Brunei’s Trade Ties With Australia Reach New High
By Azaraimy HH

Mr. Allaster Cox

Bandar Seri Begawan - Brunei is benefiting from the multi-million-dollar bilateral trade between the sultanate and Australia.

Trade has grown substantially with the country going from a trade deficit to a net exporter, primarily due to petroleum.

Brunei has recorded a steady increase in trade surplus with Australia since 1998 from minus A$41,203 net deficit in exports of merchandise goods to slightly more than half a billion Australian dollars (A$517,298) net surplus.

Mr. Allaster Cox, Australian High Commissioner to Brunei, revealed the figures in his speech during the business matching reception Australian High Commission and Austrade, Australian Trade Commission has organized.

About 60 top officials from the Brunei business community and a visiting Australian business group attended the reception at the Sheraton Utama Hotel in the capital.

Awang Razali Johari, President Brunei Malay Chamber of Commerce & Industry and Advisor to Brunei National Chamber of Commerce and Industry, was also at hand to give an overview of business in Brunei.

Mr. Scott Caithness, senior trade commissioner enlarging on the theme “Towards achieving success for new and existing Australian exporters” made a presentation on how Austrade can assist businesses in Brunei.

According to Mr. Cox, between 2001 and 2002 the bilateral trade between the two countries grew by 47 per cent while Australian direct exports to Brunei grew by 12.4 per cent.

However, the 12.4 per cent figure did not include the large flow of exports coming here indirectly through Malaysia and Singapore. He told the Bulletin, “I would put it around 25 per cent on top of that (12.4%) figure including indirect exports from Singapore and Malaysia.”

Australian food imports are traditionally strong in processed foods, but live animal exports have grown strongly increasing from around A$5.2 million in 1998 to A$17.5 million today. Motor vehicle imports from Australia have also grown from A$900,000 in 1998 to A$3.7 million last year.

Mr.Cox, quoting the Australian Trade Statistic 2002, also stated import of Australian fresh fruit and vegetables have also grown to around A$3.7 million today.

The High Commissioner also indicated several new niches for Australian products in Brunei in his speech in areas such health care and pharmaceuticals.

Australia, he said, is very interested in Brunei’s diversification plans and welcomes the initiatives of BEDB. He saw a lot of potential to boost trade and commerce between the two trade partners and noted the aluminum smelting plant plans could improve the trade relationship between the two further.

Brunei’s profile is also set to rise further in Australia with a new air route especially to Sydney. -- Courtesy of Radio Television Brunei 

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