Oman’s trade balance recorded a surplus of approximately $15.74 billion (OMR 6.063 billion) in the first nine months of 2024, an 8% increase from the $14.57 billion (OMR 5.611 billion) surplus during the same period in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI).
Exports and Imports Rise
Oman’s exports reached about $47.39 billion (OMR 18.241 billion) between January and September 2024, reflecting a 10% increase compared to $43.08 billion (OMR 16.590 billion) in the same period of 2023. Imports also grew by 10.9%, totaling approximately $31.63 billion (OMR 12.178 billion), up from $28.50 billion (OMR 10.979 billion).
Oil Exports Drive Growth
The rise in exports was primarily fueled by the oil and gas sector. Oil and gas exports surged by 21.5%, reaching $32.24 billion (OMR 12.406 billion) in the first nine months of 2024, compared to $26.54 billion (OMR 10.213 billion) during the same period last year.
- Crude oil exports increased by 7.6% to $19.78 billion (OMR 7.610 billion).
- Refined oil exports saw a dramatic rise of 151.6%, reaching $7.74 billion (OMR 2.975 billion).
- LNG exports contracted by 7%, amounting to $4.73 billion (OMR 1.822 billion).
Decline in Non-Oil Exports
Non-oil exports fell by 14.1% to approximately $11.78 billion (OMR 4.534 billion), compared to $13.71 billion (OMR 5.276 billion) in 2023.
- Mineral products dropped by 27.3% to $3.4 billion (OMR 1.307 billion).
- Metals and metal products increased slightly by 0.4%, totaling $2.57 billion (OMR 991 million).
- Plastics and rubber products rose by 6.9% to $1.87 billion (OMR 720 million).
- Chemical exports declined significantly, falling 25.1% to $1.49 billion (OMR 575 million).
- Animal product exports decreased by 16.1%, reaching $638 million (OMR 246 million).
Re-Exports Show Strong Growth
Re-exports surged by 18.1%, totaling approximately $3.38 billion (OMR 1.3 billion), compared to $2.86 billion (OMR 1.1 billion) in 2023.
UAE: Oman’s Top Trading Partner
The UAE remained Oman’s largest trading partner in non-oil exports, re-exports, and imports:
- Non-oil exports to the UAE grew by 14.1% to $1.91 billion (OMR 737 million).
- Re-exports to the UAE reached $1.16 billion (OMR 445 million).
- Imports from the UAE were valued at $7.58 billion (OMR 2.922 billion).
Saudi Arabia ranked second in non-oil exports to Oman with $1.56 billion (OMR 602 million), followed by South Korea at $1.33 billion (OMR 515 million). Iran was the second-largest destination for re-exports at $641 million (OMR 247 million), followed by Kuwait at $257 million (OMR 99 million).
On the import side, China was Oman’s second-largest supplier, exporting $3.36 billion (OMR 1.294 billion) worth of goods, followed by Kuwait at $3.19 billion (OMR 1.230 billion).
