Oman’s trade surplus reaches RO 1.693 billion

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 registered a surplus at RO 1.378 billion, according to preliminary statistics released by the National Centre for Statistics and Information (NCSI).

The statistics indicated that the value of commodity exports at the end of February reached RO 4.414 billion, rising by 19.5 per cent from the same period last year at RO 3.695 billion. The value of commodity imports registered for the Sultanate of Oman was RO 2.721 billion, up by 17.4 per cent at the end of February 2024 compared to the same period last year at RO 2.317 billion.

The increase in the value of exports is mainly attributed to the increase in the value of Oman’s exports of oil and gas to RO 2.566 billion, a 7.2 per cent increase over the end of February 2023 at RO 2.394 billion.

The value of Oman’s exports of crude oil reached RO 1.905 billion, registering a 21.5 per cent increase from the same period last year. Meanwhile, the value of refined oil exports decreased to RO 210 million by 19 per cent, and the value of Oman’s exports of liquefied natural gas decreased to RO 451 million by 20.5 per cent compared to the end of February 2023.

The statistics revealed an increase in the value of non-oil commodity exports by 49.1 per cent at the end of February 2024, reaching RO 1.601 billion, compared to the end of February 2023 at RO 1.074 billion.

Metal products had the highest value of non-oil commodity exports, reaching RO 839 million, up by 142.7 per cent from the same period in 2023. Ordinary metal products and their products at RO 232 million, an increase of 16.3 per cent, then chemical industries and related industries with exports value of RO 167 million, a 12.1 per cent decrease.

The value of exports of plastics and rubber products increased to RO 153 million by 9.5 per cent, while exports of live animals and animal products increased by 2.8 per cent to reach RO 58 million. The value of exports of other products was RO 153 million.

The value of re-exports from the Sultanate of Oman reached RO 247 million, up by 8.9 per cent at the end of February 2024, with re-exports in machinery, electrical equipment, and parts reaching RO 62 million, up by 13.4 per cent, while re-exports in transport equipment decreased by 1.3 per cent to reach RO 60 million. The value of re-exports in food, beverages, and liquids decreased by 3.7 per cent to reach RO 24 million, while the re-export of live animals and animal products increased to RO 23 million, up by 9.1 per cent. Re-exports of metal products reached RO 18 million, up by 12.6 per cent, and the value of other products’ re-exports was RO 61 million.

Conversely, metal products had the highest value of non-oil commodity imports for the Sultanate of Oman, reaching RO 897 million at the end of February, up by 47.5 per cent. This was followed by machinery, electrical equipment and parts, and sound recording and broadcasting equipment at RO 404 million, a growth of 17.1 per cent at the end of February 2024, then transport equipment at RO 226 million, an increase of 4.6 per cent.

Saudi Arabia topped non-oil export trade in the Sultanate of Oman, reaching RO 170 million at the end of February 2024, up by 7.6 per cent from the end of February 2023, while the UAE topped re-export trade from the Sultanate of Oman, with a value of RO 71 million. Also, the UAE ranked first in the list of top countries exporting to the Sultanate of Oman with a value of RO 667 million, up by 8.1 per cent from the end of February 2023. — ONA