Oman recorded a trade surplus of $19.54 billion by the end of December 2024, according to preliminary data from the National Centre for Statistics and Information.
The total value of merchandise exports reached $62.95 billion, marking a 6.8% increase from $58.94 billion in 2023. Meanwhile, imports rose by 12.1%, reaching $43.48 billion, compared to $38.80 billion the previous year.
The increase in export value was primarily fueled by a 18.4% surge in oil and gas exports, which totaled $42.32 billion, up from $35.76 billion in December 2023. Crude oil exports edged up by 0.8% to $25.74 billion, while refined oil exports soared by 185.5% to $10.02 billion. However, liquefied natural gas (LNG) exports dipped slightly by 1.9% to $6.58 billion.
Non-oil commodity exports declined by 16.3%, amounting to $16.20 billion in 2024, compared to $19.34 billion the year before. Among non-oil exports, mineral products had the highest value at $4.63 billion, despite a 36.8% drop. Basic metals and their products followed at $3.43 billion, registering a slight 0.1% increase, while plastic and rubber products grew by 13.3% to $2.59 billion.
Other notable non-oil export trends include:
Chemical industries and related products: $2.09 billion (-19.6%)
Live animals and animal products: $910 million (-11%)
Other exports: $2.55 billion (-5%)
Re-export activities expanded by 14.9%, reaching $4.44 billion. Notably, re-exports of food, beverages, and liquids surged by 30.6% to $480 million, while mineral product re-exports grew by 21.3% to $313 million. However, re-exports of live animals and animal products declined by 10.1% to $253 million.
On the import side, mineral products accounted for the largest share at $12.19 billion, reflecting an 11.3% increase. Machinery and electrical equipment imports grew significantly by 28.9% to $7.65 billion, while base metals and related products rose slightly by 1% to $4.19 billion. Transportation equipment imports increased by 13.5% to $3.96 billion.
Among Oman’s key non-oil export destinations:
The UAE led with $2.73 billion, an 11% increase from 2023. It also ranked first in re-exports ($1.49 billion) and imports to Oman ($10.34 billion).
Saudi Arabia ranked second in non-oil exports at $2.22 billion, followed by India at $1.72 billion.
Oman’s strong trade surplus underscores the country’s resilient export performance, driven by oil and gas revenues and an expanding re-export market.
