6 31.2 426.7 1,167.5 314.1

July 647.4 618.2 29.1 346.6 994.0 300.8

Aug 585.8 562.6 23.2 299.1 884.9 286.7

Sept 698.2 676.2 22.0 444.6 1,142.8 253.6

Oct p 625.8 574.2 51.6 342.2 968.0 283.6

Notes: p = provisional Q = quarter YTD= Year to date

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

IMTS October 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

June 1,117.7 5.9 1.3 2.4 1,035.5 0.0 30.9 10.1 18.1 10.5 3.1

July 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 (YTD) 7,395.9 5.5 2.1 11.3 6,873.1 0.0 158.7 65.3 212.4 58.3 9.1

Jan 955.2 0.7 0.2 1.4 884.5 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 812.2 0.4 0.4 0.7 713.0 0.0 15.8 9.0 64.7 7.3 0.9

Apr 836.7 1.0 0.2 1.2 810.3 0.0 0.3 8.3 10.8 4.0 0.7

May 698.5 0.5 0.3 1.6 667.0 0.0 1.1 5.2 12.8 9.1 0.8

June 740.8 0.5 0.1 1.7 696.6 0.0 13.1 4.2 13.4 10.1 1.1

July 647.4 0.3 0.2 1.0 593.4 0.0 26.0 7.9 12.4 4.6 1.4

Aug 585.8 0.7 0.2 0.7 548.2 0.0 12.7 7.3 10.4 4.3 1.2

Sept 698.2 0.6 0.1 1.3 652.4 0.0 21.8 6.0 11.2 3.8 0.9

Oct p 625.8 0.5 0.1 1.1 557.9 0.0 14.9 4.4 39.7 6.7 0.6

Notes: p = provisional YTD= Year to date

IMTS October 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

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

July 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(YTD) 3,515.4 508.3 57.7 42.5 229.0 14.7 265.7 814.6 1,258.9 311.8 12.4

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 340.4 49.5 5.6 4.2 26.5 1.3 26.4 83.3 119.6 22.5 1.5

Apr 349.9 51.2 5.4 4.0 17.9 1.4 24.5 93.0 119.9 31.5 1.0

May 407.0 48.6 6.6 3.8 27.0 2.2 38.9 98.8 145.2 35.3 0.7

June 426.7 61.5 8.3 5.1 38.5 1.4 30.2 116.0 125.4 38.9 1.4

July 346.6 46.5 5.7 4.7 16.3 1.1 25.5 102.2 110.4 33.1 1.1

Aug 299.1 49.0 7.2 4.7 22.3 1.5 24.0 69.7 90.8 28.5 1.3

Sept 444.6 51.2 5.1 5.1 20.7 1.7 28.2 70.7 230.5 29.7 1.7

Oct p 342.2 61.6 4.9 4.8 34.6 1.2 24.1 77.6 99.7 33.0 0.7

Notes: p = provisional YTD= Year to date

IMTS October 2015


10


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

Country Value (BND Million) Change (%)


Total 841.5 652.3

557.9 -14.5

-33.7

Crude Oil 367.0

235.0

257.8 9.7

-29.8

Japan -

-

13.8 -

-

Korea, Republic of 66.8 41.7 - - -

Australia 52.2

-

20.6 -

-60.5

India -

43.1

39.7 -7.9

-

Indonesia -

42.9

- -

-

Malaysia -

-

63.1 -

-

New Zealand 44.4 - 20.5 - -53.8

Singapore 66.6

47.9

- -

-

Thailand 69.7 59.4 100.2 68.7 43.8

Viet Nam 67.2 - - - -

LNG 474.5 417.3

300.1 -28.1

-36.8

Japan 336.5 237.6

237.9 0.1

-29.3

Korea, Republic of 67.8 49.6

17.0 -65.7

-74.9

Taiwan 70.2 96.3 - - -

Kuwait - 33.8 45.2 33.7 -

IMTS October 2015


11

Appendix 5: Exports and Imports by country, October 2015

Country Value (BND Million) Change (%)

Oct-14 Sept-15 Oct-15p m-o-m y-o-y

Exports to Country of Destination

Japan 356.1 239.0 253.3

6.0 -28.9

Thailand 70.7 61.6 100.2

- 41.7

Malaysia 7.3 5.6 73.5

1,212.5 906.8

Kuwait - 33.8 45.2

33.7 -

India 0.0 44.7 39.8

-11.0 0.0

Philippines 2.1 1.8 25.4 1,311.1 1,109.5

Korea, Republic of 138.1 94.2 22.6

-76.0 -83.6

Australia 52.9 0.0 20.6

0.0 -61.1

New Zealand 45.3 0.0 20.5 0.0 -54.7

Others 238.8 217.5 24.8

-88.6 -89.7

Total 911.3 698.2 625.8

-10.4 -31.3

Imports from Country of Origin

Malaysia 79.6 81.1 69.0

-14.9 -13.3

Singapore 67.7 56.5 68.6

21.4 1.3

China 39.9 32.4 46.8

44.4 17.3

USA 31.0 147.7 26.8

-81.9 -13.5

Thailand 13.9 14.4 23.1

60.4 66.2

Germany 11.3 10.0 20.3

103.0 79.6

Japan 18.2 11.2 19.2

71.4 5.5

Indonesia 10.6 8.1 11.5

42.0 8.5

United Kingdom 9.9 9.7 9.0

-7.2 -9.1

Korea, Republic of 9.2 8.5 6.7

-21.2 -27.2

Other Countries 58.2 65.0 41.2

-36.6 -29.2

Total 349.5 444.6 342.2

-23.0 -2.1
