MUSCAT: The Sultanate of Oman recorded a trade surplus of RO 7.14 billion by the end of November 2024, reflecting an increase from RO 6.99 billion in the same period of 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI). The total value of commodity exports rose to RO 22.23 billion, marking a 7.7% growth compared to RO 20.64 billion in November 2023. Meanwhile, commodity imports saw an increase of 10.6%, reaching RO 15.09 billion, up from RO 13.64 billion in the previous year.
The growth in exports was primarily driven by oil and gas, which totaled RO 14.99 billion, an increase of 19.7% from RO 12.53 billion in 2023. Crude oil exports increased by 2.5%, reaching RO 9.13 billion, while refined oil exports saw a remarkable 174.9% surge to RO 3.57 billion. However, exports of liquefied natural gas (LNG) experienced a slight decline of 1.1%, amounting to RO 2.30 billion.
In contrast, non-oil commodity exports recorded a decline of 16.6%, amounting to RO 5.64 billion, down from RO 6.77 billion in the same period of 2023. Mineral products accounted for the highest share of non-oil exports, reaching RO 1.62 billion, though this represented a 35.2% decrease compared to the previous year. Metal products and their derivatives followed with exports totaling RO 1.20 billion, reflecting a 1.1% decline. The export of plastic and rubber products, however, increased by 10.1%, reaching RO 896 million. The chemical industry sector experienced a 22% drop in exports, totaling RO 725 million, while exports of live animals and animal products declined by 12.3% to RO 320 million. Other products accounted for RO 883 million in exports.
Re-exports from Oman showed positive growth, rising by 18.3% to reach RO 1.59 billion. The re-export of transportation equipment stood at RO 385 million, marking a 2.1% increase. The re-export of machinery, electrical appliances, and related equipment declined by 4.1% to RO 346 million, while food, beverage, and liquid industry products saw a 30.2% increase, reaching RO 168 million. Mineral products recorded a significant 43.1% growth, amounting to RO 119 million in re-exports. Meanwhile, live animals and animal products saw a 13.3% decline, reaching RO 89 million, while other re-exports totaled RO 483 million.
Oman's commodity imports amounted to RO 15.09 billion, with mineral products leading at RO 4.21 billion, representing a 9.5% increase. Machinery, electrical appliances, and related equipment followed, with imports totaling RO 2.61 billion, reflecting a 26% growth. Imports of metals and their derivatives reached RO 1.45 billion, showing a slight decline of 1.2%. The chemical industry sector saw imports increase by 2.7%, reaching RO 1.40 billion, while transportation equipment imports rose by 13.1% to RO 1.35 billion. Imports of other products amounted to RO 4.07 billion.
The United Arab Emirates remained Oman's largest trade partner for non-oil exports, reaching RO 935 million, an increase of 8.1% over the previous year. It also led in re-exports, amounting to RO 526 million, and was Oman's top source of imports, with a value of RO 3.60 billion. Saudi Arabia ranked second in non-oil exports to Oman, with a total of RO 764 million, followed by South Korea at RO 611 million. Iran ranked second in re-exports, with a value of RO 335 million, followed by Kuwait at RO 110 million. In terms of imports, China ranked as Oman's second-largest supplier, with imports totaling RO 1.62 billion, followed by Kuwait at RO 1.49 billion.
These figures highlight Oman's expanding trade activity, driven by strong oil exports, increased imports, and a growing re-export sector. — ONA
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