Oman’s trade balance continued its positive trend, reaching a surplus of OMR2.989 billion ($7.76 billion) 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) 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.
Read more: Oman hits 54 percent of employment target for H1 2024, 14,074 jobs created
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.
For more news on logistics, click here.
