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Oman-UAE trade exchange nearly doubles in 10 years

26 Sep 2022 By OUR CORRESPONDENT

Muscat – Bilateral trade between Oman and the UAE witnessed a steady and robust growth over the past ten years reaching nearly RO5bn last year.

Annual non-oil trade between the sultanate and the UAE nearly doubled to AED46.5bn (approximately RO4.9bn) in 2021 compared to AED23.4bn (RO2.45bn) recorded ten years ago in 2012, according to UAE’s Federal Competitiveness and Statistics Centre (FCSC).

Total non-oil trade exchange between the UAE and Oman during the past ten years amounted to more than AED362bn (RO38bn), the FCSC data showed as reported by Emirates News Agency.

The UAE is one of the most important trading partners of Oman. Both countries are working to enhance trade and investment activities and develop partnerships across many vital economic sectors, including energy, renewable energy, water solutions, financial services, logistical support, construction, real estate and entrepreneurship.

According to Oman’s National Centre for Statistics and Information (NCSI), the sultanate’s non-oil exports to the UAE rose to RO745mn in 2021, while re-exports to the UAE stood at RO489mn.

On the other hand, Oman’s total imports from the UAE reached to RO4.22bn in 2021.

The UAE official data showed that the country’s non-oil exports to Oman accounted for 33 per cent of total non-oil trade during the past ten years, recording a value of AED120bn (RO12.5bn), while the share of re-exports to the sultanate stood at 45.5 per cent with a value of AED165bn (RO17.3bn).

The UAE’s imports from Oman accounted for 21.5 per cent of the total non-oil trade in the ten years period. Oil trade between the two countries during the same period was recorded at nearly AED77bn (RO8bn), the FCSC data showed.

The year 2019 recorded the highest trade exchange between the UAE and Oman during the past decade at AED48bn (over RO5bn), while 2021 recorded a growth of 10 per cent to reach AED46.5bn (RO4.9bn) compared to AED42.3bn (RO4.4bn) in 2020.

The data showed that petroleum oils and mineral oils (non-crude) topped the list of top five most important commodities imported by UAE from Oman last year, followed by iron ores concentrates, iron and steel bars, and semi-finished products from iron or steel, and insulated wires and cables.

Raw, semi-worked or powdered gold topped the list of the top five commodities exported from the UAE to Oman, followed by copper wires, petroleum and mineral oils, cigarettes and steel products.

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