Exports Unit Value Index continues to rise in the third quarter of 2022 driven by higher commodities prices in the world market
The terms of trade, registered an increase of 29.2 per cent in Q3 2022 compared to Q3 2021. This was mainly contributed by the growth of Chemicals index at 30.4 per cent, followed by Food (+25.3 per cent) and Beverages (9.4 per cent).
Total exports increased by 32.2 per cent from BND3,923.2 million in Q3 2022 to BND5,187.5 million in Q3 2021. This increase was due to a rise in the exports unit value index by 41.8 per cent, which was mainly contributed by Mineral Fuels (+43.8 per cent), Food (+25.4 per cent) and Beverages (+17.3 per cent). Rising prices of these commodities in the world market was the key driving force towards the increase in exports unit value index.
The exports volume index fell by 25.9 per cent compared to Q3 2021, contributed by the decline in the exports volume index of Crude Materials Inedible (-39.8 per cent), Chemicals (-36.5 per cent) and Miscellaneous Manufactured Articles (-29.0 per cent).
The total imports in Q3 2022 also increased by 23.3 per cent compared to Q3 2021 due to the rise in the import unit value index and the imports volume index by 9.8 per cent and 1.3 per cent, respectively. The rise in the imports unit value index was mainly contributed by Mineral Fuels (+42.1 per cent), Vegetables Oils and Fats (+37.0 per cent) and Manufactured Goods (+30.7 per cent).
Meanwhile, the increase in the imports volume index was attributed by an increase in the imports volume index of Food (+17.6 per cent); Crude Materials Inedible (+7.5 per cent); and Manufactured Goods (+6.0 per cent).
International Merchandise Trade Index (IMTI) measures the changes of unit value and volume of import and export commodities in Brunei Darussalam within a specific 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 third quarter 2022 is available from DEPS’s website at https://deps.mofe.gov.bn/
