The trade balance of the Sultanate of Oman recorded a surplus of OMR2.61 billion at the end of March 2024. This represents an increase compared to a surplus of OMR1.93 billion during the same period in 2023.
According to preliminary statistics from the National Centre for Statistics and Information (NCSI), the total value of merchandise exports reached OMR6.5 billion ($16.88 billion) by the end of March 2024, an increase of 16.7 percent over the same period of the previous year, when it was OMR5.57 billion. Meanwhile, the total value of merchandise imports to the Sultanate of Oman amounted to OMR3.89 billion ($10.1 billion), an increase of 6.9 percent compared to the same period of 2023, which was OMR3.64 billion.
Growth in oil and gas exports
The increase in export value is mainly attributed to a 3.1 percent rise in the value of the Sultanate’s oil and gas exports, reaching OMR3.72 billion at the end of March 2024, compared to OMR3.60 billion at the end of March 2023. Crude oil exports increased by 13.3 percent to OMR2.70 billion, while refined oil exports declined by 13.9 percent to OMR363 million, and liquefied natural gas exports decreased by 18.1 percent to OMR682 million.
Read more: Oman sovereign wealth fund’s assets reach $49.9 billion in 2023, up 7.4 percent YoY
Non-oil exports surge
Non-oil merchandise exports increased by 44.9 percent to reach OMR2.33 billion ($6 billion) by the end of March 2024, compared to OMR1.61 billion at the end of March 2023. The highest value among non-oil exports was in mineral products, which increased by 127 percent to OMR1.16 billion, followed by base metals and their articles, which grew by 9.6 percent to OMR352 million. However, exports of chemical industry products declined by 7.3 percent to OMR253 million.
Increase in re-exports
The value of re-exports from the Sultanate of Oman increased by 26.8 percent to OMR442 million by the end of March 2024, compared to the end of March 2023. The re-export of transport equipment grew by 49.3 percent to OMR140 million, and the re-exports of electrical machinery and equipment increased by 22 percent to OMR103 million.
Import trends
On the import side, the largest value was in mineral products, which increased by 15 percent to OMR1.097 billion, followed by electrical machinery and equipment, which grew by 8.1 percent to OMR605 million, and products of the chemical industries, which increased by 2.1 percent to OMR375 million.
Top trade partners
In terms of trade partners, the Kingdom of Saudi Arabia topped the non-oil export destinations, with a value of OMR238 million, an increase of 9.5 percent compared to the end of March 2023. The United Arab Emirates was the top destination for re-exports from the Sultanate, reaching OMR175 million, and was also the largest source of imports, with a value of OMR982 million, an increase of 1.4 percent.
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