Exports from Oman fall by 28 per cent to OMR5.79b in the first seven months

Muscat: Oman’s total exports for the first seven months of 2016 plunged by 28.2 per cent to OMR5.79 billion from OMR8.07 billion for the same period last year.
The fall in export revenue was mainly on account of a dip in oil and gas prices in international markets and also a fall in non-oil exports. The fall in prices of a wide range of commodities has affected export earnings of the Sultanate since a major chunk of the country’s exports comprised commodities.
Oman Crude
The average price of Oman Crude dropped by 31.5 per cent to $39.3 per barrel for the first eleven months of this year from $57.4 a barrel for the same period of 2015, according to the latest monthly data released by the National Centre for Statistics and Information (NCSI).
As a result, exports of crude oil, petroleum products and liquefied natural gas plunged by 35 per cent to OMR3.12 billion in the first seven months of 2016 from OMR4.81 billion for the same period of 2015.
Crude oil exports
Of this, crude oil exports showed a 35.9 per cent fall, while liquefied natural gas exports were down by 33.4 per cent. The overall crude oil production, including natural gas, of the country grew by 3 per cent to 336.71 million barrels for the January-November period, which was equivalent to an average of 1,005,100 barrels per day.
Non-oil exports plunge
Likewise, non-oil exports plunged by 24.9 per cent to OMR1,422.9 million from OMR1,893.5 million, the NCSI report showed. Among various product segments, plastics and rubber products plummeted by 50.2 per cent to OMR77.4 million.
Exports of live animals and chemicals were also down by 25.5 per cent and 24.2 per cent, respectively, during the period.
The Sultanate’s re-exports showed a fall of 9.1 per cent at OMR1,244.1 million from OMR1,368.4 million during the period under review.
Oman’s export development agency, Public Authority for Investment Promotion and Export Development (popularly known as Ithraa), is undertaking several initiatives to enhance non-oil exports. These programmes include visits of trade delegations, participation in international exhibitions, business-to-business meetings and market studies in potential export markets.