Saturday 28 / September / 2024
Muscat: Oman’s efforts towards economic diversification are yielding positive results, as evidenced by a notable increase in non-oil exports during the first half of 2024.
According to the latest data from the National Center for Statistical Information (NCSI), Omani-origin non-oil exports reached OMR 3.575 billion by the end of June 2024, reflecting an 8% rise compared to the same period last year. This growth indicates the rising global demand for Omani products and the ongoing recovery of markets, setting the stage for potentially record-breaking export levels by the end of the year.
Leading this export growth are metal products, which accounted for OMR 1.304 billion in export value, marking a 21.5% increase from last year’s figures. Basic metal products and their manufactures followed, contributing OMR 671 million, with a growth rate of 7.3%. The plastics and rubber sector also expanded, with exports rising by 11.5% to reach OMR 473 million, while other product categories collectively contributed OMR 437 million by mid-year.
These numbers reflect a significant shift in Oman’s economic landscape. Non-oil exports are projected to account for 22% of the Sultanate’s GDP by the end of the second quarter of 2024. The total value of these exports is expected to reach OMR 5.4 billion, driving the GDP to an estimated OMR 21.9 billion, further strengthening Oman’s economic position on the global stage.
Lubna AlHarthi, Export Development Director at the Ministry of Commerce, Industry, and Investment Promotion, commented: “The increase in Omani non-oil exports highlights the progress Oman has made in economic diversification and enhancing local content. The growth in export volume demonstrates the value and competitiveness of Omani products in international markets. The rising global demand reflects the quality, cost-effectiveness, and competitive standards of our products.”
This export growth is further supported by the performance of key international markets. South Korea, for example, saw a significant 1,154.4% increase in import volume, driven by industrial product exports. In terms of value, the UAE remains a leading market with OMR 457 million, followed by Saudi Arabia with OMR 402 million in non-oil exports.
Omani-origin non-oil exports now represent 36% of the nation’s total exports, which have reached OMR 10.804 billion by the end of the second quarter of 2024. This marks a significant milestone in Oman’s journey towards a diversified and resilient economy, with continued growth on the horizon.
