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Oman’s Trade Surplus Hits $19.4 Billion

Prime Highlights: 

Oman’s trade surplus reached 7.5 billion Omani rials ($19.4 billion) in December, up from 7.14 billion rials in November, driven by oil and gas exports. 

Total merchandise exports in December amounted to 24.23 billion rials, marking a 6.8% increase compared to December 2023. 

Oil and gas exports saw a significant rise of 18.4%, reaching 16.29 billion rials, with refined oil exports surging by 185.5%. 

Key Background: 

Oman’s trade surplus surged to 7.5 billion Omani rials ($19.4 billion) in December, a notable increase from 7.14 billion rials in November. The surge was primarily driven by strong performance in the oil and gas sector, as reported by the National Centre for Statistics and Information. 

In December, Oman’s total merchandise exports reached 24.23 billion rials, marking a 6.8% year-on-year increase from 22.69 billion rials in 2023. A significant portion of this growth was attributed to oil and gas exports, which rose by 18.4%, amounting to 16.29 billion rials. This includes a steady increase in crude oil exports, which grew by 0.8% to 9.91 billion rials, and a substantial 185.5% rise in refined oil exports, totaling 3.85 billion rials. 

Despite the positive trade balance, Oman saw a 12.1% rise in imports, which reached 16.71 billion rials in December. Imports were led by mineral products, electrical machinery, and transport equipment. Non-oil merchandise exports, however, faced a decline of 16.3%, totaling 6.23 billion rials, with mineral products experiencing the most significant drop, down 36.8% from the previous year. 

Oman’s re-exports also saw a 14.9% increase, reaching 1.71 billion rials, driven by strong performance in food and beverage product re-exports, which rose by 30.6%. The UAE remained Oman’s top trading partner, with non-oil exports and re-exports continuing to grow, while Saudi Arabia ranked second in non-oil exports. This favorable trade balance, bolstered by the energy sector, underlines Oman’s position as a key player in the global oil market, even amid rising import activity.