Oman’s trade balance recorded a surplus of OMR 2.98 billion by the end of May 2024, slightly up from OMR 2.98 billion during the same period in 2023, according to preliminary data from the National Centre for Statistics and Information.
Commodity exports reached OMR 9.68 billion, a 5% increase from the previous year’s OMR 9.22 billion. Imports into Oman rose by 7.4% to OMR 6.7 billion by May 2024, compared to OMR 6.23 billion in the same period last year.
The rise in export value was driven by a 1.8% increase in oil and gas exports, which reached OMR 5.93 billion by May 2024. Crude oil exports rose 7.6% to OMR 4.29 billion, while refined oil and liquefied natural gas exports fell by 8.7% and 12%, respectively.
Non-oil commodity exports increased by 11.2%, reaching OMR 3.04 billion by May 2024, with mineral products leading at OMR 1.10 billion, up 23.1% from 2023.
Re-exports from Oman increased by 8.1% to OMR 70 million, with notable growth in the re-export of mineral products, up 56.2%, and food, beverage, and liquid industry products, up 13.7%.
The UAE remained the top partner in non-oil exports, re-exports, and imports with Oman, with trade exchanges reaching OMR 1.58 billion by May 2024.