Oman’s foreign exchange saw a 12.8 percent annual increase in the first quarter of 2024, driven by a trade surplus primarily attributed to elevated oil exports, according to official data.
The Gulf nation’s overall volume of international trade transactions reached OMR10.3 billion ($26.75 billion), compared to OMR9.2 billion in the corresponding period of the previous year, as per the country’s National Center for Statistical Information.
This was accompanied by a 35 percent rise in Oman’s trade balance, which reached OMR2.6 billion ($6.75 billion) in the first quarter, up from the same quarter in 2023.
Read more: Oman Sovereign Wealth Fund’s assets reach $49.9 billion in 2023, up 7.4 percent YoY
Increase in total exports
Total exports surged to OMR6.5 billion ($16.88 billion) in the first three months, up from OMR5.5 billion during the same period last year, marking a 17 percent increase. Omani exports climbed to OMR2.3 billion from OMR1.6 billion in the first quarter of 2023, while re-exports reached OMR442 million, up from OMR349 million in the previous year.
Oil exports also showed a marginal increase, reaching OMR3.7 billion compared to OMR3.6 billion in the same period last year.
Growth in total imports
On the import side, total imports rose to OMR3.8 billion in the first quarter, up from OMR3.6 billion in the same period of the previous year. The primary import partners were the UAE, India, and Saudi Arabia, accounting for OMR982 million, OMR401 million, and OMR287 million, respectively.
Surge in Rub’ al-Khali port imports
Rub’ al-Khali port, situated at the Oman–Saudi Arabia border, witnessed a significant 42 percent increase in imports during the first quarter, compared to the same quarter in 2023. Seaports contributed 66 percent to the total imports, with Sohar port alone accounting for an import value of OMR1.7 billion in the first three months of 2024.
Surge in metal products exports and imports
Additionally, Oman’s metal products exports surged to OMR1.1 billion, up from OMR533 million in the first quarter of 2023, while metal product imports reached OMR1 billion, compared to OMR954 million in the same period the previous year.
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