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Trade Balance of Goods in Brunei: Overview from 2017 to 2023

Trade Balance of Goods in Brunei: Overview from 2017 to 2023

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TGM StatBox. (2024). Trade Balance of Goods in Brunei: Overview from 2017 to 2023. TGM StatBox.
Chart Details
Data Source: Calculate based World Trade Organization (WTO)'s data (export - import)
Timeframe: 2017-2023
Country: Brunei
Published date: 2024
Note: The trade balance reflects the difference between the value of a country’s exports and imports of goods. This figure was calculated by TGM StatBox, using data from the World Trade Organization (WTO). A positive balance signals a surplus, while a negative one indicates a deficit.
Key Takeaways
Brunei's trade balance showed modest surpluses between 2017 and 2023, primarily driven by its oil and gas exports. After a low point of 1,265.5 million USD in 2020, reflecting reduced global energy demand during the pandemic, the surplus rebounded strongly to 5,046.1 million USD in 2022, coinciding with surging oil and gas prices.

In 2023, the surplus moderated to 2,773.4 million USD, likely due to stabilizing energy prices and reduced global demand. While Brunei’s economy is heavily reliant on hydrocarbons, the trade balance remains susceptible to global energy market fluctuations, underscoring the need for economic diversification.

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