Brunei's economy heavily relies on its natural resource exports, particularly crude oil, petroleum gas, and liquefied natural gas. These commodities dominate Brunei's export market and contribute significantly to its economic growth and development. Additionally, Brunei diversifies its exports with other products such as refined petroleum, chemicals, electronic equipment, rubber, iron and steel, furniture and wood products, edible vegetables and fruits, and precious stones and metals. The country's closest trading partners vary across these sectors, with countries like Singapore, Malaysia, Japan, South Korea, China, and the United States featuring prominently. As Brunei continues to harness its natural resources and explore new opportunities, the country's export sector is poised to play a vital role in its economic prosperity and international trade relationships.
Crude Oil and Petroleum Gas
Brunei's largest export is crude oil and petroleum gas, accounting for the majority of its export revenue. Brunei enjoys substantial oil reserves, which have helped fuel its economic growth. In 2021, the export value of crude oil and petroleum gas from Brunei amounted to approximately $3.5 billion. The primary trading partners for this commodity include Japan, South Korea, and Malaysia.
Liquefied Natural Gas (LNG)
LNG is another significant export for Brunei, leveraging its vast natural gas reserves. The country is a major global supplier of LNG. In 2021, Brunei's LNG exports were valued at around $2.8 billion. Key trading partners for Brunei's LNG exports are Japan, South Korea, and China.
Brunei also exports refined petroleum products, contributing significantly to its export earnings. The value of refined petroleum exports in 2021 reached approximately $540 million. Singapore, Malaysia, and Vietnam are Brunei's primary trading partners for refined petroleum.
Chemical products constitute an essential part of Brunei's export industry. This category includes products like methanol, ammonia, and other chemical compounds. Brunei's chemical exports were valued at around $320 million in 2021. Key trading partners in this sector are Singapore, China, and Thailand.
Brunei also exports electronic equipment, including integrated circuits, semiconductors, and electronic components. The export value of electronic equipment in 2021 was approximately $190 million. Brunei's major trading partners for electronic equipment include Singapore, the United States, and Malaysia.
Rubber and Rubber Products
Brunei has a thriving rubber industry, and rubber and rubber products serve as important exports. In 2021, Brunei's rubber exports were valued at around $85 million. Malaysia, Singapore, and China are the primary trading partners for Brunei's rubber and rubber products.
Iron and Steel
Iron and steel products also feature prominently in Brunei's export profile. The export value of iron and steel products in 2021 amounted to approximately $70 million. Brunei's closest trading partners for this commodity are Singapore, Malaysia, and China.
Furniture and Wood Products
Brunei exports a range of furniture and wood products, including wooden furniture, wooden handicrafts, and timber. In 2021, the export value of furniture and wood products was approximately $55 million. Brunei's major trading partners in this sector include Malaysia, Singapore, and the United States.
Edible Vegetables and Fruits
Brunei's tropical climate facilitates the export of a variety of edible vegetables and fruits. In 2021, the export value of these products amounted to around $45 million. Brunei's primary trading partners for edible vegetables and fruits are Malaysia, Singapore, and Thailand.
Precious Stones and Metals
Brunei also exports precious stones and metals, including gold, diamonds, and gemstones. The export value of precious stones and metals in 2021 was approximately $30 million. Key trading partners for this category include Singapore, Hong Kong, and Malaysia.