Oman Records RO 1.7 Billion Trade Surplus in February 2024

Oman, 20 May, 2024 : Preliminary statistics from the National Centre for Statistics and Information (NCSI) reveal that Oman's trade balance recorded a surplus of RO 1.69 billion by the end of February 2024, a significant increase from the RO 1.38 billion surplus in the same period last year.

Merchandise exports totaled RO 4.414 billion, marking a 19.5% increase compared to the previous year's RO 3.695 billion. Conversely, merchandise imports increased by 17.4% to RO 2.721 billion.

The surge in export value is primarily attributed to a 7.2% increase in oil and gas exports, reaching RO 2.566 billion. Notably, crude oil exports rose by 21.5%, totaling approximately RO 1.905 billion.

Non-oil merchandise exports also saw a significant uptick, rising by 49.1% to RO 1.601 billion. Mineral products dominated non-oil exports, totaling RO 839 million, followed by base metals and chemical industries.

Re-exports from Oman increased by 8.9%, reaching RO 247 million, with electrical machinery and equipment leading the sector.

Mineral products accounted for the largest share of merchandise imports, recording RO 897 million, followed by electrical machinery and equipment.

In terms of trade partners, the Kingdom of Saudi Arabia led non-oil exports, while the United Arab Emirates ranked highest in re-exports and as the top exporter to Oman.

Oman's robust trade balance reflects positive growth and resilience in its economy amid global market fluctuations.

Source : www.omannews.gov.om