Oman’s trade surplus increased by OMR 218 million (USD 566.2 million) during the first ten months of 2024. This was due to a significant rise in oil and gas exports, particularly a sharp growth in refined oil products. According to the National Centre for Statistics and Information (NCSI), total commodity exports reached OMR 20.32 billion (USD 52.78 billion) during the January–October period of 2024. As a result this figure had expanded by 8.7% when compared against the same period of the previous year.
NCSI Reveals a 21% Increase in Exports
Further NCSI data showed the increased value of exports was mainly driven by the rise in Oman’s hydrocarbon exports, which reached OMR 13.77 billion (USD 35.77 billion). These figures represent a 21.1% increase compared to exports of OMR 11.37 billion (USD 29.53 billion) in the same period a year ago. Among hydrocarbon exports, crude oil recorded a growth of 6.1% over the same period. Importantly, refined oil exports surged by 155% to OMR 3.28 billion (USD 8.52 billion) due to increased refining capacity.
Oman`s Re-Exports Increase by 17% Year-on-Year
Additional NCSI data revealed the value of non-oil exports reached OMR 5.11 billion (USD 13.27 billion) in the first ten months of 2024. Mineral products had the highest value, amounting to OMR 1.49 billion (USD 3.87 billion), followed by ordinary metals and related products worth OMR 1.09 billion (USD 2.83 billion). Exports of plastics and rubber related products equalled OMR 808 million (USD 2.1 billion). Encouragingly, Oman`s re-exports increased by 17.3% during the ten months upto October 2024 year-on-year.
Oman`s Non Oil Trading Partners
Oman’s largest non-oil trading partner in 2024 continued to be the United Arab Emirates which saw an increase of 10.8% year-on-year. Saudi Arabia ranked second at OMR 663 million (USD 1.72 billion), followed by South Korea with OMR 580 million (USD 1.51 billion). Additionally, the UAE was also the top destination for Oman’s re-exports, with a value of OMR 494 million (USD 1.28 billion).
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