RIYADH
\nOman\u2019s trade surplus rose 2 percent year on year by the end of November, reaching 7.14 billion Omani rials ($18.5 billion), up from 6.99 billion rials in the same period of 2023.
\nThe increase, driven largely by a surge in oil and gas exports, saw total merchandise exports grow 7.7 percent year on year to 22.23 billion rials, while imports rose 10.6 percent to 15.09 billion rials, according to preliminary data from the National Center for Statistics and Information.
\nOil and gas exports surged 19.7 percent to 14.99 billion rials, compared to 12.53 billion rials in the same period of 2023.
\nCrude oil exports rose 2.5 percent to 9.13 billion rials, while refined oil exports saw a sharp increase of 174.9 percent to 3.57 billion rials. Liquefied natural gas exports, however, declined slightly by 1.1 percent to 2.30 billion rials.
\nThe UAE was Oman\u2019s top trade partner in non-oil exports, with trade reaching 935 million rials, an 8.1 percent increase from November 2023.
\nThe UAE also remained the leading destination for re-exports from Oman at 526 million rials and was the top exporter to Oman, supplying 3.60 billion rials worth of goods.
\nSaudi Arabia ranked second in non-oil exports from Oman, totaling 764 million rials, followed by South Korea with 611 million rials.
\nIran was the second-largest re-export destination at 335 million rials, followed by Kuwait at 110 million rials.
\nAmong exporters to Oman, China ranked second with 1.62 billion rials, followed by Kuwait at 1.49 billion rials.
\nOman\u2019s trade surplus is part of a regional trend as the Gulf Cooperation Council continues to play a significant role in global trade.
\nThe latest data shows that the GCC achieved a total trade volume of $1.5 trillion, securing its position as the world\u2019s sixth-largest trader and accounting for 3.4 percent of global trade in 2023.
\nOman\u2019s non-oil merchandise exports declined by 16.6 percent to 5.64 billion rials in November, down from 6.77 billion rials a year earlier. Mineral products remained the largest category within non-oil exports at 1.62 billion rials, despite a 35.2 percent drop.
\nBase metals and related products fell 1.1 percent to 1.20 billion rials, while plastics and rubber products grew 10.1 percent to 896 million rials.
\nExports of chemical industry products dropped 22 percent to 725 million rials, and live animals and animal products declined 12.3 percent to 320 million rials.
\nRe-exports from Oman grew 18.3 percent to 1.59 billion rials. Transport equipment re-exports rose 2.1 percent to 385 million rials, while electrical machinery and equipment fell 4.1 percent to 346 million rials.
\nRe-exported food, beverages, and liquids increased by 30.2 percent to 168 million Omani rials, and mineral product re-exports climbed 43.1 percent to 119 million Omani rials. However, re-exports of live animals and animal products declined 13.3 percent to 89 million rials.
\nOn the import side, mineral products accounted for the largest share, totaling 4.21 billion rials, up 9.5 percent.
\nImports of electrical machinery and equipment grew 26 percent to 2.61 billion rials, while base metals and related products declined 1.2 percent to 1.45 billion rials. <\/p>\n","protected":false},"excerpt":{"rendered":"
RIYADH Oman\u2019s trade surplus rose 2 percent year on year by the end of November, reaching 7.14 billion Omani rials ($18.5 billion), up from 6.99 billion rials in the same period of 2023. The increase, driven largely by a surge in oil and gas exports, saw total merchandise exports grow 7.7 percent year on year […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-459244","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n