Trade Balance Stands at RO 7 bn by November 2023 in the Sultanate
Muscat: The trade balance of the Sultanate of Oman recorded a surplus of 6,997 billion at the end of November 2023, compared to a surplus of 9,587 billion during the same period in 2022, according to preliminary statistics issued by the National Center for Statistics and Information.
Statistics indicate that the value of merchandise exports at the end of last November recorded 20,636 billion, declining by 11.4 percent compared to the same period in 2022, which then recorded 23,289 billion.
While the value of merchandise imports to the Sultanate of Oman amounted to 13,639 billion, a decrease of 0.5 percent at the end of November 2023 compared to the same period last year, which amounted to 13,702 billion.
The decline in the value of exports is mainly due to the decline in the value of the Sultanate of Oman’s oil and gas exports to 12,525 billion, or by 17.7 percent from the end of November 2022, which amounted to 15,215 billion. On the other hand, the value of the Sultanate of Oman’s exports of crude oil amounted to 8.9 billion Omani riyals by the end of November 2023, recording a decrease of 17.3 percent compared to the same period of the previous year.
The value of refined oil exports declined to 1.3 billion Omani riyals, by 23.5 percent. The value of the Sultanate’s exports also decreased. Oman’s LNG supply reached 2.3 billion Omani riyals, or 15.7 percent, compared to the end of November 2022, which amounted to 2.7 billion Omani riyals.
Statistics revealed a decline in the value of non-oil merchandise exports by 1.4 percent at the end of November 2023, to reach 6 billion and 767 million Omani riyals, compared to the end of November 2022, when it recorded 6 billion and 866 million Omani riyals at the time. Mineral products had the highest value among non-oil commodity exports, reaching 2.5 billion Omani riyals, an increase of 20.3 percent, followed by ordinary metals and their products, with 1.2 billion Omani riyals, a decrease of 11.1 percent, then products of chemical industries and related industries, with a value amounting to 929 million Omani riyals, a decrease. Its rate is 30.3 percent.
The value of the Sultanate of Oman’s exports of plastic and its products, rubber and its products also decreased to 814 million Omani riyals, by 21.6 percent, while exports of live animals and their products increased by 23 percent, to reach 365 million Omani riyals, and the value of exports of other products reached 948 million Omani riyals. In terms of re-export operations from the Sultanate of Oman, its value increased to 1.3 billion Omani riyals, or 11.1 percent, by the end of November 2023, compared to the end of November 2022.
The value of re-export operations in transport equipment recorded an increase of 5.2 percent, to record 377 million Omani riyals, and the value of re-export operations increased by 5.2 percent to record 377 million Omani riyals. Export of machinery, appliances, electrical equipment and their parts reached 361 million Omani riyals, or 18.5 percent.
The value of “live animals and products of the animal kingdom” increased to 103 million Omani riyals, or 77.4 percent. On the other hand, metal products had the largest value of merchandise imports to the Sultanate of Oman, recording 3.8 billion Omani riyals at the end of last November, declining by 4.6 percent, followed by machinery, appliances, electrical equipment and their parts at a value of 2.1 billion Omani riyals, recording a growth of 7.5 percent by the end of November 2023.
The Kingdom of Saudi Arabia topped the trade exchange transactions in non-oil exports, as their value at the end of November 2023 amounted to about 981 million Omani riyals, an increase of 29.7 percent from the end of November 2022, 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 465 million Omani riyals at the end of last November, and the United Arab Emirates also ranked first in the list of the highest countries exporting to the Sultanate of Oman, with a value of 3.6 billion Omani riyals, a decrease of 8.6 percent from the end of November 2022.
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