Brunei-America trade set to soar with 787 deal
Friday, July 13, 2007
TRADE between Brunei Darussalam and America have soared in the first quarter of this year, after Royal Brunei Airlines' recent announcement to acquire the new Boeing 787 Dreamliner.
There is a "huge jump" in the trade figures for the first quarter of 2007, compared to the previous years, said Justin Friedman, deputy chief of mission at the American Embassy in Brunei.
He told The Brunei Times that there has been "modest but steady growth" between the two countries and both governments are ensuring that Brunei and American businesses have the opportunity to expand their economic pursuits.
Brunei's exports grew significantly in value in the past three years, due to changes in world oil prices.
Statistics from the US government showed that more than 75 per cent of Brunei's total exports consist of mineral fuel, oil and bitumen substances in 2006.
Apparel and accessories constitute about 21.7 per cent or US$ 417,492 of Brunei's total exports, valued at US$ 550,145,320 to America last year.
In contrast, Brunei imported US$ 47,969,350 worth of goods in 2006, with a majority of the products comprising nuclear reactors, boilers, and machinery parts.
Aircraft and other aircraft parts constitute about 13 per cent of the Brunei's total imports, the second largest imported product category from America.
Brunei's trade statistics show a significantly higher level of US exports to Brunei due largely to goods of US origin which are sold to other Asian countries and subsequently resold to Brunei, which is not included in US figures, Friedman said.
Emil Skodon, the American ambassador to Brunei, recently said that both countries' trade and investment relationship have "literally" reached new heights in the past year.
The American government is also helping to develop Brunei's aquaculture industry, worth millions of dollars.
Other partnership activities include building housing infrastructure to villages destroyed by the 2004 tsunami in Aceh, a joint project valued at US$3 million.
An estimated 100 to 150 American citizens are residing in Brunei. Many of the expatriates are working in the oil and gas industry.
Statistics from the embassy indicate that at least 12 Brunei citizens currently have visas to work in the US with private employers, excluding diplomats or employees of the World Bank, United Nations, or other international organisations working in the US.
The new Boeing 787 Dreamliner, Boeing Company's most advanced civil aircraft ever produced to date, is due for delivery in late 2009.
The Brunei Times
There is a "huge jump" in the trade figures for the first quarter of 2007, compared to the previous years, said Justin Friedman, deputy chief of mission at the American Embassy in Brunei.
He told The Brunei Times that there has been "modest but steady growth" between the two countries and both governments are ensuring that Brunei and American businesses have the opportunity to expand their economic pursuits.
Brunei's exports grew significantly in value in the past three years, due to changes in world oil prices.
Statistics from the US government showed that more than 75 per cent of Brunei's total exports consist of mineral fuel, oil and bitumen substances in 2006.
Apparel and accessories constitute about 21.7 per cent or US$ 417,492 of Brunei's total exports, valued at US$ 550,145,320 to America last year.
In contrast, Brunei imported US$ 47,969,350 worth of goods in 2006, with a majority of the products comprising nuclear reactors, boilers, and machinery parts.
Aircraft and other aircraft parts constitute about 13 per cent of the Brunei's total imports, the second largest imported product category from America.
Brunei's trade statistics show a significantly higher level of US exports to Brunei due largely to goods of US origin which are sold to other Asian countries and subsequently resold to Brunei, which is not included in US figures, Friedman said.
Emil Skodon, the American ambassador to Brunei, recently said that both countries' trade and investment relationship have "literally" reached new heights in the past year.
The American government is also helping to develop Brunei's aquaculture industry, worth millions of dollars.
Other partnership activities include building housing infrastructure to villages destroyed by the 2004 tsunami in Aceh, a joint project valued at US$3 million.
An estimated 100 to 150 American citizens are residing in Brunei. Many of the expatriates are working in the oil and gas industry.
Statistics from the embassy indicate that at least 12 Brunei citizens currently have visas to work in the US with private employers, excluding diplomats or employees of the World Bank, United Nations, or other international organisations working in the US.
The new Boeing 787 Dreamliner, Boeing Company's most advanced civil aircraft ever produced to date, is due for delivery in late 2009.
The Brunei Times
Business Besides Oil
