Oman’s trade balance continued its positive trend, reaching a surplus of OMR2.989 billion ($7.76 billion)Â by the end of May 2024, a slight increase from the OMR2.986 billion surplus recorded during the same period in 2023. This positive performance was driven by a robust increase in exports, offset by a moderate rise in imports.
According to preliminary data released by the National Center for Statistics and Information, Oman’s total commodity exports reached OMR9.689 billion ($25.16 billion)Â by the end of May 2024, reflecting a 5 percent year-on-year increase. This growth, Oman News Agency reported, was primarily attributed to a 1.8 percent rise in oil and gas exports, which totaled OMR5.937 billion. Within this category, crude oil exports saw a significant 7.6 percent increase, reaching OMR4.297 billion, while refined oil exports declined by 8.7 percent to OMR579 million. Liquefied natural gas exports also experienced a decrease, falling by 12 percent to OMR1.061 billion.
Non-oil commodity exports also contributed to the overall export growth, rising by 11.2 percent to OMR3.045 billion. Mineral products led this segment with a 23.1 percent increase, reaching OMR1.101 billion, followed by base metals and their articles, which saw an 8.9 percent increase to OMR560 million. However, chemical products experienced a 7 percent decline in exports, reaching OMR435 million.
Oman’s re-export performance
Re-exports from Oman also showed positive growth, reaching OMR707 million by the end of May 2024, representing an 8.1 percent increase from the previous year. Transportation equipment products saw a slight decrease of 0.5 percent to OMR188 million, while electrical machinery and equipment recorded a 2 percent increase to OMR165 million. Foodstuffs, beverages, and tobacco re-exports experienced a significant 13.7 percent increase to OMR66 million. Mineral products re-exports also saw a substantial rise of 56.2 percent, reaching OMR66 million.
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Oman’s import landscape
On the import side, Oman’s total commodity imports reached OMR6.700 billion by the end of May 2024, reflecting a 7.4 percent increase compared to the same period in 2023. Mineral products dominated imports, reaching OMR1.967 billion, an increase of 13.7 percent. Electrical machinery and equipment followed closely with a value of OMR1.121 billion, representing an 18.5 percent increase. Base metals and their articles recorded a 2.3 percent decrease to OMR643 million.
Strong UAE trade ties
The United Arab Emirates emerged as the top trading partner for Oman’s non-oil exports, with a value of OMR395 million, representing a 15.1 percent increase from the previous year. The UAE also played a significant role in Oman’s re-exports, with a value of OMR244 million. The UAE also remained a key source of imports for Oman, with a value of OMR1.582 billion.
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