Muscat: India is currently Oman’s second highest importer, of goods, according to the National Centre for Statistics and Information (NCSI). Between January and July this year, Oman sent goods worth OMR674,564,484 to India. Last year, Oman had exported goods worth OMR932,604,707.

These exports were dominated by oil and gas, although Oman also exported large amounts of urea, a hydrocarbon called P-Xylene, and Polypropylene. According to the NCSI, almost all of the exports were sent to India by sea, mainly through the Port of Sohar.

During this same period, Oman imported goods worth OMR256,813,558, an amount which comprised rice, pipes, engine fuel, and aluminium oxide.

The Indian embassy to Oman said in a statement, “India-Oman bilateral trade has been rising. More importantly, there is great scope for enhancing bilateral trade, both in terms of further diversification of the trade basket, as well as increasing the volume of trade of already traded items, given the geographical proximity, the familiarity of each other’s market and the presence of a large Indian community in Oman.” According to data provided by the embassy, Oman’s exports to India recorded a large leap in the fiscal year 2017-2018, registering an amount of US$4,264.29 million, equivalent to OMR1641.75 million.

India accords high priority to expanding its economic and commercial ties with Oman. Institutional mechanisms such as the Joint Commission Meeting (JCM) and Joint Business Council (JBC) oversee economic cooperation between India and Oman.

As part of the trade relationship between the two countries, the 7th session of the JCM and the 8th JBC (coordinated by FICCI and OCCI) were held in New Delhi in October 2014 along with the Oman-India B2B Roadshows. The 8th session of the JCM and the 9th JBC were held in Muscat on July 16 and 17, 2018, and co-chaired by Suresh Prabhu, India’s Minister of Commerce & Industry and Civil Aviation, and Dr. Ali bin Masoud Al Sunaidy, Oman’s Minister of Commerce & Industry.

“Bilateral trade and investment between India and Oman remain robust and buoyant. Bilateral trade rose by 3.6 per cent from $3.8 billion in 2015-16 to $4 billion in 2016-17. It further jumped by 67 per cent to reach $6.7 billion in 2017-18,” the statement added.

© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.