OMAN’S NON-OIL FUTURE ON TRACK AS EXPORTS JUMP HALF A BILLION RIALS

Non-oil exports increased by more than OMR500 million between 2017 and 2018

Oman’s future as a non-oil export hub is starting to take shape, following an increase of more than OMR500 million earned in non-oil exports in the space of a single year.

Data from the National Centre for Statistics and Information shows that at the end of September 2018, non-oil exports amounted to OMR2.952 billion, up from OMR2.361 billion in September 2017, an increase of OMR591 million during that time.

Non-oil exports amounted for 24.6% of Oman’s net merchandise export value of OMR 11.965 billion. The biggest portion of Oman’s non-oil exports came from mineral products, which amounted to OMR 831 million, up from OMR 640.9 million, followed by metals, which contributed to OMR 736.4 million, an increase from OMR 472.8 million.

While Shashwar Al Balushi, the head of the Labour Labs for Tanfeedh, Oman’s long-term plan for economic diversification and expansion, did say this was a promising indicator of what the non-oil future could present for Oman, he also expanded on what must be done for the Sultanate to carry this out in a sustainable and successful manner.

“Firstly, we need to make sure in terms of price and manufacturing that we are competent. Secondly, we need to guarantee our systems and processes are fast enough to ensure we are competitive, and can reach the markets at a fair price. In terms of workforce requirements, we have to increase productivity and competency, and we have to maintain the experienced profiles of workers, so that we can add value to the human resources that we have.

“That again will help us reduce costs in production, and become more competitive, which is what I think the country needs at the moment,” added Al Balushi. “Additionally, logistics and the transport costs in terms of things such as airport handling and port clearances need us to be more competitive so that we can increase the amount of exports and re-exports from Oman.”