Oman recorded a trade balance surplus of OMR 3.658 billion ($9.5 billion) by the end of June 2024, down from OMR 3.704 billion ($9.611 billion) during the same period in 2023, according to preliminary statistics from the National Center for Statistics and Information.
The data revealed that the total value of merchandise exports reached OMR 11.670 billion ($30.3 billion) by June 2024, marking a 6.7% increase from OMR 10.934 billion ($28.4 billion) in the same period the previous year. Meanwhile, merchandise imports rose to OMR 8.12 billion ($21.1 billion), a 10.8% year-on-year (YoY) increase.
The growth in exports is largely attributed to an increase in oil and gas exports, which climbed to OMR 7.228 billion ($18.8 billion), a 5.3% rise from OMR 6.866 billion ($17.8 billion) at the end of June 2023.
Among oil and gas exports, crude oil exports stood at OMR 5.134 billion ($13.4 billion), a 7.2% increase over the previous year. Refined oil exports rose by 12.8% to OMR 842 million ($2.2 billion), while liquefied natural gas exports decreased by 5.7% to OMR 1.252 billion ($3.3 billion).
The UAE led the trade exchange in non-oil exports with Oman, recording a value of OMR 457 million ($1.2 billion), an 8.9% increase. The UAE also topped re-exports from Oman at OMR 338 million ($878 million) and imports to Oman at RO 1.902 billion ($4.9 billion).
