27.2 per cent rise in export revenues

MUSCAT: Oman recorded a robust of 27.2 per cent growth in total export revenue at RO 3,766.4 million in the first quarter of 2018, compared to the same period last year. The total revenue from exports for the same period last year was RO 2,961.6 million, according to the National Centre for Statistics and Information (NCSI). The value of oil and gas exports stood at RO 2,361.4 million, or almost 63 per cent of the total value of commodity
exports in the first quarter of 2018, supported by an increase in the price of Oman crude. Of the total exports of oil and gas sector, RO 1,757.8 million was from oil exports, while LNG exports constituted RO 394.3 million in earnings during the period, the report added.
Further, the Sultanate’s total non-oil exports rose by 28.8 per cent to RO 968.6 million during January-March period of 2018, from RO 751.8 million for the same period the previous year.
The major non-oil Omani exports included live animals and its products, mineral products, chemical products, rubber and plastics and base metals. Export of mineral products brought revenues to the tune of RO 252.9 million, while chemicals and base metals and articles contributed RO 224.3 million and RO 214.8 million, respectively, during the first quarter. Export revenue from plastics and rubber also rose by 40.4 per cent to RO 65 million during January-March period of 2018. In addition, the value of total re-exports rose by 19.6 per cent to RO 436.4 million for the first quarter of 2018, against RO 364.9 million for the same period last year.
The major re-export products from Oman included foodstuff, mineral products, electrical machinery and mechanical equipment and transport equipment.
The United Arab Emirates (UAE) retained its position as the main destination for Oman’s non-oil exports in the first quarter this year.
The Sultanate’s non-oil exports to the UAE touched RO 183.8 million, which constituted 18.96 per cent of the total RO 968.6 million non-oil exports of the country during January-March period, the report added.
In fact, Oman’s exports to the UAE showed a growth of 11.1 per cent in the first three months of 2018, compared to the same period the previous year.
According to NCSI, Saudi Arabia is the second largest importer of Omani products, followed by Qatar, India and China. Saudi Arabia’s non-oil exports from Oman grew by 23 per cent to RO 136 million during the period.
Non-oil exports to Qatar surged ahead by 368 per cent to RO 119.8 million during the period, over the same period the previous year.
The growth in export revenues was mainly on account of a recovery in commodity prices in international markets.
As far as the Sultanate’s imports are concerned, the UAE retained its position as the top exporter of goods and services to Oman during the three-month period, with the imports from the neighbouring country touched RO 1,143.4 million.
The Sultanate’s total imports from different trading partners increased by 12.1 per cent to RO 2,501.1 million during the period.
According to NCSI, the United States was the second leading country for Oman’s imports, followed by China, India and Italy.
In fact, the Sultanate imported US goods and services worth of RO 157.7 million, a rise of 53.4 per cent over the same period last year. — ONA