Indian exports to Oman hit three-year high

Muscat: Indian exports to Oman have touched a three-year high, according to data disclosed by the Indian embassy.
Indian exports to the Sultanate had taken a hit after 2014 due to a crash in oil prices. However, there seems to have been a modest recovery, especially in Indian financial year ended March 2017.
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India’s export to Oman was $2,7731.48 million in 2016-17 compared to $2,190.89 million in 2015-16. It stood at $2,379.44 million in 2014-15. Unaffected by the oil price crash, Indian exports to Oman were $2,812.27 million in 2013-14. Oil prices started crashing drastically from mid-June 2014.
Imports from Oman to India have yet to recover and are at a three-year low. Goods worth $1,275.11 million were imported by India from the Sultanate. This is a far cry from 2013-14, when Omani imports to India were $2,951.18 million.
Bilateral trade, which was in decline since 2014, is also at a three-year high. In 2013-14, before the oil prices crashed, the total trade between the two countries was $5,763.45.
Major Indian exports to Oman include machinery, iron and steel implements, electrical equipment, textiles, garments, chemicals, and food and beverages, among others.
India mainly imports fertilisers, mineral fuels, oil, aluminium, salt, plastering materials, and lime and cement from the Sultanate, besides other items.
“Investment flows, both ways, have been robust, as reflected in the numerous joint ventures, established both in India and Oman. There are over 2,900 India-Oman joint ventures in Oman. Indian firms have emerged as prime investors in Oman, particularly in Salalah and Sohar free zone areas,” said a statement from the Indian embassy in Muscat.
“Embassy of India, Muscat, has been encouraging Indian and Omani companies to engage more with one another and benefit from the tremendous opportunities available for trade and mutual investments in the two countries, especially in priority sectors such as infrastructure, logistics, oil and gas, minerals and mining, manufacturing, engineering, power, IT, pharmaceuticals, healthcare and agriculture,” remarked Khaibam Sabir, second secretary at the Indian embassy.
Moreover, Indian business delegations regularly visit Oman to participate in trade exhibitions in the Sultanate. Omani business delegations reciprocate by visiting India to participate in exhibitions related to health, ceramics and the electronics sector, among others. A number of delegations from the two countries exchanged visits during this year.