Oman records trade surplus of OMR 2.6 billion
The trade balance of the Sultanate of Oman recorded a surplus of OMR 2.61 billion at the end of March 2024, up from OMR 1.93 billion during the same period in 2023.
The increase in the value of exports is mainly due to the rise in the value of oil and gas exports to OMR 3.722 billion, or 3.1 percent from the end of March 2023, which amounted to OMR 3.609 billion.
By the end of March 2024, the value of Oman’s exports of crude oil amounted to OMR 2.704 billion, an increase of 13.3 percent over the same period last year.
The value of refined oil exports decreased to OMR 336 million, or 13.9 percent. The value of Oman’s exports of liquefied natural gas decreased to OMR 682 million, or 18.1 percent, compared to the end of March 2023.
Statistics from the National Centre for Statistics and Information (NCSI) revealed that the value of non-oil merchandise exports increased by 44.9 percent by the end of March 2024 to reach OMR 2.338 billion, compared to the end of March 2023 which amounted to OMR 1.614 billion.
Mineral products had the highest value among non-oil commodity exports reaching OMR 1.169 billion, an increase of 127 percent over the same period in 2023, followed by ordinary metal products at OMR 352, an increase of 9.6 percent, then products of chemical industries and related industries. The value of exports amounted to OMR 253 million, a decrease of 7.3 percent.
The value of Oman’s exports of plastic and rubber products increased to OMR 233 million, or 20.4 percent, while exports of live animals and animal products decreased by 1.2 percent to reach OMR 89 million. The value of exports of other products reached OMR 242 million.
The value of re-exports from Oman increased to OMR 442 million, or 26.8 percent, by the end of March 2024 compared to the end of March 2023.
The value of re-exports of transportation equipment products reached OMR 140 million, an increase of 49.3 percent, and machinery, appliances, electrical equipment and their parts, OMR 103 million, up 22 percent.
The value of re-exports of live animals and animal products increased to OMR 39 million, or 8.6 percent.
In the food, beverages and liquids industry, the value of re-exports decreased by 2 percent to OMR 35 million. Re-export of mineral products amounted to OMR 28 million, an increase of 56.8 percent.
The value of other products amounted to OMR 98 million.
Metal products received the largest value of merchandise imports to Oman, recording OMR 1.97 billion at the end of last March, rising by 15 percent, followed by machinery, appliances, electrical equipment and audio recording and broadcasting equipment, with a value of OMR 605 million, recording a growth of 8.1 percent at the end of March 2024.
Products of the chemical industries and related industries, with a value of OMR 375 million, grew by 2.1 percent. Transport equipment, with a value of OMR 330 million, decreased by 2 percent.
The Kingdom of Saudi Arabia topped the trade exchange operations in non-oil exports with a value at the end of last March amounting to about OMR 238 million, an increase of 9.5 percent from the end of March 2023.
The United Arab Emirates topped the trade exchange operations in re-exports from Oman, reaching OMR 175 million. The UAE also came in first place on the list of countries exporting to Oman with a value of OMR 982 million, an increase of 1.4 percent from the end of March 2023.