Expanding business in Brunei offers great potential nowadays since it became the country in Southeast Asia regions that experienced economic growth during covid-19 pandemic. To select the best sector to invest in, clients need to know Brunei major products which this country relies upon.
The major products are the commodities that contribute a great number to Brunei GDP. Besides, those become the backbone of Brunei so that they focus on developing these products. Doing market research about those main products is required for any clients who plan to enter Brunei market.
Brunei Major Products to Take a Look
Taking a look at major products of Brunei is essential before start entering the market. Since Brunei relies upon those products, any changes on them might affect the market too. Hence, stay up-to-date with those products development help you to make good strategies. Here are several major products of Brunei.
- Mining and Manufacturing Products
Currently, the mining and manufacturing sectors gain much attention from people outside Brunei. These sectors start to receive more global demands which result in recovery to the commodity prices. Although at the present time Brunei is also severing from covid-19 crisis, these sectors make good contributions.
People from other countries are becoming more interested to buy mining and manufacturing products from Brunei. No wonder if this country is supposed to expand about 2.8 percent in 2021. This expanding rate is obtained due to the export trades of mining and manufacturing products.
- Crude Oil and Petrochemical Products
Known to be the fourth-largest producer of liquefied natural gas worldwide, Brunei’s economics truly depend on these products. Surely, crude oil, refined petroleum, liquefied natural gas (LNG’), and petrochemical products become the backbone of this country.
The petroleum sector accounts for more than half of this country’s GDP so that doing market research Brunei in this sector will be beneficial before expanding the business there. Due to the reputation of petroleum products in Brunei, plugged into this sector can be potential for clients business ahead.
This country is almost entirely supported by the export trades of crude oil and natural gas. At the present time, the petroleum sector obtaining a surplus of 10.7 percent of the national GDP.
- Oil and Gas Revenue
Brunei is not just well-known for its LNG but also its oil. This country place in the top three of the biggest oil producer in the world. Oil and gas revenue is expected to keep rising as the average prices now are at 50.8 per barrel.
Previously affected by covid-19 pandemic, oil prices have intensely recovered although it’s not yet entirely return to the normal level before the pandemic occurs. The oil and gas sector contributes significantly to the country’s economic growth.
It is due to the commencement of new stated-possessed refineries as well as the petrochemical plants conducted back in 2019. These sectors are resilient and maintain Brunei’s wellbeing even during a crisis like covid-19 pandemic that limits the public services.
Taking into account Brunei major products can be useful to plan comprehensive market entry. Those products support almost the entire economy in Brunei so considering those sector potential help you to set effective strategies.
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