MUSCAT: Recently released official data from the Directorate General of Customs (Royal Oman Police) and the National Centre for Statistics and Information (NCSI) reveals a 7.5% decline in Omani non-oil exports during the first nine months of 2023 compared to the corresponding period in the previous year.
The value of Omani non-oil exports during this timeframe totaled RO 5.3 billion, a decrease from RO 5.7 billion in the same period of 2022.
Saudi Arabia emerged as the primary destination for Omani non-oil exports, registering import values of RO 774 million, followed by the United Arab Emirates at RO 671 million, and India at RO 554 million.
In terms of Omani imports, there was a 2.7% reduction in the first nine months of 2023 compared to the previous year, with a total value of RO 10.9 billion, down from RO 11.2 billion in the same period in 2022.
The UAE took the lead as the largest source of Omani imports, contributing RO 2.96 billion, followed by Saudi Arabia with RO 1.47 billion, and China with RO 794 million.
Economic expert Mohammed Ali commented on these figures, attributing the decline in Omani non-oil exports to various factors such as escalating global commodity prices, disruptions in the supply chain, and the Russo-Ukrainian war.
Ali emphasized that this contraction in non-oil exports will impact Oman's economic growth, given that such exports constitute approximately 60% of the GDP.
He further noted that the Omani government is actively pursuing economic diversification and the expansion of non-oil exports through the implementation of several strategic initiatives.
Oman Observer is now on the WhatsApp channel. Click here
