Oman’s Trade Surplus Expands to Over $55.6 Billion in January-September 2024

Oman, 9 December, 2024 : Oman’s trade surplus grew by 8% to reach RO6.063 billion ($15.7 billion) in the first nine months of 2024, up from RO5.611 billion ($14.5 billion) in the same period of 2023, according to the National Centre for Statistics and Information (NCSI).

Exports totaled RO18.241 billion ($47.4 billion), marking a 10% increase, while imports rose by 10.9% to RO12.178 billion ($31.6 billion). The growth in exports was largely driven by the oil and gas sector, which saw a 21.5% rise to RO12.406 billion ($32.2 billion), with crude oil exports increasing by 7.6% to RO7.610 billion ($19.8 billion). Refined oil exports surged by 151.6%, while LNG exports fell by 7%.

However, non-oil exports declined by 14.1% to RO4.534 billion ($11.8 billion), with significant drops in mineral products, chemicals, and live animal exports. Oman’s re-exports grew by 18.1% to RO1.3 billion ($3.4 billion).

The UAE remained Oman’s largest trading partner, particularly in non-oil exports, followed by Saudi Arabia and South Korea. China was the second-largest source of imports to Oman.