07 July 2015
NEW DELHI: Oman has managed to cut down its import bill for various merchandise from India in fiscal 2014-15 by over 15 per cent, but with India too slashing its import bill from Oman by a sharp 40 per cent, the bilateral trade between two traditional trading partners has taken a drastic hit. Ironically, the Indo-Oman bilateral trade has a taken the drastic hit in fiscal 2014-15, a year after registering a robust growth of 25 per cent in fiscal 2013-2014, and has dipped by over 28 per cent due to the two countries' bids to restrict their respective import bills.
The latest comprehensive trade figures between the two traditional trade partners and strategic allies, released last month, reveal that India and Oman had in 2013-14 traded merchandise worth $5,763.45 millions with each other while the corresponding figure for the fiscal 2014-15 has dipped to $4,131.70 millions.
The trade worth $5,763.45 millions in 2013-14 reflected a healthy growth of 25.04 per cent compared to 2012-13 figures when the two countries' trade figures had clocked $4609.21 million, but the trade figures dipping to $4,131.70 million has reflected a dip of 28.31 per cent this year.
The fall in bilateral trade figures can be traced to the two countries' apparent bid to restrict their respective import bills with Oman's import from India registering a 15 per cent dip in fiscal 2014-15 over its import bill of fiscal 2013-14.
During fiscal 2014-15, Oman imported from India merchandise worth only $2,379.46 millions compared to an import worth $2,812 millions, registering a 15.39 per cent decline in its import bills.
Oman's import bill from India, in fact, registered a dip for the first time in last several year during which it has been maintaining a robust growth up to 96 per cent in fiscal 2012-13.
The bill for Oman's import from India had been $1,082.24 million, $1,322.13 and $2,599.49 respectively in 2010-11, 2011-12 and 2012-13, thus registering a growth of 96 per cent in 2012-13 over the fiscal 2011-12, when the growth had been pegged at over 22 per cent.
Like Oman, India's import bill from Oman too stands slashed drastically by over 40.63 per cent in fiscal 2014-15.
Ironically India's import bill got reduced by nearly 41 per cent in 2014-15 within a year after cloaking a healthy growth of 46 per cent the previous fiscal of 2013-14.
During fiscal 2014-15, India imported from Oman merchandise worth $1,752.24 million registering a 40.63 decline over its import bill of $2,951.18 millions in 2013-14, when India's import bill vis-a-vis Oman had grown by 46.85 per cent, compared to 2012-13, when India had imported various merchandise worth $2009.72 million.
The 2014-15 fall in Indo-Oman bilateral trade figures is in sharp contrast to the traditional rise of the bilateral trade, which has exceeded $5.77 billion in 2013-14.
Major items of Indian exports to Oman are mineral fuels, mineral oils and products of their distillation, textiles and garments, machinery and equipment, electrical and electronic items, chemicals, iron and steel products in addition to traditional items like tea, coffee, spices, rice and meat products and seafood.
Among the Indian imports are urea, LNG, crude oil (through spot purchase), polypropylene, lubricating oil, dates and chromite ore.
India had ranked third largest source of imports into Oman after the UAE & Japan, in 2013-14.
NEW DELHI: Oman has managed to cut down its import bill for various merchandise from India in fiscal 2014-15 by over 15 per cent, but with India too slashing its import bill from Oman by a sharp 40 per cent, the bilateral trade between two traditional trading partners has taken a drastic hit. Ironically, the Indo-Oman bilateral trade has a taken the drastic hit in fiscal 2014-15, a year after registering a robust growth of 25 per cent in fiscal 2013-2014, and has dipped by over 28 per cent due to the two countries' bids to restrict their respective import bills.
The latest comprehensive trade figures between the two traditional trade partners and strategic allies, released last month, reveal that India and Oman had in 2013-14 traded merchandise worth $5,763.45 millions with each other while the corresponding figure for the fiscal 2014-15 has dipped to $4,131.70 millions.
The trade worth $5,763.45 millions in 2013-14 reflected a healthy growth of 25.04 per cent compared to 2012-13 figures when the two countries' trade figures had clocked $4609.21 million, but the trade figures dipping to $4,131.70 million has reflected a dip of 28.31 per cent this year.
The fall in bilateral trade figures can be traced to the two countries' apparent bid to restrict their respective import bills with Oman's import from India registering a 15 per cent dip in fiscal 2014-15 over its import bill of fiscal 2013-14.
During fiscal 2014-15, Oman imported from India merchandise worth only $2,379.46 millions compared to an import worth $2,812 millions, registering a 15.39 per cent decline in its import bills.
Oman's import bill from India, in fact, registered a dip for the first time in last several year during which it has been maintaining a robust growth up to 96 per cent in fiscal 2012-13.
The bill for Oman's import from India had been $1,082.24 million, $1,322.13 and $2,599.49 respectively in 2010-11, 2011-12 and 2012-13, thus registering a growth of 96 per cent in 2012-13 over the fiscal 2011-12, when the growth had been pegged at over 22 per cent.
Like Oman, India's import bill from Oman too stands slashed drastically by over 40.63 per cent in fiscal 2014-15.
Ironically India's import bill got reduced by nearly 41 per cent in 2014-15 within a year after cloaking a healthy growth of 46 per cent the previous fiscal of 2013-14.
During fiscal 2014-15, India imported from Oman merchandise worth $1,752.24 million registering a 40.63 decline over its import bill of $2,951.18 millions in 2013-14, when India's import bill vis-a-vis Oman had grown by 46.85 per cent, compared to 2012-13, when India had imported various merchandise worth $2009.72 million.
The 2014-15 fall in Indo-Oman bilateral trade figures is in sharp contrast to the traditional rise of the bilateral trade, which has exceeded $5.77 billion in 2013-14.
Major items of Indian exports to Oman are mineral fuels, mineral oils and products of their distillation, textiles and garments, machinery and equipment, electrical and electronic items, chemicals, iron and steel products in addition to traditional items like tea, coffee, spices, rice and meat products and seafood.
Among the Indian imports are urea, LNG, crude oil (through spot purchase), polypropylene, lubricating oil, dates and chromite ore.
India had ranked third largest source of imports into Oman after the UAE & Japan, in 2013-14.
© Oman Daily Observer 2015
