Trade Oman’s foreign trade up thanks to oil and gas By Saleh Al-Shaibany March 5, 2025, 6:21 PM Alamy via Reuters A traditional dhow and a cruise ship in Muscat. Crude oil exports make up 70% of Oman's revenue Total foreign trade worth $63bn Oil and gas exports dominate Non-oil revenues down 16% Oman’s total foreign trade in 2024 rose by 7 percent year on year to $63 billion, led by a rise of 18 percent in oil and gas exports. However, non-oil revenues fell, underlining Oman’s continued heavy reliance on fossil fuels. Oil and gas exports jumped to $42 billion in 2024, up from $35.6 billion the previous year. However, non-oil and gas revenues fell by 16 percent to $16 billion, figures from the National Centre for Statistics and Information showed. Oman’s non-oil exports include minerals, chemicals, fish, live animals and agricultural products. Total imports showed a rise of 12 percent year on year to $43 billion in 2024. Food and beverages took the lion’s share, accounting for 43 percent of total imports, followed by construction and electrical materials. Higher than forecast oil prices mean likely budget surplus for Oman Oman plans commercial court to attract foreign investors Omani tourism struggles against fierce Gulf competition Oman’s main trade partners in 2024 were the United Arab Emirates, Saudi Arabia, Qatar, India, South Korea, Japan and China. In the past five years, the country has removed many trade barriers, bringing in duty free categories and unified import taxes. The sultanate relies heavily on its crude oil exports, which make up more than 70 percent of its national revenues. Last year Oman on average produced 1 million barrels of crude oil per day.
