Muscat: At the close of October 2024, the Sultanate of Oman reported a trade surplus of OMR6.56 billion, an increase from the OMR6.34 billion surplus recorded during the same timeframe in 2023, as per preliminary data from the National Centre for Statistics and Information.
The statistics reveal that oil and gas exports from Oman rose by 21.1% by the end of October 2024 compared to the previous year.
Additionally, the total value of merchandise exports reached OMR20.31 billion by the end of October 2024, marking an 8.7% increase from OMR18.69 billion in the same period of 2023. Meanwhile, merchandise imports into Oman totaled OMR13.75 billion, reflecting an 11.4% rise from OMR12.34 billion during the same period last year.
The growth in export value is primarily driven by a significant increase in oil and gas exports, which reached OMR13.76 billion, up 21.1% from OMR11.36 billion at the end of October 2023.
Within the oil and gas sector, crude oil exports amounted to OMR8.42 billion, representing a 6.1% increase over the previous year. Refined oil exports surged by 154.8% to OMR3.27 billion, while liquefied natural gas (LNG) exports saw a decline of 3.4%, totaling OMR2.06 billion compared to the end of October 2023.
Furthermore, the data indicated a 16.2% decrease in non-oil merchandise exports, which fell to OMR5.10 billion by the end of October 2024, down from OMR6.09 billion in the same period of the previous year.
Mineral products represented the highest value of non-oil merchandise exports, totaling OMR1.49 billion, which reflects a decline of 32.2% compared to the same period in 2023. Following this, base metals and their products accounted for OMR1.09 billion, experiencing a slight decrease of 0.1%. Chemical products had an export value of OMR649 million, marking a decrease of 23.7%.
In contrast, the Sultanate of Oman's exports of plastics and rubber rose to OMR808 million, an increase of 7.1%. Exports of live animals and animal products saw a decline of 15.2%, reaching OMR286 million, while the total value of other product exports was OMR780 million.
Re-exports from the Sultanate of Oman increased by 17.3%, reaching OMR1.44 billion by the end of October 2024, compared to the same time in 2023. However, re-exports in transport equipment decreased by 4% to OMR338 million, and electrical machinery and equipment fell by 5.4% to OMR315 million.
In the foodstuff, beverage, and tobacco sector, re-exports rose by 30.6% to OMR151 million, while mineral product re-exports reached OMR114 million, reflecting a significant increase of 50.4%. Conversely, re-exports of live animals and animal products decreased by 14.9% to OMR82 million, with other products totaling OMR446 million.
On the import side, mineral products also led the way, with a total value of OMR3.88 billion by the end of October 2024, representing a 13.4% increase. This was followed by electrical machinery and equipment, which reached OMR2.36 billion, showing a growth of 26.2%. Base metals and their products recorded an import value of OMR1.29 billion, down by 2.8%.
Chemical products imports amounted to OMR1.30 billion, reflecting a 4.9% increase, while transport equipment imports rose by 11.5% to OMR1.21 billion.
The United Arab Emirates (UAE) led the trade exchange in non-oil exports, reaching OMR839 million by the end of October 2024, which is a 10.8% increase from the end of October 2023.
