The Sultanate of Oman recorded a trade surplus of RO 7.517 billion by the end of December 2024, reflecting strong export growth despite rising imports.
According to preliminary data from the National Centre for Statistics and Information (NCSI), Oman’s total merchandise exports reached RO 24.23 billion, marking a 6.8% increase from RO 22.69 billion in 2023. Meanwhile, imports rose by 12.1% to RO 16.713 billion, up from RO 14.91 billion in the previous year.
OIL AND GAS DRIVE EXPORT GROWTH
Oman’s export growth was primarily fuelled by the oil and gas sector, which surged to RO 16.29 billion — an 18.4% increase from RO 13.76 billion in 2023.
Within this sector, crude oil exports reached RO 9.9 billion, showing a modest 0.8% growth.
However, refined oil exports skyrocketed by 185.5% to RO 3.85 billion. In contrast, liquefied natural gas (LNG) exports dipped slightly by 1.9% to RO 2.528 billion.
DECLINE IN NON-OIL EXPORTS
While oil exports surged, non-oil commodity exports declined by 16.3%, totalling RO 6.232 billion compared to RO 7.442 billion in 2023.
The most affected sector was mineral products, which saw a sharp 36.8% decline to RO 1.781 billion.
Common metal products remained stable at RO 1.32 billion, while plastic and rubber exports grew by 13.3% to RO 996 million. Other sectors also faced setbacks.
Exports of chemicals and related industries dropped 19.6% to RO 804 million, while live animal and animal product exports declined by 11% to RO 350 million. Exports of other goods also fell by 5% to RO 981 million.
RE-EXPORTS ON THE RISE
Despite the dip in non-oil exports, Oman’s re-export sector expanded by 14.9%, reaching RO 1.708 billion. Food, beverage and liquid re-exports saw the most substantial growth, jumping 30.6% to RO 184 million.
Mineral product re-exports also increased by 21.3% to RO 120 million.
On the other hand, re-exports of transport equipment and machinery declined slightly, while live animal and animal product re-exports dropped by 10.1% to RO 97 million.
SURGE IN IMPORTS
The rise in imports was driven by mineral products, which accounted for RO 4.674 billion, an 11.3% increase.
Imports of machinery and electrical equipment surged by 28.9% to RO 2.934 billion, while common metals and their products saw a modest 1% increase to RO 1.605 billion.
Transportation equipment imports jumped 13.5% to RO 1.516 billion and chemical imports grew by 3.1% to RO 1.516 billion. Other imports reached RO 4.469 billion.
TOP TRADE PARTNERS
The United Arab Emirates remained Oman’s leading non-oil export destination, receiving RO 1.046 billion worth of goods — an 11% increase. It also led in re-exports from Oman, totalling RO 569 million.
Saudi Arabia ranked second in non-oil exports at RO 849 million, followed by India at RO 659 million. Iran was the second-largest re-export market at RO 359 million, while Kuwait ranked third with RO 117 million.
On the import side, China was the second-largest supplier to Oman, providing goods worth RO 1.83 billion, followed by Kuwait with RO 1.692 billion. — ONA
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