Non-oil exports drive growth in Oman’s trade

MUSCAT: The Sultanate of Oman’s trade balance recorded a surplus of RO 1.849 billion by the end of April 2025, representing a sharp 40.4 per cent decline compared to the RO 3.1 billion surplus posted during the same period in 2024. The drop in surplus reflects a significant downturn in the value of total merchandise exports, which fell by 9.3 per cent to RO 7.516 billion, down from RO 8.289 billion, according to preliminary figures released by the National Centre for Statistics and Information (NCSI).

This decline was largely driven by a marked 15 per cent fall in oil and gas exports, which stood at RO 4.872 billion at the end of April 2025, compared to RO 5.730 billion a year earlier. Crude oil exports dropped by 16.2 per cent to RO 2.911 billion, while LNG exports fell by 15.3 per cent to RO 752 million. Refined oil products were also impacted, with export values declining by 11.8 per cent to RO 1.209 billion.

In contrast, Oman’s non-oil exports showed a positive trend, increasing by 9 per cent to reach RO 2.183 billion by the end of April 2025, up from RO 2.02 billion during the same period the previous year. Leading the growth in this category were live animals and animal products, which recorded a 9.7 per cent rise in export value to RO 133 million.

Chemical and related industry products followed, increasing by 6.3 per cent to RO 268 million, while ordinary metal products and their manufactures grew by 5.5 per cent to RO 471 million. Exports of mineral products rose by 2.7 per cent to RO 589 million, and plastic and rubber products showed a marginal increase of 0.6 per cent to RO 312 million. Other non-oil products recorded strong growth of 37.1 per cent, reaching RO 410 million compared to RO 299 million in the same period last year.

Despite gains in non-oil exports, the value of re-exports from Oman fell sharply by 17.1 per cent, totalling RO 462 million by the end of April 2025, down from RO 557 million a year earlier. Within this segment, mineral product re-exports plunged by 55.5 per cent to RO 23 million, while transport equipment re-exports dropped 40.9 per cent to RO 94 million. Re-exports of precious metals and stones declined by 19.8 per cent to RO 27 million, and machinery and electronic equipment re-exports fell slightly by 3.5 per cent to RO 128 million. Other re-exported goods also declined by 1.9 per cent to RO 131 million.

One notable exception was food, beverage, and liquid products, which posted a significant rise in re-export value of 24.2 per cent, reaching RO 60 million by the end of April 2025.

On the import side, Oman recorded a 9.2 per cent increase in the value of merchandise imports, which rose to RO 5.667 billion by the end of April 2025, compared to RO 5.189 billion in the same period last year.

Mineral products remained the largest import category by value, reaching RO 1.521 billion — a 1.9 per cent increase year-on-year. Imports of machinery, electrical appliances, and related equipment rose by 16.5 per cent to RO 975 million, while transport equipment imports surged by 21.3 per cent to RO 562 million. Chemical and related industry products grew by 12 per cent to RO 544 million, and imports of common metals and their products reached RO 539 million, up by 8.9 per cent. Imports of various other goods totalled RO 1.526 billion.

Regionally, the United Arab Emirates remained Oman’s top non-oil trade partner. Non-oil exports to the UAE reached RO 390 million, marking a 24.9 per cent increase compared to the previous year. The UAE also ranked first in terms of re-exports from Oman, valued at RO 171 million, and was the leading source of imports into the Sultanate of Oman, with goods worth RO 1.283 billion. — ONA