Significant uptick in Oman-UK trade in 2023

MUSCAT: Total UK exports to Oman saw a notable increase of 12.8 per cent , soaring to £1.1 billion (approx. RO 531 million) in the four quarters leading up to the end of Q4 2023. This marked growth represents an impressive £119 million rise in current prices compared to the preceding four quarters, the UK Department for Business and Trade said in its latest report.

Additionally, total UK imports from Oman also experienced a substantial uptick, reaching £258 million (approx. RO 124 million) during the same period. This surge represents an 8.4 per cent increase, amounting to £20 million in current prices compared to the previous year. These remarkable percentage increases underscore the resilience and dynamism of the UK-Oman trade relationship, setting a promising trajectory for further collaboration and economic growth between the two nations.

Despite its relatively modest size in global trade, Oman emerged as the UK's 82nd largest trading partner in the four quarters ending in Q4 2023, accounting for 0.1 per cent of total UK trade. This positioning underscores Oman's growing importance in the UK's trade landscape and signals opportunities for further collaboration and economic growth between the two nations.

The top 5 goods exported by the UK to Oman in 2023 were: Mechanical power generators (intermediate) - (£128.3 million or 23.7 per cent of all UK goods exported to Oman); Cars (£58.8 million or 10.8 per cent); General industrial machinery (capital) (£42.6 million or 7.9 per cent); Miscellaneous electrical goods (intermediate) (£33.8 million or 6.2 per cent); and Scientific instruments (capital) (£26.5 million or 4.9 per cent).

The top 5 goods imported by the UK from Oman were: Mechanical power generators (intermediate) (£136.4 million or 58.8 per cent of all UK goods imported from Oman); Medicinal & pharmaceutical products (£13.3 million or 5.7 per cent ); Miscellaneous electrical goods (intermediate) (£8.2 million or 3.5 per cent ); Scientific instruments (capital) (£8.0 million or 3.5 per cent ); and Plastics in non-primary forms (£7.4 million or 3.2 per cent).