MUSCAT: Oman recorded a trade surplus of RO 4.304 billion by the end of July 2024, slightly down from RO 4.324 billion during the same period in 2023. According to preliminary data from the National Centre for Statistics and Information, the total value of commodity exports reached RO 13.72 billion, marking a 7.6% increase compared to last year, while imports rose by 11.7% to RO 9.416 billion.
The growth in exports was mainly driven by oil and gas, which accounted for RO 8.569 billion, an 8% increase year-on-year. Crude oil exports rose 7.6% to RO 5.962 billion, while refined oil exports surged 30.2% to RO 1.163 billion. However, liquefied natural gas (LNG) exports saw a slight decline of 3.6%, reaching RO 1.444 billion.
Non-oil exports also contributed to the overall growth, with a 5.1% increase to RO 4.152 billion. Mineral products were the largest segment in non-oil exports, valued at RO 1.514 billion, up 17.4% compared to 2023. Metal products followed at RO 767 million, an increase of 2.8%, while chemical industry products reached RO 608 million, showing a 2.9% growth. Plastics and rubber exports grew by 6.3% to RO 549 million, while live animals and animal product exports dropped by 17.4% to RO 195 million.
Re-exports from Oman also grew by 14.7%, reaching RO 999 million by July 2024. Significant contributors were transportation equipment, valued at RO 278 million, and food and beverages, which rose 20.7% to RO 98 million. The re-export of mineral products surged by 77.2% to RO 93 million.
On the import side, mineral products led the list, totaling RO 2.745 billion, a 23.6% increase. Machinery and electrical equipment imports grew by 22.1% to RO 1.578 billion, followed by metal products at RO 892 million, a slight decline of 3.5%.
The UAE topped the list of trading partners for non-oil exports, with a value of RO 558 million, up 14.9%, while Saudi Arabia and South Korea followed with RO 468 million and RO 392 million, respectively. The UAE also led re-exports, valued at RO 377 million, while Iran and China ranked next. For imports, Kuwait and China were Oman’s Oman’s top trading partners, with values of RO 983 million and RO 965 million, respectively. — ONA
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