Iron and Steel, Motor Vehicles, Machinery and Transport equipment, Manufactured Goods, Foods, and Chemicals
Main destination of export
Japan 45.7%, South Korea 15.1%, Australia 9.1%, NZ 6.6%, India 5.8%, Vietnam 4.7% [2012]
Main origin of imports
Singapore 26.3%, China 21.3%, UK 21.3%, Malaysia 11.8% [2012]
*Estimated
Our trade figures with Brunei Darussalam are given below (Source DGCIS):
(Value: Million Brunei $) (B$1 = ₹48.54)
2007
2008
2009
2010
2011
2012
2013
Indian Exports
21.90 (+54.77%)
29.39 (+34.20%)
39.21 (+33.41%)
31.13 (-20.60%)
36.53 (+17.34%)
42.59 (+16.58%)
47.20 (+10.82%)
Indian Imports
273.66 (-54.16%)
478.15 (+74.72%)
892.55 (86.66%)
674.80 (-24.39%)
1265.91 (+87.59%)
1444.55 (+14.11%)
919.78 (-36.33%)
Total trade
295.56(-54.16%)
507.54(+71.72%)
931.76(+83.58%)
705.93(-24.23%)
1302.44(+84.49%)
1487.14(+14.18%)
966.98(-34.98%)
Note: The figures in parenthesis in all tables represent the percentage change compared to the previous year.
According to DGCIS Kolkata data, the bilateral trade between India and Brunei during the calendar year 2013 was B$966.98 million. The exports from India amounted to B$42.59 million and imports from Brunei were B$919.78 million. Figures from the last few years indicate that the overall trade between India and Brunei has been increasing steadily over the last few years. Our imports are showing phenomenal increase primarily because of our dependence on Brunei for LNG and petroleum products. This trend is likely to continue as our energy requirement keeps increasing every year. Our exports to Brunei are also showing an increasing trend though at a steady pace.
The reasons for lower level of bilateral trade have been relatively high shipping costs, and Brunei’s small population base of 411,000. The main import of India from Brunei is crude oil and petroleum products, followed by organic chemicals, metal ores and scrap. Due to low demand, most of the consumer goods from India are received in Brunei through re-exports via Malaysia and Singapore. Our main exports to Brunei consist of transport equipment, followed by meat and meat products and gems & jewellery.
Tax Collected
2008/2009BND$ (million)
2009/2010BND$ (million)
2010/2011BND$ (million)
11,378.0
6,392.0
9,134.0
Economic And Investment Related News
His Majesty calls on workforce to increase productivity
In his New Year message to the nation, His Majesty, the Sultan, emphasized on the need for better productivity in the government as well as private sector with focus on improving the Sultanate’s overall socio-economic development. Citing Brunei’s global ranking in the Ease of Doing Business Report that saw the country improve the facilitation and support of new businesses from 79 in 2012 to 59 in 2013, His Majesty expressed the hope that the positives that stem from these changes will provide inspiration for the population to do more in the way they do business in the country. He added that Sultanate’s objective should be to transform the country into a pro-business society to develop the economy, at the same time, create job opportunities to reduce unemployment.
Brunei’s power coverage at 99.7%
According to ‘Energy Access and Energy Security in Asia and the Pacific’ , an economic working paper published by Asian Development Bank (ADB), 99.7 per cent of Brunei’s population has electricity access, with the entire urban area having electricity and 98.6 per cent of the rural area enjoying power access.
Marginal rise in Brunei’s auto sales in 2013
The Brunei automobile sector saw a 0.04 per cent growth over 2012 with 18,642 commercial and passenger units sold during the year. In 2012, the auto sector recorded its highest sales figures in five years, with a 28 per cent rise over 2011. Insurance assets increase 5.12% in third quarter of 2013
According to data released by Autoriti Monetari Brunei Darussalam (AMBD), a statutory body, acting as the central bank of Brunei Darussalam, the total assets in the insurance sector increased to B$1.293 billion in the third quarter of 2013 in comparison to that of the third quarter of 2012 at B$1.230 billion, an increase by 63 million.
Increasing Brunei – Taiwan trade
According to figures released by the Taipei Economic and Cultural Office in Brunei Darussalam, total trade between Brunei and Taiwan reached a new mark of US$87 million in the first 10 months of 2013, a 22 per cent increase from US$71 million for the year 2012. In 2013, three trade missions visited Brunei.
Brunei third ‘freest economy’ in SE Asia
The 2014 Index of Economic Freedom, released by The Heritage Foundation and the Wall Street Journal, has ranked Brunei as the third freest economy in South East Asia, next to Singapore and Malaysia. In overall rankings, Brunei is ranked 40th freest out of 186 countries considered for the report. The Foundation defines economic freedom as the fundamental right of every human to control his or her own labour and property.
2 local firms authorised
First Emporium Supermarket and Guanin Company signed three year contracts with the Department of Agriculture and Agrifood (DAA) under Ministry of Industry and Primary Resources (MIPR) for the distribution and sale of local rice variants. The DAA mentioned that the aim of the partnership is to ensure that more Bruneians have access to the local grown padi.
Declining labour growth forecast for Brunei
The ‘Global Employment Trends 2014: The Risk of a Jobless Recovery’, a report from the International Labour Organisation (ILO) forecasts Brunei’s labour force annual growth rates to be at 1.46 per cent between 2015 to 2020, slower than the 1.88 per cent between 2010 to 2014.
Lease signed for key petrochemical project
Hengyi Industries Sdn Bhd and the Brunei Economic Development Board (BEDB) signed a land lease agreement for Hengyi’s Integrated Oil Refinery and Aromatics Cracker Plant site at Pulau Muara Beser (PMB). With this the Company can now start preparation and reclamation work at the 260 hectare site. Hengyi’s integrated refinery and petrochemical project will be one of the largest foreign direct investment in Brunei to date.
‘Brunei air gateway’ proposal
Brunei and Malaysia have formed a working group to discuss the possibility of using Brunei as an ‘air gateway’ to Northern Borneo. The idea was mooted by the Tourism Minister of Sarawak at the ASEAN Travel Forum in Kuching. The proposal is to link up the tourist destinations in Malaysia and Brunei, with Brunei as the hub due to its air connections with Australia and Europe market through the Middle East. The plan is to have an agreement with Sarawak as a first step and then integrate Sabah and possibly Kalimantan. Brunei could act as the air gateway to Northern Borneo as it has a full-fledged intercontinental airport.
Brunei 3rd Quarter GDP down by 3.9%
According to a press release from the Department of Economic Planning and Development, Prime Minister’s Office, the third quarter 2013 GDP for Brunei Darussalam at current prices was estimated at B$4,657.3 million compared to B$5,157.9 million in third quarter 2012, a decline of 3.9 per cent. This decline was mainly due to the decline in Oil & Gas sector by 11.7 per cent year-on-year.
Source: Commercial Section, Embassy of India, Bandar Seri Begawan
