Oman’s vehicle spare parts exports surge by 27% amid decline in imports

PHOTO

Muscat – Oman’s vehicle spare parts exports reached RO9.87mn during the first five months of 2024, marking a 27.04% increase from RO7.77mn recorded in the same period in 2023, according to data from the National Centre for Statistics and Information (NCSI).

This growth highlights the rising demand for Omani spare parts in international markets.

In contrast, the country’s imports of vehicle spare parts fell by 11.8%, amounting to RO44.7mn during the first five months of this year, down from RO50.68mn in the corresponding period of the previous year. The total weight of these imports also saw a decrease, dropping to approximately 11.35mn kg from 12.22mn kg in 2023.

The United Arab Emirates remains the largest supplier of vehicle spare parts to Oman, with imports from the UAE valued at RO19.48mn during January – May period. Japan followed with RO13.73mn, while India, Thailand, and China contribute RO2.16mn, RO2mn, and RO1.67mn, respectively.

On the export front, Oman shipped out approximately 14.33mn kg of spare parts, up from 10.24mn kg in the previous year. The Czech Republic emerged as the top importer of vehicle spare parts from Oman, with purchases worth RO4.1mn, followed by Mexico, the Netherlands, the US, and the UAE.

However, Oman’s re-exports of vehicle spare parts saw a sharp decline, totalling RO11.13mn, a drop of 65.66% from RO32.4mn in 2023. The weight of re-exported parts also decreased to 2.65mn kg from 5.29mn kg the previous year.

The UAE remains the leading destination for re-exports, with a value of RO7.28mn, followed by Turkey, the UK, Luxembourg, and the US.

As of April 2024, Oman had 1,527 businesses involved in the sale of vehicle spare parts, including 856 retailers of new parts and 671 specialising in used parts.