UK-Oman trade sees 11.4% rise in Q1 2024

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MUSCAT: Trade between the UK and Oman saw an increase over the past year. The latest trade data reveals that total trade between the UK and Oman reached £1.4 billion (approx. RO 690 million) in the four quarters leading up to the end of Q1 2024. This figure marks an 11.4 per cent increase, or £138 million, compared to the previous year.

Oman is currently ranked as the UK’s 81st largest trading partner, representing 0.1 per cent of the UK's total trade. UK exports to Oman totaled £1.0 billion in the latest data, reflecting a 4.3 per cent increase, or £43 million. Within this, UK exports in goods amounted to £530 million (51.1 per cent of total exports), while services exports were valued at £508 million (48.9 per cent). On the import side, the UK imported £312 million from Oman, a notable increase of 43.8 per cent or £95 million. The majority of these imports were goods, totaling £268 million (85.9 per cent), with services making up £44 million (14.1 per cent).

Comparing this with the full calendar year of 2023, total UK-Oman trade was £1.3 billion, a rise of 11.9 per cent or £139 million. The UK's exports to Oman increased by 12.8 per cent to £1.1 billion, with goods exports reaching £542 million (51.5 per cent) and services exports at £510 million (48.5 per cent). UK imports from Oman also grew, reaching £258 million, with goods making up £232 million (89.9 per cent) and services accounting for £26 million (10.1 per cent).

In terms of market share, the UK held a 2.5 per cent share of the total trade with Oman in 2022, a slight decrease of 0.1 percentage points from the previous year. For goods alone, the UK’s market share was 1.6 per cent, down by 0.2 percentage points, while its share of services increased to 5.5 per cent, up by 0.3 percentage points.