Muscat: The Sultanate of Oman has recorded a trade surplus of OMR2.989 billion by the conclusion of May 2024, marking a slight increase from the surplus of OMR2.986 billion observed during the same period in 2023, as per preliminary figures released by the National Centre for Statistics and Information (NCSI).
Further analysis of the data indicates that the value of commodity exports has risen to OMR9.689 billion by the end of May 2024, representing a 5 percent increase from the OMR9.224 billion recorded in the previous year's corresponding period. Conversely, the value of commodity imports to Oman has seen a 7.4 percent increase to OMR6.700 billion by the end of May 2024, compared to the OMR6.238 billion reported in the same period of the previous year.
The notable increase in export values can largely be attributed to a rise in the value of Oman's oil and gas exports, which have seen a 1.8 percent increase to OMR5.937 billion by the end of May 2024, following a 1.8 percent increase to OMR5.833 billion by the end of May 2023.
The Sultanate of Oman's crude oil exports have reached OMR4.297 billion by the end of May 2024, marking a 7.6 percent increase from the previous year's figure of OMR4.238 billion. Conversely, the value of refined oil exports has seen a decline of 8.7 percent to OMR579 million by the end of May 2024.
The value of Oman's liquefied natural gas (LNG) exports has decreased by 12 percent to OMR1.061 billion by the end of May 2024, compared to the previous year's figure of OMR1.061 billion.
The data also reveals an increase in the value of non-oil commodity exports, which have risen by 11.2 percent to OMR3.045 billion by the end of May 2024, compared to the OMR2.737 billion recorded at the end of May 2023. Among these, mineral products have seen the highest increase, rising by 23.1 percent to OMR1.101 billion, followed by base metals, which have increased by 8.9 percent to OMR560 million. Products of chemical nature have experienced a decrease in value by 7 percent, reaching OMR435 million.
The value of Oman's exports of plastics and rubber has seen a 13.5 percent increase to OMR399 million by the end of May 2024, while exports of live animals and animal products have increased by 2.5 percent, reaching OMR149 million. The value of exports of other products has also seen a slight increase to OMR401 million.
The total value of re-exports from Oman has increased by 8.1 percent to OMR707 million by the end of May 2024, compared to the previous year's figure of OMR707 million.
The value of re-exports within the transportation equipment sector witnessed a modest decline, recording a figure of OMR188 million, marking a decrease of 0.5 percent. Conversely, the electrical machinery & equipment segment observed a notable increase, with its re-export value reaching OMR165 million, signifying a 2 percent growth. Within the foodstuffs category, the re-export value of beverages and tobacco saw a significant rise of 13.7 percent, culminating in a total value of OMR66 million. Similarly, the re-export value of mineral products experienced a substantial increase of 56.2 percent, reaching OMR66 million. However, the re-export value of live animals & animal products saw a slight decline, decreasing by 14.8 percent to OMR53 million. Meanwhile, the value of other products saw a modest increase, reaching OMR169 million.
In contrast, mineral products emerged as the sector with the highest value of commodity imports to the Sultanate of Oman, culminating in a total value of OMR1.967 billion by the end of May 2024, marking a 13.7 percent increase from the previous year. This was followed by electrical machinery & equipment, which recorded a value of OMR1.121 billion, signifying an 18.5 percent growth. Base metals and their products, on the other hand, experienced a slight decrease in value, reaching OMR643 million, marking a 2.3 percent decline.
The importation of chemical products saw a decrease in value by 5.8 percent, amounting to OMR601 million. Similarly, the transportation equipment sector witnessed a 2.4 percent increase in import value, reaching OMR574 million.
In terms of trade exchange operations, the United Arab Emirates (UAE) emerged as the leading exporter of non-oil exports, achieving a value of OMR395 million, marking a 15.1 percent increase compared to the same period in 2023. Regarding re-exports from the Sultanate of Oman, the value of re-exports amounted to OMR244 million, with the total value of exports to Oman standing at OMR1.582 billion.
