India-Oman trade balance rises by over $50,000 in Sultanate’s favour

TIMES NEWS SERVICE

MUSCAT: The trade balance between India and Oman has increased over $50,000 in favour of the Sultanate, data from an Indian government website has revealed.

Compared to the previous financial year, the trade balance swelled by $53,698.21 in Oman’s favour. For the financial year, 2017-2018, the trade balance is $162,202.06, compared to $108,503.85 for 20162017 in Oman’s favour.

According to the Indian embassy, bilateral trade between the two countries rose 3.6 per cent from $3.8 billion in 2015-16 to $4 billion in 2016-17.

Oman’s major exports to India are oil, it’s derivatives and fertilisers. India’s exports to Oman include minerals, machinery, textiles, spices, tea, coffee etc. $137,694.93 and for 2015-2016, it had been $118,716.50 in the Sultanate’s favour.

Second secretary at the Indian embassy, Yumkhaibam Sabir said that the trade balance was a positive news for Oman and was down to the increase in global prices of crude.

“Actually, India has been increasingly importing more oil and oil products from Oman. The appreciation of oil prices has of course, helped the Sultanate. As far as we are concerned, we are not too worried about the trade balance because it is not that significant. Our goal is to encourage bilateral trade and investment,” he said.

Sabir added that there was a great scope for expansion of trade and investment between the two countries.

“When we speak about Oman and India, one cannot ignore the fact that two nations are so close to each other. It has also to do with the cultural similarity and familiarity,” the second secretary at the Indian embassy added.