Higher prices fuel Brunei trade in October 2018

Source: Xinhua| 2019-01-12 22:51:48|Editor: Mu Xuequan
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BANDAR SERI BEGAWAN, Jan. 12 (Xinhua) -- An increase in both the prices and the volume of fuel exports buoyed Brunei's balance of trade in October 2018.

Trade data from Brunei's Department of Economic Planning and Development, Ministry of Finance and Economy on Saturday, show the sultanate's trade surplus went up 32 percent to 304 million Brunei dollars (224.6 million U.S. dollars) in October 2018 from 230.4 million Brunei dollars in the same month of the previous year.

For the period of January to October 2018, trade surplus inched up 5.1 percent to 2.753 billion Brunei dollars, from 2.619 billion Brunei dollars in the same period of the previous year.

A country's balance of trade represents the difference between the values of its exports and imports over a period. A trade surplus occurs when a country's exports are higher than its imports.

Exports grew by 47 percent to 855.4 million Brunei dollars in October 2018 from 582.0 million Brunei dollars in October 2017.

Mineral fuels contributed the most to total exports with 769.3 million Brunei dollars, or 89.89 percent.

Total trade for October 2018 stood at 1.406 billion Brunei dollars, 50.7 percent higher than October 2017. For the 10-month period, total trade stood at 11.806 billion Brunei dollars.