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Muscat – Oman’s trade surplus grew to RO7.138bn during the first 11 months of 2024, compared to RO6.997bn recorded in the corresponding period of 2023, thanks to a significant rise in oil and gas exports during last year.
According to statistics released by the National Centre for Statistics and Information (NCSI), the total value of commodity exports reached RO22.225bn during the January–November period of 2024, up by 7.7% from RO20.636bn in the same period of the previous year.
The NCSI data showed that the increase in the value of exports was mainly driven by the rise in Oman’s hydrocarbon exports, which reached RO14.994bn – an increase of 19.7% compared to exports of RO12.525bn in the same period a year ago.
Among hydrocarbon exports, the value of Oman’s crude oil exports amounted to RO9.125bn, recording a growth of 2.5% over the same period of the previous year.
Moreover, the value of refined oil product exports surged by 175% to RO3.573bn during the first 11 months of 2024, thanks to increased refining capacity of the sultanate. However, the value of liquefied natural gas (LNG) exports decreased by 1.1% to RO2.296bn compared to the same period in 2023.
Non-oil exports decline
The NCSI data revealed a decrease in the value of non-oil exports by 16.6% in the first 11 months of 2024, reaching RO5.642bn compared to RO6.768bn recorded in the same period of the previous year.
Among Oman’s non-oil shipments, mineral products had the highest value, amounting to RO1.616bn, but this was down by 35.2% from the same period in 2023. This was followed by ordinary metals and related products, with shipments worth RO1.202bn, then exports of plastics and their products and rubber and related products, amounting to RO896mn.
Exports of chemicals and related industries decreased by 22%, with an export value of RO725mn in 2024, followed by exports of live animals and animal products at RO320mn, and the value of exports of other products, which amounted to RO883mn.
On the other hand, the value of re-exports from Oman increased by 18.3% to RO1.590bn during the 11 months ending in November 2024, compared to the same period a year ago.
Imports grow
The value of commodity imports to Oman amounted to RO15.087bn, an increase of 10.6% compared to the same period last year, when imports totalled RO13.639bn.
Imports of mineral products had the highest value, recording RO4.212bn, an increase of 9.5%, followed by machinery, electrical appliances and equipment, and their parts, including sound recording and broadcasting devices, with a value of RO2.606bn, showing a growth of 26%.
Imports of products of chemicals and related industries totalled RO1.401bn, an increase of 2.7%, while shipments of ordinary metals and their products recorded a value of RO1.449bn, a decrease of 1.2%. Imports of transportation equipment were valued at RO1.354bn, an increase of 13.1%, and imports of other products were recorded at RO4.065bn.
The UAE continued to be Oman’s largest non-oil trading partner in 2024. Oman’s non-oil exports to the UAE during the first 11 months of 2024 reached RO935mn, an increase of 8.1% over the same period of 2023. The UAE also emerged as the top destination for Oman’s re-exports, with the value of re-exports to it amounting to RO526mn.
The UAE was also the top source of imports into Oman in 2024, with a value of RO3.600bn. China ranked second in terms of exports to Oman, with a value of RO1.621bn.
Saudi Arabia ranked second for Omani non-oil exports, with a value of RO764mn, followed by South Korea at RO611mn.
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