Muscat: By the end of November 2024, Oman's trade balance achieved a surplus of OMR7.138 billion, an increase from the surplus of OMR6.997 billion recorded during the same timeframe in 2023.
According to preliminary data from the National Centre for Statistics and Information (NCSI), the total export value rose by 7.7 percent, reaching OMR22.225 billion by the end of November 2024, compared to OMR20.636 billion in the corresponding period of the previous year.
Oman's imports amounted to OMR15.087 billion, reflecting a 10.6% increase compared to OMR13.639 billion during the same period last year.
The growth in exports was primarily driven by a 19.7 percent rise in oil and gas exports, which totaled OMR14.994 billion by the end of November 2024, up from OMR12.525 billion in November 2023.
Crude oil exports were valued at OMR9.125 billion, representing a 2.5% increase from the previous year. Refined oil exports surged to OMR3.573 billion, marking a significant increase of 174.9%, while liquefied natural gas (LNG) exports saw a slight decline to OMR2.296 billion, down by 1.1% compared to the end of November 2023.
Additionally, the data indicated a 16.6% decrease in the value of non-oil commodity exports, which reached OMR5.642 billion by the end of November 2024, compared to OMR6.768 billion in the same period the previous year.
Among non-oil commodity exports, mineral products had the highest value at OMR1.616 billion, a decline of 35.2% from the previous year. This was followed by ordinary metals and their products at OMR1.202 billion, down by 1.1%, and plastic and rubber products, which saw an increase in export values to OMR896 million, up by 10.1%.
Chemical and related industry exports from Oman experienced a decline of 22%, amounting to OMR725 million. Exports of live animals and animal products fell by 12.3% to OMR320 million, while other product exports reached OMR883 million.
In contrast, re-exports from Oman rose to OMR1.590 billion, reflecting an 18.3% increase by the end of November 2024 compared to the same timeframe the previous year. The value of re-exported transport equipment was OMR385 million, marking a 2.1% increase, whereas machinery, electrical equipment, and parts, along with sound recording and broadcasting devices, totaled OMR346 million, showing a decline of 4.1%. The re-export value of food and beverage manufacturing products surged by 30.2% to OMR168 million, while mineral product re-exports reached OMR119 million, up by 43.1%.
Re-export values for live animals and animal products decreased to OMR89 million, down by 13.3%, while other products accounted for OMR483 million.
In terms of commodity imports, mineral products led with a total value of OMR4.212 billion by the end of November 2024, reflecting a 9.5% increase. This was followed by machinery, electrical equipment, and parts, as well as sound recording and broadcasting devices, valued at OMR2.606 billion, which saw a 26% rise. Ordinary metals and their products were valued at OMR1.449 billion, a slight decrease of 1.2%. Products from the chemical industries and related sectors recorded a value of OMR1.401 billion, an increase of 2.7%. Transport equipment imports reached OMR1.354 billion, up by 13.1%, while other product imports totaled OMR4.065 billion.
The United Arab Emirates (UAE) led non-oil commodity trade exchanges by the end of November 2024, with a value of OMR935 million, representing an 8.1% increase compared to the end of November 2023. The UAE also dominated re-export trade from Oman, valued at OMR526 million, and was the top exporter to Oman, with a total value of OMR3.6 billion.
Saudi Arabia secured the second position in Oman's non-oil exports, amounting to OMR 764 million, while South Korea followed closely with OMR 611 million. In terms of re-exports, Iran ranked second with a value of OMR 335 million, trailed by Kuwait at OMR 110 million. Additionally, China emerged as the second-largest exporter to Oman, with exports valued at OMR 1.621 billion, followed by Kuwait at OMR 1.492 billion.
