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Oman’s trade surplus hits RO3.6bn in H1

18 Sep 2024 By OUR CORRESPONDENT

Muscat – Oman’s trade balance recorded a surplus of RO3.658bn during the first half of 2024, compared to a surplus of RO3.704bn during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information.

The statistics indicate that the total value of merchandise exports in the first six months of 2024 reached RO11.670bn, an increase of 6.7% over the same period in the previous year, when it was RO10.934bn.

Meanwhile, the total value of merchandise imports to Oman amounted to RO8.12bn, an increase of 10.8% by the end of June 2024, compared to the same period last year, which amounted to RO7.230bn.

The increase in the value of exports is mainly attributed to the rise in the value of Oman’s oil and gas exports, which reached RO7.228bn, up by 5.3% compared to the first half of 2023, when it was RO6.866bn.

Among oil and gas exports in the first half of 2024, the value of Oman’s crude oil exports amounted to RO5.134bn, recording an increase of 7.2% over the same period in the previous year. The value of refined oil exports increased to RO842mn, a rise of 12.8%.

The sultanate’s liquefied natural gas (LNG) exports decreased to RO1.252bn, a decline of 5.7% compared to the first half of 2023.

Non-oil exports rise 8.1%

The NCSI data revealed an increase in the value of non-oil merchandise exports by 8.1% in the first half of 2024, reaching RO3.575bn, compared to RO3.307bn during the same period in 2023.

In the first half of this year, mineral products had the highest value among non-oil merchandise exports, amounting to RO1.304bn, an increase of 21.5% over the same period in 2023. This was followed by base metals and their products, valued at RO671mn, an increase of 7.3%. The export of chemical products was valued at RO521mn, a decrease of 0.7%.

The value of Oman’s exports of plastics and rubber rose to RO473mn, an increase of 11.5%, while exports of live animals and animal products fell by 21%, reaching RO169mn. The value of exports of other products amounted to RO437mn.

The United Arab Emirates topped the list of Oman’s non-oil trade partners in 2024, with trade valued at RO457mn, an increase of 8.9% compared to the first half of 2023.

The value of re-exports from Oman increased to RO867mn, a rise of 13.9% during the first half of 2024 compared to the same period a year ago.

On the other hand, mineral products had the largest value among merchandise imports to Oman, recording RO2.338bn in the first half of 2024, an increase of 22.5%. Electrical machinery and equipment followed, with a value of RO1.324bn, recording growth of 20.2% by the end of June 2024. Base metals and their products came next, valued at RO752mn, a decrease of 4.1%.

Imports of chemical products recorded a value of RO750mn, a decline of 1.7%, while transport equipment imports rose to RO684mn, an increase of 4.9%.

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