Trade exchange between the Sultanate of Oman and European countries saw a significant increase of 9.5 percent to OMR 878.40 million by the end of May 2024, according to data from the National Centre for Statistics and Information. This marks a rise from OMR 802.20 million in May 2023. The total exports from Oman to Europe also surged by 63 percent to OMR 197.26 million with a total weight of 444.48 kilograms, compared to OMR 120.38 million in exports recorded in May 2023.
Despite the increase in total exports, the total imports of Oman from European countries decreased by 1.5 percent to OMR 620.344 million by the end of May 2024. The total weight of imports was also lower at 845.71 million kilograms compared to OMR 630.05 million in imports by the end of May 2023. Additionally, the total re-exports from Oman to European countries saw a significant jump of 17.4 percent to OMR 60.79 million with a total weight of 6.1 million kilograms, compared to OMR 51.8 million in re-exports in May 2023.
Among European countries, the Federal Republic of Germany ranked first in trade exchange with Oman, with total Omani exports to Germany reaching OMR 9.19 million by the end of May 2024. Imports from Germany to Oman were valued at OMR 88.56 million, with the value of re-exports to Germany amounting to OMR 19.84 million. The Kingdom of Belgium followed as the second largest trade partner of Oman, with total Omani exports to Belgium at OMR 6.43 million and imports at OMR 100.91 million. Re-exports to Belgium were valued at OMR 2.35 million.
Overall, the trade relationship between Oman and European countries remains strong, with an increase in total exports and re-exports. Despite a slight decrease in total imports, Oman continues to maintain significant trade partnerships with key European countries like Germany and Belgium. These figures reflect the ongoing economic ties and cooperation between Oman and Europe, showcasing the potential for further growth and development in the future.
