Muscat: The trade balance of the Sultanate of Oman registered a surplus of OMR4,304 million by the end of July 2024 compared to OMR4,324 million during the corresponding period in 2023, according to the data issued by the National Centre for Statistics and Information (NCSI).

The statistics indicate that the total value of merchandise exports by the end of July 2024 reached OMR13,720 million, comprising an increase of 7.6% over the same period in 2023 when the figure stood at OMR12,752 million.

The value of merchandise imports to the Sultanate of Oman amounted to OMR9,416 million, comprising an increase of 11.7% by the end of July 2024 compared to corresponding period in 2023 when it stood at OMR8,428 million.

The increase in the value of exports by the end of June 2024 is mainly attributed to the increase in value of the Sultanate of Oman’s oil and gas exports to OMR8,569 million, up by 8% compared to the end of July 2023 when it stood at OMR7,931 million.

Among oil and gas exports by the end of July 2024, the value of the Sultanate of Oman's crude oil exports amounted to OMR5,962 million, recording an increase of 7.6% over the same period in 2023, and the value of refined oil exports increased to OMR1,163 million by 30.2%, and the value of the Sultanate of Oman's liquefied natural gas exports decreased to OMR1,444 million by 3.6%, compared to the end of July 2023.

Statistics revealed an increase in the value of non-oil merchandise exports by 5.1% by the end of July 2024, to reach OMR4,152 million, compared to the end of July 2023, when it recorded OMR3,950 million.

Mineral products had the highest value of non-oil merchandise exports, amounting to OMR1,514 million, comprising an increase of 17.4% over the same period in 2023, followed by base metals and related products with OMR767 million, comprising an increase of 2.8%, followed by products of chemicals with an export value of OMR608 million, increasing by 2.9%.

The value of the Sultanate of Oman's exports of plastics and rubber increased to OMR549 million, constituting a rise of 6.3%. Meanwhile, exports of live animals and animal products fell by 17.4%, reaching OMR195 million, and the value of exports of other products amounted to OMR520 million.

The value of re-exports from the Sultanate of Oman increased (14.7%) to OMR999 million by the end of July 2024, compared to the end of July 2023.

The value of re-exports in transport equipment products recorded OMR278 million, going up by 12%, while electrical machinery and equipment recorded OMR222 million, going down by 4.6%.

In the category of foodstuff, beverages and tobacco, the value of re-exports increased by 20.7% to reach OMR98 million, while the re-export of mineral products recorded a value of OMR93 million, an increase of 77.2%.

The value of re-exports of live animals and animal products decreased (15.7%) to OMR64 million, while the value of other products amounted to OMR246 million.

In contrast, mineral products had the largest value of merchandise imports to the Sultanate of Oman, reaching OMR2,745 million by the end of July 2024, comprising an increase of 23.6%, followed by electrical machinery and equipment with a value of OMR1,578 million which recorded a growth of 22.1% by the end of July 2024, followed by base metal and their products with a value of OMR892 million, down by 3.5%.

Imports of products of chemicals recorded a value of OMR880 million, comprising a rise of 0.1%, and transport equipment registered OMR800 million, an increase of 4.2%.

The United Arab Emirates topped the list in the trade exchange operations in non-oil exports by the end of July 2024 with a value of OMR558 million, increasing by 14.9% compared to the corresponding period in 2023.

 

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