Muscat – Oman’s trade surplus widened sharply in the first seven months of 2026 as merchandise exports grew at more than three times the pace of imports, driven primarily by a strong increase in oil and gas exports.

The trade balance recorded a surplus of approximately RO5.5bn during January-July 2026, up 53% from approximately RO3.6bn in the same period of 2025, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

The expansion in the surplus reflects stronger export growth, with the total value of merchandise exports rising 17.8% to approximately RO15.9bn during January-July this year from RO13.5bn a year earlier. In comparison, Oman’s merchandise imports increased 5.2% to approximately RO10.4bn in the first seven months of 2026 from RO9.9bn in the same period of 2025.

The relatively slower growth in imports compared with exports was a key factor behind the significant expansion in Oman’s trade surplus during the January-July period.

Oil and gas exports remained the main driver of the increase in export earnings. Their value rose 21.6% to approximately RO10.4bn by the end of July 2026, from approximately RO8.6bn in the corresponding period of 2025.

Oman’s non-oil exports also continued to strengthen, increasing to approximately RO4.3bn from RO3.9bn a year earlier. The increase indicates that export growth was not confined to the hydrocarbons sector, although oil and gas accounted for the bulk of the overall increase in merchandise exports.

Re-exports also recorded growth, rising 13.6% to approximately RO1.1bn at the end of July 2026 from approximately RO1bn in the same period of 2025. The rise in re-exports adds to the broader expansion in Oman’s external trade activity.

The United Arab Emirates remained the largest destination for Oman’s non-oil exports, receiving approximately RO1.4bn worth of goods during the first seven months of the year. Saudi Arabia followed with RO418mn and India with RO402mn. Non-oil exports to the United States and South Korea stood at RO286mn and RO179mn, respectively.

On the import side, the UAE was also Oman’s largest trading partner, supplying approximately RO2.9bn worth of merchandise, up 23.4% from the same period in 2025. China followed with approximately RO1.4bn, while imports from Türkiye reached RO745mn, India RO744mn and Saudi Arabia RO649mn.