19 May 2015
MUSCAT: Sultanate's imports has seen sustained decline over the past two years recording RO 11.3 billion by the end of 2014 compared with RO 13.2 billion at the end of 2013. On the other side, non-oil exports increased by 6 per cent by the end of 2014 to RO 3.6 billion. Data released by the National Centre for Statistics and Information (NCSI) indicates that the volume of non-oil exports and re-exports amounted to RO 6 billion against an approximate RO 14 billion from crude oil, refined oil and liquefied natural gas by the end of 2014.
Import slump and the increase in non-oil exports positively contributes to the stability of the Sultanate's foreign trade equilibrium especially at a time of falling oil prices. The NCSI's reports was based on data obtained from several official authorities including the Public Authority for Customs, Royal Oman Police, the Ministry of Oil and Gas, Oman Refineries Petrochemical Industries Company (Orpic) and the Oman LNG.
Import slump came as a result of a decline in imported commodities particularly metal products whose imports receded by 64 per cent recording RO 1.3 billion by the end of 2014 down from RO 3.6 billion in 2013.
Electric devices imports declined by 5.4 per cent from RO 2 billion to RO 1.9 billion.
MUSCAT: Sultanate's imports has seen sustained decline over the past two years recording RO 11.3 billion by the end of 2014 compared with RO 13.2 billion at the end of 2013. On the other side, non-oil exports increased by 6 per cent by the end of 2014 to RO 3.6 billion. Data released by the National Centre for Statistics and Information (NCSI) indicates that the volume of non-oil exports and re-exports amounted to RO 6 billion against an approximate RO 14 billion from crude oil, refined oil and liquefied natural gas by the end of 2014.
Import slump and the increase in non-oil exports positively contributes to the stability of the Sultanate's foreign trade equilibrium especially at a time of falling oil prices. The NCSI's reports was based on data obtained from several official authorities including the Public Authority for Customs, Royal Oman Police, the Ministry of Oil and Gas, Oman Refineries Petrochemical Industries Company (Orpic) and the Oman LNG.
Import slump came as a result of a decline in imported commodities particularly metal products whose imports receded by 64 per cent recording RO 1.3 billion by the end of 2014 down from RO 3.6 billion in 2013.
Electric devices imports declined by 5.4 per cent from RO 2 billion to RO 1.9 billion.
© Oman Daily Observer 2015
