Oman’s 2024 Trade Exceeds $18 Billion

Oman, 18 March, 2025 :  Oman recorded a trade surplus of OMR7.517 billion ($18.4 billion) by the end of December 2024, according to preliminary data from the National Centre for Statistics and Information. This reflects the country’s strong export performance, particularly in the oil and gas sector.

Growth in Exports and Imports
Total merchandise exports rose by 6.8% to OMR24.230 billion, compared to OMR22.690 billion in 2023. This growth was largely driven by an 18.4% increase in oil and gas exports, which reached OMR16.290 billion. Crude oil exports saw a slight rise of 0.8% to OMR9.908 billion, while refined oil exports surged by 185.5% to OMR3.854 billion. However, liquefied natural gas exports declined by 1.9% to OMR2.528 billion.

Non-oil commodity exports, in contrast, fell by 16.3% to OMR6.232 billion, down from OMR7.442 billion in 2023. Mineral products accounted for the highest value in non-oil exports at OMR1.781 billion, though they recorded a sharp decline of 36.8%. Basic metals and plastic products showed modest gains, while chemical and animal product exports saw declines.

Re-export activities increased by 14.9% to OMR1.708 billion. Food, beverage, and liquid re-exports grew by 30.6%, while mineral product re-exports rose by 21.3%. However, live animal re-exports declined by 10.1%.

On the import side, merchandise imports grew by 12.1% to OMR16.713 billion. Mineral products led at OMR4.674 billion, followed by machinery and electrical equipment, which surged by 28.9% to OMR2.934 billion. Transportation equipment imports also rose by 13.5%.

Key Trading Partners
The UAE remained Oman’s largest trading partner for non-oil exports, with OMR1.046 billion in exports, an 11% increase from 2023. It was also the top supplier to Oman, with imports valued at OMR3.941 billion, and led in re-exports at OMR569 million. Saudi Arabia ranked second for Omani non-oil exports at OMR849 million, followed by India at OMR659 million.

Oman’s strong trade surplus highlights its continued reliance on oil and gas exports while signaling opportunities for diversification in non-oil sectors.