Bandar Seri Begawan: The total exports value in Brunei Darussalam for 2024 saw an increase of 1.9 per cent, according to a recent announcement on the International Merchandise Trade Index (IMTI) for the fourth quarter of 2024 and the annual report. The Department of Economic Planning and Statistics, Ministry of Finance and Economy, attributed this growth primarily to higher exports in Machinery and Transport Equipment, Manufactured Goods, and Mineral Fuels. Additionally, the exports volume index increased due to a rise in the export of Mineral Fuels, Chemicals, and Beverages.
According to Radio Television Brunei, the fourth quarter of 2024 experienced a 4.1 per cent decline in the exports volume index compared to the same period in 2023. This downturn was largely due to reduced exports of Machinery and Transport Equipment, Mineral Fuels, and Crude Materials Inedible. Furthermore, the exports unit value index saw a substantial fall of 13.8 per cent from the previous year, driven by decreased prices in Chemicals, Mineral Fuels, and Miscellaneous Manufactured Articles.
In contrast, total imports in 2024 decreased by 2.6 per cent, influenced by a 3.6 per cent drop in the imports unit value index, despite a 0.9 per cent increase in the imports volume index. The decline in the imports unit value index was mainly due to reduced indices for Manufactured Goods, Chemicals, and Mineral Fuels. Meanwhile, the imports volume index for the fourth quarter of 2024 rose by 0.8 per cent, primarily due to higher imports of Manufactured Goods, Miscellaneous Manufactured Articles, and Food.
The International Merchandise Trade Index serves as a crucial measure for assessing the changes in unit value and volume of imports and exports commodities in Brunei Darussalam within a specified timeframe. The comprehensive report is accessible on the Department of Economic Planning and Statistics's website at 'deps.mofe.gov.bn'.