The Sultanate of Oman’s trade balance recorded a surplus of RO 3.658 billion by the end of June 2024, compared to a surplus of RO 3.704 billion during the same period of 2023, according to preliminary statistics issued by the National Center for Statistics and Information.
The statistics indicate that the total value of merchandise exports by the end of June 2024 recorded RO 11.670 billion, an increase of 6.7% over the same period of the previous year, when it was RO 10.934 billion.
Meanwhile, the total value of merchandise imports to the Sultanate of Oman amounted to RO 8.12 billion, an increase of 10.8% by the end of June 2024 compared to the same period last year, which amounted to RO 7.230 billion.
The increase in the value of exports is mainly attributed to the increase in value of the Sultanate of Oman’s oil and gas exports to RO 7.228 billion, up by 5.3% compared to the end of June 2023, which amounted to RO 6.866 billion.
Among oil and gas exports by the end of June 2024, the value of the Sultanat
e of Oman’s crude oil exports amounted to RO 5.134 billion, recording an increase of 7.2% over the same period of the previous year, and the value of refined oil exports increased to RO 842 million by 12.8%. The value of the Sultanate of Oman’s liquefied natural gas exports decreased to RO 1.252 billion by 5.7%, compared to the end of June 2023.
Statistics revealed an increase in the value of non-oil merchandise exports by 8.1% by the end of June 2024, to reach RO 3.575 billion, compared to the end of June 2023, when it recorded RO 3.307 billion.
Mineral products had the highest value of non-oil merchandise exports, amounting to RO 1.304 billion, an increase of 21.5% over the same period in 2023, followed by base metals and their products with RO 671 million, an increase of 7.3%, followed by products of chemicals with an export value of RO 521 million, a decrease of 0.7%.
The value of the Sultanate of Oman’s exports of plastics and rubber increased to RO 473 million, an increase of 11.5%, and exports of li
ve animals and animal products fell by 21%, reaching RO 169 million. Meanwhile, the value of exports of other products amounted to RO 437 million.
The value of re-exports from the Sultanate of Oman increased to RO 867 million, by 13.9% by the end of June 2024, compared to the end of June 2023.
The value of re-exports in transport equipment products recorded RO 259 million, a rise of 19%, and electrical machinery and equipment recorded RO 188 million, a fall of 3.1%. In foodstuff, beverage and tobacco, the value of re-exports increased by 15.7% to record RO 82 million, while the re-export of mineral products recorded a value of RO 76 million, an increase of 57.6%. The value of re-exports of live animals and animal products decreased to RO 59 million, by 18.4%, while the value of other products amounted to RO 204 million.
In contrast, mineral products had the largest value of merchandise imports to the Sultanate of Oman, recording RO 2.338 billion by the end of June 2024, an increase of 22.5%, followed by el
ectrical machinery and equipment with a value of RO 1.324 billion, recording a growth of 20.2% by the end of June 2024, followed by base metal and their products with a value of RO 752 million, a decrease of 4.1%.
Imports of products of chemicals recorded a value of RO 750 million, a decrease of 1.7%, and transport equipment with RO 684 million, an increase of 4.9%.
The United Arab Emirates topped trade exchange operations in non-oil exports by the end of June 2024 with a value of RO 457 million, an increase of 8.9% from the end of June 2024, as well as trade exchange operations in re-exports from Sultanate of Oman, where the value to it stood at RO 338 million and the importing to Sultanate of Oman, with a value of RO 1.902 billion.
Source: Oman News Agency
