Sultanate’s trade surplus declines to Ro7bn in 2023

Oman's trade surplus in the first 11 months of 2023 sharply decreased to Ro6.997bn compared to a surplus of Ro9.587bn during the corresponding period of 2022, according to preliminary statistics issued by the National Center for Statistics and Information (NCSI).

The value of Oman's merchandise exports reached Ro20.636bn for the January – November period of 2023, declining by 11.4% compared to the same period in 2022, when it stood at Ro23.289bn.

On the other hand, the value of merchandise imports of Oman amounted to Ro13.639bn during the first 11 months of 2023, a decrease of 0.5% compared to Ro13.702bn recorded in the same period of 2022.

The decline in the value of exports was mainly due to the decline in the value of Oman’s oil and gas exports in 2023. The combined value of oil and gas exports fell to Ro12.525bn at the end of November 2023, declining by 17.7% from Ro15.215bn recorded in the corresponding period of the previous year.

The value of crude oil exports fell by 17.3% to Ro8.9bn by the end of No-vember 2023 compared to the same period of the previous year. The value of Oman's LNG exports decreased by 15.7% to Ro2.3bn during January – November period of last year from Ro2.7bn recorded in the same period of 2022. The value of refined oil exports also declined by 23.5% to Ro1.3bn.

On the other hand, the value of non-oil Omani exports slightly decreased by 1.4% to Ro6.767bn in the first 11 months of 2023 against Ro6.866bn in the corresponding period of 2022.

In contrast, the total value of Oman's re-exports to other countries grew by 11.1% to Ro1.3bn during January – November period of 2023 compared to the same period of the previous year.