Muscat – Oman’s trade surplus increased by RO218mn to reach RO6.562bn during the first ten months of 2024, compared to RO6.344bn recorded in the corresponding period of 2023, thanks to a significant rise in oil and gas exports, particularly a sharp growth in refined oil exports in 2024.

According to statistics released by the National Centre for Statistics and Information (NCSI), the total value of commodity exports reached RO20.319bn during the January–October period of 2024, up by 8.7% from RO18.693bn in the same period of the previous year.

Refined oil drives export growth

The NCSI data showed that the increase in the value of exports was mainly driven by the rise in Oman’s hydrocarbon exports, which reached RO13.768bn – an increase of 21.1% compared to exports of RO11.365bn in the same period a year ago.

Among hydrocarbon exports, the value of Oman’s crude oil exports amounted to RO8.422bn, recording a growth of 6.1% over the same period of the previous year.

In a new shift in Oman’s exports, the value of refined oil exports surged by 155% to RO3.278bn during the first ten months of 2024, thanks to increased refining capacity of the sultanate. However, the value of liquefied natural gas (LNG) exports decreased by 3.4% to RO2.68bn compared to the same period in 2023.

Non-oil exports drop 16%

The NCSI data revealed a decrease in the value of non-oil exports by 16.2% in the first ten months of 2024, reaching RO5.106bn compared to RO6.96bn recorded in the same period of the previous year.

Among Oman’s non-oil shipments, mineral products had the highest value, amounting to RO1.492bn, but this was down by 32.2% from the same period in 2023. This was followed by ordinary metals and related products, with shipments worth RO1.092bn, then exports of plastics and their products and rubber and related products, amounting to RO808mn.

Exports of chemicals and related industries decreased, with an export value of RO649mn in 2024, followed by exports of live animals and animal products at RO286mn, and the value of exports of other products, which amounted to RO780mn.

The value of re-exports from Oman increased by 17.3% to RO1.445bn during the ten months ending in October 2024, compared to the same period a year ago.

Imports increase by 11.4%

The value of commodity imports to Oman amounted to RO13.757bn, an increase of 11.4% compared to the same period last year, when imports totalled RO12.349bn.

Imports of mineral products had the highest value, recording RO3.886bn, an increase of 13.4%, followed by machinery, electrical appliances and equipment, and their parts, including sound recording and broadcasting devices, with a value of RO2.368bn, showing a growth of 26.2%.

Imports of products of chemicals and related industries totalled RO1.305bn, an increase of 4.9%, while shipments of ordinary metals and their products recorded a value of RO1.297bn, a decrease of 2.8%.

Imports of transportation equipment were valued at RO1.211bn, an increase of 11.5%, and imports of other products were recorded at RO3.691bn.

UAE remains top non-oil trading partner

The United Arab Emirates continued to be Oman’s largest non-oil trading partner in 2024. Oman’s non-oil exports to the UAE during the first ten months of 2024 reached RO839mn, an increase of 10.8% over the same period of 2023.

The UAE also emerged as the top destination for Oman’s re-exports, with the value of re-exports to it amounting to RO494mn.

The UAE was also the top source of imports into Oman in 2024, with a value of RO3.286bn. China ranked second in terms of exports to Oman, with a value of RO1.469bn, followed by Kuwait at RO1.358bn.

Saudi Arabia ranked second for Omani non-oil exports, with a value of RO663mn, followed by South Korea at RO580mn.

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