The International Merchandise Trade Index measures the changes in the levels of unit
values and volume of merchandise exports and imports between Brunei Darussalam and
trading partners of the rest of the world and can assist policy makers to assess the factors
that contribute to the country’s trade performance.
In first quarter 2022, total exports increased by 55.3 per cent compared to first quarter
2021, which was from BND2,825.9 million in first quarter 2021 to BND4,388.2 million in
the first quarter this year. This increase is due to a rise in the export unit value index by
59.7 per cent, which was contributed from the growth in the index of Beverages (+82.1
per cent), Crude Materials Inedible (+68.9 per cent) and Mineral Fuels index (+61.8 per
cent). Rising prices of these commodities in the world market are among the main factors
contributing to the increase in exports unit value index in the first quarter of 2022.
Meanwhile, the export volume index fell by 5.8 per cent compared to first quarter 2021,
contributed by the decline in the exports volume index of Crude Materials Inedible such
as crude fertilizer (-24.0 per cent), Beverages (-12.8 per cent), and Mineral Fuels (-6.3
per cent). The decline in the export volume index is among others indicated a decline in
terms of the quantity of goods exported abroad.
The total imports in first quarter 2022 also increased by 29.5 per cent compared to the
first quarter 2021 due to the rise in imports unit value index by 3.2 per cent. The rise in
the imports units value index was mainly contributed by Mineral Fuels (+51.6 per cent),
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Animal and Vegetables Oils and Fats (+28.1 per cent) and Chemicals (+20.8 per cent)
which reflected the increase in prices for those goods from the producing countries.
The imports volume index decreased by 7.8 per cent in first quarter 2022. The decline
was mainly attributed by lower volume imported in the index of Manufactured Goods (-
33.8 per cent); Animal and Vegetables Oils and Fats (-15.4 per cent); and Miscellaneous
Manufactured Articles (-6.5 per cent).
The terms of trade registered an increase of 54.8 per cent in first quarter 2022 compared
to first quarter 2021, which mainly contributed by the growth of Beverages index at 99.4
percent. The growth in the term of trade reflected that the unit value of exported goods
was higher compared to the unit of imported goods. Terms of trade is a measure of the
purchasing power of Brunei Darussalam’s exports and imports to and from abroad.
International Merchandise Trade Index (IMTI) reflects the trends of unit value and quantity
of import and export commodities in Brunei Darussalam within a certain period of time.
The index can also be used in the analysis of competitiveness, measurement and
forecasting of inflation and compilation of national accounts. The full report of International
Merchandise Trade Index first quarter 2022 is available from DEPS’s website at
https://deps.mofe.gov.bn