Oman’s Economy Booms with 5 Percent Increase in Commodity Exports
Oman’s economy is on the rise as the country’s commodity exports saw a significant 5 percent year-on-year increase, reaching an impressive .16 billion by the end of May 2024. This positive growth has contributed to the country’s trade balance, which showed a surplus of OMR2.989 billion (.76 billion) during the same period, a slight uptick from the previous year.
According to data released by the National Center for Statistics and Information, Oman’s export performance was driven by a robust increase in non-oil commodity exports, which rose by 11.2 percent to OMR3.045 billion. Mineral products led this segment with a remarkable 23.1 percent increase, reaching OMR1.101 billion, followed by base metals and their articles with an 8.9 percent increase to OMR560 million. Although chemical products experienced a 7 percent decline in exports, reaching OMR435 million, the overall export growth was still impressive.
The country’s oil and gas exports also contributed to the positive performance, with a 1.8 percent increase to OMR5.937 billion. Crude oil exports saw a significant 7.6 percent increase, reaching OMR4.297 billion, while refined oil exports declined by 8.7 percent to OMR579 million. Liquefied natural gas exports also experienced a decrease, falling by 12 percent to OMR1.061 billion.
Oman’s re-export sector also showed positive growth, reaching OMR707 million by the end of May 2024, representing an 8.1 percent increase from the previous year. Transportation equipment products saw a slight decrease of 0.5 percent to OMR188 million, while electrical machinery and equipment recorded a 2 percent increase to OMR165 million. Foodstuffs, beverages, and tobacco re-exports experienced a significant 13.7 percent increase to OMR66 million.
On the import side, Oman saw a 7.4 percent increase in total commodity imports, reaching OMR6.700 billion by the end of May 2024. Mineral products dominated imports, reaching OMR1.967 billion, an increase of 13.7 percent. Electrical machinery and equipment followed closely with a value of OMR1.121 billion, representing an 18.5 percent increase. Base metals and their articles recorded a 2.3 percent decrease to OMR643 million.
The United Arab Emirates emerged as Oman’s top trading partner for non-oil exports, with a value of OMR395 million, representing a 15.1 percent increase from the previous year. The UAE also played a significant role in Oman’s re-exports, with a value of OMR244 million. Additionally, the UAE remained a key source of imports for Oman, with a value of OMR1.582 billion, further solidifying the strong trade ties between the two countries.
Overall, Oman’s economy is thriving, with the country’s export and import sectors showing positive growth and contributing to a surplus in the trade balance. These figures indicate a promising future for Oman’s economy and its role in the global market.
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