Saturday 15 / March / 2025
Muscat: Oman’s trade balance recorded a surplus of OMR7.517 billion by the end of December 2024, according to preliminary statistics issued by the National Centre for Statistics and Information.
The total value of merchandise exports reached OMR24.230 billion, an increase of 6.8% compared to OMR22.690 billion during the same period in 2023. On the other hand, merchandise imports rose by 12.1% to OMR16.713 billion compared to OMR14.910 billion in 2023.
The rise in export value was primarily driven by increased oil and gas exports, which grew by 18.4% to OMR16.290 billion, up from OMR13.760 billion at the end of December 2023. Crude oil exports rose marginally by 0.8% to OMR9.908 billion, while refined oil exports surged by 185.5% to OMR3.854 billion. However, liquefied natural gas exports decreased slightly by 1.9% to OMR 2.528 billion.
Non-oil commodity exports, however, saw a decline of 16.3%, totaling OMR6.232 billion by December 2024 compared to OMR7.442 billion in 2023. Among non-oil exports, mineral products held the highest value at OMR1.781 billion, though this marked a 36.8% decrease. Basic metals and their products followed at OMR1.320 billion, recording a slight increase of 0.1%, while plastic and rubber products rose by 13.3% to OMR996 million.
Chemical industries and related products declined by 19.6% to OMR804 million, while live animals and animal products fell by 11% to OMR350 million. Other exports declined by 5% to reach OMR981 million.
Re-export activities grew by 14.9% to OMR 1.708 billion. Notably, re-exports of food, beverages, and liquids surged by 30.6% to OMR184 million, and re-exports of mineral products rose by 21.3% to OMR120 million. However, re-exports of live animals and animal products decreased by 10.1% to OMR97 million.
In imports, mineral products accounted for the highest value atOMR 4.674 billion, a rise of 11.3%. Machinery and electrical equipment imports grew significantly by 28.9% to OMR2.934 billion, while base metals and their products increased slightly by 1% to OMR1.605 billion. Imports of transportation equipment rose by 13.5% to OMR1.516 billion.
The UAE topped Oman’s non-oil export trading partners with OMR1.046 billion in exports, an 11% increase from 2023. The UAE also led in re-exports at OMR569 million and as the largest exporter to Oman at OMR3.941 billion. Saudi Arabia ranked second in non-oil Omani exports at OMR849 million, followed by India with OMR659 million.
This trade surplus reflects Oman's robust export performance, driven by its oil and gas sectors, and its active re-export market.
