Muscat: The volume of trade exchanges between the Sultanate of Oman and Europe has surged by 9.5 percent, reaching OMR878.40 million by the conclusion of May 2024, in contrast to the OMR802.20 million recorded at the same period in 2023, as per preliminary figures released by the National Centre for Statistics and Information (NCSI).
Furthermore, the data reveals a significant increase in total exports from Oman to European nations, with a notable 63 percent rise to OMR197.26 million by the end of May 2024, accompanied by a total weight of 444.48 kilograms.
This represents a substantial increase from the OMR120.38 million in exports recorded in May 2023, which were valued at 269.4 million kilograms.
Conversely, the total imports from European countries to Oman by the end of May 2024 have seen a slight decline of 1.5 percent, dropping to OMR620.344 million, with a total weight of 845.71 million kilograms, in comparison to the end of May 2023, where the total imports stood at OMR630.05 million, weighing 940.37 kilograms.
Additionally, the total re-exports from Oman to European countries have experienced a significant increase of 17.4 percent, reaching OMR60.79 million, with a total weight of 6.1 million kilograms. This represents a notable improvement from the OMR51.8 million in May 2023, which had a total weight of just over 2 million kilograms.
The Federal Republic of Germany has emerged as the leading trade partner of Oman, with Omani exports to Germany reaching OMR9.19 million by the end of May 2024, in contrast to the imports from Germany valued at OMR88.56 million. The value of re-exports to Germany has also seen a notable increase, standing at OMR19.84 million.
The Kingdom of Belgium has secured the position of the second largest trade partner of Oman, with Omani exports to it amounting to OMR6.43 million, in comparison to imports valued at OMR100.91 million. The total value of re-exports to Belgium has also witnessed a significant increase, standing at OMR2.35 million.
