Oman’s trade balance registers RO 1.7bn surplus at End of Feb 2024

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Muscat: The trade balance of the Sultanate of Oman recorded a surplus of RO 1.69 billion at the end of February 2024, compared to a surplus of RO 1.38 billion during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

According to NCSI statistics, the total value of merchandise exports reached RO 4.414 billion by the end of February 2024, an increase of 19.5% over the same period of the previous year, when it was RO 3.695 billion.

Meanwhile, the total value of merchandise imports to the Sultanate of Oman amounted to RO 2.721 billion, an increase of 17.4% by the end of February 2024 compared to the same period of 2023, which amounted to RO 2.317 billion.

The increase in the value of merchandise exports is mainly attributed to an increase in the value of the Sultanate of Oman’s oil and gas exports by 7.2% to reach RO 2.566 billion compared the end of February 2023, when it was RO 2.394 billion.

The value of crude oil exports amounted to about RO 1.905 billion by the end of February 2024, recording an increase of 21.5% compared to the same period of the previous year.

The value of refined oil exports decreased to RO 210 million, or by 19%. The value of liquefied natural gas exports also fell to RO 451 million, or by 20.5%, compared to the end of February 2023.

The value of non-oil merchandise exports rose by 49.1% by the end of February 2024, to reach RO 1.601 billion, compared to the end of February 2023, when it recorded RO 1.074 billion.

Mineral products had the highest value among non-oil commodity exports, with their value amounting to RO 839 million, a surge of 142.7% over the same period in 2023, followed by base metals and their articles which recorded an export value of RO 232 million, an increase of 16.3%. Products of chemical industries recorded an export value of RO 167 million, a decrease of 12.1%.

The value of exports of plastics and rubber increased to RO 153 million, by 9.5%, and those of live animals and animal products increased by 2.8% to reach RO 58 million.

The value of exports of other products reached RO 153 million. The value of re-exports from the Sultanate of Oman increased to RO 247 million, or 8.9%, by the end of February 2024, compared to the end of February 2023.

The value of re-exports of electrical machinery and equipment recorded RO 62 million, an increase of 13.4%. Re-exports of transport equipment fell by 1.3% to record RO 60 million.

The value of foodstuffs, beverages and tobacco also dropped by 3.7% to record RO 24 million. The re-export value of live animals and animal products rose to RO 23 million, by 9.1%.

The re-export of mineral products amounted to RO 18 million, an increase of 12.6%, and the value of other products amounted to RO 61 million. On the other hand, mineral products had the largest value of merchandise imports to the Sultanate of Oman, recording RO 897 million at the end of last February, an increase of 47.5%, followed by electrical machinery and equipment at a value of RO 404 million, recording a growth of 17.1% by the end of February 2024, transportation equipment at RO 226 million, an increase of 4.6%.

The Kingdom of Saudi Arabia (KSA) topped the trade exchange transactions in non-oil exports, and their value reached RO 170 million at the end of February 2024, an increase of 7.6% from the end of February 2023.

The United Arab Emirates (UAE) topped the trade exchange transactions in re-exports from the Sultanate of Oman, reaching RO 71 million at the end of last February 2024. The UAE also ranked first in the list of the highest countries exporting to the Sultanate of Oman, with a value of RO 667 million, an increase of 8.1% from the end of February 2023.

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