MUSCAT: The United Kingdom's trade relationship with the Sultanate of Oman has experienced substantial growth in the four quarters leading up to the end of Q2 2023.
According to the latest statistics of the British Department for Business and Trade, the total trade in goods and services between the two nations reached £1.3 billion (approx. RO 610 million), representing a significant increase of 25.1% or £257 million (RO 120 million approx.) in current prices compared to the corresponding period in 2022.
The data indicates that the UK's exports to Oman saw a noteworthy increase, reaching £1.0 billion (RO 470 million approx.) in the four quarters leading up to Q2 2023. This reflects a notable growth of 19.0% or £161 million (RO 75.5 million) in current prices compared to the same period in the previous year.
Conversely, UK imports from Oman also witnessed a substantial boost, amounting to £275 million (RO 130m approx.) in the four quarters leading up to Q2 2023. This reflects an impressive increase of 53.6% or £96 million (RO 45m) in current prices when compared to the same period in 2022.
The recent trade statistics between the UK and Oman reveal a promising growth trajectory in their economic partnership. The significant increases in both exports and imports suggest an expanding appetite for collaboration between the two nations. This trend not only indicates potential opportunities for businesses but also emphasizes the importance of fostering stronger ties between the UK and Oman in the years to come. As the global economic landscape continues to evolve, such trade dynamics are essential for both nations to ensure long-term prosperity and economic stability.
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