Value of Oman-UK bilateral trade climbs to RO 640m
Published: 04:12 PM,Dec 22,2023 | EDITED : 09:12 AM,Dec 24,2023
Value of Oman-UK bilateral trade climbs to RO 640m
MUSCAT: The burgeoning trade relationship between the Sultanate of Oman and the United Kingdom has not only showcased impressive growth figures but has also resulted in a substantial trade surplus, according to the latest report of the UK Department for Business and Trade.
Total trade in goods and services (exports plus imports) between the UK and Oman was £1.3 billion (approx. RO 640 million) in the four quarters to the end of Q2 2023, an increase of 25.1 per cent. Of this total, total UK exports to Oman amounted to £1.0 billion (RO 490 million), an increase of 19.0 per cent. Total UK imports from Oman amounted to £275 million, an increase of 53.6 per cent.
One of the standout revelations in the report is the substantial trade surplus of £732 million (approx. RO 359 million) that the UK has achieved with Oman in the four quarters ending in Q2 2023. This marks a significant expansion from the £667 million (RO 326 million) surplus reported during the same period in 2022.
Breaking down the surplus, goods and services each play a pivotal role. The UK reported a trade in goods surplus of £301 million with Oman in the four quarters to the end of Q2 2023, maintaining the same level as the previous year.
Meanwhile, the services sector exhibited remarkable growth, contributing to a trade surplus of £431 million, compared to £366 million in the four quarters to the end of Q2 2022. This balanced composition reflects the diverse and resilient nature of the Oman-UK trade relationship.
The surplus further solidifies Oman's standing as the UK's 82nd largest trading partner, contributing 0.1 per cent to the total UK trade. The report also highlights the UK's 65th ranking among all its export destinations, emphasizing the growing significance of the Omani market in the broader context of the UK's export activities.
The substantial trade surplus signals not only the economic strength of the Oman-UK partnership but also the potential for continued collaboration and prosperity.
Total trade in goods and services (exports plus imports) between the UK and Oman was £1.3 billion (approx. RO 640 million) in the four quarters to the end of Q2 2023, an increase of 25.1 per cent. Of this total, total UK exports to Oman amounted to £1.0 billion (RO 490 million), an increase of 19.0 per cent. Total UK imports from Oman amounted to £275 million, an increase of 53.6 per cent.
One of the standout revelations in the report is the substantial trade surplus of £732 million (approx. RO 359 million) that the UK has achieved with Oman in the four quarters ending in Q2 2023. This marks a significant expansion from the £667 million (RO 326 million) surplus reported during the same period in 2022.
Breaking down the surplus, goods and services each play a pivotal role. The UK reported a trade in goods surplus of £301 million with Oman in the four quarters to the end of Q2 2023, maintaining the same level as the previous year.
Meanwhile, the services sector exhibited remarkable growth, contributing to a trade surplus of £431 million, compared to £366 million in the four quarters to the end of Q2 2022. This balanced composition reflects the diverse and resilient nature of the Oman-UK trade relationship.
The surplus further solidifies Oman's standing as the UK's 82nd largest trading partner, contributing 0.1 per cent to the total UK trade. The report also highlights the UK's 65th ranking among all its export destinations, emphasizing the growing significance of the Omani market in the broader context of the UK's export activities.
The substantial trade surplus signals not only the economic strength of the Oman-UK partnership but also the potential for continued collaboration and prosperity.