Oman-Europe Trade Exchange Rises by 9.5% in First Half of 2024

Muscat, The Gulf Observer: Trade exchange between the Sultanate of Oman and Europe increased by 9.5 percent, reaching OMR878.40 million by the end of May 2024, up from OMR802.20 million in the same period of 2023, according to preliminary statistics from the National Centre for Statistics and Information (NCSI).

The data revealed a significant surge in Oman’s exports to European countries, which jumped 63 percent to OMR197.26 million by the end of May 2024. The total weight of these exports reached 444.48 million kilograms, marking a substantial increase from the OMR120.38 million and 269.4 million kilograms recorded in May 2023.

In contrast, imports from European countries to Oman saw a slight decrease of 1.5 percent, totaling OMR620.34 million with a total weight of 845.71 million kilograms by the end of May 2024. This was down from OMR630.05 million and 940.37 million kilograms in the previous year.

Re-exports from Oman to Europe also experienced a notable rise, increasing by 17.4 percent to OMR60.79 million, with a total weight of 6.1 million kilograms. This was a significant growth from the OMR51.8 million and just over 2 million kilograms recorded in May 2023.

Germany emerged as Oman’s top European trading partner, with Omani exports to Germany totaling OMR9.19 million by the end of May 2024. Imports from Germany amounted to OMR88.56 million, while re-exports reached OMR19.84 million.

Belgium ranked as the second-largest trading partner, with Omani exports amounting to OMR6.43 million, imports at OMR100.91 million, and re-exports totaling OMR2.35 million.

These figures reflect the strengthening of economic ties between Oman and Europe, with key sectors showing robust growth and increased engagement.