Credit Oman's volume of insured sales up 5% to top $418.4mln

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Muscat: Credit Oman's volume of insured sales for Omani exports increased by 5 percent to more than OMR161 million during the first half of this year compared to OMR153 million in the same period in 2022.

Sheikh Khalil bin Ahmed Al Harthy, CEO of Credit Oman, said that domestic sales within Oman during the first half of this year increased by 8 percent to OMR64.51 million compared to OMR59.77 million during the same period last year.

Insured sales of Omani exports to the world witnessed a growth of 3 percent to reach OMR96.67 million in the first half of this year compared to OMR93.63 during the same period last year.

The petrochemicals and plastics sector witnessed a growth in the volume of insured sales for exports by 161 percent to reach OMR6.84 million, the CEO of Credit Oman said in a statement to ONA.

The domestic insured sales for the same sector recorded a growth of 546 percent valued at 6.72 million compared to OMR1.41 million in the same period in 2022, indicating that the materials related to this sector were polypropylene, which is used in plastic industries of all kinds, and urea, which is used in the manufacture of industrial fertilsers.

He further added that insured sales in the mining sector rose by 133 percent to OMR2.19 million during the first half of this year compared to OMR940.15 million during the same period in 2022. He said that the products of this sector included calcium, gypsum and metal. silicate, marble and others.

He pointed out that the clothing sector's insured sales registered a decrease of 36 percent to OMR807,541 in the first half of this year compared to the same period last year. Value of insured sales in other sectors like food and consumer goods decreased by 5 percent, to OMR73.79 million in the first half of 2023 compared to OMR76.83 in the same period last year.

The CEO of Credit Oman confirmed that this growth came as a result of the continuous efforts to enhance Omani exports and local sales and stand with Omani manufacturers through the innovative services and insurance solutions provided by "Credit Oman" according to their needs and support them to sell and enter new and promising markets around the world.

On the other hand, statistics issued by the National Centre for Statistics and Information (NSCI) indicated that the value of foreign trade for non-oil products amounted to about OMR2.73 billion at the end of May 2023, decreasing by 11.7 percent compared to the same period last year.