Oman’s trade surplus surpasses $10.3 billion as exports outpace imports

Posted on October 21, 2024   |  

Oman’s trade surplus exceeded $10.3 billion by the end of July 2024, slightly lower than last year’s surplus of $10.5 billion.

The total value of merchandise exports reached approximately $35.6 billion, up 7.6% from $33.1 billion in 2023.

Merchandise imports increased by 11.7% to about $24.4 billion, compared to $21.8 billion during the same period last year.

Exports of oil and gas drove the growth, totaling around $22.3 billion, which is an 8% increase from $20.7 billion in 2023.

Crude oil exports accounted for about $15.5 billion, a 7.6% rise, while refined oil exports jumped by 30.2% to around $3 billion.

Non-oil exports grew by 5.1%, reaching about $10.8 billion, with mineral products leading at $3.95 billion, a 17.4% increase.

The United Arab Emirates remained Oman’s top trading partner for non-oil exports, totaling about $1.45 billion, reflecting a 14.9% increase from the previous year.