Oman's Trade Balance Achieves RO 2.9 Billion Surplus by May 2024

Oman, 19 August, 2024 :  Oman’s trade balance recorded a surplus of RO 2.989 billion by the end of May 2024, slightly up from RO 2.986 billion during the same period in 2023, according to the National Center for Statistics and Information.

Commodity exports reached RO 9.689 billion, marking a 5% increase from RO 9.224 billion in May 2023. Imports also rose to RO 6.700 billion, up 7.4% from RO 6.238 billion last year.

The growth in exports is largely attributed to an increase in oil and gas exports, which totaled RO 5.937 billion, up 1.8% from RO 5.833 billion in May 2023. Crude oil exports increased by 7.6% to RO 4.297 billion, while refined oil and liquefied natural gas exports saw declines of 8.7% and 12%, respectively.

Non-oil commodity exports also grew by 11.2%, reaching RO 3.045 billion, driven by increases in mineral products, base metals, and plastics. Re-exports rose by 8.1% to RO 707 million, with notable increases in mineral products and foodstuffs.

Imports of mineral products topped RO 1.967 billion, a 13.7% increase, followed by electrical machinery and equipment, which saw an 18.5% rise to RO 1.121 billion.

The United Arab Emirates led in non-oil exports and re-exports from Oman, with values of RO 395 million and RO 244 million, respectively. The UAE also topped the list for imports to Oman, totaling RO 1.582 billion.

Source : www.omannews.gov.om