Brunei Trade is strong even though the economy is small. With a blend of domestic and foreign welfare measures, village traditions, entrepreneurships, and government regulations, this country has support almost completely with Brunei exports consisting of natural gas and crude oil. In fact, the petroleum sector for Brunei accounts for the majority of Brunei trade and revenue.
When looking at GDP per capita, it is actually very high. In addition, a significant amount of income is seen from investments made overseas. Over the years, Brunei’s government has made efforts to develop a policy for economic diversity so jobs and revenue could be connected to something other than the natural gas and crude oil for which the country is known. The reason is that some concern has been raised about the slow but steady increase with integration of the world economy.
Keep in mind that regarding Brunei trade of oil, this country is currently the third largest producer throughout Southeast Asia. Today, it is estimated that approximately 180,000 barrels are produced in a single day. Then for natural gas, another of the primary Brunei exports, the country ranks fourth in the world. While both Brunei exports and Brunei imports are doing well, to ensure the workforce in the country is not disrupted by an inflow of foreign workers, the government has created regulations for immigration.
However, even with the Brunei government putting restrictions in place for foreign labor, workers from other countries still accounts for most of the workforce in this country. These workers handle the production of oil and gas and other products that are made or grown locally, which has helped Brunei imports. Regarding Brunei imports, most involve Japan, Singapore, and Malaysia. Of the three, Japan certainly dominates the local markets specific to electronics, household appliances, automobiles, and construction equipment.
Today, the government of Brunei is working hard to encourage growth in foreign investment. Additionally, the government is pushing the development of Malays as leaders in sectors of commerce and industry. Interestingly, Brunei actually owns a large cattle farm located in Australia, which is larger than the country of Brunei itself. This one farm supplies the majority of the country’s beef. Locally, chickens and eggs are widely produced but for anything other than this and the beef, the country depends on Brunei imports, which includes fish and agriculture.
The latest reports show that for Brunei exports, the estimate is $8.25 billion, which includes the natural gas and crude oil, as well as garments. For Brunei trade pertaining to exports, the country works primarily with Japan, Indonesia, South Korea, and Australia. For Brunei imports, the latest numbers are $2.1 billion to include transportation equipment, machinery, chemicals, food, and various manufactured goods. The countries involved with Brunei imports include Singapore, Malaysia, Japan, China, Thailand, the United States, and the United Kingdom.
Statistics, Import Partners and Products
Exports: $8.25 billion (2007 est.) $6.767 billion (2006)
Exports - commodities: crude oil, natural gas, garments
Exports - partners: Japan 40.8%, Indonesia 21.6%, South Korea 15.4%, Australia 10% (2008)
Imports: $2.055 billion (2007 est.) $2 billion (2006 est.)
Imports - commodities: machinery and transport equipment, manufactured goods, food, chemicals
Imports - partners: Singapore 36.5%, Malaysia 19%, Japan 7.7%, China 5.5%, Thailand 5%, US 4.7%, UK 4.7% (2008)