Muscat:
Oman’s trade balance recorded a surplus of OMR7.138 billion by the end of November 2024, compared to a surplus of OMR6.997 billion during the same period in 2023.
Preliminary statistics released by the National Centre for Statistics and Information (NCSI) show that the total value of exports increased by 7.7 percent to OMR22.225 billion by the end of November 2024 compared to OMR20.636 billion recorded during the same period of previous year.
The value of Oman’s imports reached OMR15.087 billion, marking a 10.6% increase by the end of November 2024 compared to OMR13.639 billion in the same period the previous year.
The rise in exports was mainly attributed to an increase of 19.7 percent in Oman’s oil and gas exports, which reached OMR14.994 billion by the end of November 2024 compared to OMR12.525 billion by the end of November 2023.
Oman’s crude oil exports were valued at OMR9.125 billion, up by 2.5% compared to the same period of the previous year. Refined oil exports rose to OMR3.573 billion, an increase of 174.9%, while liquefied natural gas (LNG) exports decreased to OMR2.296 billion, a drop of 1.1% compared to the end of November 2023.
The statistics further revealed a decline in the value of non-oil commodity exports by 16.6% reaching OMR 5.642 billion by the end of November 2024, compared to OMR 6.768 billion for the same period the previous year.
Mineral products held the highest value among non-oil commodity exports, amounting to OMR1.616 billion, a decrease of 35.2% compared to the same period in 2023. It was followed by ordinary metals and their products at OMR1.202 billion, a decrease of 1.1% and plastic and rubber products with export values of OMR 896 million, an increase of 10.1%.
Chemical and related industries exports from Oman fell by 22%, totalling OMR725 million. Exports of live animals and animal products decreased by 12.3% to OMR320 million, while other product exports amounted to OMR883 million.
Re-exports from Oman increased to OMR1.590 billion, an 18.3% rise by the end of November 2024 compared to the same period the previous year. The value of re-exported transport equipment products was OMR385 million, higher by 2.1%, while machinery, electrical equipment, and parts, as well as sound recording and broadcasting devices, reached OMR346 million, a decline of 4.1%. The re-export value of food and beverage manufacturing products increased by 30.2% to OMR 168 million, while re-exports of mineral products amounted to OMR 119 million, up by 43.1%.
Re-export values for live animals and animal products decreased to OMR 89 million, down by 13.3%, and other products stood at OMR 483 million.
Regarding commodity imports, mineral products had the highest value, reaching OMR4.212 billion by the end of November 2024, a rise of 9.5%. This was followed by machinery, electrical equipment, and parts, as well as sound recording and broadcasting devices, with a value of OMR2.606 billion, a 26% increase by the end of November 2024. Ordinary metals and their products were valued at OMR1.449 billion, a decrease of 1.2%. Chemical industries and related industries products recorded a value of OMR1.401 billion, a 2.7% increase. Transport equipment imports stood at OMR 1.354 billion, a 13.1% rise, and other product imports totaled OMR 4.065 billion.
The United Arab Emirates (UAE) topped non-oil commodity trade exchanges by the end of November 2024, with a value of OMR935 million, an 8.1% increase compared to the end of November 2023. The UAE also led in re-export trade from Oman, with a value of OMR526 million, and as the top exporter to Oman, with a value of OMR 3.6 billion.
Saudi Arabia ranked second in Omani non-oil exports, with a value of OMR 764 million, followed by South Korea with OMR 611 million. Iran came second in re-exports with a value of OMR 335 million, followed by Kuwait with OMR 110 million. China was the second-largest exporter to Oman, with a value of OMR 1.621 billion, followed by Kuwait with OMR 1.492 billion. – With inputs from ONA
