MUSCAT: Oman's oil and gas exports surged by 8% by the end of July 2024, reaching RO 8.569 billion, compared to RO 7.931 billion in the same period the previous year, according to preliminary data from the National Centre for Statistics and Information (NCSI). This growth is part of a broader increase in total merchandise exports, which rose by 7.6% year-on-year, totaling RO 13.72 billion.
Crude oil exports were the largest contributor to this growth, rising by 7.6% to RO 5.962 billion. Refined oil products also posted impressive gains, with export values jumping by 30.2% to RO 1.163 billion. However, liquefied natural gas (LNG) exports experienced a slight decline, falling 3.6% to RO 1.444 billion.
Non-oil exports also saw a modest increase, rising by 5.1% to RO 4.152 billion. Key contributors included mineral products, which surged by 17.4% to RO 1.514 billion, and base metals, which increased by 2.8%. The chemical products sector saw a 2.9% rise in export value, reaching RO 608 million. Meanwhile, the export of live animals and animal products dropped by 17.4% to RO 195 million.
The report highlighted a strong re-export sector, which rose by 14.7% to RO 999 million. Re-exports of transportation equipment, in particular, climbed by 12%, while electrical machinery and equipment dropped by 4.6%. Foodstuff, beverage, and tobacco re-exports increased by 20.7%, with significant growth in mineral product re-exports, which surged by 77.2%.
On the import side, Oman also saw growth, with total merchandise imports rising by 11.7% to RO 9.416 million. Mineral products accounted for the largest share of imports, up 23.6% to RO 2.745 million, followed by electrical machinery and equipment, which grew by 22.1% to RO 1.578 million.
The UAE remained Oman’s largest trading partner in non-oil exports, with trade rising by 14.9% to RO 558 million, underscoring the continued strength of regional trade ties. These figures reflect Oman’s resilient export performance amid global economic challenges and highlight the importance of the energy sector in driving growth.
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