Friday 26 / July / 2024
Muscat: Oman’s trade balance recorded a surplus of 1.693 billion at the end of February 2024 compared to OMR1.378 billion during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).
Statistics further indicated that the value of merchandise exports increased by 19.5 percent to OMR4.414 billion at the end of February 2024 compared to OMR3.695 billion registered during the same period last year. The value of registered merchandise imports to the Sultanate of Oman rose by 17.4 percent to OMR 2.721 billion at the end of February 2024 compared to OMR 2.317 billion during the same period of 2023.
The increase in the value of exports was mainly due to the increase in the Sultanate of Oman’s oil and gas exports which rose by 7.2 percent to OMR2.566 billion at the end of February 2024 compared to OMR2.394 billion at the end of February 2023.
As part of oil and gas exports at the end of February 2024, the value of the Sultanate of Oman’s crude oil exports amounted to OMR1.905 billion, recording an increase of 21.5 percent over the same period last year, while the value of refined oil exports declined to OMR210 million, or by 19 percent. The value of the Sultanate of Oman’s exports of liquefied natural gas (LNG) also decreased to OMR451 million, or 20.5 percent at the end of February 2024 compared to the end of February 2023.
Statistics further revealed that the value of non-oil merchandise exports increased by 49.1 percent to reach OMR1.601 billion by the end of February 2024, compared to OMR1.74 billion at the end of February 2023.
Mineral products had the highest value among non-oil commodity exports with their value reaching OMR839 million, an increase of 142.7 percent, compared to the same period in 2023. This was followed by ordinary metal products with a value of OMR232 million, an increase of 16.3 percent, chemical industries and related industries products exports amounted to OMR167 million, a decrease of 12.1 percent.
The value of the Sultanate of Oman’s exports of plastic and its products, rubber and its products increased by 9.5 percent to OMR153 million. Exports of live animals and animal products also increased by 2.8 percent, to reach OMR58 million while the value of exports of other products reached OMR153 million.
The value of re-exports from the Sultanate of Oman also increased to OMR247 million, or an increase of 8.9 percent, by the end of February 2024. The value of re-exports of machinery, appliances, and electrical equipment and their parts rose by 13.4 percent to OMR62 million, while the value of re-exports of transportation equipment decreased by 1.3 percent to OMR60 million.
The value of food, beverages, and liquids industry products also decreased by 3.7 percent to OMR 24 million, while the value of re-exports of live animals and animal products increased by 9.1 percent to OMR23 million.
Mineral products re-exports also recorded an increase of 12.6 percent to OMR 18 million while the value of other products rose to OMR61 million.
On the other hand, metal products had the largest value of merchandise imports to the Sultanate of Oman increasing by 47.5 percent and reaching OMR897 million at the end of February 2024.
This was followed by machinery, appliances, electrical equipment and their parts, and audio recording and broadcasting equipment, with a value of OMR404 million, recording a growth of 17.1 percent by the end February 2024, transportation equipment at OMR226 million, an increase of 4.6 percent.
The Kingdom of Saudi Arabia topped the trade exchange transactions in non-oil exports, reaching a value of OMR170 million at the end of February 2024, an increase of 7.6 percent compared to February 2023, while UAE topped the trade exchange transactions in re-exports from Oman.
The value of re-exports amounted to OMR71 million. The UAE also topped the list of top countries exporting to the Sultanate of Oman with a value of OMR667 million at the end of February 2024 compared to an increase of 8.1 percent at the end of February 2023. - With inputs from ONA
