Oman’s non-oil exports decline 27% to OMR3 billion

Muscat: Oman’s non-oil exports fell by 27.2 per cent to OMR3,003.9 million in 2015 from OMR4,125.5 million in the previous year.
A fall in commodity prices, which constitute a sizeable share of Oman’s exports, must have caused the fall in export revenue last year. Among various non-oil product categories, mineral exports plunged by 54.4 per cent to OMR572.8 million last year.
The country also witnessed a marked fall in export revenue from chemical, plastics, rubber and base metal products, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI).
Total exports also showed a 34.7 per cent fall to OMR13.35 billion in 2015 from OMR20.46 billion in the previous year, mainly on account of a 41.9 per cent plunge in oil and gas exports at OMR7.78 billion last year, in the aftermath of a dip in international crude prices.
The Sultanate has been taking several initiatives to raise its non-oil exports, especially to untapped African markets.
Oman is seriously considering raising its non-oil exports to Ethiopia by holding a high-profile exhibition in the country this week between April 11 and 14, following a detailed market study. The Sultanate exported goods and services worth $40 million to Ethiopia in 2014.More than 100 Omani firms are set to participate in the exhibition from various industries including natural resources, minerals, wood products, manufacturing products, furniture, food, medical and pharmaceuticals, fertilisers, plastic and metal equipment, perfume, leather, and logistics.
The Sultanate’s export promotion agency, the Public Authority for Investment Promotion and Export Development (popularly known as Ithraa) had conducted a market study in Ethiopia to assess the export potential of 59 Omani products. The survey was based on different sectors, such as foodstuffs, building material, furniture, marble, stones, textiles and vegetables. The study was also conducted to find the consumption, demand and logistics patterns for these sectors.
Furthermore, in April last year, Ithraa had organised a business-to-business meeting for Omani businessmen in Addis Ababa, which was mainly aimed at showcasing Omani products for Ethiopian businessmen and traders.
Ithraa has been conducting a series of Omani product exhibitions, mainly in Gulf Cooperation Countries (GCC) countries, since 2012 to raise non-oil exports from the country and has drawn growing participation with each passing year.
As many as 120 companies participated in an Omani products exhibition in Jeddah, with 100 Omani firms taking part in a Dubai exhibition in 2014.
Also, 60 companies from Oman attended the first Omani products exhibition in Riyadh in 2012 and 65 per cent of participating companies secured contracts, while 85 companies took part in an exhibition in Qatar the following year and 70 per cent of the participating firms signed new business deals.