Discover our latest insights into Brunei including business news, regulatory updates and extensive data on Brunei free trade, double tax agreements and foreign direct investment laws.
Officially known as the Nation of Brunei, the Abode of Peace (Malay: Negara Brunei Darussalam, Jawi), Brunei is a sovereign state located on the north coast of the island of Borneo in Southeast Asia. Apart from its coastline with the South China Sea, Brunei is completely surrounded by the state of Sarawak, Malaysia, and is separated into two parts by the Sarawak district of Limbang. It is the only sovereign state completely on the island of Borneo. Brunei became a member of ASEAN in 1984.
Brunei's small, yet wealthy economy encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for about half of the country's GDP and more than 90 percent of its exports. Brunei's per capita GDP is among the highest in Asia.
Brunei's imports include machinery and transport equipment, manufactured goods, food and chemicals. It's exports include agricultural products such as rice, vegetables, fruits, chickens, water buffalo, cattle, goats, and eggs in addition to crude oil, natural gas and garments. Its major industries are comprised of petroleum, petroleum refining, liquefied natural gas and construction.
Major export partners of Brunei are Japan (45.2 percent), South Korea (15.9 percent), Australia (11.4 percent), Indonesia (8.1 percent), India (5.7 percent) and China (4.4 percent). Major import partners include Singapore (27.4 percent), India (15.4 percent), China (12.8 percent), South Korea (10.1 percent), Malaysia (9.4 percent) and Germany (7.9 percent).