Wednesday 30 / October / 2024
Muscat: The trade balance of the Sultanate of Oman recorded a surplus of OMR2.61 billion at the end of March 2024, compared to a surplus of OMR1.93 billion during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).
According to NCSI statistics, the total value of merchandise exports reached OMR6.50 billion by the end of March 2024, an increase of 16.7 percent over the same period of the previous year, when it was OMR5.57 billion.
Meanwhile, the total value of merchandise imports to the Sultanate of Oman amounted to OMR3.89 billion, an increase of 6.9 percent by the end of March 2024, compared to the same period of 2023, which amounted to OMR3.64 billion.
The increase in the value of exports is mainly attributed to an increase in the value of the Sultanate of Oman’s oil and gas exports by 3.1 percent to reach OMR3.72 billion at the end of March 2024, compared the end of March 2023, when it was OMR3.60 billion.
The value of crude oil exports amounted to OMR2.70 billion by the end of March 2024, recording an increase of 13.3 percent compared to the same period of the previous year, while the value of refined oil exports decreased by 13.9 percent to OMR363 million, The value of liquefied natural gas exports also decreased by 18.1 percent to OMR682 million, compared to the end of March 2023.
Meanwhile, the value of non-oil merchandise exports increased by 44.9 percent by the end of March 2024 to reach OMR2.33 billion, compared to the end of March 2023, when it recorded OMR1.61 billion.
The highest value among non-oil commodity exports was registered in the mineral products, with their value amounting to OMR1.16 billion, recording an increase of 127 percent over the same period in 2023, followed by base metals and their articles, which recorded an export value of OMR352 million, an increase of 9.6 percent, and the products of chemical industries, with an export value of OMR253 million, recording a decline of 7.3 percent.
The value of exports of plastics and rubber increased by 20.4 percent to OMR233 million, and those of live animals and animal products declined by 1.2 percent to reach to OMR89 million, while the value of exports of other products reached OMR242 million.
The value of re-exports from the Sultanate of Oman increased by 26.8 percent to OMR442 million by the end of March 2024, compared to the end of March 2023.
The value of re-exports of transport equipment grown by OMR140 million, up by 49.3 percent, and the re-exports of electrical machinery and equipment recorded an increase of 22% to reach OMR103 million.
The re-export value of live animals and animal products increased by 8.6 percent to OMR39 million, while the re-export value of foodstuffs, beverages and liquids products decreased by 2 percent to reach OMR35 million.
The re-export of mineral products amounted to OMR28 million, recording an increase of 56.8 percent, and the value of other products amounted to OMR98 million.
On the other hand, mineral products constituted the largest value of merchandise imports to the Sultanate of Oman, recording OMR1.097 billion, at the end of last March 2024, with an increase of 15 percent, followed by electrical machinery & equipment and its parts, sound recording and broadcasting equipment at a value of OMR605 million, recording a growth of 8.1 percent, by the end of March 2024, products of the chemical industries and related industries with a value of OMR375 million, with a growth of 2.1 percent, while transportation equipment declined by 2 percent to reach OMR330 million.
The Kingdom of Saudi Arabia topped the trade exchange transactions in non-oil exports, and their value reached OMR238 million at the end of March 2024, an increase of 9.5 percent from the end of March 2023.
The United Arab Emirates topped the trade exchange transactions in re-exports from the Sultanate of Oman, reaching OMR175 million at the end of last March 2024. The United Arab Emirates also ranked first in the list of the highest countries exporting to the Sultanate of Oman, with a value of OMR982 million, recording an increase of 1.4 percent, compared to the end of March 2023.
