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Oman’s non-oil exports decrease 2.8%; re-exports rise 15%

26 Dec 2023 By GULAM ALI KHAN

Muscat – Oman’s non-oil exports saw a 2.8% year-on-year decline in the first 10 months of 2023. This drop was mainly due to reduced shipments to the United States compared to the same period last year.

The total value of the sultanate’s non-oil exports decreased to RO6.122bn during the January–October period of this year, compared to RO6.297bn worth of shipments recorded in the same period last year, according to statistics released by the National Centre for Statistics and Information (NCSI).

Oman’s non-oil exports to the United States fell by 48.7% to RO384mn during the first 10 months of this year, compared to RO749mn in the same period in 2022.

However, Omani exports to the GCC countries and South Africa recorded significant growth this year.

Saudi Arabia emerged as the top destination for Omani non-oil exports, with the sultanate’s exports to the kingdom rising by 29.5% to RO889mn in the first 10 months of 2023, compared to RO687mn in the same period of 2022. Exports to the UAE increased by 21% to RO782mn this year.

Oman’s non-oil shipments to India increased by 2% to RO637mn during the first 10 months of 2023, compared to RO624mn in the corresponding period last year.

In a significant shift in the direction of Omani exports, South Africa emerged as the fourth-largest destination for Omani non-oil products this year. The value of exports to South Africa surged by more than 63% to RO494mn during the January-October period of 2023, compared to RO302mn recorded in the same period in 2022.

The sultanate’s exports to rest other countries combined declined by nearly 11% to RO2.937bn this year, compared with RO3.289bn recorded in the first 10 months of 2022.

The export of mineral products, which account for a major chunk of Oman’s non-oil exports, increased by 13.2% to RO2.202bn this year, against RO1.945bn recorded in the first 10 months of 2022.

On the other hand, the export of base metals and their related products decreased by 12.8% to RO1.093bn in the first 10 months of this year, down from RO1.253bn worth of shipments in the same period of 2022.

The export of chemical products plunged by 28.4% to RO849mn during the January–October period of 2023, compared to RO1.186bn recorded for the same period in 2022.

Regional demand boosts re-exports

Growing economic activity and improving demand in the Gulf region significantly contributed to Oman’s growth in re-exports this year.

NCSI data showed that total re-exports from Oman grew by 14.7% in the first 10 months of 2023, reaching RO1.232bn, compared to RO1.074bn in the same period of the previous year.

The value of re-exports to the UAE surged by 16% to RO423mn in the first 10 months of 2023, while re-exports to Saudi Arabia jumped by 47.5% to RO71mn this year compared to RO48mn recorded in the same period in 2022. Re-exports to Kuwait grew by 69.4% to RO64mn in the first 10 months of 2023, compared to RO38mn last year.

Moreover, re-exports to Iran increased by 5.3% to RO176mn in the first 10 months of 2023, compared to RO167mn in the same period a year ago.

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