Oman’s trade surplus hits RO 6.5 billion in Oct 2024
Published: 03:01 PM,Jan 14,2025 | EDITED : 07:01 PM,Jan 14,2025
The total value of Omani commodity exports rose to RO 20.319 billion, an 8.7% increase from RO 18.693 billion in the same period last year.
MUSCAT: Oman recorded a trade balance surplus of RO 6.562 billion by the end of October 2024, compared to RO 6.344 billion during the same period in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI). The total value of Omani commodity exports rose to RO 20.319 billion, an 8.7% increase from RO 18.693 billion in the same period last year. Meanwhile, commodity imports grew by 11.4%, reaching RO 13.757 billion compared to RO 12.349 billion in 2023.
OIL AND GAS EXPORTS DRIVE GROWTH
The sharp rise in Oman’s export value was primarily due to an increase in oil and gas exports, which totaled RO 13.768 billion, marking a significant 21.1% growth from RO 11.365 billion in October 2023. Crude oil exports rose to RO 8.422 billion, up 6.1%. Refined oil exports surged by 154.8%, reaching RO 3.278 billion. Liquefied natural gas (LNG) exports, however, declined by 3.4% to RO 2.068 billion.
DECLINE IN NON-OIL EXPORTS
Non-oil commodity exports fell by 16.2%, amounting to RO 5.106 billion compared to RO 6.096 billion in October 2023. Mineral products were the largest non-oil export at RO 1.492 billion, a drop of 32.2%. Metal products followed at RO 1.092 billion, with a slight decline of 0.1%. Plastics and rubber products increased by 7.1%, reaching RO 808 million. Chemical exports fell by 23.7% to RO 649 million, while live animal exports declined by 15.2% to RO 286 million.
RE-EXPORT GROWTH
The value of re-exports grew by 17.3%, reaching RO 1.445 billion. Re-exports of mineral products increased by 50.4% to RO 114 million. Re-exports of food, beverages, and liquid products rose by 30.6% to RO 151 million. Declines were recorded in transportation equipment (down 4% to RO 338 million) and machinery and electrical equipment (down 5.4% to RO 315 million).
KEY IMPORT CATEGORIES
Oman’s commodity imports reached RO 13.757 billion, with significant contributions from: Mineral products, valued at RO 3.886 billion (+13.4%). Machinery and electrical equipment, at RO 2.368 billion (+26.2%). Chemical products, at RO 1.305 billion (+4.9%). Transportation equipment, at RO 1.211 billion (+11.5%).
TOP TRADE PARTNERS
The UAE led non-oil exports at RO 839 million (+10.8%) and re-exports at RO 494 million. Saudi Arabia followed with non-oil exports worth RO 663 million. China ranked second among import sources, providing RO 1.469 billion worth of goods, followed by Kuwait at RO 1.358 billion. This robust trade performance reflects Oman’s resilience and strategic focus on strengthening its export-driven economy. — ONA
OIL AND GAS EXPORTS DRIVE GROWTH
The sharp rise in Oman’s export value was primarily due to an increase in oil and gas exports, which totaled RO 13.768 billion, marking a significant 21.1% growth from RO 11.365 billion in October 2023. Crude oil exports rose to RO 8.422 billion, up 6.1%. Refined oil exports surged by 154.8%, reaching RO 3.278 billion. Liquefied natural gas (LNG) exports, however, declined by 3.4% to RO 2.068 billion.
DECLINE IN NON-OIL EXPORTS
Non-oil commodity exports fell by 16.2%, amounting to RO 5.106 billion compared to RO 6.096 billion in October 2023. Mineral products were the largest non-oil export at RO 1.492 billion, a drop of 32.2%. Metal products followed at RO 1.092 billion, with a slight decline of 0.1%. Plastics and rubber products increased by 7.1%, reaching RO 808 million. Chemical exports fell by 23.7% to RO 649 million, while live animal exports declined by 15.2% to RO 286 million.
RE-EXPORT GROWTH
The value of re-exports grew by 17.3%, reaching RO 1.445 billion. Re-exports of mineral products increased by 50.4% to RO 114 million. Re-exports of food, beverages, and liquid products rose by 30.6% to RO 151 million. Declines were recorded in transportation equipment (down 4% to RO 338 million) and machinery and electrical equipment (down 5.4% to RO 315 million).
KEY IMPORT CATEGORIES
Oman’s commodity imports reached RO 13.757 billion, with significant contributions from: Mineral products, valued at RO 3.886 billion (+13.4%). Machinery and electrical equipment, at RO 2.368 billion (+26.2%). Chemical products, at RO 1.305 billion (+4.9%). Transportation equipment, at RO 1.211 billion (+11.5%).
TOP TRADE PARTNERS
The UAE led non-oil exports at RO 839 million (+10.8%) and re-exports at RO 494 million. Saudi Arabia followed with non-oil exports worth RO 663 million. China ranked second among import sources, providing RO 1.469 billion worth of goods, followed by Kuwait at RO 1.358 billion. This robust trade performance reflects Oman’s resilience and strategic focus on strengthening its export-driven economy. — ONA