Trade Oman’s trade faces Q1 headwinds as oil exports fall By Saleh Al-Shaibany May 27, 2025, 8:47 AM Alamy via Reuters A container ship in the port city of Muscat. Oman. While oil and gas exports fell, the country's non-oil sectors are boosting revenue, and imports are on the rise Energy exports drop Non-oil exports rise Imports show increase Oman’s total foreign trade in the first quarter of 2025 declined by 10.4 percent year on year to $14.7 billion, dragged down by a 16 percent drop in oil and gas exports. Oil and gas exports fell to $9.6 billion in the first three months of this year, from $11.4 billion the same time last year, figures from the National Centre for Statistics and Information showed. However, non-oil revenues rose 8.6 percent to $4.2 billion, thanks to a sharp increase of minerals exports, which climbed 14 percent to $1.2 billion. Oman’s non-oil exports include chemicals, fish, live animals and agricultural products. Total imports showed a rise of 11 percent year on year to $11.2 billion in the first quarter. Transportation equipment took the lion’s share, accounting for 27 percent of total imports, followed by electrical materials and chemicals. Oman’s top non-oil export trade partners are Saudi Arabia, the UAE, South Korea, India and the US. Oman in talks with US to review reciprocal tariff UAE remains Oman’s primary exporter despite increase from China Oman’s exports rise after Duqm refinery comes online The sultanate relies heavily on its crude oil exports, which make up more than 70 percent of its national revenues. Oman produces an average of one million barrels of crude oil per day. The Gulf state’s economy recorded modest GDP growth last year, up 1.7 percent year on year to around $100 billion. This year, GDP is projected to grow to $102.42 billion. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
