Trade between Oman and Europe tops OMR878mn

Muscat: Trade exchange between the Sultanate of Oman and Europe increased by 9.5 percent to OMROMR 878.40 million by the end of May 2024, compared to OMR802.20 million by the end of May 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

The data further indicates that the total exports from the Sultanate of Oman to the European countries saw a massive jump of 63 percent to reach OMR197.26 million by the end of May 2024, with the total weight of these exports reaching 444.48 kilograms.

This marks a huge jump from OMR120.38 million in exports recorded in May 2023, which had a total weight of 269.4 million kilograms.

Total imports of the Sultanate of Oman from European countries by the end of May 2024 decreased by 1.5percent to OMR620.344 million with a total weight of 845.71 million kilograms compared to the end of May 2023, when the total imports amounted to OMR630.05 million for a total weight of 940.37 kilograms.

The total re-exports from the Sultanate of Oman to European countries also witnessed a huge jump of 17.4 percent to OMR60.79 million with a total weight of 6.1 million kilograms. This is higher from OMR51.8 million in May 2023, which had a total weight of just over 2 million kilograms.

The Federal Republic of Germany ranked first among European countries in trade exchange with the Sultanate of Oman, with the total Omani exports to Germany reaching OMR9.19 million by the end of May 2024 compared to the imports from that country worth OMR88.56 million. The value of re-exports to Germany amounted to OMR19.84 million.

The Kingdom of Belgium was the second largest trade partner of Oman, with total Omani exports to it amounting to OMR6.43 million, compared to imports worth OMR100.91 million. The total value of re-exports in Belgium amounted to OMR2.35 million. -