Oman’s trade balance registered a surplus exceeding $10.3 billion by the end of July 2024, as reported by the Times of Oman. According to data from the National Centre for Statistics and Information (NCSI), this surplus stood at approximately OMR 4.3 billion, slightly lower than the OMR 4.32 billion recorded during the same period in 2023.
The total value of merchandise exports reached about $35.6 billion (OMR 13.72 billion), reflecting a 7.6% increase compared to $33.1 billion (OMR 12.75 billion) in 2023. Meanwhile, merchandise imports rose by 11.7% to approximately $24.4 billion (OMR 9.42 billion), up from $21.8 billion (OMR 8.43 billion) during the same period.
The surge in exports is largely attributed to oil and gas, with the total value of these exports reaching around $22.3 billion (OMR 8.57 billion), an 8% increase compared to $20.7 billion (OMR 7.93 billion) in 2023. Crude oil exports contributed around $15.5 billion (OMR 5.96 billion), up by 7.6%, while refined oil exports saw a 30.2% rise, totaling about $3 billion (OMR 1.16 billion). On the other hand, liquefied natural gas exports dipped by 3.6%, totaling $3.75 billion (OMR 1.44 billion).
Non-oil exports also rose by 5.1%, reaching approximately $10.8 billion (OMR 4.15 billion). Mineral products dominated this category with exports totaling $3.95 billion (OMR 1.51 billion), a 17.4% increase. Base metals, chemicals, plastics, and rubber also saw notable export growth, while exports of live animals dropped by 17.4%.
Re-exports increased by 14.7%, totaling nearly $2.6 billion (OMR 999 million). Among imports, mineral products led the way with a 23.6% increase, followed by electrical machinery and equipment, which saw a 22.1% rise.
The United Arab Emirates remained Oman’s top trading partner for non-oil exports, with trade totaling approximately $1.45 billion (OMR 558 million), reflecting a 14.9% increase compared to the previous year.
