Credit Oman’s volume of insured sales up 8% to OMR259 million in Q3 2023

Muscat: “Credit Oman” indicated that the total value of insured sales of Omani exports and local sales in the third quarter of the current year increased by 8 percent, with a total value amounting to 259 million and 92 thousand and 503 Omani riyals compared to the same period last year about 240 million, 333 thousand and 806 Omani riyals.

This continued growth in the Sultanate of Oman’s exports and secured local sales is due to improved economic and commercial performance thanks to the directives and measures taken by the government towards improving financial and economic indicators.

Sheikh Khalil bin Ahmed Al Harithi, CEO of Credit Oman, explained that the value of insured local sales in the third quarter of 2023 was about 110 million, 703 thousand and 902 Omani riyals, achieving a growth of 8 percent compared to the same period last year, which amounted to 102 million and 247 thousand. And 644 Omani riyals.

The CEO of Credit Oman stated in a statement to the Oman News Agency that Omani exports insured for sales from the Sultanate of Oman to countries around the world witnessed a growth of 7 percent, reaching a total value of 148 million, 388 thousand and 602 Omani riyals, compared to the same period last year, which amounted to 138 million. And 86 thousand and 126 Omani riyals, pointing out that the Omani product is distinguished by its high quality and has a good reputation in various countries of the world.

Sheikh Khalil bin Ahmed Al Harithi said: The sectors insured by “Credit Oman” varied between the food and consumer goods sector, which topped the sectors insured for local sales and exports during the third quarter of this year with a total value amounting to 119 million, 865 thousand and 87 Omani riyals, followed by the petrochemicals and plastics sector.

With a value of 25 million, 629 thousand and 96 Omani riyals, which witnessed a growth of 281 percent, then the mining sector with a value of 3 million, 242 thousand and 437 Omani riyals, achieving a growth of 136 percent compared to the same period last year, and the clothing sector with a total value of 1 million, 333 thousand and 596 Omani riyals. Recording a decrease of 34 percent, while the value of local sales and exports in the packaging sector amounted to about 852 thousand and 967 Omani riyals, which recorded a decrease of 9 percent compared to the same period last year.

The CEO of Credit Oman stressed the continuation of efforts to strengthen the Omani export system and stand with local manufacturers and sellers through the innovative insurance services and solutions provided by Credit Oman to increase sales volume and enhance confidence in Omani companies to sell their products locally and globally.