The Sultanate of Oman’s trade balance recorded a surplus of RO6,562 million at the end of October 2024, compared to a surplus of RO6,344 million during the same period in 2023, according to preliminary statistics issued by the National Center for Statistics and Information.

As per the statistics, the value of oil and gas exports in the Sultanate of Oman by the end of October 2024 increased by 21.1% compared to the end of October 2023.

The statistics indicated that the total value of merchandise exports by the end of October 2024 recorded RO 20,319, an increase of 8.7% over the same period of the previous year, when it was RO 18,693 million. The total value of merchandise imports to the Sultanate of Oman amounted to RO 13,757 million, an increase of 11.4% by the end of October 2024 compared to the same period last year, which amounted to RO 12,349 million.

The rise in the value of exports is mainly attributed to the increase in value of the Sultanate of Oman’s oil and gas exports to RO 13,768 million, up by 21.1% compared to the end of October 2023, which amounted to RO 11,365 million.

Among oil and gas exports by the end of October 2024, the value of the Sultanate of Oman’s crude oil exports amounted to RO 8,422 million, recording an increase of 6.1% over the same period of the previous year. The value of refined oil exports increased to RO 3,278 million by 154.8%, and the value of the Sultanate of Oman’s liquefied natural gas exports decreased to RO 2,068 million by 3.4%, compared to the end of October 2023.

Statistics revealed a decrease in the value of non-oil merchandise exports by 16.2% at the end of October 2024, to reach RO 5,106 million, compared to the end of October 2023, when it recorded RO 6,096 million.

Mineral products had the highest value of non-oil merchandise exports, amounting to RO 1,492 million, a decrease of 32.2% over the same period in 2023, followed by base metals and their products with RO 1,092 million, a decrease of 0.1%, followed by products of chemicals with an export value of RO 649 million, a decrease of 23.7%.

The value of the Sultanate of Oman’s exports of plastics and rubber increased to RO 808 million, an increase of 7.1%, the exports of live animals and animal products fell by 15.2%, reaching RO 286 million, and the value of exports of other products amounted to RO 780 million.

The value of re-exports from the Sultanate of Oman increased to RO 1,445 million, by 17.3% at the end of October 2024, compared to the end of October 2023. The value of re-exports in transport equipment products recorded RO 338 million, a decrease of 4%, and electrical machinery and equipment recorded RO 315 million, a decrease of 5.4%.

In foodstuff, beverage and tobacco, the value of re-exports increased by 30.6% to record RO 151 million, while the re-export of mineral products recorded a value of RO 114 million, an increase of 50.4%. The value of re-exports of live animals and animal products decreased to RO 82 million, by 14.9%, while the value of other products amounted to RO 446 million.

In contrast, mineral products had the largest value of merchandise imports to the Sultanate of Oman, recording RO 3,886 million by the end of October 2024, an increase of 13.4%, followed by electrical machinery and equipment with a value of RO 2,368 million, recording a growth of 26.2% by the end of October 2024, followed by base metal and their products with a value of RO 1,297 million, a decrease of 2.8%.

Imports of products of chemicals recorded a value of RO 1,305 million, an increase of 4.9%, and transport equipment with RO 1,211 million, an increase of 11.5%.

The United Arab Emirates topped trade exchange operations in non-oil exports by the end of October 2024 with a value of RO 839 million, an increase of 10.8% from the end of October 2023. It also topped the trade exchange operations in re-exports from the Sultanate of Oman, where the value of re-exports to it amounted to RO 494 million and the countries exporting to the Sultanate of Oman, with a value of RO 3,286 million.