Oman’s Trade Balance Records Surplus of OMR 2.61 Billion in Q1 2024

Muscat, The Gulf Observer: The Sultanate of Oman achieved a trade balance surplus of OMR 2.61 billion by the end of March 2024, a notable increase from the OMR 1.93 billion surplus recorded during the same period in 2023, according to preliminary statistics from the National Centre for Statistics and Information (NCSI).

The NCSI reports that the total value of Omani merchandise exports reached OMR 6.50 billion by the end of March 2024, marking a 16.7% rise compared to OMR 5.57 billion in the same period of the previous year. Simultaneously, merchandise imports totaled OMR 3.89 billion, a 6.9% increase from OMR 3.64 billion in the first quarter of 2023.

The growth in export value is primarily attributed to a 3.1% increase in oil and gas exports, totaling OMR 3.72 billion by the end of March 2024, up from OMR 3.60 billion in the previous year. Specifically, crude oil exports rose by 13.3% to OMR 2.70 billion, while refined oil exports decreased by 13.9% to OMR 363 million, and liquefied natural gas exports declined by 18.1% to OMR 682 million.

Non-oil merchandise exports saw significant growth, increasing by 44.9% to OMR 2.33 billion by the end of March 2024, compared to OMR 1.61 billion at the same time in 2023. Among non-oil exports, mineral products led the surge with a value of OMR 1.16 billion, up 127%, followed by base metals and their articles at OMR 352 million, a 9.6% increase. However, chemical industry products experienced a 7.3% decline, valued at OMR 253 million.

Additionally, exports of plastics and rubber rose by 20.4% to OMR 233 million, while live animals and animal products saw a slight decline of 1.2% to OMR 89 million. Other product exports amounted to OMR 242 million.

Re-exports from Oman also increased by 26.8% to OMR 442 million by the end of March 2024. Notable increases included transport equipment re-exports, which grew by 49.3% to OMR 140 million, and electrical machinery and equipment re-exports, which rose by 22% to OMR 103 million. Conversely, re-exports of foodstuffs, beverages, and liquid products decreased by 2% to OMR 35 million.

On the import side, mineral products constituted the largest value of imports at OMR 1.097 billion by the end of March 2024, up 15%. Electrical machinery and equipment imports reached OMR 605 million, an 8.1% increase, while chemical industry products totaled OMR 375 million, growing by 2.1%. Transport equipment imports slightly declined by 2% to OMR 330 million.

In terms of trade partnerships, Saudi Arabia led in non-oil exports to Oman, with values reaching OMR 238 million, a 9.5% increase. The United Arab Emirates topped the re-export transactions with Oman, totaling OMR 175 million, and was also the largest exporter to Oman, with goods valued at OMR 982 million, reflecting a 1.4% increase from the previous year.