According to official data, Oman recorded a trade surplus of 3.65 billion Omani rials (USD 9.4 billion) in the first half of 2024, a slight decrease from 3.74 billion rials in the same period the previous year.
Commodity exports increased 6.7% to 11.6 billion rials in June 2023 from 10.9 billion rials, according to the National Centre for Statistics and Information.
The main driver of this growth was higher sales of oil and gas, which increased to 7.2 billion rials, a 5.3% increase from 2023.
Crude oil exports alone contributed 5.1 billion rials, a 7.2% rise, while refined oil exports reached 842 million rials, up 12.8%. However, natural gas exports fell 5.7% to 1.2 billion rials.
In June 2024, Oman’s imports reached 8 billion rials, up from 7.2 billion rials during the same period the previous year, a 10% increase.
Commodity exports other than oil increased by 8.1% to 30.5 billion rials in June 2023 from 33.3 billion rials. With 1.3 billion rials, or a 21.5% increase, metal products topped all non-oil exports.
The value of ordinary metals and their products increased by 7.3% to 671 million rials, whereas the value of chemical industries and related products decreased by 0.7% to 521 million rials.
While exports of live animals and related goods decreased by 21% to 169 million rials, exports of plastics and rubber goods increased by 11.5% to 473 million rials. Other exports totalled 437 million rials.
Re-exports from Oman rose by 13.9% to 867 million rials by June 2024. While machinery, electrical equipment, and parts saw a 3.1% decline to 188 million rials, re-exports of transport equipment totalled 259 million rials, up 19%.
Re-exports of liquids, food, and drinks increased by 15% to 82 million rials, while re-exports of metal products increased by 56% to 76 million rials.
Live animal and related product re-exports decreased by 18% to 59 million rials, while other product re-exports totalled 204 million rials.
Mineral products accounted for the largest category of imports, with a 22.5% increase to 2.3 billion rials. Subsequently, the value of machinery, electrical equipment, and sound recording devices amounted to 11.3 billion rials, exhibiting a 20.2% growth.