Trading Partner Portal: Brunei Darussalam
Overview
Trade Overview
Brunei Darussalam is a high income and well educated country in Southeastern Asia. Brunei has a population of 423,000 people and a gross domestic product (GDP) of $12.9 billion, which makes it one of the highest GDPs per capita in the world. Brunei was a British protectorate until independence in 1984 and has vast natural gas and petroleum fields. In fact, Brunei’s largest exports are mineral fuels and organic chemicals. World Bank
The United States is Brunei Darussalam’s 4th largest importer of goods. The US exported approximately $614 million worth of goods to Brunei in 2016, back at previous levels after a significant decrease to $133 million in 2015. In 2016, 85% of US exports to Brunei were transportation equipment, which was valued around $522 million. Other major US exports to Brunei fall under the categories of non-electrical machinery, and computer and electronic products. US Department of Commerce
Brunei exports heavily to other countries in the Pacific that are closer geographically; including, Japan, South Korea, and Australia. Nevertheless, in 2016 the US imported approximately $13.7 million worth of goods from Brunei. The key imports were re-imports, apparel manufacturing products, manufactured commodities, and computers. US Department of Commerce
Brunei Darussalam -California Trade
In the United States, California is one of 10 exporting and importing states to Brunei. In 2016, California exported roughly $7.6 million of goods to Brunei. Food manufactures made up 27.1% of total exported goods from California to Brunei ($2 million). Followed by computers, non-electrical machinery, and chemicals. California imported slightly more than $540,000 worth of goods from Brunei. The main imports included re-imports, transportation equipment, apparel, and furniture. US Department of Commerce
Current News
WTO Trade Policy Review: Brunei Darussalam (02/10/2015-02/12/2015)
Brunei has promoting private-sector influence in the economy, due to their major reliance on oil and gas. Brunei is attempting to stimulate growth through possible trade agreements and diversification of their economy.
Trade Agreements
Trade Agreements and Issues
Trans-Pacific Partnership
The Trans-Pacific Partnership was signed by the participating countries, including the US and Brunei Darussalam, on February 4th, 2016. The deal signed in Auckland, New Zealand sets the rules for global trade in the Pacific region. The partnership aims to promote economic growth through the liberalization of trade, and create new opportunities for businesses and workers. For the U.S. specifically, TPP promises to bring American economic progress through increases in exports of American products, the creation of more American jobs, and overall benefits to the middle class. TPP would eliminate over 18,000 taxes on American manufactured products and include strong environmental and worker protections in the agreement.