Oman’s Non-Oil Exports Drop 12% Amid Mixed Market Performance

Oman, 13 November, 2024 : Oman’s non-oil exports fell by 12% year-on-year in the first eight months of 2024, reaching RO4.039bn, down from RO4.585bn in the same period in 2023, according to the National Centre for Statistics and Information (NCSI). The decline was primarily due to decreased shipments to key markets like Saudi Arabia (down 19.2% to RO534mn) and India (down 14.2% to RO385mn). Exports to the U.S. also saw a slight drop of 1.7%.

In contrast, exports to the UAE rose 11.6% to RO638mn, while shipments to South Korea surged over 14 times, totaling RO487mn.

The decrease was largely driven by a sharp fall in mineral products (down 20.8%) and chemical products (down 25.7%). However, base metal exports saw a minor uptick of 1.4%, reaching RO883mn.

Re-exports were a bright spot, growing by 14% to RO1.131bn, driven by demand from markets like the UAE (up 17.7%), Iran (up 74%), and China (up 349%). However, re-exports to Kuwait and other countries saw declines of 21.8% and 14.4%, respectively.

Source : www.zawya.com