Oman Observer – December 2024

Oman’s trade balance recorded a surplus of RO 6.063 billion by September 2024, marking a rise from RO 5.611 billion during the same period in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI)

The value of commodity exports surged by 10% to RO 18.241 billion, driven mainly by oil and gas exports, which rose 21.5% to RO 12.406 billion. Crude oil exports increased 7.6% to RO 7.610 billion, while refined oil exports soared 151.6% to RO 2.975 billion. However, liquefied natural gas exports dropped 7% to RO 1.822 billion.

"Despite challenges, Oman's non-oil exports remain a vital pillar of economic diversification, with plastics and rubber products showing resilience by growing 6.9% to RO 720 million in 2024. This highlights the potential for innovation and growth in non-oil sectors as we aim to expand our global trade footprint."

Non-oil exports declined by 14.1% to RO 4.534 billion. Mineral products led non-oil exports at RO 1.307 billion, despite a 27.3% decline. Metal products followed at RO 991 million, while plastics and rubber products saw a 6.9% increase to RO 720 million. 

Re-exports rose 18.1% to RO 1.3 billion, led by transportation equipment (RO 316 million) and machinery (RO 273 million). Food and beverage re-exports grew 32% to RO 133 million, while mineral product re-exports increased 51% to RO 108 million. Imports also rose by 10.9% to RO 12.178 billion. Mineral products topped the list at RO 3.470 billion, up 16.4%. Machinery and electrical equipment imports climbed 24.7% to RO 2.089 billion, while transportation equipment imports rose 9.3% to RO 1.072 billion. 

The UAE emerged as Oman’s top trading partner, with non-oil exports to the UAE valued at RO 737 million, up 14.1%. Re-exports to the UAE totaled RO 445 million, while imports from the UAE reached RO 2.922 billion. Saudi Arabia ranked second in non-oil exports at RO 602 million, followed by South Korea at RO 515 million. China and Kuwait were also key trading partners, with imports from China totaling RO 1.294 billion and from Kuwait RO 1.230 billion.