Oman-China trade reaches $40.45 billion

MUSCAT, JULY 18

The bilateral trade between Oman and China reached $40.45 billion in 2022, which was in the tens of thousands of dollars at the beginning of the diplomatic relations, according to the diplomatic mission of China to the Sultanate of Oman.

Oman exported as much as 39.381 million tonnes of crude oil to China in 2022, and Oman’s trade balance was $32 billion. Over the years, China has maintained the status of Oman’s largest trading partner and largest crude oil importer, while Oman is China’s fourth largest trading partner in the Arab world.

Speaking to the Observer on the sidelines of the year of 45th anniversary of the establishment of diplomatic relations between the People’s Republic of China and the Sultanate of Oman, Li Lingbing, Chinese Ambassador to Oman said the economic and trade cooperation has brought huge benefits to both countries and peoples, and driven the overall development of relations between the two countries.

“The economic and trade cooperation between the two countries has made great progress in the last 45 years and both Chinese and Omani economies are highly complementary and have great potential,” her excellency said. The two sides have strengthened the docking of the ‘Belt and Road’ initiative with ‘Oman Vision 2040’ and developed practical cooperation in infrastructure, energy, communication technology, electricity, fisheries and other fields.

Oman exports a number of products to China and comprises mostly crude petroleum ($19.7 billion), petroleum gas ($2.51 billion), and cyclic hydrocarbons ($288 billion). During the last 26 years the exports of Oman to China have increased at an annualised rate of 15.5 per cent, from $562 million in 1995 to $23.9 billion in 2021.

In 2021, China exported $3.13 billion to Oman.

On the other hand, Oman imports from China mostly mineral fuels distillation products, besides wood and articles of wood, wood charcoal, aircrafts, space crafts and ceramic products.

“Over the past nearly five decades, efforts were intensified to promote bilateral cultural tourism, building industrial parks, trade, investment, education and training, and play an active role in strengthening Chinese-Arab cooperation based on mutual benefit and common gain, and building the Chinese-Arab community for the future,” Lingbing added.