Muscat – Oman’s trade balance recorded a surplus of RO6.063bn in the first nine months of 2024, a rise of 8% from the RO5.611bn surplus achieved in the same period of 2023, according to preliminary data released by the National Centre for Statistics and Information (NCSI).

The data shows that Oman’s exports reached RO18.241bn from January to September 2024, marking a 10% increase from RO16.590bn during the same period in 2023.

Meanwhile, imports into Oman grew by 10.9%, amounting to RO12.178bn, up from RO10.979bn in the first nine months of 2023.

Oil exports drive growth

The rise in total export value was largely driven by Oman’s oil and gas sector, with oil and gas exports surging 21.5% to RO12.406bn in the first three quarters of 2024, compared with RO10.213bn in the same period last year.

Crude oil exports, the largest contributor to the sultanate’s energy revenues, amounted to RO7.610bn, up 7.6% year-on-year. Refined oil exports saw a sharp increase of 151.6%, reaching RO2.975bn, while liquefied natural gas (LNG) exports contracted by 7% to RO1.822bn.

Decline in non-oil exports

Oman’s non-oil exports, however, experienced a 14.1% decline, dropping to RO4.534bn by the end of September 2024, compared to RO5.276bn in the same period of 2023.

Among non-oil exports, mineral products remained the largest category, though their export value fell 27.3% to RO1.307bn. Exports of ordinary metals and metal products increased slightly by 0.4%, totalling RO991mn, while plastic and rubber products saw a modest rise of 6.9% to RO720mn.

The chemicals and related industries segment recorded a significant drop, with exports declining by 25.1% to RO575mn. Exports of live animals and animal products also fell by 16.1%, reaching RO246mn.

Oman’s re-exports, on the other hand, exhibited robust growth, rising by 18.1% to RO1.3bn in the first nine months of 2024, up from RO1.1bn during the same period in 2023.

UAE as top trading partner

The United Arab Emirates remained Oman’s largest trading partner, particularly in non-oil exports, which reached RO737mn, a 14.1% increase over the previous year. The UAE also led in re-exports, accounting for RO445mn. In addition, it was the largest exporter to Oman, with total exports valued at RO2.922bn.

Saudi Arabia ranked second in non-oil exports to Oman with a value of RO602mn, followed by South Korea with RO515mn. Iran emerged as the second-largest destination for Oman’s re-exports, valued at RO247mn, followed by Kuwait with RO99mn.

On the import side, China remained Oman’s second-largest source of imports, with goods valued at RO1.294bn, just ahead of Kuwait, which exported RO1.230bn worth of goods to Oman.