Muscat – Oman’s trade balance recorded a surplus of RO7.517bn for the full year 2024, driven by an increase in refined oil product exports, according to statistics issued by the National Centre for Statistics and Information (NCSI).

NCSI data showed that the total value of Oman’s merchandise exports reached RO24.23bn in 2024, a 6.8% increase compared to 2023, when it amounted to RO22.69bn. Meanwhile, the value of commodity imports rose by 12.1% in 2024 to RO16.713bn, up from RO14.910bn the previous year.

The increase in exports was primarily due to a rise in Oman’s oil and gas exports, which reached RO16.290bn, marking an 18.4% increase from RO13.760bn in 2023. Among oil and gas exports, the value of Oman’s crude oil exports stood at RO9.9bn in 2024, reflecting a modest 0.8% increase year-on-year.

Refined oil exports surged by 185% to RO3.85bn, while liquefied natural gas (LNG) exports declined by 1.9% to RO2.528bn compared to December 2023.

Non-oil exports decline

Statistics revealed a 16.3% decline in non-oil exports, which fell to RO6.232bn in 2024 from RO7.442bn in 2023.

Mineral products accounted for the highest value of non-oil commodity exports, reaching RO1.781bn, a decline of 36.8% compared to 2023. This was followed by common metal products, which recorded exports worth RO1.32bn, a marginal increase of 0.1%. Exports of plastics and rubber products totalled RO996mn, marking a 13.3% rise.

Oman’s exports of chemical and related products dropped by 19.6% to RO804mn, while live animal and animal product exports declined by 11% to RO350mn. Other exports stood at RO981mn, reflecting a 5% decrease.

The value of re-exports from Oman rose by 14.9% to RO1.708bn compared to 2023. Re-exports of transport equipment products totalled RO401mn, a slight 0.6% decline, while machinery, electrical appliances, equipment and parts thereof, as well as sound recording and broadcasting equipment, amounted to RO376mn, a 5.4% decrease.

Among commodity imports, mineral products accounted for the highest value, reaching RO4.674bn by the end of 2024, an 11.3% increase. This was followed by machinery, electrical appliances, equipment and parts, as well as sound recording and broadcasting equipment, which totalled RO2.934bn, up 28.9% year-on-year.

Imports of common metals and their products stood at RO1.605bn, rising by 1%, while chemical and related industries recorded total imports of RO1.516bn, a 3.1% increase. Transportation equipment imports reached RO1.516bn, up 13.5%, while imports of other products totalled RO4.469bn.

The UAE topped the list of non-oil export destinations by the end of 2024, with exports valued at RO1.046bn, an 11% increase compared to 2023. The UAE was also the top destination for Oman’s re-exports, which amounted to RO569mn. Additionally, Oman’s re-exports to the UAE totalled RO3.941bn.

Saudi Arabia ranked second for Omani non-oil exports at RO849mn, followed by India with RO659mn. Iran was the second-largest destination for re-exports at RO359mn, followed by Kuwait at RO117mn. China ranked as the second-largest exporter to Oman, with shipments worth RO1.83bn, followed by Kuwait with RO1.692bn.