MUSCAT: Oman's trade balance recorded a surplus of RO 3.658 billion by the end of June 2024, slightly down from RO 3.704 billion in the same period in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI).
Total exports rose by 6.7% to RO 11.67 billion, while imports increased by 10.8% to RO 8.012 billion. The rise in exports was driven by a 5.3% growth in oil and gas exports, reaching RO 7.228 billion, compared to RO 6.866 billion in June 2023. Crude oil exports climbed 7.2% to RO 5.134 billion, while refined oil exports jumped 12.8% to RO 842 million. However, liquefied natural gas (LNG) exports declined by 5.7% to RO 1.252 billion.
Non-oil exports also grew by 8.1% to RO 3.575 billion. Mineral products led non-oil exports, increasing by 21.5% to RO 1.304 billion. Metal products followed with RO 671 million, up 7.3%, while chemical industries recorded RO 521 million, down 0.7%. Plastics and rubber exports increased by 11.5% to RO 473 million, but live animal and animal product exports dropped by 21% to RO 169 million.
Re-exports grew by 13.9% to RO 867 million, driven by transportation equipment at RO 259 million, up 19%, and food, beverages, and liquids at RO 82 million, up 15.7%. Re-exports of mineral products jumped 57.6% to RO 76 million, while animal products saw a decline of 18.4% to RO 59 million.
On the import side, mineral products topped the list at RO 2.338 billion, up 22.5%, followed by machinery and electrical equipment at RO 1.324 billion, rising by 20.2%. Imports of metal products reached RO 752 million, down 4.1%, while chemicals fell 1.7% to RO 750 million. Transportation equipment imports increased by 4.9% to RO 684 million.
The UAE remained Oman's top non-oil trading partner, with non-oil exports to the UAE rising by 8.9% to RO 457 million and re-exports totaling RO 338 million. The UAE also topped the list of Oman's import sources, with a value of RO 1.902 billion.
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