UAE Remains Oman’s Largest Trade Partner as Trade Surplus Reaches RO 7.138 Billion

Muscat, January 30 – Oman’s trade balance recorded a substantial surplus of RO 7.138 billion by the end of November 2024, reflecting the country’s robust economic performance. According to the latest data, Oman’s commodity exports soared to RO 22.225 billion, marking a 7.7% increase from RO 20.636 billion in the previous year. Meanwhile, commodity imports also witnessed a 10.6% rise, reaching RO 15.087 billion, up from RO 13.639 billion in 2023.

Oil and Gas Exports Drive Growth

A significant contributor to Oman’s growing trade surplus was the oil and gas sector, which experienced a 19.7% surge, amounting to RO 14.994 billion, compared to RO 12.525 billion in 2023.

• Crude oil exports increased 2.5% to RO 9.125 billion.
• Refined oil exports saw a massive 174.9% rise, reaching RO 3.573 billion.
• Liquefied Natural Gas (LNG) exports, however, recorded a slight 1.1% dip, totaling RO 2.296 billion.

Decline in Non-Oil Exports

Despite strong oil and gas exports, non-oil commodity exports dropped 16.6%, amounting to RO 5.642 billion, down from RO 6.768 billion in 2023.

• Mineral product exports declined 35.2% to RO 1.616 billion.
• Metal products exports fell 1.1% to RO 1.202 billion.
• Chemical industry exports decreased 22% to RO 725 million.
• Plastic and rubber product exports, however, saw a 10.1% increase, reaching RO 896 million.

Re-Exports Witness Growth

Oman’s re-export activities showed promising growth, rising 18.3% to RO 1.59 billion by November 2024. Major contributors included:

• Transport equipment: RO 385 million (+2.1%)
• Food and beverage products: RO 168 million (+30.2%)
• Mineral products: RO 119 million (+43.1%)

Oman’s Imports See an Uptick

Oman’s total commodity imports reached RO 15.087 billion, with mineral products accounting for the largest share at RO 4.212 billion (+9.5%). Other key import categories included:

• Machinery and electrical equipment: RO 2.606 billion (+26%)
• Transportation equipment: RO 1.354 billion (+13.1%)
• Chemical industry products: RO 1.401 billion (+2.7%)

UAE Remains Oman’s Leading Trade Partner

The United Arab Emirates (UAE) continued to be Oman’s largest trade partner across non-oil exports, re-exports, and imports.

• Non-oil exports to UAE: RO 935 million (+8.1%)
• Re-exports to UAE: RO 526 million
• Imports from UAE: RO 3.6 billion

Other key trade partners included Saudi Arabia and South Korea for non-oil exports, while China and Kuwait remained among Oman’s top sources of imports.

With a strong trade performance and continued regional partnerships, Oman’s economic outlook remains positive, positioning the Sultanate for further growth and diversification in alignment with Oman Vision 2040.

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