24 May 2015
MUSCAT: Oman's total exports last year declined by 5.7 per cent to OMR20.46 billion, from OMR21.70 billion for the previous year.
The fall in export revenue was mainly on account of a plunge in oil and gas prices in international markets and re-exports.
Exports of crude oil, petroleum products and liquefied natural gas plunged by 6.7 per cent to OMR13.39 billion in 2014 from OMR14.35 billion in the previous year. Of this, crude oil exports showed a 6 per cent fall, while liquefied natural gas exports were down by 10.6 per cent.
Oman produced 344.37 million barrels of crude oil last year, of which 292.16 million barrels were exported.
However, non-oil exports surged ahead 8.4 per cent to OMR4.12 billion for 2014, against OMR3.81 billion witnessed in 2013, according to National Centre for Statistics and Information (NCSI). But it was much lower than 15 per cent growth target set by the country's export development agency for last year.
Higher exports from gas-based industries, especially aluminium smelter, petrochemicals, fertiliser and iron and steel plants are helping the Sultanate to enhance its non-oil export base. Oman's export development agency Public Authority for Investment Promotion and Export Development (popularly known as Ithraa) is also taking several initiatives to enhance non-oil exports. These programmes include visits of trade delegation, participation in international exhibitions, business-to-business meetings and market studies in potential export markets.
Market studies to find out export potential in two overseas markets will be conducted this year by the agency.
Among various product segments, plastics and rubber products showed a robust growth of 23.4 per cent at OMR356.3 million last year from OMR288.8 million in the previous year, while chemical products' exports surged ahead by 18.2 per cent to OMR945.9 million from OMR800.5 million in 2013.
However, re-exports from Oman were down by 16.9 per cent to OMR2,944.1 million last year from OMR3,541.4 million.
UAE takes lead
Oman's leading market for non-oil exports is the United Arab Emirates (UAE), which imported non-oil Omani goods worth OMR776 million last year. The Sultanate's non-oil exports to the UAE showed a robust 17.9 per cent growth last year, over the previous year, according to National Centre for Statistics and Information (NCSI).
Pakistan was the second leading importer of Oman's non-oil products, which is following by Saudi Arabia, India and the United States of America. Pakistan's imports of non-oil products from Oman shot up by 65.7 per cent, while Saudi Arabia and India showed a decline of 19.5 per cent and 7.7 per cent, respectively.
MUSCAT: Oman's total exports last year declined by 5.7 per cent to OMR20.46 billion, from OMR21.70 billion for the previous year.
The fall in export revenue was mainly on account of a plunge in oil and gas prices in international markets and re-exports.
Exports of crude oil, petroleum products and liquefied natural gas plunged by 6.7 per cent to OMR13.39 billion in 2014 from OMR14.35 billion in the previous year. Of this, crude oil exports showed a 6 per cent fall, while liquefied natural gas exports were down by 10.6 per cent.
Oman produced 344.37 million barrels of crude oil last year, of which 292.16 million barrels were exported.
However, non-oil exports surged ahead 8.4 per cent to OMR4.12 billion for 2014, against OMR3.81 billion witnessed in 2013, according to National Centre for Statistics and Information (NCSI). But it was much lower than 15 per cent growth target set by the country's export development agency for last year.
Higher exports from gas-based industries, especially aluminium smelter, petrochemicals, fertiliser and iron and steel plants are helping the Sultanate to enhance its non-oil export base. Oman's export development agency Public Authority for Investment Promotion and Export Development (popularly known as Ithraa) is also taking several initiatives to enhance non-oil exports. These programmes include visits of trade delegation, participation in international exhibitions, business-to-business meetings and market studies in potential export markets.
Market studies to find out export potential in two overseas markets will be conducted this year by the agency.
Among various product segments, plastics and rubber products showed a robust growth of 23.4 per cent at OMR356.3 million last year from OMR288.8 million in the previous year, while chemical products' exports surged ahead by 18.2 per cent to OMR945.9 million from OMR800.5 million in 2013.
However, re-exports from Oman were down by 16.9 per cent to OMR2,944.1 million last year from OMR3,541.4 million.
UAE takes lead
Oman's leading market for non-oil exports is the United Arab Emirates (UAE), which imported non-oil Omani goods worth OMR776 million last year. The Sultanate's non-oil exports to the UAE showed a robust 17.9 per cent growth last year, over the previous year, according to National Centre for Statistics and Information (NCSI).
Pakistan was the second leading importer of Oman's non-oil products, which is following by Saudi Arabia, India and the United States of America. Pakistan's imports of non-oil products from Oman shot up by 65.7 per cent, while Saudi Arabia and India showed a decline of 19.5 per cent and 7.7 per cent, respectively.
© Times of Oman 2015
