Muscat: The Sultanate of Oman's trade balance recorded a surplus of OMR2.989 billion by the end of May 2024, compared to a surplus of OMR2.986 billion during the same period of 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

The statistics further indicate that the value of commodity exports reached OMR9.689 billion, an increase of 5 percent by the end of May 2024 from OMR9.224 billion over the same period of the previous year. The value of commodity imports to the Sultanate of Oman increased by 7.4 percent to OMR6.700 billion by the end of May 2024 compared to OMR6.238 billion during the same period of last year.

The increase in the value of exports is mainly attributed to the increase in value of the Sultanate of Oman’s oil and gas exports to OMR5.937 billion, an increase of 1.8 percent compared to OMR5.833 billion by the end of May 2023.

The value of the Sultanate of Oman's crude oil exports amounted to OMR4.297 billion by the end of May 2024, recording an increase of 7.6 percent over the same period of the previous year, and the value of refined oil exports decreased to OMR579 million, a decline of 8.7 percent. The value of the Sultanate of Oman's liquefied natural gas (LNG) exports decreased to OMR1.061 billion, a decrease of 12 percent, compared to the end of May 2023.

Statistics revealed an increase in the value of non-oil commodity exports increased by 11.2 percent to reach OMR3.045 billion by the end of May 2024 compared to OMR2.737 billion by the end of May 2023. Mineral products had the highest value of non-oil commodity exports, amounting to OMR1.101 billion, an increase of 23.1 percent over the same period in 2023, followed by base metals at OMR560 million, an increase of 8.9 percent, followed by products of chemical with an export value of OMR435 million, a decrease of 7 percent.

The value of the Sultanate of Oman's exports of plastics and rubber increased to OMR399 million, an increase of 13.5 percent while exports of live animals and animal products increased by 2.5 percent, reaching OMR149 million and the value of exports of other products amounted to OMR401 million.

The total value of re-exports from the Sultanate of Oman increased to OMR707 million, an increase of 8.1 percent by the end of May 2024, compared to the end of May 2023.

The value of re-exports in transportation equipment products recorded OMR188 million, a decrease of 0.5 percent, and electrical machinery & equipment recorded OMR165 million, an increase of 2 percent. In foodstuffs; beverage and tobacco, the value of re-exports increased by 13.7 percent to reach OMR66 million, while the re-export of mineral products reached OMR66 million, an increase of 56.2 percent. The value of re-exports of live animals & animal products decreased to OMR53 million, by 14.8 percent, while the value of other products amounted to OMR169 million.

In contrast, mineral products had the largest value of commodity imports to the Sultanate of Oman, reaching OMR1.967 billion by the end of last May, an increase of 13.7 percent, followed by electrical machinery & equipment with a value of OMR1.121 billion, recording a growth of 18.5 percentby the end of May 2024, followed by base metals and their products with a value of OMR643 million, a decrease of 2.3 percent.

Imports of products of chemicals recorded a value of OMR601 million, a decrease of 5.8 percent and transportation equipment also increased by 2.4 percent to OMR574 million.

The United Arab Emirates (UAE) topped trade exchange operations in non-oil exports with a value of OMR395 million, an increase of 15.1 percent by the end of May 2024 compared to the same period in 2023. In trade exchange operations in re-exports from the Sultanate of Oman, the value of re-exports amounted to OMR244 million and the countries exporting to the Sultanate of Oman, stood at OMR1.582 billion.

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