Oman records trade surplus of RO 2.61 billion in Q1
Published: 04:06 PM,Jun 09,2024 | EDITED : 08:06 PM,Jun 09,2024
The value of merchandise exports by the end of March 2024 was RO 6.502 billion, marking an increase of 16.7 per cent over the same period last year.
MUSCAT: The Sultanate of Oman recorded a trade balance surplus of RO 2.610 billion by Q1 2024, up from RO 1.932 billion during the same period in 2023, according to preliminary statistics issued by the National Center for Statistics and Information (NCSI).
Statistics indicated that the value of merchandise exports by the end of March 2024 was RO 6.502 billion, marking an increase of 16.7 per cent over the same period last year, which stood at RO 5.572 billion. The value of merchandise imports to Oman amounted to RO 3.892 billion, an increase of 6.9 per cent compared to RO 3.640 billion at the end of March 2023.
The rise in exports was mainly driven by an increase in the value of Oman’s oil and gas exports to RO 3.722 billion, up by 3.1 per cent from RO 3.609 billion at the end of March 2023.
Among oil and gas exports, the value of Oman’s crude oil exports amounted to RO 2.704 billion, reflecting a 13.3 per cent increase over the same period last year. Conversely, the value of refined oil exports decreased to RO 336 million, a drop of 13.9 per cent. The value of liquefied natural gas exports declined to RO 682 million, an 18.1 per cent decrease compared to the end of March 2023.
The data also revealed that non-oil merchandise exports increased by 44.9 per cent by the end of March 2024, reaching RO 2.338 billion, compared to RO 1.614 billion at the end of March 2023.
Among non-oil commodity exports, mineral products had the highest value, reaching RO 1.169 billion, an increase of 127 per cent over the same period in 2023. This was followed by ordinary metal products and their manufactures at RO 352 million, an increase of 9.6 per cent. Exports of chemical industry products and related industries amounted to RO 253 million, a decrease of 7.3 per cent.
The value of Oman’s exports of plastic and its products, rubber and its products rose to RO 233 million, a 20.4 per cent increase. Exports of live animals and products of the animal kingdom decreased by 1.2 per cent to reach RO 89 million, while the value of other product exports reached RO 242 million.
The value of re-exports from Oman increased to RO 442 million, a 26.8 per cent rise by the end of March 2024 compared to the end of March 2023. Re-exports of transportation equipment products reached RO 140 million, an increase of 49.3 per cent. Re-exports of machinery, appliances, electrical equipment, and their parts amounted to RO 103 million, a 22 per cent increase. Re-exports of live animals and products of the animal kingdom increased to RO 39 million, an 8.6 per cent rise. However, re-exports of food, beverages, and liquids decreased by 2 per cent to RO 35 million, while re-exports of mineral products amounted to RO 28 million, a 56.8 per cent increase. The value of other re-exported products was RO 98 million.
On the import side, metal products had the highest value of merchandise imports to Oman, recording RO 1.097 billion by the end of March, an increase of 15 per cent. This was followed by machinery, appliances, electrical equipment, and their parts, and audio recording and broadcasting equipment, with a value of RO 605 million, an 8.1 per cent growth by the end of March 2024. Chemical industry products and related industries were valued at RO 375 million, a growth of 2.1 per cent, while transportation equipment imports stood at RO 330 million, a decrease of 2 per cent.
The Kingdom of Saudi Arabia topped trade exchange operations in non-oil exports, with a value of approximately RO 238 million by the end of March, an increase of 9.5 per cent from March 2023. The United Arab Emirates led in re-exports from Oman, with the value of re-exports to the UAE reaching RO 175 million. The UAE also ranked first among the top countries exporting to Oman, with a value of RO 982 million, an increase of 1.4 per cent from the end of March 2023.
Statistics indicated that the value of merchandise exports by the end of March 2024 was RO 6.502 billion, marking an increase of 16.7 per cent over the same period last year, which stood at RO 5.572 billion. The value of merchandise imports to Oman amounted to RO 3.892 billion, an increase of 6.9 per cent compared to RO 3.640 billion at the end of March 2023.
The rise in exports was mainly driven by an increase in the value of Oman’s oil and gas exports to RO 3.722 billion, up by 3.1 per cent from RO 3.609 billion at the end of March 2023.
Among oil and gas exports, the value of Oman’s crude oil exports amounted to RO 2.704 billion, reflecting a 13.3 per cent increase over the same period last year. Conversely, the value of refined oil exports decreased to RO 336 million, a drop of 13.9 per cent. The value of liquefied natural gas exports declined to RO 682 million, an 18.1 per cent decrease compared to the end of March 2023.
The data also revealed that non-oil merchandise exports increased by 44.9 per cent by the end of March 2024, reaching RO 2.338 billion, compared to RO 1.614 billion at the end of March 2023.
Among non-oil commodity exports, mineral products had the highest value, reaching RO 1.169 billion, an increase of 127 per cent over the same period in 2023. This was followed by ordinary metal products and their manufactures at RO 352 million, an increase of 9.6 per cent. Exports of chemical industry products and related industries amounted to RO 253 million, a decrease of 7.3 per cent.
The value of Oman’s exports of plastic and its products, rubber and its products rose to RO 233 million, a 20.4 per cent increase. Exports of live animals and products of the animal kingdom decreased by 1.2 per cent to reach RO 89 million, while the value of other product exports reached RO 242 million.
The value of re-exports from Oman increased to RO 442 million, a 26.8 per cent rise by the end of March 2024 compared to the end of March 2023. Re-exports of transportation equipment products reached RO 140 million, an increase of 49.3 per cent. Re-exports of machinery, appliances, electrical equipment, and their parts amounted to RO 103 million, a 22 per cent increase. Re-exports of live animals and products of the animal kingdom increased to RO 39 million, an 8.6 per cent rise. However, re-exports of food, beverages, and liquids decreased by 2 per cent to RO 35 million, while re-exports of mineral products amounted to RO 28 million, a 56.8 per cent increase. The value of other re-exported products was RO 98 million.
On the import side, metal products had the highest value of merchandise imports to Oman, recording RO 1.097 billion by the end of March, an increase of 15 per cent. This was followed by machinery, appliances, electrical equipment, and their parts, and audio recording and broadcasting equipment, with a value of RO 605 million, an 8.1 per cent growth by the end of March 2024. Chemical industry products and related industries were valued at RO 375 million, a growth of 2.1 per cent, while transportation equipment imports stood at RO 330 million, a decrease of 2 per cent.
The Kingdom of Saudi Arabia topped trade exchange operations in non-oil exports, with a value of approximately RO 238 million by the end of March, an increase of 9.5 per cent from March 2023. The United Arab Emirates led in re-exports from Oman, with the value of re-exports to the UAE reaching RO 175 million. The UAE also ranked first among the top countries exporting to Oman, with a value of RO 982 million, an increase of 1.4 per cent from the end of March 2023.