Oman’s trade balance registers $17.9bn surplus in November 2023
Oman's trade surplus reached $17.9 billion in November 2023, although this marked a decrease from $24.7 billion the previous year.
According to the National Centre for Statistics and Information, exports stood at $53.5 billion, down 11.4% from last year, while imports slightly reduced to $35.3 billion.
The drop in exports resulted mainly from a 17.7% decline in oil and gas exports. Crude oil alone saw a 17.3% decrease, with refined oil exports and liquefied natural gas exports falling by 23.5% and 15.7%, respectively.
Non-oil exports also declined by 1.4%, with mineral products being a notable exception, rising by 20.3%. Conversely, ordinary metals and chemical products exports reduced by 11.1% and 30.3%, respectively. Re-exports, however, grew by 11.1%.
Metal product imports were the largest, despite a 4.6% drop. In contrast, imports of machinery and electrical equipment grew by 7.5%.
Among trading partners, Saudi Arabia dominated non-oil export trade with Oman, showing a 29.7% increase, while the UAE was the top re-export destination and the leading exporter to Oman, despite an 8.6% decrease in exports to the country.
The drop in exports resulted mainly from a 17.7% decline in oil and gas exports. Crude oil alone saw a 17.3% decrease, with refined oil exports and liquefied natural gas exports falling by 23.5% and 15.7%, respectively.
Non-oil exports also declined by 1.4%, with mineral products being a notable exception, rising by 20.3%. Conversely, ordinary metals and chemical products exports reduced by 11.1% and 30.3%, respectively. Re-exports, however, grew by 11.1%.
Metal product imports were the largest, despite a 4.6% drop. In contrast, imports of machinery and electrical equipment grew by 7.5%.
Among trading partners, Saudi Arabia dominated non-oil export trade with Oman, showing a 29.7% increase, while the UAE was the top re-export destination and the leading exporter to Oman, despite an 8.6% decrease in exports to the country.
