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Healthy trends in US-Oman merchandise trade

Cars topped American merchandise exports to Oman in October 2023
Cars topped American merchandise exports to Oman in October 2023

MUSCAT: Non-oil trade between Sultanate of Oman and the United States totaled around $308 million for during the month of October 2023, shared equally between imports and exports, according to statistics shared by US trade authorities.

While both sides traded $154 million worth of goods in October, US exports to Oman have been generally on the uptrend. The statistics show that American exports had climbed from $131 million in October 2022 to $154 million a year later, entailing an 18.1 per cent increase. In contrast, imports from Oman slumped 31.5 per cent from $225 million in October 2022 to $154 million a year later.

Giving a breakdown of key goods traded between the two countries, the statistics showed that the top American export during the month under review comprised cars worth $23 million.

This was followed by Reaction & Catalytic Products ($5.72M), Delivery Trucks ($3.81M), Petroleum Coke ($3.75M) and other commodities ($3.35M). Top imports from Oman included Nitrogenous Fertilisers ($37.8M), Raw Plastic Sheeting (32.8M), Aluminium Plating ($25.3M), Polyacetals ($19.8M) and Iron Nails ($12.7M).

The increase in American year-by-year exports to Oman was attributed primarily to an increase in the following product exports: Reaction and Catalytic Products ($3.38M or 145 per cent), Vaccines, Antisera and Cultures ($3M or 6.71 per cent) and Delivery Trucks ($2.43M or 175 per cent). The drop in imports from Oman, on the other hand, was driven by slumps in the following products: Jewellery ($-1.65M or -12 per cent), Essential Oils ($-1.13M or -98.2 per cent) and other commodities ($1.02M or -21.2 per cent).

Regionally, Texas emerged as the epicentre of US exports, sending over $31 million worth of goods to Oman. Florida and New York weren't far behind, showcasing the diverse network of American businesses engaged in this trade. On the import side, Texas once again reigned supreme, followed by New York and Connecticut, revealing the key entry points for Omani products into the US.

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