Oman Records Over RO 1.6bn Trade Balance Surplus

Oman Port of Salalah
Oman Port of Salalah

Oman Records RO 1.693bn Trade Balance Surplus at the end February 2024

Muscat: The trade balance of the Sultanate of Oman recorded a surplus of RO 1.693 billion at the end of February 2024, compared to the same period in 2023, which recorded a surplus of  RO 1.378 billion according to preliminary statistics issued by the National Center for Statistics and Information.

Statistics indicated that the value of merchandise exports at the end of last February amounted to 4 billion and 414 million Omani riyals, an increase of 19.5 percent over the same period last year, which amounted to RO 3.695 billion, while the value of registered merchandise imports to the Sultanate of Oman amounted to RO 2.721. An increase of 17.4 percent at the end of February 2024 compared to the same period last year, amounting to RO 2.317 billion.

The increase in the value of exports is mainly due to the increase in the value of the Sultanate of Oman’s oil and gas exports to 2.566 billion, or by 7.2 percent from the end of February 2023, which amounted to RO 2.394 billion.

Among oil and gas exports by the end of February 2024, the value of the Sultanate of Oman’s exports of crude oil amounted to one billion and 905 million Omani riyals, recording an increase of 21.5 percent over the same period last year, while the value of refined oil exports decreased to 210 million Omani riyals, or 19 percent. The value of the Sultanate of Oman’s exports of liquefied natural gas decreased to 451 million Omani riyals, or 20.5 percent, compared to the end of February 2023.

Statistics revealed that the value of non-oil merchandise exports increased by 49.1 percent by the end of February 2024, reaching one billion and 601 million Omani riyals, compared to the end of February 2023, which amounted to one billion and 74 million Omani riyals.

Mineral products had the highest value among non-oil commodity exports, as their value amounted to 839 million Omani riyals, an increase of 142.7 percent over the same period in 2023, followed by ordinary metal products and their products at 232 million Omani riyals, an increase of 16.3 percent, then products of chemical industries and related industries. The value of exports amounted to 167 million Omani riyals, a decrease of 12.1 percent.

The value of the Sultanate of Oman’s exports of plastic and its products, rubber and its products increased to 153 million Omani riyals, by 9.5 percent. Exports of live animals and animal products increased by 2.8 percent, to reach 58 million Omani riyals, and the value of exports of other products reached 153 million Omani riyals. The value of re-exports from the Sultanate of Oman also increased to 247 million Omani riyals, or 8.9 percent, by the end of February 2024.

The value of re-exports of machinery, appliances, and electrical equipment and their parts recorded 62 million Omani riyals, an increase of 13.4 percent, while the value of re-exports of transportation equipment decreased. By 1.3 percent, to record 60 million Omani riyals. The value of food, beverages, and liquids industry products also decreased by 3.7 percent, to record 24 million Omani riyals, while the value of re-exports of live animals and animal products increased to 23 million Omani riyals, by 9.1 percent. Re-exports also recorded Mineral products amounted to 18 million Omani riyals, an increase of 12.6 percent, and the value of other products amounted to 61 million Omani riyals.

On the other hand, metal products had the largest value of merchandise imports to the Sultanate of Oman, recording 897 million Omani riyals at the end of last February, an increase of 47.5 percent, followed by machinery, appliances, electrical equipment and their parts, and audio recording and broadcasting equipment, with a value of 404 million Omani riyals, recording a growth of 17.1 percent by the end. February 2024, then transportation equipment, at 226 million Omani riyals, an increase of 4.6 percent.

The Kingdom of Saudi Arabia topped the trade exchange transactions in non-oil exports, reaching a value of 170 million Omani riyals at the end of February 2024, an increase of 7.6 percent from the end of February 2023, while the United Arab Emirates topped the trade exchange transactions in re-exports from the Sultanate of Oman, where The value of re-exports to it amounted to 71 million Omani riyals, and the UAE also topped the list of top countries exporting to the Sultanate of Oman with a value of 667 million Omani riyals, an increase of 8.1 percent from the end of February 2023.

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