Oman’s trade surplus hits RO 877 million
The trade balance of the Sultanate of Oman recorded a surplus of RO 877 million at the end of January 2024, compared to a surplus of RO 686 million during the same period in 2023, according to preliminary statistics released by the National Centre for Statistics and Information (NCSI).
The statistics indicate that the value of commodity exports at the end of January 2024 reached RO 2.303 billion, an increase of 16.7 per cent from the same period in the previous year, which stood at RO 1.974 billion.
On the other hand, the value of commodity imports for the Sultanate of Oman reached RO 1.426 billion, up by 10.6 per cent at the end of January 2024 compared to the same period last year, which was RO 1.288 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 1.450 billion, up by 9.6 per cent from the end of January 2023, when it was RO 1.322 billion.
Among the exports of oil and gas at the end of January 2024, the value of Oman’s crude oil exports reached around RO 1.126 billion, registering a 30.5 per cent increase from the same period of the previous year.
The value of refined oil exports decreased to RO 95 million, by 36.5 per cent, while the value of Oman’s exports of liquefied natural gas decreased to RO 229 million, by 26.1 per cent compared to the end of January 2023.
The statistics revealed an increase in the value of nonoil commodity exports by 38.5 per cent at the end of January 2024, reaching RO 749 million compared to the end of January 2023, when it was RO 540 million.
Metal products accounted for the highest value of non-oil commodity exports, reaching RO 356 million, an increase of 115.9 per cent, followed by ordinary metals and their products with RO 122 million , an increase of 21.3 per cent, then chemical industry products with export value of RO 86 million, a decline of 11.2 per cent.
The value of Oman’s exports of plastics and rubber and their products decreased to RO 72 million by 3.6 per cent, while exports of live animals and animal products increased by 11.9 per cent, reaching RO 34 million, and the value of other product exports reached RO 79 million.
The value of re-exports from Oman decreased to RO 104 million by 6.2 per cent at the end of January 2024 compared to the end of January 2023, with reexports of machinery, electrical equipment, and parts recording an increase of 19.5 per cent, reaching RO 32 million.
On the other hand, the value of re-exports in transportation equipment decreased by 31.5 per cent to record RO 24 million, as well as in food, beverage, and liquid industry products by 10.3 per cent to record RO 11 million, and in live animals and animal products to RO 7 million, a decrease of 21.7 per cent.
On the other hand, metal products accounted for the largest value of commodity imports for the Sultanate of Oman, reaching RO 470 million at the end of last January, an increase of 15 per cent.
They were followed by machinery, electrical equipment, and their parts, as well as sound recording and radio devices with a value of RO 207 million, marking a growth of 10.9 per cent by the end of January 2024.
Saudi Arabia topped the list of non-oil export trading partners, with a value of RO 103 million by the end of January 2024, an 82 per cent increase from the end of January 2023.
Meanwhile, the UAE led the way in re-exports from Oman, with a value of RO 31 million at the end of January, and also ranked first in the list of top exporting countries to Oman with a value of RO 315 million, an increase of 4.2 per cent compared to the end of January 2023.