Oman’s trade surplus rises 21% on higher crude exports

Oman News Agency

Oman’s trade surplus rose 21 percent year on year to OMR1.7 billion ($4.4 billion) by the end of February 2024, according to government data.

The total value of merchandise exports reached OMR4.4 billion during the period, a 20 percent increase, compared to OMR3.7 billion a year ago, state-run Oman News Agency reported, citing statistics from the National Centre for Statistics and Information.

Exports were driven by oil and gas sales, which rose 7.2 percent yearly to OMR2.6 billion.

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Crude oil exports reached nearly OMR2 billion, climbing 21 percent annually. Non-oil merchandise exports surged by half to OMR1.6 billion.

Among non-oil commodity exports, mineral products contributed the highest value at OMR839 million, a 143 percent surge over the same period last year. Base metals followed with an export value of OMR232 million, up 16 percent year on year.

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Total merchandise imports grew to OMR2.7 billion, rising 17 percent year on year. Additionally, re-exports increased to OMR247 million, or 9 percent, annually.

Saudi Arabia topped the trade exchange transactions in non-oil exports at OMR170 million by the end of February 2024, an 8 percent increase from the previous year. 

The UAE led in re-exports from Oman, totalling OMR71 million. It also ranked first among countries exporting to the sultanate, with a value of OMR667 million, up 8 percent year on year.