MUSCAT: Omani non-oil exports and local sales insured by Credit Oman surged by 5% in Q3 2024, reaching RO 272.8 million, compared to RO 259.1 million in the same period last year.
The growth was driven by a significant 15% increase in locally insured sales, amounting to RO 126.9 million, up from RO 110.7 million in Q3 2023. However, non-oil insured exports experienced a slight dip of 2%, totalling RO 145.9 million compared to RO 148.4 million last year.
The petrochemicals and plastics sector led export growth, recording a 58% increase from RO 13.9 million to RO 22 million. Conversely, the mining sector contracted by 42%, dropping from RO 2.9 million to RO 1.7 million.
The packaging sector demonstrated exceptional growth, with insured sales rising by 156% from RO 155,000 to RO 397,000. Similarly, the mining sector expanded by 95%, jumping from RO 329,000 to RO 643,000.
On the other hand, the building materials sector faced a 12% decline, falling from RO 16.8 million to RO 14.7 million. Meanwhile, the consumer and food goods sector experienced a 13% rise, increasing from RO 72.2 million to RO 81.4 million.
Shaikh Khalil bin Ahmed al Harthy, CEO of Credit Oman, attributed the overall growth to improved industrial sector performance, particularly in packaging, petrochemicals and consumer goods. He emphasised that Credit Oman’s credit insurance services reduce financial risks, enabling businesses to expand into new markets and enhance their competitive edge.
“By mitigating commercial and non-commercial risks, we encourage Omani companies to explore additional markets with increased financial stability,” Al Harthy noted.
The company remains committed to supporting national economic growth by facilitating business expansion through secure trade, credit protection and market diversification. — ONA
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