Non-oil exports surge by 34 pc

MUSCAT: The Sultanate’s non-oil exports surged by 33.6 per cent to RO 272.1 million in January 2018, from RO 203.6 million for the same period of the previous year.

Since prices of several petrochemical products are positively correlated to global prices of energy, the Sultanate could gain immensely with a recent rise in oil prices. A major recovery in energy prices indirectly helped the country to strengthen its non-oil export revenue as well.

A phenomenal growth in exports of mineral products, chemical products, base metals and live animals aided the recovery in non-oil exports, shows the latest monthly statistics released by the National Centre for Statistics and Information (NCSI).

Among the non-oil product categories, exports of mineral products shot up year-on-year by 62.7 per cent to RO 36.8 million, while exports of chemical products were up by 41.6 per cent to RO 79.5 million in January 2018, over the same period of last year.

Further, export revenue from base metals and live animals and its products jumped year-on-year by 22.6 per cent and 41.8 per cent to RO 62.3 million and RO 21.1 million, respectively.

As part of the country’s diversification programme, the Sultanate has been taking several major steps to strengthen its export base of non-oil products.

Apart from petrochemicals, the Sultanate’s focused non-oil export products include processed aluminium, fertilisers, fish, minerals, metals and metal products, dates, chemicals, plastic products, detergents, mattresses and pharmaceuticals.

Re-exports also showed a 6.4 per cent growth at RO 131.3 million in January 2018, against RO 123.4 million for the same period of last year, the NCSI report showed.

The country’s total exports grew by 32.8 per cent to RO 1,201.6 million during January, 2018 from RO 904.6 million for the same period of the previous year, mainly on account of a recovery in crude oil prices in the international market.

Export revenue from oil and gas exports rose by 38.2 per cent to RO 798.2 million for January 2018, from RO 577.6 million for the same period of 2017.

The UAE, retained its position as the leading destination of the Sultanate’s non-oil exports in the first month of 2018.

The Sultanate’s non-oil exports to the UAE touched RO 52.3 million, in January, 2018, shows the NCSI report.

The Sultanate’s exports to the UAE showed a growth of 7.2 per cent in January 2018, compared to the same period of previous year.

According to NCSI, the Kingdom of Saudi Arabia was the second largest importer of Omani products, followed by Qatar, India and China. Kingdom of Saudi Arabia’s non-oil imports from the Sultanate surged ahead by 155.6 per cent to RO 36.3 million, while Qatar imported Omani products to the extent of RO 31.9 million, a phenomenal growth of 179.8 per cent.

It may be noted that the Sultanate’s total non-oil exports rose by 33.7 per cent to RO 272 million in January 2018, from RO 203.4 million for the same period of the previous year.

The Sultanate export development agency, Public Authority for Investment Promotion and Export Development (Ithraa), is undertaking several initiatives to enhance non-oil exports, especially to its target markets. These programmes include visits of trade delegations, participation in international exhibitions, business-tobusiness meetings and market studies in potential export markets.