Trade balance hits RO 492.5 million

The Sultanate’s trade balance registered a RO 492.5 million surplus until the end of first quarter of 2017, according to National Centre for Statistics and Information (NCSI). The trade balance was RO 1.395.3 billion surplus at the end of 2016, with oil and gas accounting for exports valued at RO 5.8 billion and non-oil commodity exports at RO 2.4 billion.
NCSI statistics show the total value of commodity exports was RO 2.9 billion at the end of March this year as against RO 2.6 billion during the corresponding period last year, a 10.3 per cent increase.
The total value of imports rose 3.14 per cent at the end of first quarter to RO 2.35 billion as against RO 2.64 billion in the same period last year.
The export growth resulted from a 28.4 per cent increase in oil and gas exports in the first quarter of last year, registering RO 1.7 billion. It accounted for 61 per cent of the total exports.
The value of crude oil exports stood at RO 1.443 billion, a 30.6 per cent increase compared with first quarter of last year.
Refined petroleum exports surged 134.5 per cent, registering RO 75.9 million and LNG exports one per cent to RO 218.9 million.
The Sultanate’s non-oil exports grew 14 per cent in the first quarter of this year, registering RO 751.8 million. It accounted for 26.3 per cent of total commodity exports.
Mineral products topped the list, accounting for 43 per cent of non-oil exports, totalling RO 160.9 million, while the value of base metals industry exports stood at RO 162.2 million.
Petrochemical exports registered RO 218.9 million, a 77.3-per cent rise, plastic and rubber exports grew 20.5 per cent and electrical appliances exports 11.2 per cent. — ONA