Oman trade balance surplus up 37% on higher oil exports

Alamy via Reuters

Oman’s trade balance surplus rose 37 percent year on year to OR2.6 billion ($6.8 billion) at the end of the first quarter of 2024, as rising oil and gas revenues benefited the sultanate’s balance of payments, official data showed.

The total value of merchandise exports jumped 16.7 percent year on year to OR6.5 billion, state-run Oman News Agency reported, quoting the National Center for Statistics and Information (NCSI) data.

The value of merchandise imports reached almost OR4 billion, up 7 percent annually.

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Higher exports were driven by oil and gas sales rising 3 percent year on year to OR3.7 billion. Crude oil exports jumped 13 percent year on year to OR2.7 billion.

However, refined oil exports fell by almost 14 percent annually to OR336 million. Liquefied natural gas exports also declined to OR682 million, down 18 percent year on year.  

Non-oil merchandise exports increased by 45 percent year on year to OR2.3 billion by the end of Q1.

Mineral products reported the highest value among non-oil commodity exports at OR1.2 billion, an increase of 127 percent year on year.

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Saudi Arabia topped the trade exchange transactions, reaching OR238 million, an annual increase of 9.5 percent.

The UAE topped the trade exchange transactions in re-exports from Oman, reaching OR175 million.

Additionally, the UAE ranked first in the list of top countries exporting to the sultanate, with exports valued at OR982 million, up 1.4 percent year on year.