UK exports to Oman rise 16.8 per cent to RO 415 million

MUSCAT, DEC 25

Bilateral trade between the Sultanate of Oman and the United Kingdom (UK), which is by far the biggest source of Foreign Direct Investment (FDI) into Oman, rose 9.2 per cent to £1.1 billion (approx. RO 501 million) for the 12 months ended June 30, 2022 in comparison with the corresponding figure for 2021.

According to the UK Department for International Trade, UK exports to Oman accounted for the lion’s share of this total, with £895 million (approx. RO 415.29 million) worth of goods and services flowing into the Sultanate of Oman during the period in question. Exports were up a significant 16.8 per cent for the period, the Department noted.

UK imports from Oman, on the other hand, declined 16.8 per cent to £188 million during the period ended June 30, 2022 compared with figures a year earlier.

“This means the UK reported a total trade surplus of £707 million with Oman, compared to a trade surplus of £540 million in the four quarters to the end of Q2 2021,” the Department said in its latest newsletter.

“In the four quarters to the end of Q2 2022, the UK had a trade in goods surplus of £287 million with Oman, compared to a trade in goods surplus of £208 million in the four quarters to the end of Q2 2021. Meanwhile, in the four quarters to the end of Q2 2022 the UK reported a trade in services surplus of £420 million with Oman, compared to a trade in services surplus of £332 million in the four quarters to the end of Q2 2021,” it further stated.

Imports from the UK typically comprised automotive vehicles, industrial machinery, power generators, medical and pharmaceutical products and other capital goods. Omani exports to the UK included processed plastics, iron and steel and a number of re-exported goods.

Significantly, the majority of UK exports to Oman were made up of services, underscoring the UK’s importance as a leading provider of consultancy services across a variety of disciplines and fields.

Of all UK exports to Oman in the four quarters to the end of Q2 2022, £416 million (approx. RO 193 million) – representing a 46.5 per cent share - comprised goods, while £479 million (approx. RO 222 million) – representing a 53.5 per cent share – were made up of services.

The United Kingdom currently tops the list of countries contributing direct foreign investments to the Sultanate of Oman. Total investments from the UK climbed to RO 7.112 billion as of 2022-end.