Five per cent rise in vegetable exports
Crude oil exports contracted by 26.1 per cent in 2016, which was much lower than the 42.3 per cent reduction in 2015.
“Although non-oil exports play a dominant role in accomplishing the accelerated pace of diversification in the economy, their role has become all the more significant for sustainable growth in the economy over the medium-term given the prolonged period of low level of oil prices,” the apex bank said in the report.
The contraction in non-oil exports during 2016 was led by plastic, rubber, and articles thereof with a significant drop of 49.1 per cent, followed by base metals and articles thereof at 21.9 per cent.
Products of chemicals and allied industries as well as mineral products also registered significant declines of 17.5 per cent and 15.8 per cent, respectively.
On the other hand, Oman’s imports from GCC countries declined by just 5.4 per cent during the same period, which exhibits that Omani imports from GCC region constitute the core component and hence, not very elastic.
The United Arab Emirates (UAE) continued to be the major trading partner of Oman in the GCC region, with a share of 59.0 per cent in total non-oil exports, including re-exports to GCC countries, and 89.8 per cent of imports from the GCC countries in 2016. The major destinations of nonoil exports from Oman continue to remain the UAE, Saudi Arabia, India, and China with a combined share of over 50 per cent in 2016.
The UAE continued to be the largest destination for Omani non-oil exports with its share increasing to 25.2 per cent in 2016 from 20.8 per cent in 2015.
The share of non-oil exports from Oman to India and China increased to 10.5 per cent and 8.2 per cent, respectively, in 2016 from 9.1 per cent and 7.2 per cent, respectively, during 2015, while its share to Saudi Arabia dropped to 10.6 per cent from 12.5 per cent during this period.