46 per cent decline in Oman-UK trade
Published: 03:09 PM,Sep 03,2021 | EDITED : 07:09 PM,Sep 03,2021
Oman UK trade
Total trade in goods and services between Oman and the UK was £877 million in the four quarters to the end of Q1 2021, a decrease of 46.2 per cent or £754 million from the four quarters to the end of Q1 2020, the UK Department for International Trade stated in its latest bulletin.
Of the total of £877 million, UK exports to Oman amounted to £702 million in the four quarters to the end of Q1 2021 (a decrease of 40.1 per cent or £470 million compared to the four quarters to the end of Q1 2020). UK imports from Oman amounted to £175 million in the four quarters to the end of Q1 2021 (a decrease of 61.9 per cent or £284 million compared to the four quarters to the end of Q1 2020).
Oman was the UK’s 76th largest trading partner in the four quarters to the end of Q1 2021 accounting for 0.1 per cent of total UK trade. In 2019, the outward stock of foreign direct investment (FDI) from the UK in Oman was not available due to data disclosure, the Department said.
In 2019, the inward stock of foreign direct investment (FDI) in the UK from Oman was £3 million.
“Trade has been affected by the COVID-19 pandemic and the associated lockdown measures globally. There was also a change in data collection for Great Britain (England, Scotland and Wales) exports to the EU between 2020 and 2021. Consequently, data quality has been affected and may be subject to larger revisions than normal,” the newsletter noted.
Of all UK exports to Oman in the four quarters to the end of Q1 2021, £348 million (49.6 per cent) were goods and £354 million (50.4 per cent) were services. UK exports of goods to Oman decreased by 44.4 per cent or £278 million compared to the four quarters to the end of Q1 2020 while UK exports of services to Oman decreased by 35.2 per cent or £192 million compared to the four quarters to the end of Q1 2020.
Total UK imports from Oman were £175 million (a decrease of 61.9 per cent or £284 million compared to the four quarters to the end of Q1 2020). Of all UK imports from Oman, £110 million (62.9 per cent) were goods and £65 million (37.1 per cent) were services.
In the same period, UK imports of goods from Oman decreased by 64.1 per cent or £196 million compared to the four quarters to the end of Q1 2020 while UK imports of services from Oman decreased by 57.5 per cent or £88 million compared to the four quarters to the end of Q1 2020.
“This means the UK reported a total trade surplus of £527 million with Oman, compared to a trade surplus of £713 million in the four quarters to the end of Q1 2020. In the four quarters to the end of Q1 2021, the UK had a trade in goods surplus of £238 million with Oman, compared to a trade in goods surplus of £320 million in the four quarters to the end of Q1 2020.
Meanwhile, in the four quarters to the end of Q1 2021 the UK reported a trade in services surplus of £289 million with Oman, compared to a trade in services surplus of £393 million in the four quarters to the end of Q1 2020,” the report stated.
Of the total of £877 million, UK exports to Oman amounted to £702 million in the four quarters to the end of Q1 2021 (a decrease of 40.1 per cent or £470 million compared to the four quarters to the end of Q1 2020). UK imports from Oman amounted to £175 million in the four quarters to the end of Q1 2021 (a decrease of 61.9 per cent or £284 million compared to the four quarters to the end of Q1 2020).
Oman was the UK’s 76th largest trading partner in the four quarters to the end of Q1 2021 accounting for 0.1 per cent of total UK trade. In 2019, the outward stock of foreign direct investment (FDI) from the UK in Oman was not available due to data disclosure, the Department said.
In 2019, the inward stock of foreign direct investment (FDI) in the UK from Oman was £3 million.
“Trade has been affected by the COVID-19 pandemic and the associated lockdown measures globally. There was also a change in data collection for Great Britain (England, Scotland and Wales) exports to the EU between 2020 and 2021. Consequently, data quality has been affected and may be subject to larger revisions than normal,” the newsletter noted.
Of all UK exports to Oman in the four quarters to the end of Q1 2021, £348 million (49.6 per cent) were goods and £354 million (50.4 per cent) were services. UK exports of goods to Oman decreased by 44.4 per cent or £278 million compared to the four quarters to the end of Q1 2020 while UK exports of services to Oman decreased by 35.2 per cent or £192 million compared to the four quarters to the end of Q1 2020.
Total UK imports from Oman were £175 million (a decrease of 61.9 per cent or £284 million compared to the four quarters to the end of Q1 2020). Of all UK imports from Oman, £110 million (62.9 per cent) were goods and £65 million (37.1 per cent) were services.
In the same period, UK imports of goods from Oman decreased by 64.1 per cent or £196 million compared to the four quarters to the end of Q1 2020 while UK imports of services from Oman decreased by 57.5 per cent or £88 million compared to the four quarters to the end of Q1 2020.
“This means the UK reported a total trade surplus of £527 million with Oman, compared to a trade surplus of £713 million in the four quarters to the end of Q1 2020. In the four quarters to the end of Q1 2021, the UK had a trade in goods surplus of £238 million with Oman, compared to a trade in goods surplus of £320 million in the four quarters to the end of Q1 2020.
Meanwhile, in the four quarters to the end of Q1 2021 the UK reported a trade in services surplus of £289 million with Oman, compared to a trade in services surplus of £393 million in the four quarters to the end of Q1 2020,” the report stated.