The Sultanate of Oman's trade balance showed a surplus of OMR2.61 billion at the end of March 2024, up from OMR1.93 billion in the same period of 2023, as per the latest data from the National Centre for Statistics and Information (NCSI).
As per NCSI figures, the total value of merchandise exports hit OMR6.50 billion by March 2024, marking a 16.7 percent increase from the previous year's OMR5.57 billion during the same period.
On the other hand, merchandise imports to Oman totaled OMR3.89 billion by March 2024, reflecting a 6.9 percent rise compared to OMR3.64 billion in March 2023.
The surge in export value is primarily due to a 3.1 percent increase in the value of Oman's oil and gas exports, reaching OMR3.72 billion by March 2024, compared to OMR3.60 billion in March 2023.
Crude oil exports amounted to OMR2.70 billion by March 2024, up by 13.3 percent from the previous year, while refined oil exports decreased by 13.9 percent to OMR363 million. Liquefied natural gas exports also dropped by 18.1 percent to OMR682 million compared to March 2023.
Furthermore, non-oil merchandise exports surged by 44.9 percent to OMR2.33 billion by March 2024, compared to OMR1.61 billion in March 2023.
The mineral products had the highest value among non-oil commodity exports, totaling OMR1.16 billion. This represents a significant increase of 127 percent compared to the same period in 2023. Following closely behind are base metals and their articles, with an export value of OMR352 million, showing a growth of 9.6 percent. The products of chemical industries, on the other hand, experienced a decline of 7.3 percent, with an export value of OMR253 million.
Plastics and rubber exports saw a notable increase of 20.4 percent, reaching OMR233 million. However, live animals and animal products experienced a slight decline of 1.2 percent, amounting to OMR89 million. Additionally, the value of exports for other products reached OMR242 million.
Re-exports from the Sultanate of Oman saw a significant increase of 26.8 percent, reaching OMR442 million by the end of March 2024, compared to the end of March 2023.
The re-export value of transport equipment grew by OMR140 million, representing a substantial increase of 49.3 percent. Similarly, the re-exports of electrical machinery and equipment recorded a growth of 22 percent, reaching OMR103 million.
The re-export value of live animals and animal products increased by 8.6 percent, totaling OMR39 million. However, the re-export value of foodstuffs, beverages, and liquid products decreased by 2 percent, amounting to OMR35 million.
The re-export of mineral products amounted to OMR28 million, showing a significant increase of 56.8 percent. Additionally, the value of other products reached OMR98 million.
On the contrary, mineral products were the most valuable merchandise imports to Oman, totaling OMR1.097 billion by the end of March 2024, showing a 15% increase. This was followed by electrical machinery & equipment, sound recording and broadcasting equipment at OMR605 million, with an 8.1% growth, and products of the chemical industries at OMR375 million, with a 2.1% increase. However, transportation equipment saw a decline of 2% to OMR330 million.
Saudi Arabia led in non-oil exports, with transactions valued at OMR238 million by the end of March 2024, marking a 9.5% increase from the previous year.
The United Arab Emirates ranked first in re-exports from Oman, totaling OMR175 million by the end of March 2024. Additionally, the UAE was the top country exporting to Oman, with a value of OMR982 million, showing a 1.4% increase compared to March 2023.
