The Sultanate of Oman’s trade balance remains favorable, with a surplus of OMR2.989 billion recorded by the end of May 2024, compared to OMR2.986 billion during the same period in 2023. The National Centre for Statistics and Information (NCSI) provided preliminary statistics indicating that commodity exports reached OMR9.689 billion, a 5 percent increase from OMR9.224 billion during the same period the previous year. Commodity imports also saw a significant increase, rising by 7.4 percent to OMR6.700 billion by the end of May 2024 compared to OMR6.238 billion in 2023.
The main driver behind the increase in export value was the Sultanate of Oman’s oil and gas exports, which reached OMR5.937 billion by the end of May 2024, a 1.8 percent increase from OMR5.833 billion in 2023. Crude oil exports specifically saw a 7.6 percent increase to OMR4.297 billion, while refined oil exports decreased to OMR579 million, a decline of 8.7 percent. Liquefied natural gas (LNG) exports also decreased, reaching OMR1.061 billion, a 12 percent decline from May 2023.
Non-oil commodity exports also saw a notable increase of 11.2 percent, reaching OMR3.045 billion by the end of May 2024 compared to OMR2.737 billion in 2023. Mineral products had the highest value of non-oil commodity exports at OMR1.101 billion, followed by base metals at OMR560 million and products of chemicals at OMR435 million. Plastics and rubber exports reached OMR399 million, an increase of 13.5 percent, while live animals and animal products exports increased by 2.5 percent to OMR149 million.
The total value of re-exports from Oman increased to OMR707 million by the end of May 2024, an 8.1 percent increase from the same period in 2023. Re-exports of transportation equipment products reached OMR188 million, electrical machinery and equipment reached OMR165 million, and foodstuffs, beverages, and tobacco reached OMR66 million. In contrast, mineral products had the largest value of commodity imports, totaling OMR1.967 billion by the end of May, followed by electrical machinery and equipment at OMR1.121 billion and base metals at OMR643 million.
The United Arab Emirates (UAE) led trade exchange operations in non-oil exports with a value of OMR395 million by the end of May 2024, reflecting a 15.1 percent increase from the same period in 2023. Additionally, the value of re-exports from Oman reached OMR244 million, while countries exporting to Oman reached OMR1.582 billion. The overall trade balance of Oman remains positive, with a steady increase in both export and import values, highlighting the country’s continued economic growth and stability in the international market.
