Brunei-Australia Trade Growing

| 28/01/2008 | Reply

Brunei-Australia Trade Growing

By Shareen Han

Bandar Seri
Begawan
– Brunei’s collective exports to Australia is gaining
momentum after recording a 5.7 per cent growth at the end of 2007,
while imports from Australia have declined by 0.5 per cent.

Crude petroleum remains Brunei’s
main export to Australia, totalling about A$1.07 billion, according
to statistics from Australia’s Department of Foreign Affairs and
Trade for the financial year of 2006-2007.

Australia imported about $1.48
billion worth of crude petroleum from Brunei in 2006 alone.

The total two-way merchandise trade
stood at A$ 1.1 billion, a 5.6 per cent increase, with Australian
imports worth A$26 million.

Live animals and meat products top
the list of Australian imported products to Brunei.

“There is a substantial and vibrant
bilateral commercial relationship, with links in many areas
including agriculture and food, oil and gas, defence and financial
sectors,” said Australian High Commissioner to Brunei Ruth Adler.

Speaking during the Australia Day
reception on Saturday, she said that services are also important in
Brunei and Australia’s trade, with a total value of A$114 million in
two-way services trade in 2006-2007. Australia’s export in services
was valued at A$49 million, while imports of Brunei’s services
accounted for A$65 million. Education is a key contributor in the
services trade, with around 700 Bruneians studying in Australia last
year.

Australian food producers are also
involved in Brunei’s international halal brand in planning and
coordinating the Brunei Halal Brand product, which is expected to
launch in the middle of this year. Furthermore, Brunei signed a
Memorandum of Understanding with Australia’s Far East Energy for the
exploration and assessment of Brunei’s coal resources, while Tap Oil
was awarded a 40 per cent interest as operator in Brunei onshore:
Block M.

Brunei is also a key defence
partner with cooperation on joint training and military exercises
and annual bilateral talks on defence matters.

Australia is Brunei’s fourth export
destination after Japan, Indonesia and Korea.
— Courtesy of
The Brunei Times

Category: Asia, Oceania

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