Muscat – Oman’s efforts toward economic diversification are yielding positive results, as evidenced by a notable growth in non-oil exports during the first half of 2024. According to the latest data from the National Center for Statistical Information (NCSI), Oman’s non-oil exports reached RO3.575bn in the first half of 2024, reflecting an 8% rise compared to the same period last year.

This growth indicates the rising global demand for Omani products and the ongoing recovery of markets, setting the stage for potentially record-breaking export levels by the end of the year, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) said in a press statement.

Leading this export growth are metal products, which accounted for RO1.304bn in export value, marking a 21.5% increase from last year’s figures. Basic metal products and their manufacturers followed, contributing RO671mn, with a growth rate of 7.3%. The plastics and rubber sector also expanded, with exports rising by 11.5% to reach RO473mn, while other product categories collectively contributed RO437mn during the first half of this year.

These numbers reflect a significant shift in Oman’s economic landscape. According to MoCIIP, non-oil exports are projected to account for 22% of the sultanate’s GDP by the end of the second quarter of 2024. The total value of these exports is expected to reach RO5.4bn, driving the GDP to an estimated RO21.9bn and further strengthening Oman’s economic position on the global stage.

Lubna al Harthi, Export Development Director at the Ministry of Commerce, Industry and Investment Promotion, said, “The increase in Omani non-oil exports highlights the progress Oman has made in economic diversification and enhancing local content. The growth in export volume demonstrates the value and competitiveness of Omani products in international markets. The rising global demand reflects the quality, cost-effectiveness, and competitive standards of our products.”

This export growth is further supported by the performance of key international markets. South Korea, for example, saw a significant 1,154.4% jump in import volume, driven by industrial product exports. In terms of value, the UAE remains a leading market with RO457mn, followed by Saudi Arabia with RO402mn in non-oil exports.

Omani-origin non-oil exports now represent 36% of the nation’s total exports, which have reached RO10.804bn during the first half of 2024. This marks a significant milestone in Oman’s journey toward a diversified and resilient economy, with continued growth on the horizon.