Brunei is highly dependent on exports, with foreign trade representing around 147% of its GDP (World Bank, latest data available). The Sultanate's exports are dominated by the hydrocarbon sector, which accounts for around 95% of the total. On the other hand, imports are led by petroleum oils (65.7%), motor cars (2.1%), and coal (2% - data Comtrade 2022).
Australia was the main export partner in 2022, accounting for 20.6% of total exports, followed by Japan (17.4%), China (15.6%), Singapore (13.6%), Malaysia (10.1%), and Indonesia (4.7%). In the same year, imports came chiefly from Malaysia (24.0%), the United Arab Emirates (12.2%), China (8.8%), Qatar (6.1%), and Singapore (5.4% - data Comtrade). Brunei maintains an open trade policy with a focus on fostering economic diversification. The country actively participates in trade organizations such as the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC) forum. Additionally, Brunei is a member of several regional trade agreements, including the ASEAN Free Trade Area (AFTA) and the Trans-Pacific Partnership (TPP). The country is also part of the regional grouping Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area, which aims to increase the economic integration of these countries into a vibrant economy.
Brunei has a structural trade surplus. According to figures from WTO, in 2022, the country exported goods worth USD 14.2 billion, importing for USD 9.1 billion (+28.6% and +6.1% y-o-y, respectively). Concerning services, exports stood at USD 282 million against USD 1.1 billion in imports. The World Bank estimated the Sultanate trade surplus to account for 25.8% of GDP in 2022, up from 13.2% one year earlier, thanks to higher global hydrocarbon prices. Data from the Department of Economic Planning and Development show that, in 2023, total trade amounted to BND 25,149.3 million, down from BND 32,287.9 million in 2022. The trade balance for 2023 was BND 5.0449 billion, compared to BND 6.9593 billion in 2022.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 5,103 | 5,343 | 8,575 | 9,184 | 6,317 |
Exports of Goods (million USD) | 7,039 | 6,608 | 11,058 | 14,230 | 9,090 |
Imports of Services (million USD) | 1,806 | 1,206 | 903 | 1,137 | 1,658 |
Exports of Services (million USD) | 618 | 351 | 205 | 288 | 348 |
Imports of Goods and Services (Annual % Change) | 14 | -2 | 29 | 10 | n/a |
Exports of Goods and Services (Annual % Change) | 15 | 8 | 9 | 7 | n/a |
Trade Balance (million USD) | 2,211 | 1,359 | 2,679 | 5,153 | n/a |
Foreign Trade (in % of GDP) | 109 | 110 | 147 | 147 | n/a |
Imports of Goods and Services (in % of GDP) | 51 | 53 | 67 | 61 | n/a |
Exports of Goods and Services (in % of GDP) | 58 | 57 | 80 | 86 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
Australia | 21.6% |
Singapore | 17.1% |
China | 16.7% |
Japan | 13.9% |
Malaysia | 6.8% |
See More Countries | 23.9% |
Main Suppliers (% of Imports) |
2023 |
---|---|
Malaysia | 26.4% |
United Arab Emirates | 10.9% |
China | 10.5% |
Australia | 7.2% |
Qatar | 6.3% |
See More Countries | 38.7% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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0.3 bn USD of services exported in 2023 | |
---|---|
53.99% | |
20.90% | |
10.11% | |
5.59% | |
4.81% | |
4.40% | |
0.13% | |
0.07% |
1.5 bn USD of services imported in 2023 | |
---|---|
31.43% | |
27.24% | |
19.44% | |
11.71% | |
3.90% | |
3.64% | |
1.99% | |
0.40% | |
0.19% | |
0.05% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: May 2024