Oman’s trade surplus increased by OMR 218 million, reaching OMR 6.56 billion during the first ten months of 2024, compared to OMR 6.34 billion in the same period of 2023. This growth is attributed to a significant rise in oil and gas exports, particularly a sharp increase in refined oil exports.
According to the National Centre for Statistics and Information (NCSI), the total value of commodity exports was OMR 20.31 billion from January to October 2024, an 8.7% increase from OMR 18.693 billion in the same period the previous year.
Hydrocarbon exports
Hydrocarbon exports reached OMR 13.76 billion, a 21.1% rise compared to OMR 11.36 billion in the same period a year ago. Crude oil exports amounted to OMR 8.42 billion, growing by 6.1%. Refined oil exports surged by 155% to OMR 3.27 billion, reflecting increased refining capacity. However, liquefied natural gas (LNG) exports decreased by 3.4% to OMR 2.68 billion.
Non-oil exports
Non-oil exports declined by 16.2%, totalling OMR 5.10 billion, down from OMR 6.96 billion in the same period of the previous year. Mineral products led non-oil exports at OMR 1.49 billion, a 32.2% decrease. This was followed by base metals and their articles at OMR 1.09 billion and plastics, rubber, and related products at OMR 808 million.
Re-exports increased by 17.3% to OMR 1.445 billion during the ten months ending in October 2024.
Imports
Commodity imports rose by 11.4% to OMR 13.75 billion, up from OMR 12.34 billion in the same period last year. Mineral products topped imports at OMR 3.88 billion, a 13.4% increase, followed by machinery, electrical appliances, and equipment at OMR 2.36 billion, a 26.2% growth.
Top trade partners
The UAE remained Oman’s largest non-oil trading partner. Non-oil exports to the UAE reached OMR 839 million, a 10.8% increase. The UAE was also the top destination for Oman’s re-exports at OMR 494 million and the leading source of imports into Oman at OMR 3.28 billion.
