Oman’s trade surplus reaches RO 3b in May

Oman’s trade balance surplus reached RO 2.989 billion by the end of May 2024, slightly up from RO 2.986 billion in May 2023, according to preliminary data from the National Center for Statistics and Information. Commodity exports rose 5 per cent to RO 9.689 billion, while imports increased by 7.4 per cent to RO 6.700 billion.

Oil and gas exports grew 1.8 per cent to RO 5.937 billion, with crude oil exports up 7.6 per cent to RO 4.297 billion. However, refined oil exports fell 8.7 per cent to RO 579 million, and liquefied natural gas exports dropped 12 per cent to RO 1.061 billion.

Non-oil exports increased 11.2 per cent to RO 3.045 billion, driven by mineral products, which rose 23.1 per cent to RO 1.101 billion.

Re-exports grew by 8.1 per cent to RO 707 million, with transport equipment recording a slight decline of 0.5 per cent to RO 188 million. Imports were led by mineral products at RO 1.967 billion, up 13.7 per cent, and electrical machinery and equipment at RO 1.121 billion, up 18.5 per cent.

The United Arab Emirates was Oman’s top trade partner in non-oil exports and re-exports, with values of RO 395 million and RO 244 million, respectively. The UAE also led in exports to Oman, totaling RO 1.582 billion.

Attribution: Oman News Agency (ONA)

Subediting: M. S. Salama