Tuesday 14 / January / 2025
Muscat: The Sultanate of Oman's trade balance recorded a surplus of OMR6.56 billion at the end of October 2024, compared to a surplus of OMR6.34 billion during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information.
As per the statistics, the value of oil and gas exports in the Sultanate of Oman by the end of October 2024 increased by 21.1% compared to the end of October 2023.
The statistics further indicated that the total value of merchandise exports by the end of October 2024 reached OMR20.31 billion, an increase of 8.7% over the same period of the previous year, when it was OMR18.69 billion. The total value of merchandise imports to the Sultanate of Oman amounted to OMR13.75 billion, an increase of 11.4% by the end of October 2024 compared to the same period last year, which amounted to OMR12.34 billion.
The rise in the value of exports is mainly attributed to the increase in value of the Sultanate of Oman’s oil and gas exports to OMR13.76 billion, up by 21.1% compared to the end of October 2023, which amounted to OMR11.36 billion.
Among oil and gas exports by the end of October 2024, the value of the Sultanate of Oman's crude oil exports amounted to OMR8.42 billion, recording an increase of 6.1% over the same period of the previous year. The value of refined oil exports increased by 154.8% to OMR3.27 billion, and the value of the Sultanate of Oman's liquefied natural gas (LNG) exports decreased by 3.4% to OMR2.06 billion compared to the end of October 2023.
Statistics revealed a decrease in the value of non-oil merchandise exports by 16.2% at the end of October 2024, to reach OMR5.10 billion, compared to the end of October 2023, when it reached OMR6.09 billion.
Mineral products had the highest value of non-oil merchandise exports, amounting to OMR1.49 billion, a decrease of 32.2% over the same period in 2023, followed by base metals and their products at OMR1.09 billion, a decrease of 0.1%, followed by products of chemicals with an export value of OMR649 million, a decrease of 23.7%.
The value of the Sultanate of Oman's exports of plastics and rubber increased to OMR808 million, an increase of 7.1%, the exports of live animals and animal products fell by 15.2%, reaching OMR286 million, and the value of exports of other products amounted to OMR780 million.
The value of re-exports from the Sultanate of Oman increased by 17.3% to OMR1.44 billion at the end of October 2024, compared to the end of October 2023. The value of re-exports in transport equipment products recorded a decrease of 4% at OMR338 million and electrical machinery and equipment dropped by 5.4% to OMR315 million.
In foodstuff, beverage and tobacco, the value of re-exports increased by 30.6% to reach OMR151 million, while the re-export of mineral products reached OMR114 million, an increase of 50.4%. The value of re-exports of live animals and animal products decreased by 14.9% to OMR82 million while the value of other products amounted to OMR446 million.
In contrast, mineral products had the largest value of merchandise imports to the Sultanate of Oman, reaching OMR3.88 billion by the end of October 2024, an increase of 13.4%, followed by electrical machinery and equipment with a value of OMR2.36 billion, recording a growth of 26.2% by the end of October 2024, followed by base metal and their products with a value of OMR1.29 billion, a decrease of 2.8%.
Imports of products of chemicals recorded a value of OMR1.30 billion, an increase of 4.9%, and transport equipment increased by 11.5% to reach OMR1.21 billion.
The United Arab Emirates (UAE) topped trade exchange operations in non-oil exports by the end of October 2024 with a value of OMR839 million, an increase of 10.8% from the end of October 2023. It also topped the trade exchange operations in re-exports from the Sultanate of Oman, where the value of re-exports to the UAE amounted to OMR494 million.
