MUSCAT: The trade balance of the Sultanate of Oman recorded a surplus of RO 6.997 billion at the end of November 2023, compared to a surplus of RO 9.587 billion during the same period in 2022, according to preliminary statistics released by the National Centre for Statistics and Information.
The statistics indicate that the value of commodity exports at end-November 2023 reached RO 20.636 billion, representing a decrease of 11.4% compared to the same period in 2022, which recorded RO 23.289 billion.
Meanwhile, the value of commodity imports for Oman amounted to RO13.639 billion, a decrease of 0.5% compared to the same period last year, which was RO 13.702 billion.
The decline in export value is mainly attributed to a decrease in Oman's exports of oil and gas to RO 12.525 billion, a decrease of 17.7% compared to the end of November 2022, which was RO 15.215.
On the other hand, the value of Oman's crude oil exports reached RO 8.9 billion at the end of November 2023, registering a decrease of 17.3% compared to the same period in the previous year. The value of refined oil exports declined to RO 1.3 billion, a decrease of 23.5%, and the value of liquefied natural gas exports decreased to RO 2.3 billion, a decrease of 15.7%, compared to the end of November 2022, which was RO 2.7 billion.
The statistics revealed a decline of 1.4% in the value of non-oil commodity exports at the end of November 2023, amounting to RO 6. 767 billion, compared to the end of November 2022, which was RO 6.866 billion.
Metal products accounted for the highest value of non-oil commodity exports, reaching RO 2.5 billion, an increase of 20.3%, followed by ordinary metals and their products with RO 1.2 billion, a decrease of 11.1%, and chemical industries and related products with a value of RO 929 million, a decrease of 30.3%.
The value of plastic and rubber exports also decreased by 21.6% to RO 814 million, while live animals and their products increased by 23% to RO 365 million, and the value of other product exports reached RO 948 million.
Regarding re-export operations from Oman, their value increased to RO 1.3 billion, an increase of 11.1% at the end of November 2023 compared to the end of November 2022. The value of re-exports in transportation equipment had a growth of 5.2%, reaching RO 377 million. Additionally, the value of re-exports in machinery, electrical equipment, and parts increased by 18.5% to RO 361 million. The value of "live animals and products of the animal kingdom" amounted to RO 103 million, showing a significant growth of 77.4%.
On the other hand, metallic products accounted for the largest value of commodity imports for Oman, reaching RO 3.8 billion at the end of November last year, which is a 4.6% decrease. Machinery, electrical equipment, and parts followed with a value of RO 2.1 billion, demonstrating a growth of 7.5% by the end of November 2023.
In terms of non-oil commodity exports, the Kingdom of Saudi Arabia topped the list with a value of approximately RO 981 million at the end of November 2023, an increase of 29.7% compared to the end of November 2022. Meanwhile, the United Arab Emirates led the re-export trade from Oman with a value of RO 465 million by the end of last November. The UAE also ranked first among the highest exporting countries to Oman with a value of RO 3.6 billion, a decrease of 8.6% compared to the end of November 2022.
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