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 445,373 people and a gross domestic product (GDP) of $14 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 US exported approximately $110 million worth of goods to Brunei in 2022. In 2022, the largest export to Brunei was transportation equipment, which was valued around $21 million. Other major US exports to Brunei fall under the categories of chemicals, non-electrical machinery, and special classification provisions. 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 2022 the US imported approximately $90 million worth of goods from Brunei. Imports included chemicals, fabricated metals, and computers and electronics. US Department of Commerce
U.S. FDI into Brunei totaled $10 million in 2021 and FDI from Brunei into the U.S. totaled $476 million in the same year (Bureau of Economic Analysis).
Brunei Darussalam -California Trade
In the United States, California is one of 10 exporting and importing states to Brunei. In 2022, California exported roughly $8 million of goods to Brunei. Chemicals made up 25% of total exported goods from California to Brunei. Followed by fabricated metals, processed foods, and computer products. California imported $18 million worth of goods form Brunei in 2022. Fabricated metals made up the large majority of the total. 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.