Brunei Market Research and Analysis

Market Research Brunei is a leading B2B market research and growth strategy advisory firm, is here to assist you with any inquiries you have regarding the Brunei market. We are an established management consulting firm that specializes in providing market research and growth strategies for Brunei and the Asia Pacific region. We are equipped with experienced professionals from YCP Solidiance who deliver the comprehensive market entry and strategies clients need to enter and expand in Brunei.

We have excellent experience in research and plugged into the local economy so that we can interpret, analyze and strategize based on solid market intelligence. This approach has led to a repeat engagement rate over 90% and many client recommendations.

Among the neighboring Southeast Asian countries, Brunei rises as one of the few economies that expanded during the COVID-19 crisis. The sultanate reached a 1.2 percent economic growth alongside Myanmar and Vietnam with 3.2 and 2.9 percent, respectively.

Manufacturing and Commodities as Brunei’s Backbone

Brunei expects to expand by 2.8% in 2021 with support from export trades from mining and manufacturing sectors as the global demands and commodity prices recover.

The country's strength heavily relies upon the traffic of crude oil, LNG, refined petroleum, and petrochemical products, obtaining their current account surplus of 10.7 percent of the GDP in 2021 to date.

Oil and gas revenue will continue increasing as the price averages at USD 50.8 per barrel and the LNG price at USD 8.9 per MMBtu.

To date, oil prices have keenly recovered, although partial and not yet reached the pre-pandemic level.

The downstream oil and gas sector has played an essential role in Brunei's economic growth since the commencement of new state-owned refineries and petrochemical plants in 2019, resiliently driving the country's well being even during the COVID-19 outbreak restricting public health measures.

Taking a Look at Other Industries

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Other industries such as the financial and ICT sectors, while experiencing a slowdown during the recession, were relatively modest, as workers shifted to the new working culture in lockdowns.

In contrast, the country's service sectors were adversely affected by the COVID-19 pandemic compared to manufacturing and commodities. The relapse is due directly to the pandemic-induced mobility restrictions and their impact on consumer behaviors, as people reallocate their expenditures away from services towards goods.

The service industry fell by 17 % in May 2020 year-on-year, further enhanced by continued international travel restrictions and the slow rebound of tourists' arrival.

However, the government's successful attempt to retain the COVID-19 outbreak has helped enable the resumption of most social activities, allowing the service sectors to regain their income sources gradually.

Brunei Government’s Approach to Pay Off

The government actively reinforces an investment-friendly ecosystem to boost the nation's attractiveness, proven by Brunei's robust FDI inflow largely concentrated in the manufacturing sector.

The government has established the FDI Action and Support Centre to facilitate FDI coordinations with correlating agencies to streamline regulatory regimes and business concerns.

Brunei seeks to put public health response and vulnerable household conditions on priority as the private sectors revitalize their growth and put jobs back on the table.

The government's attempts include strengthening the country's fiscal position, advancing structural reforms to boost productivity, improving business environments, and accommodate investments, further invigorating the sustainability of private sectors.

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