Oman’s trade balance recorded a surplus of OM6.562 billion ($17.04 billion) at the end of October 2024, up from a surplus of OMR6.344 billion during the same period in 2023.
According to preliminary statistics from the National Center for Statistics and Information, the total value of Oman’s merchandise exports rose 8.7 percent annually to OMR20.319 billion ($52.78 billion). Meanwhile, the total value of merchandise imports rose 11.4 percent to OMR13.757 billion.
Oil and gas exports rise 21.1 percent
The center attributed the rise in exports mainly to the 21.1 percent surge in the value of oil and gas exports to OMR13.768 billion. Among Oman’s oil and gas exports, crude oil exports amounted to OMR8.422 billion, recording an increase of 6.1 percent over the same period last year. The value of refined oil exports increased 154.8 percent to OMR 3.278 billion while the value of Oman’s liquefied natural gas exports decreased 3.4 percent to OMR2.068 billion.
The statistics also revealed a 16.2 percent decrease in the value of non-oil merchandise exports to OMR5.106 billion. Mineral products had the highest value of non-oil merchandise exports, amounting to OMR1.492 billion, a decrease of 32.2 percent over the same period in 2023, followed by base metals and their products with OMR1.092 billion, a decrease of 0.1 percent, followed by products of chemicals with an export value of OMR649 million, a decrease of 23.7 percent.
Meanwhile, Oman’s re-exports saw a 17.3 percent rise in October to OMR1.445 billion. The value of re-exports in transport equipment products recorded OMR338 million, a decrease of 4 percent, and electrical machinery and equipment recorded OMR315 million, a decrease of 5.4 percent.
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In imports, mineral products recorded the highest value, rising 13.4 percent to OMR3.886 billion. Following closely came electrical machinery and equipment with a value of OMR2.368 billion, recording a growth of 26.2 percent by the end of October 2024. Then came base metal and their products with a value of OMR1.297 billion, a decrease of 2.8 percent.
The UAE topped trade exchange operations in non-oil exports by the end of October 2024 with a value of OMR839 million, an increase of 10.8 percent from the end of October 2023.
It also topped the trade exchange operations in re-exports from Oman, where the value of re-exports to the UAE amounted to OMR494 million and the countries exporting to the Sultanate of Oman, with a value of OMR3.286 billion.
