Credit Oman sees 5% growth in volume of insured sales in the first half of 2023

Muscat: The total volume of insured sales for domestic sales and Omani exports at Credit Oman witnessed a 5 percent growth during the first half of this year, with a total value of RO 161,150,454, compared to 153 million in the same period in 2022.

Sheikh Khalil bin Ahmed Al Harthy, CEO of Credit Oman, explained that domestic sales during the first half of this year increased by 8 percent, with a total value of RO 64,511,123 compared to the same period last year, which amounted to about RO 59,773,494. Indicating that the insured sales of Omani exports from the Sultanate of Oman and to the countries of the world witnessed a growth of 3 percent, with a total value of RO 96,672,231 compared to the same period last year, which amounted to RO 93,630,877.

The CEO of Credit Oman told ONA: The petrochemicals and plastics sector witnessed a growth in the volume of insured sales for exports by 161 percent, with a total value of RO 6,842,732, while the domestic insured sales for the same sector recorded a growth of 546 percent, with a total value of 6 million and 729 thousand and 116 Omani riyals, compared to one million and 41 thousand and 863 Omani riyals in the same period in 2022, indicating that the materials related to this sector were polypropylene, which is used in plastic industries of all kinds, and urea, which is used in the manufacture of industrial fertilizers.

He added: The mining sector recorded growth during the first half of this year, with a total value of RO 2,191,426, an increase of 133 percent compared to the same period in 2022, which amounted to 940,151 RO, explaining that the products of this sector included calcium, gypsum and metal. silicate, marble and others. He pointed out that the clothing sector recorded a decrease in the value of insured sales during the first half of this year by 36 percent, as the value of insured sales amounted to RO 807,541 compared to the same period last year, which amounted to RO 1,264,828. Food and consumer goods decreased by 5 percent, bringing the value of insured sales to RO 73,79,000, compared to RO 76,837,155 in the same period last year.

The CEO of Credit Oman confirmed that this growth came as a result of the continuous efforts to enhance Omani exports and local sales and stand with Omani manufacturers through the innovative services and insurance solutions provided by “Credit Oman” according to their needs and support them to sell and enter new and promising markets around the world. On the other hand, statistics issued by the National Center for Statistics and Information indicated that the value of foreign trade for non-oil products amounted to about two billion and 737 million Omani riyals by the end of May 2023, decreasing by 11.7 percent compared to the same period last year.