The volume of trade exchange between Oman and Saudi Arabia reached over OMR1.014 billion ($2.63 billion) by the end of June 2024, according to the latest data from the National Center for Statistics and Information (NCSI).
Metal products recorded the largest value of Oman’s exports to Saudi Arabia with a value of OMR160.5 million. Following closely came minerals and related products with a value of OMR95 million. Next came machinery, digital devices, and electric equipment and their parts with a value of OMR33 million.
On the other hand, metal products also emerged on top of Oman’s imports from Saudi Arabia with a value of OMR284 million. Following closely came chemicals and related industries with a value of OMR137.96 million. Meanwhile, imports of food industry, drinks, alcohols, vinegar, tobacco, and synthetic alternatives to tobacco reached OMR38.8 million.
The statistics agency also revealed that Saudi Arabia’s direct investments in Oman reached OMR121.1 million ($314.63 million), up from OMR80.6 million ($209.41 million) in 2021. Meanwhile, Oman’s direct investment in Saudi Arabia reached OMR129.1 million ($335.41 million) by the end of 2022.
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June trade balance hits $9.50 billion
Another NCSI report revealed that Oman’s trade balance recorded a surplus of OMR3.658 billion ($9.50 billion) by the end of June 2024, with merchandise exports rising 6.7 percent year-on-year to OMR11.670 billion ($30.32 billion).
The data also revealed that the total value of merchandise imports to Oman amounted to OMR8.12 billion, an increase of 10.8 percent by the end of June 2024 compared to the same period last year.
The statistics also revealed an increase in the value of Oman’s non-oil merchandise exports by 8.1 percent in June to OMR3.575 billion. The value of re-exports also increased 13.9 percent to OMR867 million.
In June, the UAE topped Oman’s trade exchange operations in non-oil exports with a value of OMR457 million, an increase of 8.9 percent. The UAE also topped the list of re-exports from Oman with a total value of OMR338 million and imports with a value of OMR1.902 billion.
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