Muscat: The trade balance of the Sultanate of Oman recorded a surplus of OMR 6.997 billion at the end of November 2023, compared to a surplus of OMR 9.587 billion during the same period in 2022, according to preliminary statistics issued by the National Center for Statistics and Information.
Statistics indicate that the value of merchandise exports at the end of last November reached OMR 20.636 billion, declining by 11.4 per cent compared to the same period in 2022, which recorded OMR 23.289 billion. The value of merchandise imports to the Sultanate of Oman amounted to OMR 13.639 billion, a decrease of 0.5 per cent at the end of November 2023 compared to the same period last year, which amounted to OMR 13.702 billion.
The decline in the value of exports is mainly due to the decline in the value of the Sultanate of Oman’s oil and gas exports, which now amounts to OMR 12.525 billion. At the end of November 2022, it amounted to OMR 15.215 billion.
On the other hand, the value of the Sultanate of Oman’s exports of crude oil amounted to OMR 8.9 billion by the end of November 2023, recording a decrease of 17.3 per cent compared to the same period of the previous year.
The value of refined oil exports declined to OMR 1.3 billion, by 23.5 per cent. The value of the Sultanate’s exports also decreased. Oman's LNG supply reached OMR 2.3 billion, or 15.7 per cent, compared to the end of November 2022, which amounted to OMR 2.7 billion.
Statistics also revealed a decline in the value of non-oil merchandise exports by 1.4 percent at the end of November 2023, reaching OMR 6.767 billion, compared to the end of November 2022, when they recorded OMR 6.866 billion.
Mineral products had the highest value among non-oil commodity exports, reaching 2.5 billion, an increase of 20.3 per cent, followed by ordinary metals and their products.
The value of the Sultanate of Oman’s exports of plastic and its products, rubber and its products also decreased to OMR 814 million, while exports of live animals and their products increased by 23 per cent to reach OMR 365 million, The value of exports of other products reached OMR 948 million.
The Kingdom of Saudi Arabia topped the trade exchange transactions in non-oil exports, as their value at the end of November 2023 amounted to about OMR 981 million, an increase of 29.7 per cent from the end of November 2022, while the United Arab Emirates topped the trade exchange transactions in re-exports from the Sultanate of Oman, where the value of re-exports to it amounted to OMR 465 million at the end of last November. The United Arab Emirates also ranked first on the list of the countries exporting the most to the Sultanate of Oman, with a value of OMR 3.6 billion, a decrease of 8.6 per cent from the end of November 2022.
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