Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
Mineral products contributed the highest value at OMR839 million among Oman's non-oil commodity exports, a 143 percent surge year on year Oman News Agency
Mineral products contributed the highest value at OMR839 million among Oman's non-oil commodity exports, a 143 percent surge year on year

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.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

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.

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. 

Latest articles

A Mitsubishi H3 rocket on the launchpad in Japan. The UAE will use the model in its asteroid belt mission

UAE and Mitsubishi sign agreement for asteroid belt mission

The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt.  The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […]

Outdoors, Ground, Nature

IMF gives Jordan access to $131m as reforms continue

The International Monetary Fund (IMF) will grant Jordan access to $131 million as the country’s economic reform programme remains strong despite facing a challenging external environment. The release of the funds remains subject to approval by the IMF’s management and executive board. “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused […]

Architecture, Building, Factory

Oman public revenue tops $21bn as oil earnings surge

Oman’s public revenue rose to OMR8.1 billion ($21 billion) by the end of August 2024, up 3 percent year on year, thanks to a surge in oil income. Net oil revenue reached OMR4.65 billion, rising 12 percent, compared to OMR4.15 billion a year earlier, the state-run Oman News Agency reported, citing the finance ministry’s latest […]

The Forbes Tower is designed by architects Adrian Smith and Gordon Gill with a facade by BMW's Designworks

Egypt’s Forbes Tower has designs on Burj Khalifa records

Egypt’s 50-storey Forbes Tower is a self-consciously Dubai-esque development. It will have the world’s tallest central atrium, the fastest elevator, and is due to be the first net-zero tower in the Middle East and North Africa.  Magnom Properties, the Egyptian-Saudi-owned developer, plans to spend $1 billion building the 240m tall tower, and has embraced comparisons […]