Value of insured sales of Omani exports soar by 179% in first half

Muscat: The total value of insured sales of Omani exports and the local sales in the first half of this year surged by 179 percent to reach OMR153.404 million compared to OMR55.032 during the same period in 2021.

Credit Oman in a statement to the Oman News Agency said the bulk of value of insured sales of exports from the Sultanate of Oman to the other countries stood at OMR93.630 million registering an increase of 183 percent compared to the same period of last year at OMR33.079 million.

The total value of insured sales for local sales amounted to OMR59.773 million, an increase of 172 percent compared to OMR21. 952 million during the same period in 2021.

Credit Oman said it is extending continued efforts to encourage exports and Omani products to reach the world markets through protection of exporters and local vendors against commercial and non-commercial risks related to bankruptcy or insolvency of buyers or their failure in repayment after acceptance of the goods that meet the terms of the contract of export.

Credit Oman also contributes to the growth of the volume of the business of exporters and local sellers through the increase of the volume of production and exports, the company said its statement.