3 billion and 658 million Omani riyals, a surplus in the trade balance by the end of last June

Oman: The Sultanate of Oman’s trade balance recorded a surplus of 3 billion and 658 million Omani riyals by the end of last June, compared to a surplus of 3 billion and 704 million Omani riyals during the same period in 2023.

Preliminary statistics issued by the National Centre for Statistics and Information showed that the value of commodity exports by the end of last June amounted to 11 billion and 670 million Omani riyals, an increase of 6.7 percent over the same period of the previous year, which at that time amounted to 10 billion and 934 million Omani riyals.

The value of commodity imports to the Sultanate of Oman amounted to 8 billion and 12 million Omani riyals, an increase of 10.8 percent by the end of June 2024 compared to the same period last year, which amounted to 7 billion and 230 million Omani riyals.

The increase in the value of exports is mainly attributed to the increase in the value of the Sultanate of Oman’s oil and gas exports to 7 billion and 228 million Omani riyals, by 5.3 percent, compared to the end of June 2023, which amounted to 6 billion and 866 million Omani riyals.

The value of Oman’s crude oil exports amounted to OMR 5 billion and 134 million, recording an increase of 7.2 percent compared to the same period of the previous year, while the value of refined oil exports increased to OMR 842 million, or 12.8 percent. The value of Oman’s liquefied natural gas exports decreased to OMR 1 billion and 252 million, or 5.7 percent, compared to the end of June 2023.

Statistics revealed an 8.1 percent increase in the value of non-oil commodity exports by the end of last June, reaching 3 billion and 575 million Omani riyals, compared to the end of June 2023, when it recorded 3 billion and 307 million Omani riyals.

Mineral products had the highest value of non-oil commodity exports, amounting to OMR 1.304 billion, up 21.5 percent from the same period in 2023, followed by ordinary metal products and their products with OMR 671 million, up 7.3 percent, then chemical and related industries products with an export value of OMR 521 million, down 0.7 percent. The value of the Sultanate of Oman’s exports of plastics and their products, rubber and their products, increased to OMR 473 million, up 11.5 percent, while exports of live animals and animal products decreased by 21 percent, reaching OMR 169 million, and the value of exports of other products amounted to OMR 437 million. The value of re-exports from the Sultanate of Oman also increased to OMR 867 million, or 13.9 percent, by the end of last June, compared to the end of June 2023. The value of re-exports of transport equipment products recorded OMR 259 million, an increase of 19 percent, and machinery, electrical appliances and equipment and their parts recorded OMR 188 million, a decrease of 3.1 percent. In food, beverage and liquid industry products, the value of re-exports increased by 15.7 percent to record OMR 82 million, while the re-export of mineral products recorded OMR 76 million, an increase of 57.6 percent. The value of re-exports of live animal products and animal products decreased to OMR 59 million, or 18.4 percent, while the value of other products reached OMR 204 million. Metal products accounted for the largest value of Oman’s commodity imports, recording OMR 2.338 billion by the end of last June, up 22.5 percent, followed by machinery, electrical appliances and equipment and their parts, audio recording and broadcasting devices with a value of OMR 1.324 billion, recording a growth of 20.2 percent by the end of last June, then ordinary metal products and their products with a value of OMR 752 million, down 4.1 percent.

Imports of chemical industries and related industries amounted to OMR 750 million, down 1.7 percent, and transport equipment amounted to OMR 684 million, up 4.9 percent.

The United Arab Emirates topped trade exchange operations in non-oil exports at the end of last June, with a value of 457 million Omani riyals, an increase of 8.9 percent over the end of June 2023, as well as trade exchange operations in re-exports from the Sultanate of Oman, where the value of re-exports to it amounted to 338 million Omani riyals. Also in the countries exporting to the Sultanate of Oman, with a value of 1 billion and 902 million Omani riyals.