Value of British exports to the sultanate declines 5%

The value of exports from the United Kingdom to Oman declined five per cent to £380mn in 2011 from £400mn in the previous year as a result of exchange rate fluctuations.

However, bilateral trade between the two countries remained stable in 2011 on the back of a 20 per cent growth in Omani exports to the UK which touched £150mn in 2011, according to Graham Inett, head of UK Trade & Investment (UKTI) in Oman.

Inett, who was speaking to reporters at a press conference of the Northern Ireland trade mission in Oman at Grand Hyatt Muscat on Sunday, said that the fluctuation in the exchange rate was one of the main reasons for the decline in UK exports to Oman.

“There had been a continuous growth in exports to Oman over the past many years. It is disappointing that exports declined last year.”

Inett added that there is a lot of growing 'invisible trade' by UK companies in Oman which does not make it in the trade figures.

He said, “There is a considerable level of invisible trade between the two countries in banking and insurance services, engineering, legal advisory and consulting services. There is also a significant volume of UK exports to Oman coming via the UAE that is also not included in the bilateral trade figures.”

He said that UKTI's main focus in 2012 will be on bringing more British companies into the sultanate and getting involved in more tangible projects with Omani companies.

“There is huge potential for British companies in Oman in sharing expertise and ensuring technology-transfers. We are very much focused on creating joint venture partnerships in Oman,” he added.

An 11-member business delegation from Northern Ireland was on two-day visit to Oman seeking business opportunities with Omani companies.

Claire Gadd, head of the Northern Ireland trade mission, said that Northern Irish companies are keen to do business in Oman. “Companies from Northern Ireland have expertise in the engineering, education and training sectors and would like to collaborate with Omani companies to provide these services here.”