Import from India up by 30 per cent

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21 July 2016
In what may be read as Oman firm resolve to spruce up its subdued trade with India, Oman's import from New Delhi has registered whooping 30 per cent rise in the first two months of the new fiscal 2016-17.

The latest Indo-Oman trade data, released by India's Union Ministry of Commerce and Industry has revealed that Oman has imported merchandise and services worth $372.74 million during April-May 2016, compared to imports worth $285.68 million, registering a sharp 30.48 per cent spurt in its import from India.

The Sultanate has further managed to limit the negative growth of its export to India to minus 7.18 per cent in the first two months of fiscal 2016-17 compared to minus 14.90 per cent growth during the first month April of the fiscal.

Oman's export to India itself, in fact, has been able to perform a remarkable feat by the end of fiscal 2015-16, pulling itself up to a growth of minus 4.52 per cent after virtually hitting the rock bottom of growth of minus 40-63 per cent at the end of fiscal 2014-15.

After limiting its negative growth to minus 4.52 per cent in fiscal 2015-16, Oman's export to India, however, had again slipped down in the first month April of new fiscal 2016-17, registering a negative growth of minus 14.90 per cent over the corresponding period in fiscal 2015-16.

Though it may still be a bit early to predict the future growth of Indo-Oman trade, but the latest data clearly reflect the improving sentiments in the bilateral trade, said senior officials from the Union Ministry of Commerce and Industry.

In any case, Oman's drastically improved import from India clearly reflects the Sultanate's resolve to spruce up its trade with India because low imports from one country generally prompts the other trade partner too to lower its own import bill from that country, affecting the latter's export to it, pointed out the officials.

In the first month of fiscal 2016-17, Oman had managed to limit the negative growth of its import from India to minus 6.97 per cent, making imports worth $153.67 million.