Oman posted a trade surplus of OMR 4.30 billion by the end of July 2024, slightly down from OMR 4.32 billion in the same period of 2023, according to preliminary data from the National Centre for Statistics and Information.
The value of commodity exports increased by 7.6% to OMR 13.72 billion, compared to OMR 12.75 billion in 2023. Imports also saw an 11.7% rise, reaching OMR 9.41 billion by the end of July 2024, up from OMR 8.42 billion in the previous year.
Oil and gas exports grew by 8%, amounting to OMR 8.56 billion, compared to OMR 7.93 billion in 2023. Crude oil exports rose by 7.6% to OMR 5.96 billion, while refined oil exports jumped 30.2% to OMR 1.16 billion. However, liquefied natural gas (LNG) exports decreased by 3.6% to OMR 1.44 billion.
Non-oil commodity exports increased by 5.1%, reaching OMR 4.15 billion, driven by a 17.4% rise in mineral products, totalling OMR 1.51 billion. Ordinary metal products and their derivatives contributed OMR 767 million, up 2.8%, while chemical industry products accounted for OMR 608 million, up 2.9%. Plastics and rubber products exports rose 6.3% to OMR 549 million, while live animals and animal products exports dropped 17.4% to OMR 195 million.
Re-exports grew by 14.7%, reaching OMR 999 million by July 2024. Transport equipment re-exports stood at OMR 278 million, up 12%, while machinery, electrical appliances, and parts re-exports amounted to OMR 222 million, a 4.6% decline. Re-exports of mineral products saw a significant rise of 77.2% to OMR 93 million.
In terms of imports, mineral products recorded the highest value at OMR 2.74 billion, a 23.6% increase. Machinery, electrical appliances, and parts imports grew 22.1% to OMR 1.57 billion, while ordinary metal products imports decreased by 3.5% to OMR 892 million. Imports of transportation equipment and chemical products rose by 4.2% and 0.1%, respectively.
The UAE led in non-oil exports to Oman, with a value of OMR 558 million, a 14.9% increase, and re-exports from Oman at OMR 377 million. Saudi Arabia followed with OMR 468 million in non-oil exports, while South Korea registered OMR 392 million. Iran was second in re-exports with OMR 203 million, and Kuwait was second among Oman’s import sources with OMR 983 million, followed by China with OMR 965 million.