Statistics released by Credit Oman show that the total value of approved credit limits for domestic sales and exports reached approximately RO 226.6 million by the end of the first half of the current year, compared to RO 253.1 million during the same period last year.
In terms of distribution, the value of approved credit limits for exports stood at approximately RO 138.5 million, compared to RO 148.7 million last year, while the value of approved credit limits for domestic sales reached approximately RO 88.1 million, compared to RO 104.4 million.
As for the total value of insured sales for exports and domestic sales combined, it reached approximately RO 191.4 million by the end of the first half of the current year, compared to RO 211.4 million during the same period last year, a decline of 9%.
Insured export sales recorded approximately RO 100.9 million, compared to RO 118.1 million last year, a decrease of 15%. The value of insured domestic sales reached approximately RO 90.5 million, compared to RO 93.3 million, marking a slight decline of 3%.
Regarding the distribution of approved credit limits and insured sales by sector, the manufacturing sector led the results during the first half of the current year, with approved credit limits valued at RO 208.3 million, representing 92% of the total approved credit limits, while insured sales reached approximately RO 171.9 million, or 90% of total sales.
The wholesale and retail trade; and repair of motor vehicles and motorcycles sector came in second place, with approved credit limits valued at RO 13 million, representing 6% and total insured sales of approximately RO 11.3 million, representing 6% of the total. The agriculture, forestry and fishing sector ranked third, with approved credit limits of approximately RO 3.1 million, representing 1%, while insured sales reached approximately RO 6.2 million, representing 3% of total insured sales for exports and domestic sales.
The remaining sectors accounted for limited shares, with approved credit limits for the mining and quarrying sector at approximately RO 988,000, the transportation and storage sector at approximately RO 871,500 and the construction sector at approximately RO 259,600. In addition, the administrative and support service activities, financial and insurance activities; and accommodation and food service activities sectors collectively recorded shares not exceeding 1% of total approved credit limits.
Credit Oman continues to provide its diverse insurance services and solutions aimed at enabling Omani exporters to execute their deals with greater confidence, by offering effective protection against non-payment risks associated with financial collections or buyer default. The role of these services is not limited to protection alone, but extends to supporting business continuity and encouraging exporters and manufacturers to pursue expansion, as having appropriate insurance coverage gives companies greater latitude to make well-considered business decisions whether in entering new markets or growing their existing sales volumes.
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