Exports from Oman fall by 28 per cent to OMR7.5b in the first nine months

Muscat: Oman’s total exports during the first nine months of 2016 plunged by 28.2 per cent to OMR7.51 billion from OMR10.46 billion in the same period of the previous year.
As the Sultanate’s major export products are commodities or commodity related items, the fall in export revenue was mainly on account of a dip in oil and gas prices in international markets. Besides, a fall in non-oil exports also affected the revenue from the export front.
The average price of Oman Crude dropped by 28.9 per cent to $40.1 per barrel last year from $56.5 a barrel in the previous year, 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 32.9 per cent to OMR4.16 billion in the January-December period of 2016 from OMR6.20 billion in the previous year.
Of this, crude oil exports posted a 33.9 per cent fall, while liquefied natural gas exports were down by 30.4 per cent. The country’s overall crude oil production, including natural gas, grew by 2.6 per cent at 367.56 million barrels for the January-December period, equivalent to an average of 1,004,300 barrels per day.
Non-oil exports plunge
Likewise, non-oil exports plunged by 24.1 per cent to OMR1,799.8 million from OMR2,370.9 million, the NCSI report showed. Among various product segments, plastics and rubber products plummeted by 49.7 per cent to OMR104 million.
Exports of live animals and chemicals were also down by 21.7 per cent and 24 per cent, respectively, during the period.
The Sultanate’s re-exports showed a fall of 18.2 per cent at OMR1,542.3 million from OMR1,884.5 million during the period under review.
Oman's export development agency, the Public Authority for Investment Promotion and Export Development (popularly known as Ithraa), is taking 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.