Oman’s trade balance showed a surplus of 1.693 billion at the end of February 2024, demonstrating an increase compared to the same period in 2023, according to data from the National Centre for Statistics and Information. The value of merchandise exports increased by 19.5 percent to OMR4.414 billion, while merchandise imports rose by 17.4 percent to OMR2.721 billion during the same period. This growth was mainly driven by the country’s oil and gas exports, which increased by 7.2 percent.
At the end of February 2024, Oman’s crude oil exports reached OMR1.905 billion, marking a 21.5 percent increase over the previous year. However, the value of refined oil exports decreased by 19 percent, and exports of liquefied natural gas (LNG) also saw a decline. On the other hand, non-oil merchandise exports increased significantly by 49.1 percent to OMR1.601 billion, with mineral products leading the way in terms of value.
Mineral products had the highest value among non-oil commodity exports, reaching OMR839 million, followed by ordinary metal products and chemical industries products. The value of re-exports from Oman also saw an increase, reaching OMR247 million by the end of February 2024. The Kingdom of Saudi Arabia was the top destination for non-oil exports, with a value of OMR170 million, while the UAE led in re-exports transactions.
Metal products were the largest category among merchandise imports to Oman, increasing by 47.5 percent to OMR897 million at the end of February 2024. Machinery, appliances, electrical equipment, and transportation equipment also saw growth in imports during the same period. The UAE was the leading country exporting to Oman, with a value of OMR667 million by the end of February 2024, showing an increase compared to the previous year.
In conclusion, Oman’s trade balance has shown positive growth with increased exports and imports, particularly in the oil and gas sector. The country’s non-oil merchandise exports have also seen significant improvement, with mineral products leading the way. Re-exports have also played a significant role in Oman’s trade transactions, with the UAE being a key player in both re-exports and imports to the country. Overall, Oman’s trade dynamics reflect a diverse and evolving economy that continues to strengthen its position in the global market.
