Oman’s efforts towards economic diversification are paying off, as evidenced by a notable increase in non-oil exports during the first half of 2024. The National Center for Statistical Information (NCSI) reported that Omani-origin non-oil exports reached OMR 3.575 billion by the end of June 2024, marking an 8% rise compared to the same period last year. This growth signifies the growing global demand for Omani products and the ongoing recovery of markets, setting the stage for potential record-breaking export levels by the end of the year.
Metal products have been leading this export growth, accounting for OMR 1.304 billion in export value, which is a significant 21.5% increase from last year. Basic metal products and their manufactures followed closely, contributing OMR 671 million with a growth rate of 7.3%. The plastics and rubber sector also saw growth, with exports rising by 11.5% to reach OMR 473 million, while other product categories collectively generated OMR 437 million by mid-year. This shows a significant shift in Oman’s economic landscape, with non-oil exports projected to make up 22% of the Sultanate’s GDP by the end of the second quarter of 2024.
Lubna AlHarthi, Export Development Director at the Ministry of Commerce, Industry, and Investment Promotion, commented on the increase in Omani non-oil exports, highlighting the progress made in economic diversification and local content enhancement. She stated that the growth in export volume demonstrates the value and competitiveness of Omani products in international markets, reflecting the quality, cost-effectiveness, and competitive standards of their products. The rising global demand further reinforces the significance of Oman’s export growth in boosting the country’s economic position on a global scale.
Key international markets have also played a crucial role in supporting Oman’s export growth. South Korea saw a substantial 1,154.4% increase in import volume, driven by industrial product exports. The UAE remains a leading market with OMR 457 million, followed by Saudi Arabia with OMR 402 million in non-oil exports. Omani-origin non-oil exports now represent 36% of the nation’s total exports, which have reached OMR 10.804 billion by the end of the second quarter of 2024, marking a significant milestone in Oman’s journey towards a diversified and resilient economy, with continued growth prospects on the horizon.
